Intangible Assets

3 Months Ended

Sep. 30, 2013

Intangible Assets

Intangible Assets

Note 9.  Intangible Assets

Intangible assets, net as of September 30, 2013 and June 30, 2013, consisted of the following:

	Gross Carrying Amount				Accumulated Amortization						Intangible Assets, Net
(In thousands)	September 30, 2013		June 30, 2013		September 30, 2013			June 30, 2013			September 30, 2013		June 30, 2013
JSP Marketing and Dist. Rights	$	16,062	$	16,062	$	(15,170	)	$	(14,723	)	$	892	$	1,339
Cody Labs Import License	582		582		(202		)	(193		)	380		389
Morphine Sulfate Oral Solution NDA	202		398		(57		)	(51		)	145		347
Other ANDA Product Rights (A)	600		600		(136		)	(128		)	464		472
	$	17,446	$	17,642	$	(15,565	)	$	(15,095	)	$	1,881	$	2,547

(A)  Amounts include the product line covered by the ANDA purchased in August 2009 for $149 thousand.  This ANDA is not being amortized at this time and will not be amortized until such time as the Company begins shipping the product.

For the three months ended September 30, 2013 and 2012, the Company incurred amortization expense of approximately $470 thousand and $471 thousand, respectively.  There were no impairments related to intangible assets during each of the three months ended September 30, 2013 and 2012.  On September 30, 2013, the Company received a letter from the FDA indicating that a portion of the nonrefundable Morphine Sulfate Oral Solution NDA fee, originally estimated at $398 thousand, would be refunded to the Company.  As a result of this letter the Company adjusted the carrying value of the Morphine Sulfate Oral Solution NDA intangible asset.  Future amortization will be adjusted prospectively.  Further adjustments to the Morphine Sulfate Oral Solution NDA intangible asset may be necessary in the future should the Company receive additional refunds.

Future annual amortization expense consisted of the following as of September 30, 2013:

(In thousands) Fiscal Year Ending June 30,	Annual Amortization Expense
2014	$	954
2015	82
2016	82
2017	82
2018	82
Thereafter	450
	$	1,732

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