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Inventories
3 Months Ended
Mar. 31, 2015
Inventory Disclosure [Abstract]  
Inventories
Inventories
 
The Company uses the lower of first-in, first-out (“FIFO”) cost or market method of accounting for inventory.
 
Inventories consist of the following:
(in thousands)
 
March 31,
 
December 31,
 
2015
 
2014
Inventory work-in-process, January 1
$

 
$

Production(1)
480

 

Spoilage

 

Inventory work-in-process, end of period
$
480

 
$


(1) Commercial sales of Alferon® will not resume until new batches of commercial filled and finished product are produced and released by the FDA. We are continuing the validation of Alferon® production and production of new Alferon® API inventory commenced in February 2015. While the facility is approved by the FDA under the Biological License Application (“BLA”) for Alferon®, this status will need to be reaffirmed by an FDA pre-approval inspection. The Company will also need the FDA’s approval to release commercial product once it has submitted satisfactory stability and quality release data.