The assumptions used in the September 30, 2011 fair value measurement of warrants are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Series A |
|
|
Series PA & PC |
|
|
Series PB |
|
| Discount Rate |
|
|
1.02 |
% |
|
|
1.02 |
% |
|
|
1.02 |
% |
| Volatility |
|
|
125 |
% |
|
|
125 |
% |
|
|
125 |
% |
| Expected Term |
|
|
3.5 years |
|
|
|
4.69 years |
|
|
|
0.38 years |
|
| Dividend Yield |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
The assumptions used in the February 14, 2011 fair value measurement of warrants are as follows:
|
|
|
|
|
|
|
|
|
| |
|
Series PA & PC |
|
|
Series PB |
|
| Discount Rate |
|
|
2.26 |
% |
|
|
2.26 |
% |
| Volatility |
|
|
116 |
% |
|
|
116 |
% |
| Expected Term |
|
|
5 years |
|
|
|
1 year |
|
| Dividend Yield |
|
|
0 |
% |
|
|
0 |
% |
Note 7 – Revenue from Licensing Agreements
Royalty payments are recognized on sale of the related product, provided the royalty amounts are fixed and determinable, and collection
of the related receivable is probable.
As of September 30, 2011, the Company has the following deferred revenue from licensing
agreements:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total |
|
|
Current |
|
|
Non
Current |
|
| Hi-Tech Pharmacal Co., Inc. |
|
$ |
3,000,000 |
|
|
$ |
— |
|
|
$ |
3,000,000 |
|
| BioAlliance Pharma SA |
|
|
2,481,000 |
|
|
|
154,000 |
|
|
|
2,327,000 |
|
| Velcera, Inc. |
|
|
973,000 |
|
|
|
75,000 |
|
|
|
898,000 |
|
| Other |
|
|
300,000 |
|
|
|
30,000 |
|
|
|
270,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Totals |
|
$ |
6,754,000 |
|
|
$ |
259,000 |
|
|
$ |
6,495,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hi-Tech Pharmacal Co., Inc. – In November 2009, we entered into an exclusive license and
distribution agreement with Hi-Tech Pharmacal Co., Inc., through its wholly owned subsidiary ECR Pharmaceuticals Company, Inc., to commercialize and manufacture Zolpimist® in the United States and Canada. Under the terms of the agreement, we received an upfront payment of $3,000,000. The upfront payment has been included in deferred
revenue, and the remaining contractual deliverable is not expected in the next twelve months.
BioAlliance Pharma SA – In May 2008, we
entered into an exclusive license and supply agreement with BioAlliance Pharma SA to develop and commercialize Zensana in Europe. Under the terms of the agreement, we received an upfront fee of $3,000,000. The upfront fee has been included in
deferred revenue, and it is being recognized as revenue over the nineteen and one half-year term of the agreement.
Velcera, Inc. – In
June 2004, we entered into an exclusive worldwide license agreement with Velcera, Inc. to develop and commercialize our patented oral spray drug delivery technology for animals. Under the terms of the agreement, we received an upfront license fee of
$1,500,000 in September 2004. The upfront license fee has been included in deferred revenue, and it is being recognized as revenue over the twenty year term of the agreement.
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