View Filing Data

Less Accumulated amortization

Total

$ 14,470,687

$ 14,181,897

(3,466,614)

(3,003,324)

Net

11,004,073

11,178,573

Net book value

9,996,073

Amortization of intangible assets

231,959

$ 267,638

463,290

$ 530,234

Estimated future amortization expense [Abstract]

2014

^[1]

463,901

927,575

927,575

837,942

827,975

6,011,105

9,996,073

$ 9,996,073

Licenses

Weighted Average Amortization Lives

^[2],[3]

10 years

Licenses | Shriners Hospitals for Children and University of South Florida Research Foundation, Inc.

^[2],[3]

1,009,000

$ 1,009,000

1,009,000

Contingent payments to licensor

Acquisition price

$ 996,000

Maximum time of approval

30 days

$ 200,000

Contingent royalty to be paid to licensor (in hundredths)

3.00%

Annual royalty payment

$ 50,000

Net book value

$ 259,000

Estimated future amortization expense [Abstract]

Net book value

259,000

$ 259,000

Licenses | Surgical Biologics, LLC

$ 13,000

Patents & Know How

Weighted Average Amortization Lives

^[3]

14 years

Patents & Know How | Surgical Biologics, LLC

^[3]

7,860,791

$ 7,860,791

7,798,910

Finite-Lived Intangible Assets, Costs

7,690,000

$ 61,881

Customer & Supplier Relationships

Weighted Average Amortization Lives

^[3]

14 years

Customer & Supplier Relationships | Surgical Biologics, LLC

^[3]

3,761,000

$ 3,761,000

3,761,000

3,761,000

Tradenames & Trademarks

Weighted Average Amortization Lives, Indefinite Lived

^[3]

indefinite

Tradenames & Trademarks | Surgical Biologics, LLC

^[3]

1,008,000

$ 1,008,000

1,008,000

In Process Research & Development

1,008,000

Weighted Average Amortization Lives, Indefinite Lived

^[3]

indefinite

In Process Research & Development | Surgical Biologics, LLC

^[3]

25,000

$ 25,000

25,000

$ 25,000

Patents in Process

Weighted Average Amortization Lives, Indefinite Lived

^[4]

indefinite

Computation of basic and diluted net loss per share [Abstract]

^[4]

$ 806,896

$ 579,987

[1]	Estimated amortization expense for the year ending December 31, 2014 includes only amortization to be recorded after June 30, 2014.
[2]	On January 29, 2007, the Company acquired a license from Shriners Hospitals for Children and University of South Florida Research Foundation, Inc. in the amount of $996,000. Within 30 days after the receipt by the Company of approval by the FDA allowing the sale of the first licensed product, the Company is required to pay an additional $200,000 to the licensor. Due to its contingent nature, this amount is not recorded as a liability. The Company will also be required to pay a royalty of 3% on all commercial sales revenue from the licensed products. The Company is also obligated to pay a $50,000 minimum annual royalty payment over the life of the license. As of June 30, 2014, this license had a remaining net book value of approximately $259,000
[3]	On January 5, 2011, the Company acquired Surgical Biologics, LLC. As a result, the Company recorded intangible assets for Customer & Supplier Relationships of $3,761,000, Patents & Know-How of $7,690,000, Licenses of $13,000, Trade Names & Trademarks of $1,008,000 and In-Process Research & Development of $25,000. For the six months ended June 30, 2014 an additional $61,881 of costs associated with patents granted during the period were capitalized and included in Patents & Know-How subject to amortization.
[4]	Patents in Process consist of capitalized external legal and other registration costs in connection with internally developed tissue-based patents that are pending. Once issued, the costs associated with a given patent will be included in Patents & Know-How under intangible assets subject to amortization.

Line of Credit (Details)	Jun. 30, 2014 USD ($)
Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 3,000,000

Net Income (Loss) Per Share (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Net income (loss )

$ (390,159)

$ (757,389)

$ (1,312,231)

$ (2,377,797)

Denominator for basic earnings per share - weighted average shares

105,757,178

95,988,100

105,552,330

94,599,406

Effect of dilutive securities: Stock options and warrants outstanding and convertible debt (in shares)

^[1]

Denominator for diluted earnings per share - weighted average shares adjusted for dilutive securities

105,757,178

95,988,100

105,552,330

94,599,406

Income (loss) per common share - basic and diluted (in dollars per share)

$ 0.00

$ (0.01)

$ (0.03)

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Antidilutive securities excluded from computation of earnings per share (in shares)

18,258,103

18,331,774

Outstanding Stock Options

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Antidilutive securities excluded from computation of earnings per share (in shares)

17,032,203

15,917,272

Outstanding Warrants

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Antidilutive securities excluded from computation of earnings per share (in shares)

267,816

2,132,002

Restricted Stock Awards

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Antidilutive securities excluded from computation of earnings per share (in shares)

958,084

282,500

[1]

Securities outstanding that were excluded from the computation, prior to the use of the treasury stock method, because they would have been anti-dilutive are as follows: Six months ended June 30, 2014 2013Outstanding Stock Options17,032,203 15,917,272Outstanding Warrants267,816 2,132,002Restricted Stock Awards958,084 282,500 18,258,103 18,331,774

Equity (Details)

3 Months Ended

6 Months Ended

Jun. 30, 2014

USD ($)

$ / shares

$ / Right

Jun. 30, 2013

USD ($)

Jun. 30, 2014

USD ($)

Plan

$ / shares

$ / Right

Jun. 30, 2013

USD ($)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of share-based compensation plans | Plan

Outstanding assumed options (in shares) | shares

375,000

Additional shares authorized by Board of Directors (in shares) | shares

4,000,000

Shares authorized (in shares) | shares

26,500,000

Total unrecognized compensation expense | $

$ 17,138,013

Number of shares [Roll forward]

Outstanding, beginning of period (in shares) | shares

15,375,960

Granted (in shares) | shares

2,475,069

Exercised (in shares) | shares

(613,659)

Unvested options forfeited (in shares) | shares

(190,001)

Vested options expired (in shares) | shares

(15,166)

Outstanding, end of period (in shares) | shares

17,032,203

Vested at end of period (in shares) | shares

8,960,380

Exercisable options, vested and expected to vest (in shares) | shares

^[1]

16,671,617

Weighted-Average Exercise Price [Roll forward]

Outstanding, weighted average exercise price, beginning of period (in dollars per share)

$ 2.46

Granted, weighted average exercise price (in dollars per share)

7.09

Exercised, weighted average exercise price (in dollars per share)

1.44

Unvested options forfeited weighted-average exercise price (in dollars per share)

3.61

Vested options expired weighted-average exercise price (in dollars per share)

1.28

Outstanding, weighted average exercise price, end of period (in dollars per share)

$ 3.15

3.15

Vested at end of period weighted average exercise price (in dollars per share)

1.74

Vested and expected to vest, weighted average exercise price (in dollars per share)

^[1]

$ 3.10

Stock options, additional disclosures [Abstract]

Vested at end of period weighted average remaining contractual term

6 years 8 months 12 days

Vested and expected to vest, weighted average remaining contractual term

^[1]

7 years 7 months 6 days

Outstanding intrinsic value | $

$ 67,561,731

Vested at end of period aggregate intrinsic value | $

47,919,278

Vested and expected to vest, aggregate intrinsic value | $

^[1]

$ 67,059,685

67,059,685

Exercised options, intrinsic value | $

$ 3,303,706

Outstanding Options, weighted average remaining contractual term

17,032,203

7 years 7 months 6 days

Outstanding Options, weighted average exercise price (in dollars per share)

$ 3.15

Exercisable Options, weighted average exercise price (in dollars per share)

8,960,380

$ 1.74

Fair value options valuation assumptions [Abstract]

Expected volatility Minimum

63.80%

62.15%

Expected volatility Maximum

64.50%

64.70%

Expected dividend yield

0.00%

Risk-free interest rate Minimum

1.69%

0.85%

Risk-free interest rate Maximum

1.96%

1.13%

Weighted-average grant date fair value for options granted during the period (in dollars per share)

$ 2,766,352

$ 1,502,447

$ 5,138,716

$ 2,487,239

$ 4.12

Warrants, term

5 years

Warrants

Warrants, Number of Warrants [Roll Forward]

Warrants outstanding, beginning of period (in shares) | shares

1,284,816

Warrants exercised (in shares) | shares

(1,017,000)

Warrants outstanding, end of period (in shares) | shares

267,816

Warrants, Weighted-Average Exercise Price per Warrant [Roll Forward]

Warrants outstanding, beginning of period (in dollars per share) | $ / Right

0.90

Warrants exercised (in dollars per share) | $ / Right

0.76

Warrants outstanding, end of period (in dollars per share) | $ / Right

1.44

Cost of Products Sold

$ 74,750

72,669

$ 172,265

122,831

Research and Development

Selling, General and Administrative

162,965

122,789

322,651

198,767

Stock options, additional disclosures [Abstract]

$ 2,528,637

$ 1,306,989

$ 4,643,800

$ 2,165,641

$0.50 - $0.76

Exercise Price Range, lower range limit (in dollars per share)

$ 0.50

Exercise Price Range, upper range limit (in dollars per share)

$ 0.76

Outstanding Options, weighted average remaining contractual term

1,066,435

4 years

Outstanding Options, weighted average exercise price (in dollars per share)

$ 0.67

Exercisable Options, weighted average exercise price (in dollars per share)

1,066,435

$ 0.67

$0.87 - $1.35

Stock options, additional disclosures [Abstract]

Exercise Price Range, lower range limit (in dollars per share)

0.87

Exercise Price Range, upper range limit (in dollars per share)

$ 1.35

Outstanding Options, weighted average remaining contractual term

6,242,178

7 years 2 months 12 days

Outstanding Options, weighted average exercise price (in dollars per share)

$ 1.20

Exercisable Options, weighted average exercise price (in dollars per share)

4,946,983

$ 1.19

$1.40 - $2.29

Stock options, additional disclosures [Abstract]

Exercise Price Range, lower range limit (in dollars per share)

1.40

Exercise Price Range, upper range limit (in dollars per share)

$ 2.29

Outstanding Options, weighted average remaining contractual term

1,558,368

5 years 7 months 6 days

Outstanding Options, weighted average exercise price (in dollars per share)

$ 1.64

Exercisable Options, weighted average exercise price (in dollars per share)

1,393,366

$ 1.65

$2.35 - $3.75

Stock options, additional disclosures [Abstract]

Exercise Price Range, lower range limit (in dollars per share)

2.35

Exercise Price Range, upper range limit (in dollars per share)

$ 3.75

Outstanding Options, weighted average remaining contractual term

1,878,152

8 years 2 months 12 days

Outstanding Options, weighted average exercise price (in dollars per share)

$ 2.77

Exercisable Options, weighted average exercise price (in dollars per share)

555,132

$ 2.79

$3.95 - $5.99

Stock options, additional disclosures [Abstract]

Exercise Price Range, lower range limit (in dollars per share)

3.95

Exercise Price Range, upper range limit (in dollars per share)

$ 5.99

Outstanding Options, weighted average remaining contractual term

3,471,401

8 years 10 months 24 days

Outstanding Options, weighted average exercise price (in dollars per share)

$ 5.14

Exercisable Options, weighted average exercise price (in dollars per share)

899,135

$ 4.99

$6.02 - $8.34

Stock options, additional disclosures [Abstract]

Exercise Price Range, lower range limit (in dollars per share)

6.02

Exercise Price Range, upper range limit (in dollars per share)

$ 8.34

Outstanding Options, weighted average remaining contractual term

2,815,669

9 years 1 month 6 days

Outstanding Options, weighted average exercise price (in dollars per share)

$ 7.09