8. Intangible Assets

Intangible assets consist principally of acquired patents and technology, customer relationships, licenses and trademarks. During the three months ended December 31, 2015, the Company acquired 100% of the shares of Creagh Medical. The Company recorded amortization expense of $0.4 million and $0.2 million for the three months ended December 31, 2015 and 2014, respectively.

Intangible assets consisted of the following:

	December 31, 2015
(Dollars in thousands)	Weighted Average Original Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net
Definite-lived intangible assets:
Customer lists and relationships	7.0-10.0		$	16,417	$	(4,674	)	$	11,743
Core technology		8.0		530		(530	)		—
Developed technology		7.0		1,814		(29	)		1,785
Non-compete		5.0		230		(23	)		207
Patents and other		16.8		2,321		(1,166	)		1,155
Subtotal				21,312		(6,422	)		14,890
Unamortized intangible assets:
In-process research and development				956		—			956
Trademarks and trade names				656		—			656
Total			$	22,924	$	(6,422	)	$	16,502

	September 30, 2015
(Dollars in thousands)	Weighted Average Original Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net
Definite-lived intangible assets:
Customer lists		9.0	$	5,132	$	(4,363	)	$	769
Core technology		8.0		530		(530	)		—
Non-compete		5.0		230		(12	)		218
Patents and other		16.8		2,321		(1,128	)		1,193
Subtotal				8,213		(6,033	)		2,180
Unamortized intangible assets:
Trademarks				580		—			580
Total			$	8,793	$	(6,033	)	$	2,760

Based on the intangible assets in service as of December 31, 2015 and the projected completion of in-process research and development assets in fiscal 2017, estimated amortization expense for the remainder of fiscal 2016 and each of the next five fiscal years is as follows:

(Dollars in thousands)
Remainder of 2016	$	1,885
2017		2,194
2018		1,783
2019		1,737
2020		1,737
2021		1,685

Future amortization amounts presented above are estimates. Actual future amortization expense may be different, as a result of completion of the purchase price allocation for Creagh Medical, future acquisitions, impairments, completion of in-process research and development (“IPR&D”) intangible assets, changes in amortization periods, or other factors. As described in Note 3 to these financials, we acquired NorMedix on January 8, 2016 and the above table has not been updated to reflect this acquisition.

The Company defines IPR&D as the value of technology acquired for which the related projects have substance and are incomplete. IPR&D acquired in a business acquisition is recognized at fair value and requires the IPR&D to be capitalized as an indefinite-lived intangible asset until completion of the IPR&D project or abandonment. Upon completion of the development project (generally when regulatory approval to market the product is obtained), an impairment assessment is performed prior to amortizing the asset over its estimated useful life. If the IPR&D projects are abandoned, the related IPR&D assets would be written off.