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Acquired Intangible Assets, Net
 12 Months Ended
Dec. 31, 2011
Acquired Intangible Assets, Net
6. Acquired Intangible Assets, Net
 
In November 2007, in connection with the termination of the agreement with Galderma which originally granted to Galderma the worldwide rights to commercialization, distribution, and marketing of ELEVESS products, the Company reacquired the worldwide rights and control of the future development and marketing of ELEVESS. The intangible asset realized during this process was the ELEVESS trade name.
 
On December 30, 2009, in connection with the acquisition of Anika S.r.l., the Company purchased various intangible assets. The Company finalized the purchase price allocation relative to this acquisition during the fourth quarter of 2010.
 
We completed our annual impairment review as of November 30, 2011 and concluded that no impairment charge was required as of that date with respect to both goodwill and IPR&D. Through December 31, 2011 there have not been any events or changes in circumstances that indicate that the carrying value of goodwill or acquired intangible assets may not be recoverable. There can be no assurance that, at the time future impairment tests are completed, a material impairment charge will not be recorded.
 
Amortization expense was $2,186,203, $2,011,639, and $58,823 for the years ended December 31, 2011, 2010 and 2009, respectively. As of December 31, 2011, amortization expense on intangible assets for the next five years is expected to be approximately $2.0 million annually.
 
Intangible assets, stated at cost, consist of the following:
 
         
December 31, 2011
    
December 31, 2010
  
   
Gross Value
    
Currency Translation Adjustment
    
Completed Projects
    
Accumulated Amortization
    
Net Book
Value
    
Net Book
Value
    
Useful Life
  
Developed technology
   $ 15,700,000     $ (1,515,206 )   $ 1,000,000     $ (1,956,443 )   $ 13,228,351     $ 14,549,952       15  
In-process research & development
     7,698,000       (742,934 )     (1,000,000 )     -       5,955,066       6,118,349    
Indefinite
  
Distributor relationships
     4,700,000       (453,597 )             (1,698,561 )     2,547,842       3,476,876       5  
Patents
     1,000,000       (96,509 )             (112,936 )     790,555       866,907       16  
Elevess trade name
     1,000,000       -               (373,251 )     626,749       752,101       9  
    Total
   $ 30,098,000     $ (2,808,246 )   $ -     $ (4,141,191 )   $ 23,148,563     $ 25,764,185