XML 33 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 1 - Description of Business
12 Months Ended
Dec. 31, 2011
Business Description and Basis of Presentation [Text Block]
1. Description of Business

We are a biopharmaceutical company engaged in the research, production and delivery of small proteins, referred to as peptides, for medical use. We have a patented manufacturing technology for producing many peptides cost-effectively. We also have patented oral and nasal delivery technologies that have been shown to deliver medically useful amounts of various peptides into the bloodstream. We have three operating locations: administrative and regulatory offices in Boonton, New Jersey; a laboratory research facility in Fairfield, New Jersey; and a pharmaceutical production facility in Boonton, New Jersey. Our primary focus has been on the development of calcitonin and other peptide products for the treatment of osteoporosis and other indications. We have licensed in the U.S. our nasal calcitonin product for the treatment of osteoporosis, which we have trademarked as Fortical, to Upsher-Smith Laboratories, Inc. (USL). Fortical was approved by the FDA in 2005. We have licensed worldwide rights to our patented manufacturing technology for the production of calcitonin to Novartis. In 2009, we licensed on a worldwide basis (except for China) our Phase 3 oral calcitonin program to Tarsa Therapeutics, Inc. (Tarsa). We have expanded our product pipeline with a novel peptide for obesity, and we perform fee-for-service feasibility studies for third parties. During the period of 2009 through 2011, most of our revenue was generated from two customers; USL and GlaxoSmithKline (GSK) (see Note 22 to the financial statements).  Our oral PTH license with GSK was terminated in December 2011 after we received notification from GSK of its decision not to proceed with the oral PTH program.  As a result, we regained the exclusive worldwide rights to the oral PTH program and are currently seeking a new licensee for this program.