SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2011

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 14. SUBSEQUENT EVENTS

Ironwood Pharmaceuticals, Inc.

         In July 2011, the Company entered into an agreement with Ironwood Pharmaceuticals, Inc. (Ironwood) granting Ironwood a license for worldwide rights to the Company's Acuform drug delivery technology for an undisclosed Ironwood early stage development program. Under the terms of the agreement, the Company will assist with initial product formulation and Ironwood will be responsible for all development and commercialization of the product. The Company received an upfront license fee of $0.9 million and will receive additional payments pending achievement of certain development and regulatory milestones, as well as royalties on product sales.