Intangible Asset Licenses |
6 Months Ended | |
|---|---|---|
Jun. 30, 2016 | ||
| Goodwill and Intangible Assets Disclosure [Abstract] | ||
| Intangible Asset License |
7. Intangible Asset Licenses Journey Medical Corporation In January 2016, JMC entered into a licensing agreement with a third party to distribute its prescription wound cream LuxamendTM and paid an upfront fee of $50,000. Additionally, in January 2016, JMC entered into a licensing agreement with a third party to distribute its emollient CeracadeTM for the treatment of various types of dermatitis and paid an upfront fee of $0.3 million. JMC commenced the sale of both of these products during the three months ended June 30, 2016 and accordingly commenced the amortization of these costs over their respective three year estimated useful life. For the three and six months ended June 30, 2016, JMC recognized expense of approximately $21,000, which was recorded in costs of goods sold on the Condensed Consolidated Statement of Operations (see Note 14). In March 2015, JMC entered into a license and supply agreement to acquire the rights to distribute a dermatological product for the treatment of acne. JMC made an upfront payment of $1.3 million. Further payments will be made based on a revenue sharing arrangement. JMC received FDA approval for the manufacturing of this product in July 2016 and expects to commence sales of this product in the second half of 2016. |