NOTE 3 – INTANGIBLE ASSETS

Intangible assets at June 30, 2018 and September 30, 2017:

During the three month and nine month periods ended June 30, 2017 the Company recognized $279,222 and $838,472 respectively, in amortization expense on the patents and license rights. During the three month and nine month periods ended June 30, 2018 the Company recognized $276,667, and $843,642, respectively, in amortization expense on the patents and license rights. The amortization expense has been included in research and development expense.

In the nine months ended June 30, 2018, the Company sold certain assets related to the squalamine program. The Company received upfront payments of $508,078 from the sale of such assets and recognized a gain of $460,383. In addition to the upfront payment, the Company is also eligible to receive certain payments upon the achievement of development and regulatory milestones, and future sales.