|12 Months Ended|
Dec. 31, 2018
|Goodwill and Intangible Assets Disclosure [Abstract]|
In January 2016, JMC entered into a licensing agreement with a third party to distribute its prescription wound cream Luxamend ® 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 prescription emollient Ceracade ® 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 year ended December 31, 2016 and accordingly commenced the amortization of these costs over their respective three year estimated useful life.
In March 2015, JMC entered into a license and supply agreement to acquire the rights to distribute Targadox® a dermatological product for the treatment of acne. JMC made an upfront payment of $1.3 million. Further payments will be made based on a revenue sharing arrangement. JMC received FDA approval for the manufacturing of this product in July 2016 and commenced sales of this product in October 2016.
On August 31, 2018, JMC entered into an agreement with a third party to acquire the exclusive rights to Exelderm®,a topical
antifungalavailable in a cream and solution. This acquisition
was recorded as an intangible asset and expensewill be recognized
over the expected life of Exelderm® of 3 years. JMC commenced the sale ofExelderm®
in September 2018 and accordingly commenced the amortization of this cost.
The table below provides a summary of the JMC intangible asset as of December 31, 2018 and 2017, respectively:
The table below provides a summary for the years ended December 31, 2018 and 2017, of JMC recognized expense related to its product licenses, which was recorded in costs of goods sold on the Consolidated Statement of Operations (see Note 18):
The future amortization of these intangible assets is as follows ($ in thousands):
The entire disclosure for all or part of the information related to intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef