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Inventory

9 Months Ended

Apr. 30, 2012

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

5.	Inventory

Inventory consists of the following:

		April 30, 2012				July 31, 2011
Raw materials		$	—			$	502,195
Finished goods			—				215,247
Total		$	—			$	717,442

At July 31, 2011, 70% of the inventory related to the Company’s Oral-lyn™ product which was expected to be used primarily in future clinical trials, while the remainder at July 31, 2011 related to the Company’s over-the-counter confectionary products. As the Company is no longer focusing resources on the sale of the over-the-counter confectionary products, the Company took a write-down of approximately $207,000 in the nine months ended April 30, 2012 related to the remaining raw materials and finished goods pertaining to this product line which is included in research and development expenses. The Company took a write-down of approximately $501,000 in the nine months ended April 30, 2012, pertaining to the remaining raw material inventory related to Oral-lyn™, as such inventory was not expected to be used up in clinical trials prior to its expiration date.

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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