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EXCEL - IDEA: XBRL DOCUMENT - Raptor Pharmaceutical CorpFinancial_Report.xls
10-Q - FORM 10-Q - Raptor Pharmaceutical Corpd270609d10q.htm
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EX-32.1 - CERTIFICATION OF CHRISTOPHER M. STARR, PH.D. AND KIM R. TSUCHIMOTO - Raptor Pharmaceutical Corpd270609dex321.htm
EX-31.2 - CERTIFICATION OF KIM R. TSUCHIMOTO, CHIEF FINANCIAL OFFICER - Raptor Pharmaceutical Corpd270609dex312.htm
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EX-31.1 - CERTIFICATION OF CHRISTOPHER M. STARR, PH.D., CHIEF EXECUTIVE OFFICER - Raptor Pharmaceutical Corpd270609dex311.htm
v2.4.0.6
Intangible Assets And Goodwill
3 Months Ended
Nov. 30, 2011
Intangible Assets And Goodwill [Abstract]  
Intangible Assets And Goodwill

(3) INTANGIBLE ASSETS AND GOODWILL

On December 14, 2007, the Company acquired the intellectual property and other rights to develop RP103/RP104 to treat various clinical indications from the University of California at San Diego ("UCSD") by way of a merger with Encode Pharmaceuticals, Inc., a privately held development stage company ("Encode"), which held the intellectual property license with UCSD. The intangible assets acquired in the merger with Encode were recorded at approximately $2.6 million, primarily based on the value of the Company's common stock and warrants issued to the Encode stockholders.

Intangible assets recorded as a result of the 2009 Merger were approximately $1.1 million as discussed in Note 8 below.

Summary of intangibles acquired as discussed above:

 

      November 30,
2011
    August 30,
2011
 

Intangible asset (IP license for RP103/RP104) related to the Encode merger

   $ 2,620,000      $ 2,620,000   

Intangible assets (out-license) related to the 2009 Merger

     240,000        240,000   

In-process research and development (IP license for tezampanel) related to the 2009 Merger

     900,000        900,000   
  

 

 

   

 

 

 

Total intangible assets

     3,760,000        3,760,000   

Less accumulated amortization

     (545,583     (509,083
  

 

 

   

 

 

 

Intangible assets, net

   $ 3,214,417      $ 3,250,917   
  

 

 

   

 

 

 

The intangible assets related to RP103/RP104 are being amortized monthly over 20 years, which are the life of the intellectual property patents and the estimated useful life. The 20 year estimated useful life is also based upon the typical development, approval, marketing and life cycle management timelines of pharmaceutical drug products. The intangible assets related to the out-license will be amortized using the straight-line method over the estimated useful life of 16 years, which is the life of the intellectual property patents. The intangible assets related to tezampanel, which has been classified as in-process research and development, will not be amortized until the product is developed. During the three month periods ended November 30, 2011 and 2010 and the cumulative period from September 8, 2005 (inception) to November 30, 2011, the Company amortized $36,500, $38,375 and $587,458 (included $41,875 related to NeuroTransTM which was written off as of August 31, 2011), respectively, of intangible assets to research and development expense.

 

The following table summarizes the actual and estimated amortization expense for intangible assets for the periods indicated:

 

Amortization period

   Amortization
expense
 

September 8, 2005 (inception) to August 31, 2006 – actual

   $ 4,375   

Fiscal year ended August 31, 2007 – actual

     7,500   

Fiscal year ended August 31, 2008 – actual

     94,833   

Fiscal year ended August 31, 2009 – actual

     138,500   

Fiscal year ended August 31, 2010 – actual

     152,250   

Fiscal year ending August 31, 2011 – actual

     153,500   

Fiscal year ending August 31, 2012 – estimate

     146,000   

Fiscal year ending August 31, 2013 – estimate

     146,000   

Fiscal year ending August 31, 2014 – estimate

     146,000   

Fiscal year ending August 31, 2015 – estimate

     146,000   

Fiscal year ending August 31, 2016 – estimate

     146,000   

Goodwill of $3,275,403 represents the excess of total consideration recorded for the 2009 Merger over the value of the assets assumed. The Company tested the carrying value of goodwill for impairment as of its fiscal year ended August 31, 2011 and determined that there was no impairment. Intangibles are tested for impairment whenever events indicate that their carrying values may not be recoverable. During the year ended August 31, 2011 the NeuroTransTM asset was written off with a carrying value of $108,250 due to the termination of a collaboration agreement.