INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2014

Notes to Financial Statements

INTANGIBLE ASSETS

As of December 31, 2014 and 2013, intangible assets are summarized as follows:

	Carrying Value
Technology related intangible assets:
Patents for the AzoneTS-based product candidates and formulation		1,305,000
Drug Master Files containing formulation, clinical and safety documentation used by the FDA		1,500,000
In-process pharmaceutical products for 2 indications		6,820,000
Total technology related intangible assets	$	9,625,000

Estimated amortization expense for each of the next five years is as follows:

	Estimated Amortization Expense
2015	$	—
2016		—
2017		302,000
2018		2,398,000
2019		4,601,000
Thereafter		2,324,000
Total	$	9,625,000