Deferred Revenue

6 Months Ended

Jun. 30, 2011

Deferred Revenue Disclosure [Text Block]

DEFERRED REVENUE:

Upon the closing of the Watson Transactions on July 2, 2010, the Company allocated the $47 million initial proceeds plus the $15 million in forgiven debt plus accrued interest to the fair value of the Shares and the elimination of the remaining book value of the CRINONE intangible assets in the amount of $16.2 million. The excess has been recorded as deferred revenue and was being amortized over the remaining research and development period for the PREGNANT Study including the Company's submission to, and the FDA's filing of the related NDA. On April 26, 2011, the Company submitted an NDA related to the Preterm birth indication. On June 27, 2011, the FDA accepted for filing the NDA, which earned a $5.0 Milestone payment from Watson to the Company and was recorded as other revenue in the three month period ended June 30, 2011. The payment was received in July 2011.



	June 30,		December 31,
	2011		2010
Net deferred revenue - Watson	$	—	16,974,383

Deferred revenue - other	84,673		154,187

Total deferred revenue	$	84,673	$	17,128,570

The Company recognized revenue from the amortization of deferred revenues of $17,043,897 and $16,787 for the six months ended June 30, 2011 and June 30, 2010

- Definition

The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.

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