Intangible Assets

6 Months Ended

Dec. 31, 2012

Intangible Assets

Intangible Assets

Note 9.  Intangible Assets

Intangible assets, net as of December 31, 2012 and June 30, 2012, consist of the following:

	Gross Carrying Amount				Accumulated Amortization						Intangible Assets, Net
(In thousands)	December 31, 2012		June 30, 2012		December 31, 2012			June 30, 2012			December 31, 2012		June 30, 2012
JSP Marketing and Dist. Rights	$	16,062	$	16,062	$	(13,831	)	$	(12,939	)	$	2,231	$	3,123
Cody Labs Import License	582		582		(173		)	(154		)	409		428
Morphine Sulfate Oral Solution NDA	398		398		(38		)	(24		)	360		374
Other ANDA Product Rights(A)	600		600		(112		)	(96		)	488		504
	$	17,642	$	17,642	$	(14,154	)	$	(13,213	)	$	3,488	$	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	(941		)
Impairments	—
Balances at December 31, 2012	$	3,488

There were no impairments related to intangible assets during the three and six months ended December 31, 2012 or the fiscal year ended June 30, 2012.

For the three months ended December 31, 2012 and 2011, the Company incurred amortization expense of approximately $470.  For the six months ended December 31, 2012 and 2011, the Company incurred amortization expense of approximately $941 and $938, respectively.

Future annual amortization expense consists of the following as of December 31, 2012:

(In thousands) Fiscal Year Ending June 30,	Annual Amortization Expense
2013	$	941
2014	1,435
2015	97
2016	97
2017	97
Thereafter	672
	$	3,339

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.