Intangible Assets

9 Months Ended

Mar. 31, 2014

Note 9. Intangible Assets

Intangible assets, net as of March 31, 2014 and June 30, 2013, consisted of the following:

	Gross Carrying Amount				Accumulated Amortization						Intangible Assets, Net
(In thousands)	March 31, 2014		June 30, 2013		March 31, 2014			June 30, 2013			March 31, 2014		June 30, 2013

JSP Marketing and Dist. Rights	$	16,062	$	16,062	$	(16,062	)	$	(14,723	)	$	—	$	1,339
Cody Labs Import License	582		582		(221		)	(193		)	361		389
Morphine Sulfate Oral Solution NDA	202		398		(63		)	(51		)	139		347
Other ANDA Product Rights (A)	600		600		(152		)	(128		)	448		472
	$	17,446	$	17,642	$	(16,498	)	$	(15,095	)	$	948	$	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 March 31, 2014 and 2013, the Company incurred amortization expense of $467 thousand and $471 thousand, respectively. For the nine months ended March 31, 2014 and 2013, the Company incurred amortization expense of $1.4 million. There were no impairments related to intangible assets during each of the three and nine months ended March 31, 2014 and 2013.

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. 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 March 31, 2014:

(In thousands) Fiscal Year Ending June 30,	Annual Amortization Expense
2014	$	21
2015	82
2016	82
2017	82
2018	82
Thereafter	450
	$	799

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.