Note 15 - Depuy Synthes Mitek Sports Medicine Agreements

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Deferred Revenue Disclosure [Text Block]

15. DePuy Synthes Mitek Sports Medicine Agreements

In

December 2011,

the Company entered into a

fifteen

-year licensing agreement with DePuy Synthes Mitek Sports Medicine, a division of DePuy Orthopaedics, Inc. (“Mitek”), 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.

ORTHOVISC became available for sale in the United States on

March 

1,

2004,

and it is marketed exclusively by Mitek under the terms of an initial

ten

-year licensing, distribution, supply, and marketing agreement entered into in

December 2003.

The agreement was extended by Mitek for additional

five

-year terms in

2012

and in

2017,

with the current agreement to expire on

December 20, 2023.