Note 15 - Depuy Synthes Mitek Sports Medicine Monovisc Agreement

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Deferred Revenue Disclosure [Text Block]

15.

       Depuy Synthes Mitek Sports Medicine Monovisc Agreement

In

December 2011,

the Company entered into a

fifteen

-year licensing agreement with DePuy Synthes Mitek Sports Medicine, to exclusively market MONOVISC in the U.S. The Company fully recognized revenue for a milestone payment of

$5.0

million as a result of MONOVISC achieving

$100.0

million in U.S. end-user sales within a consecutive

12

-month period ending in

June 2017.