Intangible Assets

3 Months Ended

Sep. 30, 2012

Intangible Assets

Intangible Assets

Note 9.  Intangible Assets

Intangible assets, net as of September 30, 2012 and June 30, 2012, consist of the following:

	Gross Carrying Amount				Accumulated Amortization						Intangible Assets, Net
(In thousands)	September 30, 2012		June 30, 2012		September 30, 2012			June 30, 2012			September 30, 2012		June 30, 2012
JSP Marketing and Dist. Rights	$	16,062	$	16,062	$	(13,385	)	$	(12,939	)	$	2,677	$	3,123
Cody Labs Import License	582		582		(163		)	(154		)	419		428
Morphine Sulfate Oral Solution NDA	398		398		(31		)	(24		)	367		374
Other ANDA Product Rights(A)	600		600		(105		)	(96		)	495		504
	$	17,642	$	17,642	$	(13,684	)	$	(13,213	)	$	3,958	$	4,429

(A)  The amounts above include the product line covered by the ANDA’s purchased in August 2009 for $149.  These ANDA’s are not being amortized at this time and will continue to be un-amortized intangible assets until such time as the Company begins shipping these products.

The following table summarizes intangible assets, net activity

(In thousands)	Intangible assets, net
Balances at July 1, 2012	$	4,429
Additions	—
Amortization	(471		)
Impairments	—
Balances at September 30, 2012	$	3,958

There were no impairments related to intangible assets during the three months ended September 30, 2012 or the fiscal year ended June 30, 2012.

For the three months ended September 30, 2012 and 2011, the Company incurred amortization expense of approximately $471 and $468, respectively.

Future annual amortization expense consists of the following as of September 30, 2012:

(In thousands) Fiscal Year Ending June 30,	Annual Amortization Expense
2013	$	1,411
2014	1,435
2015	97
2016	97
2017	97
Thereafter	672
	$	3,809

The amounts above do not include the product line covered by the ANDA’s purchased in August 2009 for $149, as amortization will begin when the Company starts shipping these products.