from Pharma Medica during the year ended December 31, 2006 were
offset against the annual payment that was due on January 30, 2007.
During the nine months ended September 30, 2007, $800 of clinical
services purchased from Pharma Medica were offset against the next
annual payment, which would have been due on January 30, 2008.
4 Intangible Assets
During fiscal 2001, the Company entered into certain agreements with
Galephar Pharmaceutical Research Inc. ("Galephar") for the rights to
package, test, obtain regulatory approvals and market certain
products in various countries around the world. In accordance with
the terms of the agreements, the Company has acquired these
intangible rights through an investment in three separate series of
preferred shares of Galephar. The Company may be required to pay
additional amounts to Galephar in respect of the CIP-ISOTRETINOIN and
CIP-TRAMADOL intangible rights of up to $1,494 (US $1,500) if certain
future milestones are achieved as defined in the agreements. These
additional payments will be made in the form of additional Galephar
preferred share purchases. The recoverability of these intangible
rights is dependant upon sufficient revenues being generated from the
related products currently under development and commercialization.
Upon receipt of FDA approval in January 2006, the Company began
amortizing the intangible rights related to CIP-FENOFIBRATE.
Currently, no other products have received FDA approval.
A summary of 2007 developments related to the products currently
under development/commercialization follows:
In April 2007, the Company completed its first sale of CIP-
FENOFIBRATE in Canada under an agreement with Or
|SOURCE Cipher Pharmaceuticals Inc.|
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