For the year ended December 2010, interest expense was $51,000 as compared to $15,000 for the same period of 2009. The increase of approximately $36,000 is attributable to interest costs related to regulatory fees.
Impairment of Intangible Assets
Yearly, we performed an evaluation of our intangible assets for purposes of determining possible impairment. In 2010 the fair value of our intangible assets exceeded the recorded remaining book value. In 2009 we recognized an impairment charge of $717,000 associated with the valuation of the Zindaclin® patent.
Loss on Sale of Intangible Assets
For the year ended December 2010, loss on sale of intangible assets was $858,000 and consisted of the June 2010 divestiture of our Zindaclin® intangible asset. There was no intangible asset divestiture for the year ended December 2009.
Mr. Gray added, "There were many achievements in 2010 that favorably position the Company for growth in 2011 and beyond including, the granting of the CE Mark, the Distribution Agreement with Novartis, the Altrazeal® Licensing Agreement for China and the significant progress that has been made establishing the base business from which Altrazeal® can favorably compete in the U.S. wound care market. The clinical data that has been developed shows significant pain reduction, the ability to provide a pharmacoeconomic benefit (lower treatment cost and improved clinical outcomes) in the treatment of diabetic foot ulcers, venous leg ulcers and geriatric trauma which are three of the largest segments of the wound care market, and gives us a strong marketing platform. Also, the ability to increase the interval between dressing changes ideally positions Altr
|SOURCE ULURU Inc.|
Copyright©2010 PR Newswire.
All rights reserved