ANI Pharmaceuticals (ANIP) 10-K23 Feb 152014 FY Annual reportFinancial data

Company Profile

Document_And_Entity_Informatio

Document And Entity Information (USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2014	Jun. 30, 2014	Feb. 12, 2015
Document Information [Line Items]
Entity Registrant Name	ANI PHARMACEUTICALS INC
Entity Central Index Key	1023024
Current Fiscal Year End Date	-19
Entity Filer Category	Smaller Reporting Accelerated Filer
Trading Symbol	ANIP
Document Type	10-K
Amendment Flag	FALSE
Document Period End Date	31-Dec-14
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2014
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float		$263.20
Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding			11,388,068
Class C Special Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding			10,864

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Current Assets
Cash and cash equivalents	$169,037	$11,105
Accounts receivable, net of $8,708 and $5,104 of adjustments for chargebacks and other allowances at December 31, 2014 and 2013, respectively	17,297	12,513
Inventories, net	7,518	3,518
Deferred tax assets, net of valuation allowance	7,643	0
Prepaid expenses and other current assets	1,983	580
Total Current Assets	203,478	27,716
Property and equipment, net	5,223	4,537
Deferred financing costs, net	3,307	0
Deferred tax asset, net of valuation allowance	7,796	0
Intangible assets, net	42,067	10,409
Goodwill	1,838	1,838
Total Assets	263,709	44,500
Current Liabilities
Accounts payable	2,654	1,429
Accrued expenses and other	1,269	327
Accrued compensation and related expenses	1,348	773
Current income taxes payable	4,253	20
Accrued Medicaid rebates	2,264	253
Returned goods reserve	1,445	736
Total Current Liabilities	13,233	3,538
Long-term Liabilities
Convertible notes, net of discount	110,691	0
Total Liabilities	123,924	3,538
Commitments and Contingencies (Note 12)
Stockholders' Equity
Common Stock Value	1	1
Class C Special Stock Value	0	0
Preferred Stock, $0.0001 par value, 1,666,667 shares authorized; 0 shares issued and outstanding at December 31, 2014 and 2013, respectively	0	0
Treasury stock, 0 shares of common stock at December 31, 2014 and 9,233 shares of common stock, at cost, at December 31, 2013	0	-68
Additional paid-in capital	159,509	89,501
Accumulated deficit	-19,725	-48,472
Total Stockholders' Equity	139,785	40,962
Total Liabilities and Stockholders' Equity	$263,709	$44,500

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets [Parenthetical] (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Adjustments for chargebacks and other allowances	$8,708	$5,104
Treasury Stock, Shares	0	9,233
Preferred Stock, Par or Stated Value Per Share	$0.00	$0.00
Preferred Stock, Shares Authorized	1,666,667	1,666,667
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common stock
Common Stock, Par Value (in dollars per share)	$0.00	$0.00
Common Stock, Authorized Shares	33,333,334	33,333,334
Common Stock, Issued Shares	11,387,860	9,629,174
Common Stock, Outstanding Shares	11,387,860	9,619,941
Class C special stock
Common Stock, Par Value (in dollars per share)	$0.00	$0.00
Common Stock, Authorized Shares	781,281	781,281
Common Stock, Issued Shares	10,864	10,864
Common Stock, Outstanding Shares	10,864	10,864

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Net Revenues	$55,970	$30,082
Operating Expenses
Cost of sales (excluding depreciation and amortization)	11,473	9,974
Research and development	2,678	1,712
Selling, general and administrative	17,935	16,388
Depreciation and amortization	3,878	1,110
Total Operating Expenses	35,964	29,184
Operating Income from Continuing Operations	20,006	898
Other Income/(Expense)
Interest expense	-787	-467
Other income/(expense)	160	-305
Income from Continuing Operations Before Benefit/(Provision) for Income Taxes	19,379	126
Benefit/(Provision) for income taxes	9,368	-20
Net Income from Continuing Operations	28,747	106
Discontinued Operation
Gain on discontinued operation, net of provision for income taxes	0	195
Net Income	28,747	301
Computation of Income/(Loss) from Continuing Operations Attributable to Common Stockholders and Participating Securities:
Net income, Basic	28,747	106
Preferred stock dividends	0	-4,975
Income/(Loss) from Continuing Operations Attributable to Common Stockholders and Participating Securities	$28,747	($4,869)
Basic Income/(Loss) Per Share:
Continuing operations (in dollars per share)	$2.61	($0.96)
Discontinued operation (in dollars per share)	$0	$0.04
Basic Income/(Loss) Per Share	$2.61	($0.92)
Basic Weighted-Average Shares Outstanding	10,941	5,071
Diluted Income/(Loss) Per Share:
Continuing operations (in dollars per share)	$2.59	($0.96)
Discontinued operation (in dollars per share)	$0	$0.04
Diluted Income/(Loss) Per Share (in dollars per share)	$2.59	($0.92)
Diluted Weighted-Average Shares Outstanding (in shares)	11,053	5,071

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Stockholders' Equity (USD $)	Total	Common Stock [Member]	Class C Special Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]
In Thousands	Total	Common Stock [Member]	Class C Special Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]
Balance at Dec. 31, 2012	($42,715)	$0	$0	$1,083	$0	($43,798)
Balance (in shares) at Dec. 31, 2012		4,070			0
Preferred Stock Dividends	-4,975	0	0	0	0	-4,975
Non-cash Compensation Relating to Business Combination	4,418	0	0	4,418	0	0
Cancellation of Convertible Preferred Stock	53,726	0	0	53,726	0	0
Shares Issued in Merger	29,795	1	0	29,794	0	0
Shares Issued in Merger (in shares)		5,469			0
Stock-based Compensation Expense	36	0	0	36	0	0
Purchase of Common Stock for Treasury	-433	0	0	0	-433	0
Purchase of Common Stock for Treasury (in shares)		0			59
Issuance of Common Stock upon Warrant Exercise	809	0	0	809	0	0
Issuance of Common Stock upon Warrant Exercise (in shares)		90
Issuance of Common Stock upon Stock Option Exercise (in shares)	0
Treasury Stock Shares Issued as Restricted Stock	0	0	0	-365	365	0
Treasury Stock Shares Issued as Restricted Stock (in shares)		0			-50
Net Income	301	0	0	0	0	301
Balance at Dec. 31, 2013	40,962	1	0	89,501	-68	-48,472
Balance (in sharess) at Dec. 31, 2013		9,629			9
Stock-based Compensation Expense	3,423	0	0	3,423	0	0
Issuance of Common Stock in Equity Offering	46,680	0	0	46,680	0	0
Issuance of Common Stock in Equity Offering (in shares)		1,613			0
Allocation of proceeds from sale of Convertible Notes to Embedded Conversion Option	20,195	0	0	20,195	0	0
Cost of Bond-hedge, Net of Proceeds from Sale of Warrant	-2,575	0	0	-2,575	0	0
Issuance of Common Stock upon Warrant Exercise	750	0	0	750	0	0
Issuance of Common Stock upon Warrant Exercise (in shares)		83			0
Issuance of Common Stock upon Stock Option Exercise	819	0	0	819	0	0
Issuance of Common Stock upon Stock Option Exercise (in shares)	43	43			0
Issuance of Common Stock as Restricted Stock	0	0	0	0	0	0
Issuance of Common Stock as Restricted Stock (in shares)		20			0
Treasury Stock Shares Issued as Restricted Stock	0	0	0	-68	68	0
Treasury Stock Shares Issued as Restricted Stock (in shares)		0			-9
Excess tax benefit from share-based compensation awards	784	0	0	784	0	0
Net Income	28,747	0	0	0	0	28,747
Balance at Dec. 31, 2014	$139,785	$1	$0	$159,509	$0	($19,725)
Balance (in sharess) at Dec. 31, 2014		11,388			0

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Cash Flows From Operating Activities
Net income	$28,747	$301
Adjustments to reconcile net loss to net cash and cash equivalents provided by/(used in) operating activities:
Stock-based compensation	3,423	36
Deferred taxes	-14,459	0
Depreciation and amortization	3,878	1,110
Non-cash interest relating to equity-linked securities and loan cost amortization	559	217
Non-cash compensation relating to business combination	0	4,418
Changes in operating assets and liabilities, net of those acquired in business combination:
Accounts receivable	-4,784	-7,081
Inventories	-3,468	-708
Prepaid expenses	-558	-188
Accounts payable	225	-565
Accrued compensation and related expenses	575	-2,854
Current income taxes payable	4,233	20
Accrued Medicaid rebates	2,011	72
Accrued expenses, returned goods reserve and other	1,651	-67
Net Cash and Cash Equivalents Provided by/(Used in) Continuing Operations	22,033	-5,289
Net Cash Used in Discontinued Operation	0	-195
Net Cash and Cash Equivalents Provided by/(Used in) Operating Activities	22,033	-5,484
Cash Flows From Investing Activities
Cash acquired in business combination	0	18,198
Acquisition of product rights and other related assets	-34,634	0
Release of restricted cash	0	2,260
Acquisition of property and equipment	-1,120	-191
Net Cash and Cash Equivalents (Used in)/Provided by Investing Activities	-35,754	20,267
Cash Flows From Financing Activities
Net proceeds from equity offering	46,680	0
Net proceeds from convertible debt offering	138,243	0
Purchase of call option overlay, net	-15,623	0
Repayment of line of credit, net	0	-4,065
Proceeds from stock option exercises	819	0
Proceeds from warrant exercise	750	809
Excess tax benefit from share-based compensation awards	784	0
Treasury stock purchases	0	-433
Net Cash and Cash Equivalents Provided by/(Used in) Financing Activities	171,653	-3,689
Change in Cash and Cash Equivalents	157,932	11,094
Cash and cash equivalents, beginning of period	11,105	11
Cash and cash equivalents, end of period	169,037	11,105
Supplemental disclosure for cash flow information:
Cash paid for interest	0	250
Cash paid for income taxes	147	0
Supplemental non-cash investing and financing activities:
Issuance of common stock in connection with business combination	0	40,034
Cancellation of Series D, Series C, Series B, and Series A preferred stock	0	53,726
Acquired non-cash net assets	0	11,597
Preferred stock dividends accrued	$0	$4,975

DESCRIPTION_OF_BUSINESS_AND_SU

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2014
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

	Organization and Business

	ANI Pharmaceuticals, Inc. and its consolidated subsidiary, ANIP Acquisition Company (together, “ANI,” the “Company,” “we,” “us,” or “our”) is a specialty pharmaceutical company, developing and marketing generic and branded prescription products. ANI was organized as a Delaware corporation in April 2001. At our two facilities located in Baudette, Minnesota, which have a combined manufacturing, packaging and laboratory capacity totaling 173,000 square feet, we manufacture oral solid dose products, as well as liquids and topicals, including those that must be manufactured in a fully contained environment due to their potency. We also perform contract manufacturing for other pharmaceutical companies.

	On June 19, 2013, BioSante Pharmaceuticals, Inc. (“BioSante”) acquired ANIP Acquisition Company (“ANIP”) in an all-stock, tax-free reorganization (the “Merger”) (Note 2), in which ANIP became a wholly-owned subsidiary of BioSante. BioSante was renamed ANI Pharmaceuticals, Inc. The Merger was accounted for as a reverse acquisition pursuant to which ANIP was considered the acquiring entity for accounting purposes. As such, ANIP's historical results of operations replace BioSante's historical results of operations for all periods prior to the Merger. The results of operations of both companies are included in our consolidated financial statements for all periods after completion of the Merger.

	Our operations are subject to certain risks and uncertainties including, among others, current and potential competitors with greater resources, dependence on significant customers, lack of operating history and uncertainty of future profitability and possible fluctuations in financial results. The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities in the ordinary course of business. The propriety of using the going-concern basis is dependent upon, among other things, the achievement of future profitable operations, the ability to generate sufficient cash from operations, and potential other funding sources, including cash on hand, to meet our obligations as they become due. We believe the going-concern basis is appropriate for the accompanying consolidated financial statements based on our current operating plan through December 31, 2015.

	Basis of Presentation

	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain prior period information has been reclassified to conform to the current period presentation.

	Principles of Consolidation

	The consolidated financial statements include the accounts of ANI Pharmaceuticals, Inc. and its wholly-owned subsidiary, ANIP. All significant intercompany accounts and transactions are eliminated in consolidation.

	Use of Estimates

	The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying consolidated financial statements, estimates are used for, but not limited to, stock-based compensation, allowance for doubtful accounts, accruals for chargebacks, returns and other allowances, allowance for inventory obsolescence, valuation of financial instruments and intangible assets, accruals for contingent liabilities, fair value of long-lived assets, deferred taxes and valuation allowance, and the depreciable lives of long-lived assets. Actual results could differ from those estimates.

	Credit Concentration

	Our customers are primarily wholesale distributors, chain drug stores, group purchasing organizations, and other pharmaceutical companies.

	During the year ended December 31, 2014, three customers represented approximately 27%, 21%, and 17% of net revenues, respectively. As of December 31, 2014, accounts receivable from these customers totaled 73% of net accounts receivable. During the year ended December 31, 2013, three customers represented approximately 27%, 18%, and 10% of net revenues, respectively.

	Vendor Concentration

	We source the raw materials for its products, including active pharmaceutical ingredients (“API”), from both domestic and international suppliers. Generally, only a single source of API is qualified for use in each product due to the costs and time required to validate a second source of supply. As a result, we are dependent upon our current vendors to supply reliably the API required for ongoing product manufacturing. During the year ended December 31, 2014, we purchased approximately 42% of our inventory from two suppliers. As of December 31, 2014, amounts payable to these suppliers were immaterial. During the year ended December 31, 2013, we purchased approximately 37% of our inventory from three suppliers.

	Revenue Recognition

	Revenue is recognized for product sales and contract manufacturing product sales upon passing of risk and title to the customer, when estimates of the selling price and discounts, rebates, promotional adjustments, price adjustments, returns, chargebacks, and other potential adjustments are reasonably determinable, collection is reasonably assured, and we have no further performance obligations. Contract manufacturing arrangements are typically less than two weeks in duration, and therefore the revenue is recognized upon completion of the aforementioned factors rather than using a proportional performance method of revenue recognition. The estimates for discounts, rebates, promotional adjustments, price adjustments, returns, chargebacks, and other potential adjustments reduce gross revenues to net revenues in the accompanying consolidated statements of operations, and are presented as current liabilities or reductions in accounts receivable in the accompanying consolidated balance sheets (see “Accruals for Chargebacks, Rebates, Returns, and Other Allowances”). Historically, we have not entered into revenue arrangements with multiple elements.

	Occasionally, we engage in contract services, which include product development services, laboratory services, and royalties on net sales of certain contract manufactured products. For these services, revenue is recognized according to the terms of the agreement with the customer, which sometimes include substantive, measurable risk-based milestones, and when we have a contractual right to receive such payment, the contract price is fixed or determinable, the collection of the resulting receivable is reasonably assured, and we have no further performance obligations under the agreement.

	Cash and Cash Equivalents

	We consider all highly liquid instruments with original maturities of three months or less to be cash equivalents. All interest bearing and non-interest bearing accounts are guaranteed by the FDIC up to $250 thousand. We may maintain cash balances in excess of FDIC coverage. We consider this to be a normal business risk.

	In conjunction with the Merger, we acquired restricted cash, none of which remained at December 31, 2013 or 2014.

	Accounts Receivable

	We extend credit to customers on an unsecured basis. We use the allowance method to provide for doubtful accounts based on our evaluation of the collectability of accounts receivable, whereby we provide an allowance for doubtful accounts equal to the estimated uncollectible amounts. Our estimate is based on historical collection experience and a review of the current status of trade accounts receivable. We determine trade receivables to be delinquent when greater than 30 days past due. Receivables are written off when it is determined that amounts are uncollectible. We determined that no allowance for doubtful accounts was necessary as of December 31, 2014 and 2013.

	Accruals for Chargebacks, Rebates, Returns and Other Allowances

	Our generic and branded product revenues are typically subject to agreements with customers allowing chargebacks, Medicaid rebates, product returns, administrative fees, and other rebates and prompt payment discounts. We accrue for these items at the time of sale based on the estimates and methodologies described below. In the aggregate, these accruals exceed 50% of generic and branded gross product sales and reduce gross revenues to net revenues in the accompanying consolidated statements of operations, and are presented as current liabilities or reductions in accounts receivable in the accompanying consolidated balance sheets. We continually monitor and re-evaluate the accruals as additional information becomes available, which includes, among other things, updates to trade inventory levels, claims data from recent periods, and customer product mix. We make adjustments to the accruals at the end of each reporting period, to reflect any such updates to the relevant facts and circumstances. Accruals are relieved upon receipt of payment from or upon issuance of credit to the customer.

	Chargebacks

	Chargebacks, primarily from wholesalers, result from arrangements we have with indirect customers establishing prices for products which the indirect customer purchases through a wholesaler. Alternatively, we may pre-authorize wholesalers to offer specified contract pricing to other indirect customers. Under either arrangement, we provide a chargeback credit to the wholesaler for any difference between the contracted price with the indirect customer and the wholesaler's invoice price, typically Wholesale Acquisition Cost ("WAC").

	Chargeback credits are calculated as follows:


	Prior period chargebacks claimed by wholesalers are analyzed to determine the actual average selling price ("ASP") for each product. This calculation is performed by product by wholesaler. ASPs can be affected by several factors such as:

		·	A change in customer mix

		·	A change in negotiated terms with customers

	·	A change in product sales mix

	·	A change in the volume of off-contract purchases

	·	Changes in WAC

As necessary, we adjust ASPs based on anticipated changes in the factors above.

The difference between ASP and WAC is recorded as a reduction in both gross revenues in the consolidated statements of operations and accounts receivable in the consolidated balance sheets, at the time we recognize revenue from the product sale.

To evaluate the adequacy of our chargeback accruals, we obtain on-hand inventory counts from the wholesalers. This inventory is multiplied by the chargeback amount, the difference between ASP and WAC, to arrive at total expected future chargebacks, which is then compared to the chargeback accruals. We continually monitor chargeback activity and adjust ASPs when we believe that actual selling prices will differ from current ASPs.

Medicaid Rebates

We participate in certain qualifying federal and state Medicaid rebate programs whereby discounts and rebates are provided to participating programs after the final dispensing of the product by a pharmacy to a Medicaid plan participant. Medicaid rebates are typically billed up to 135 days after the product is shipped. Medicaid rebate amounts per product unit are established by law, based on the Average Manufacturer Price (“AMP”), which is reported on a monthly and quarterly basis, and, in the case of branded products, best price, which is reported on a quarterly basis. Our Medicaid reserves are based on expected claims from state Medicaid programs. Estimates for expected claims are driven by patient usage, sales mix, calculated AMP or best price, as well as inventory in the distribution channel that will be subject to a Medicaid rebate. As a result of the delay between selling the products and rebate billing, our Medicaid rebate reserve includes both an estimate of outstanding claims for end-customer sales that occurred but for which the related claim has not been billed as well as an estimate for future claims that will be made when inventory in the distribution channel is sold through to plan participants.

To evaluate the adequacy of our Medicaid rebate reserve, we review the reserve on a quarterly basis against actual claims data to ensure the liability is fairly stated. We continually monitor our Medicaid rebate reserve and adjust our estimates if we believe that actual Medicaid rebates may differ from our established accruals. Accruals for Medicaid rebates are recorded as a reduction to gross revenues in the consolidated statements of operations and as an increase to the Medicaid rebate reserve in the consolidated balance sheets.

Returns

We maintain a return policy that allows customers to return product within a specified period prior to and subsequent to the expiration date. Generally, product may be returned for a period beginning six months prior to its expiration date to up to one year after its expiration date. Our product returns are settled through the issuance of a credit to the customer. Our estimate for returns is based upon historical experience with actual returns. While such experience has allowed for reasonable estimation in the past, history may not always be an accurate indicator of future returns. We continually monitor our estimates for returns and make adjustments when we believe that actual product returns may differ from the established accruals. Accruals for returns are recorded as a reduction to gross revenues in the consolidated statements of operations and as an increase to the return goods reserve in the consolidated balance sheets.

Administrative Fees and Other Rebates

Administrative fees or rebates are offered to wholesalers, group purchasing organizations and indirect customers. We accrue for fees and rebates, by product by wholesaler, at the time of sale based on contracted rates and ASPs.

To evaluate the adequacy of our administrative fee accruals, we obtain on-hand inventory counts from the wholesalers. This inventory is multiplied by the ASPs to arrive at total expected future sales, which is then multiplied by contracted rates. The result is then compared to the administrative fee accruals. We continually monitor administrative fee activity and adjust our accruals when we believe that actual administrative fees will differ from the accruals. Accruals for administrative fees and other rebates are recorded as a reduction in both gross revenues in the consolidated statements of operations and accounts receivable in the consolidated balance sheets.

Prompt Payment Discounts

We often grant sales discounts for prompt payment. The reserve for sales discounts is based on invoices outstanding. We assume, based on past experience, that all available discounts will be taken. Accruals for prompt payment discounts are recorded as a reduction in both gross revenues in the consolidated statements of operations and accounts receivable in the consolidated balance sheets.

The following table summarizes activity in the consolidated balance sheets for accruals and allowances for the years ended December 31, 2014 and 2013:

(in thousands)		Accruals for Chargebacks, Returns and Other Allowances
								Administrative		Prompt
						Medicaid		Fees and Other		Payment
		Chargebacks		Returns		Rebates		Rebates		Discounts
Balance at December 31, 2012		$	5,662	$	411	$	180	$	231	$	242
Accruals/Adjustments			28,009		1,595		333		2,355		1,129
Credits Taken Against Reserve			-29,595		-1,270		-260		-1,851		-1,039
Balance at December 31, 2013		$	4,076	$	736	$	253	$	735	$	332
Accruals/Adjustments			35,740		1,493		2,692		5,212		1,820
Credits Taken Against Reserve			-32,951		-784		-681		-4,460		-1,681
Balance at December 31, 2014		$	6,865	$	1,445	$	2,264	$	1,487	$	471


Inventories

Inventories consist of raw materials, packaging materials, work-in-progress, and finished goods. Inventories are stated at the lower of standard cost or net realizable value. We periodically review and adjust standard costs, which generally approximate weighted average cost.

Property and Equipment

Property and equipment are recorded at cost. Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation is recorded on a straight-line basis over estimated useful lives as follows:

Buildings and improvements			20 - 40 years
Machinery, furniture and equipment			3 - 10 years

Construction in progress includes the cost of construction and other direct costs attributable to the construction, along with capitalized interest, if any. Depreciation is not recorded on construction in progress until such time as the assets are placed in service.

We review property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. Assets held for disposal are reportable at the lower of the carrying amount or fair value, less costs to sell. We determined that no assets were impaired and no assets were held for disposal as of December 31, 2014 and 2013.

Intangible Assets

Intangible assets were acquired as part of the Merger and several asset acquisition transactions. These assets include product rights for the 31 previously marketed generic products we acquired from Teva, product rights for our branded products Lithobid and Vancocin, fully amortized product rights for Reglan and a generic product, and the Teva license related to our male testosterone gel. These intangible assets originally were recorded at fair value and are stated net of accumulated amortization.

The rights and licenses are amortized over their remaining estimated useful lives, ranging from 2 to 11 years, based on the straight-line method. Management reviews definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, in a manner similar to that for property and equipment.

Goodwill

Goodwill relates to the Merger and represents the excess of the total purchase consideration over the fair value of acquired assets and assumed liabilities, using the purchase method of accounting. Goodwill is not amortized, but is subject to periodic review for impairment. Goodwill is reviewed annually, as of October 31, and whenever events or changes in circumstances indicate that the carrying amount of the goodwill might not be recoverable. We perform our review of goodwill on our one reporting unit.

Before employing detailed impairment testing methodologies, we first evaluate the likelihood of impairment by considering qualitative factors relevant to our reporting unit. When performing the qualitative assessment, we evaluate events and circumstances that would affect the significant inputs used to determine the fair value of the goodwill. Events and circumstances evaluated include: macroeconomic conditions that could affect us, industry and market considerations for the generic pharmaceutical industry that could affect us, cost factors that could affect our performance, our financial performance (including share price), and consideration of any company-specific events that could negatively affect us, our business, or the fair value of our business. If we determine that it is more likely than not that goodwill is impaired, we will then apply detailed testing methodologies. Otherwise, we will conclude that no impairment has occurred.

Detailed impairment testing involves comparing the fair value of our one reporting unit to its carrying value, including goodwill. Fair value reflects the price a market participant would be willing to pay in a potential sale of ANI. If the fair value exceeds carrying value, then it is concluded that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its fair value, a second step is required to measure possible goodwill impairment loss. The second step includes hypothetically valuing the tangible and intangible assets and liabilities of our one reporting unit as if it had been acquired in a business combination. Then, the implied fair value of our one reporting unit's goodwill is compared to the carrying value of that goodwill. If the carrying value of our one reporting unit's goodwill exceeds the implied fair value of the goodwill, we recognize an impairment loss in an amount equal to the excess, not to exceed the carrying value.

Collaborative Arrangements

At times, we have entered into arrangements with various commercial partners to further business opportunities. In collaborative arrangements such as these, when we are actively involved and exposed to the risks and rewards of the activities and are determined to be the principal participant in the collaboration, we classify third party costs incurred and revenues in the consolidated statements of operations on a gross basis. Otherwise, third party revenues and costs generated by collaborative arrangements are presented on a net basis. Payments between us and the other participants are recorded and classified based on the nature of the payments.

Research and Development Expenses

Research and development costs are expensed as incurred and primarily consist of expenses relating to product development. Research and development costs totaled $2.7 million and $1.7 million for the years ended December 31, 2014 and 2013, respectively.

Stock-Based Compensation

We have a stock-based compensation plan that includes stock options and restricted stock, which are awarded in exchange for employee and non-employee director services. We recognize the estimated fair value of stock-based awards and classify the expense where the underlying salaries are classified. For the year ended December 31, 2014, $0.1 million of expense related to stock-based awards was classified as cost of goods sold, $0.1 million was classified as research and development expense and $3.2 million was classified as sales, general and administrative expense in the accompanying consolidated statements of operations. For the year ended December 31, 2013, all stock-based awards were classified as sales, general and administrative expense in the accompanying consolidated statements of operations. Stock-based compensation cost for stock options is determined at the grant date using an option pricing model and stock-based compensation cost for restricted stock is based on the closing market price of the stock at the grant date. The value of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over the employee's requisite service period.

Valuation of stock awards requires us to make assumptions and to apply judgment to determine the fair value of the awards. These assumptions and judgments include estimating the future volatility of our stock price, dividend yields, future employee turnover rates, and future employee stock option exercise behaviors. Changes in these assumptions can affect the fair value estimate.

Income Taxes

We use the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that such tax rate changes are enacted. The measurement of a deferred tax asset is reduced, if necessary, by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. We calculate income tax benefits related to stock-based compensation arrangements using the with and without method.

We use a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. We have not identified any uncertain income tax positions that could have a material impact to the consolidated financial statements. We are subject to taxation in various jurisdictions in the U.S. and remain subject to examination by taxing jurisdictions for the years 1998 and all subsequent periods due to the availability of net operating loss carryforwards.

We recognize interest and penalties accrued on any unrecognized tax exposures as a component of income tax expense. We did not have any such amounts accrued as of December 31, 2014 and 2013.

We consider potential tax effects resulting from discontinued operations and record intra-period tax allocations, when those effects are deemed material.

Earnings/(Loss) per Share

Basic earnings/(loss) per share is computed by dividing net income/(loss) available to common shareholders by the weighted-average number of shares of common stock outstanding during the period.

Our unvested restricted shares and certain of our outstanding warrants contain non-forfeitable rights to dividends, and therefore are considered to be participating securities; the calculation of basic and diluted earnings/(loss) per share excludes from the numerator net income (but not net loss) attributable to the unvested restricted shares and to the participating warrants, and excludes the impact of those shares from the denominator.

For purposes of determining diluted earnings/(loss) per share, we have elected a policy to assume that the principal portion of the Notes (see Note 3) is settled in cash. As such, the principal portion of the Notes has no effect on either the numerator or denominator when determining diluted earnings/(loss) per share. Any conversion gain is assumed to be settled in shares and is incorporated in diluted earnings/(loss) per share using the treasury method. The warrants issued in conjunction with the issuance of the Notes (see Note 3) are considered to be dilutive when they are in-the-money relative to our average stock price during the period; the bond hedge purchased in conjunction with the issuance of the Notes is always considered to be anti-dilutive.

For periods of net income, and when the effects are not anti-dilutive, we calculate diluted earnings per share by dividing net income available to common shareholders by the weighted-average number of shares outstanding plus the impact of all potential dilutive common shares, consisting primarily of common stock options, unvested restricted stock awards, stock purchase warrants, and any conversion gain on our 3.0% Convertible Senior Notes due December 1, 2019 (the “Notes,” see Note 3), using the treasury stock method. For periods of net loss, diluted loss per share is calculated similarly to basic loss per share.


The numerator for earnings per share for the years ended December 31, 2014 and 2013 are calculated for basic and diluted earnings per share as follows:

		Basic				Diluted
		Year ended				Year ended
(in thousands)		December 31,				December 31,
		2014		2013		2014		2013
Net income		$	28,747	$	106	$	28,747	$	106
Preferred stock dividends			-		-4,975				-4,975
Net income allocated to restricted stock			-159		-		-158		-
Net income/(loss) from continuing operations allocated to common shares		$	28,588	$	-4,869	$	28,589	$	-4,869


Gain on discontinued operations		$	-	$	195	$	-	$	195
Net gain on discontinued operations allocated to warrants			-		-1		-		-2
Net gain on discontinued operations allocated to restricted stock			-		-		-		-
Gain on discontinued operations allocated to common shares		$	-	$	194	$	-	$	193

Basic Weighted-Average Shares Outstanding			10,941		5,071		10,941		5,071
Dilutive effect of stock options							71		-
Dilutive effect of warrants							41		-
Diluted Weighted-Average Shares Outstanding							11,053		5,071

Earnings Per share from Continuing Operations		$	2.61	$	-0.96	$	2.59	$	-0.96
Earnings Per share from Discontinued Operation			-		0.04		-		0.04
Earnings/(Loss) Per Share		$	2.61	$	-0.92	$	2.59	$	-0.92

Anti-dilutive shares consist of out-of-the-money Class C Special stock, out-of-the-money common stock options, common stock options that are anti-dilutive when calculating the impact of the potential dilutive common shares using the treasury stock method, out-of-the-money warrants exercisable for common stock, and certain participating securities, if the effect of including both the income allocated to the participating security and the impact of the potential common shares would be anti-dilutive. The number of anti-dilutive shares, which have been excluded from the computation of diluted earnings (loss) per share and which include the shares underlying the Notes, were 4.7 million and 2.7 million for the years ended December 31, 2014 and 2013.

As of December 31, 2014, we had 0.5 million common stock options, 0.1 million unvested restricted stock awards, and 2.5 million warrants exercisable for common stock outstanding.

Stock Splits and Other Reclassifications

In July 2013, our Board of Directors and stockholders approved a resolution to effect a one-for-six reverse stock split of our common stock and Class C Special stock with no corresponding change to the par values. The number of authorized shares of common stock, Class C Special stock and blank check preferred stock was reduced proportionally. Common stock and Class C Special stock for all periods presented have been adjusted retrospectively to reflect the one-for-six reverse stock split.

Fair Value of Financial Instruments

Our consolidated balance sheets include various financial instruments (primarily cash and cash equivalents, prepaid expenses, accounts receivable, accounts payable, accrued expenses, and other current liabilities) that are carried at cost and that approximate fair value. The fair value of our long-term indebtedness is estimated based on the quoted prices for the same or similar issues, or on the current rates we have been offered for debt of the same remaining maturities. Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of observability of inputs used in measuring fair value. These tiers include:

	·	Level 1—Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

	·	Level 2—Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities.

	·	Level 3—Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

See Note 7 for additional information regarding fair value.

Segment Information

We currently operate in a single business segment.

Recent Accounting Pronouncements

In August 2014, the FASB issued guidance requiring management to evaluate on a regular basis whether any conditions or events have arisen that could raise substantial doubt about the entity’s ability to continue as a going concern. The guidance 1) provides a definition for the term “substantial doubt,” 2) requires an evaluation every reporting period, interim periods included, 3) provides principles for considering the mitigating effect of management’s plans to alleviate the substantial doubt, 4) requires certain disclosures if the substantial doubt is alleviated as a result of management’s plans, 5) requires an express statement, as well as other disclosures, if the substantial doubt is not alleviated, and 6) requires an assessment period of one year from the date the financial statements are issued. The standard is effective for our reporting year beginning January 1, 2017 and early adoption is permitted. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements.

In May 2014, the FASB issued guidance for revenue recognition for contracts, superseding the previous revenue recognition requirements, along with most existing industry-specific guidance. The guidance requires an entity to review contracts in five steps: 1) identify the contract, 2) identify performance obligations, 3) determine the transaction price, 4) allocate the transaction price, and 5) recognize revenue. The new standard will result in enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue arising from contracts with customers. The standard is effective for our reporting year beginning January 1, 2017 and early adoption is not permitted. We are currently evaluating the impact, if any, that this standard will have on our consolidated financial statements.

In July 2013, the Financial Accounting Standards Board (“FASB”) issued guidance for the presentation of an unrecognized tax benefit when a net operating loss ("NOL") carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance requires an entity to present in the financial statements an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for an NOL carryforward, a similar tax loss, or a tax credit carryforward. If the NOL carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the jurisdiction or the tax law of the jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit will be presented in the financial statements as a liability and will not be combined with deferred tax assets. This guidance does not require any additional recurring disclosures and is effective for fiscal years beginning after December 15, 2013. The adoption of this standard in 2014 did not have a material impact on our consolidated financial statements.

We have evaluated all other issued and unadopted Accounting Standards Updates and believe the adoption of these standards will not have a material impact on its consolidated results of operations, financial position, or cash flows.

BUSINESS_COMBINATION

BUSINESS COMBINATION	12 Months Ended
BUSINESS COMBINATION	Dec. 31, 2014
BUSINESS COMBINATION
BUSINESS COMBINATION	2. BUSINESS COMBINATION

	On June 19, 2013, BioSante acquired ANIP in an all-stock, tax-free reorganization. We are operating under the leadership of the ANIP management team and the board of directors is comprised of two former directors from BioSante and five former ANIP directors.

	BioSante issued to ANIP stockholders shares of BioSante common stock such that the ANIP stockholders owned 57% of the combined company’s shares outstanding, and the former BioSante stockholders owned 43%. In addition, immediately prior to the Merger, BioSante distributed to its then current stockholders contingent value rights (“CVR”) providing payment rights arising from a future sale, transfer, license or similar transaction(s) involving BioSante’s LibiGel^® (female testosterone gel).

	The Merger was accounted for as a reverse acquisition pursuant to which ANIP was considered the acquiring entity for accounting purposes. As such, ANIP's historical results of operations replace BioSante's historical results of operations for all periods prior to the Merger. BioSante, the accounting acquiree, was a publicly-traded pharmaceutical company focused on developing high value, medically-needed products. ANIP entered into the Merger to secure additional capital and gain access to capital market opportunities as a public company.

	The results of operations of both companies are included in our consolidated financial statements for all periods after completion of the Merger.

	Transaction Costs

	In conjunction with the Merger, we incurred approximately $7.1 million in transaction costs, which were expensed in the periods in which they were incurred. These costs include:

	Category	(in thousands)
	Legal fees	$	1,227
	Accounting fees		122
	Consulting fees		119
	Monitoring and advisory fees		390
	Transaction bonuses		4,801
	Other		429
	Total transaction costs	$	7,088

	Of the total expenses, $6.2 million was incurred and expensed in the year ended December 31, 2013, $5.5 million as selling, general and administrative expense, $0.3 million as interest expense, and $0.4 million as other expense, in the accompanying consolidated statements of operations. No transaction-related expenses were incurred in the year ended December 31, 2014.

	Purchase Consideration and Net Assets Acquired

	The fair value of BioSante’s common stock used in determining the purchase price was $1.22 per share, the closing price on June 19, 2013, which resulted in a total purchase consideration of $29.8 million. The fair value of all additional consideration, including the vested BioSante stock options and CVRs, was immaterial. The following presents the final allocation of the purchase consideration to the assets acquired and liabilities assumed on June 19, 2013:

		(in thousands)
	Total purchase consideration	$	29,795

	Assets acquired
	Cash and cash equivalents		18,198
	Restricted cash		2,260
	Teva license intangible asset		10,900
	Other tangible assets		79
	Deferred tax assets, net		-
	Goodwill		1,838
	Total assets		33,275
	Liabilities assumed
	Accrued severance		2,965
	Other liabilities		515
	Total liabilities		3,480
	Total net assets acquired	$	29,795

	The Teva license is related to our generic male testosterone gel product and is being amortized on a straight-line basis over its estimated useful life of 11 years. Goodwill, which is not tax deductible since the transaction was structured as a tax-free exchange, is considered an indefinite-lived asset and relates primarily to intangible assets that do not qualify for separate recognition. As a result of purchase accounting related to the Merger, we established deferred tax assets of $9.6 million, deferred tax liabilities of $3.9 million, and a valuation allowance of $5.7 million, netting to deferred tax assets of $0.

	Former BioSante operations generated no revenue and no expense in the year ended December 31, 2014. Former BioSante operations generated $0.5 million of revenue in a non-recurring payment related to the Teva license, and no expense from the acquisition date through December 31, 2013.

	Pro Forma Condensed Combined Financial Information (unaudited)

	The following unaudited pro forma condensed combined financial information summarizes the results of operations for 2013 as if the Merger had been completed as of January 1, 2012. Pro forma information reflects adjustments relating to (i) elimination of the interest on ANIP’s senior and equity-linked securities, (ii) elimination of monitoring and advisory fees payable to two ANIP investors, (iii) elimination of transaction costs, and (iv) amortization of intangibles acquired. The pro forma amounts do not purport to be indicative of the results that would have actually been obtained if the Merger had occurred as of January 1, 2012 or that may be obtained in the future.

		Year ended
	(in thousands)	December 31,
		2013
	Net revenues	$	30,228
	Net income/(loss)	$	89

INDEBTEDNESS

INDEBTEDNESS	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
INDEBTEDNESS	3. INDEBTEDNESS

	Convertible Senior Notes

	In December 2014, we issued $143.8 million of our Notes in a registered public offering. After deducting the underwriting discounts and commissions and other expenses (including the net cost of the bond hedge and warrant, discussed below), the net proceeds from the offering were approximately $122.6 million. The Notes pay 3.0% interest semi-annually in arrears on June 1 and December 1 of each year, starting on June 1, 2015 and are due December 1, 2019. The Notes are convertible into 2,068,793 shares of common stock, based on an initial conversion price of $69.48 per share.

	The Notes are convertible at the option of the holder (i) during any calendar quarter beginning after March 31, 2015, if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day, (ii) during the five business days after any five consecutive trading day period in which the trading price per $1,000 principal amount of the Notes for each trading day of such period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; and (iii) on or after June 1, 2019 until the second scheduled trading day immediately preceding the maturity date.

	Upon conversion by the holders, we may elect to settle such conversion in shares of our common stock, cash, or a combination thereof. As a result of our cash conversion option, we separately accounted for the value of the embedded conversion option as a debt discount (with an offset to APIC) of $33.6 million. The value of the embedded conversion option was determined based on the estimated fair value of the debt without the conversion feature, which was determined using market comparables to estimate the fair value of similar non-convertible debt (see Note 7); the debt discount is being amortized as additional non-cash interest expense using the effective interest method over the term of the Notes.

	Offering costs of $5.5 million have been allocated to the debt and equity components in proportion to the allocation of proceeds to the components, as deferred financing costs and equity issuance costs, respectively. The deferred financing costs of $4.2 million are being amortized as additional non-cash interest expense using the straight-line method over the term of the debt, since this method was not significantly different from the effective interest method. The $1.3 million portion allocated to equity issuance costs was charged to APIC.

	A portion of the offering proceeds was used to simultaneously enter into “bond hedge” (or purchased call) and “warrant” (or written call) transactions with an affiliate of one of the offering underwriters (collectively, the “Call Option Overlay”). We entered into the Call Option Overlay to synthetically raise the initial conversion price of the Notes to $96.21 per share and reduce the potential common stock dilution that may arise from the conversion of the Notes. The exercise price of the bond hedge is $69.48 per share, with an underlying 2,068,792 common shares; the exercise price of the warrant is $96.21 per share of our common stock, also with an underlying 2,068,792 common shares. Because the bond hedge and warrant are both indexed to our common stock and otherwise would be classified as equity, we recorded both elements as equity, resulting in a net reduction to APIC of $15.6 million.

	The carrying value of the Notes is as follows as of December 31:

	(in thousands)	2014
	Principal amount	$	143,750
	Unamortized debt discount		-33,059
	Net Carrying value	$	110,691

	The following table sets forth the components of total “interest expense” related to the Notes recognized in the accompanying consolidated statements of operations for the year ended December 31:

	(in thousands)	2014
	Contractual coupon	$	252
	Amortization of debt discount		489
	Amortization of finance fees		70
		$	811

	The effective interest rate on the Notes is 7.7%, on an annualized basis.

INVENTORIES

INVENTORIES	12 Months Ended
INVENTORIES	Dec. 31, 2014
INVENTORIES
INVENTORIES	4. INVENTORIES

	Inventories consist of the following as of December 31:

	(in thousands)	2014		2013
	Raw materials	$	5,056	$	1,480
	Packaging materials		794		766
	Work-in-progress		411		162
	Finished goods		1,368		1,152
			7,629		3,560
	Reserve for excess/obsolete inventories		-111		-42
	Inventories, net	$	7,518	$	3,518

PROPERTY_PLANT_AND_EQUIPMENT

PROPERTY, PLANT, AND EQUIPMENT	12 Months Ended
PROPERTY, PLANT, AND EQUIPMENT	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT, AND EQUIPMENT	5. PROPERTY, PLANT, AND EQUIPMENT

	Property, Plant and Equipment consist of the following as of December 31:

	(in thousands)	2014		2013
	Land	$	87	$	87
	Buildings		3,682		3,682
	Machinery, furniture and equipment		4,822		3,736
	Construction in progress		426		229
			9,017		7,734
	Less: accumulated depreciation		-3,794		-3,197
	Property, Plant and Equipment, net	$	5,223	$	4,537

	Depreciation expense for the years ended December 31, 2014 and 2013 totaled $597 thousand and $534 thousand, respectively. During the years ended December 31, 2014 and 2013, there was no material interest capitalized into construction in progress.

INTANGIBLE_ASSETS

INTANGIBLE ASSETS	12 Months Ended
INTANGIBLE ASSETS	Dec. 31, 2014
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS	6. INTANGIBLE ASSETS

	Goodwill

	As a result of the Merger (Note 2), we recorded goodwill of $1.8 million in our one reporting unit. We assess the recoverability of the carrying value of goodwill on an annual basis as of October 31 of each year, and whenever events occur or circumstances changes that would, more likely than not, reduce the fair value of our reporting unit below its carrying value.

	For the goodwill impairment analysis performed at October 31, 2014, we performed a qualitative assessment to determine whether it was more likely than not that our goodwill asset was impaired in order to determine the necessity of performing a quantitative impairment test, under which management would calculate the asset’s fair value. When performing the qualitative assessment, we evaluate events and circumstances that would affect the significant inputs used to determine the fair value of the goodwill. Events and circumstances evaluated include: macroeconomic conditions that could affect us, industry and market considerations for the generic pharmaceutical industry that could affect us, cost factors that could affect our performance, our financial performance (including share price), and consideration of any company-specific events that could negatively affect us, our business, or our fair value. Based on our assessment of the aforementioned factors, it was determined that it was more likely than not that the fair value of our one reporting unit is greater than its carrying amount as of October 31, 2014, and therefore no quantitative testing for impairment was required.

	In addition to the qualitative impairment analysis performed at October 31, 2014, there were no events or changes in circumstances that could have reduced the fair value of our reporting unit below its carrying value from October 31, 2014 to December 31, 2014. No impairment loss was recognized during the years ended December 31, 2014 and 2013, and the gross and net balance of goodwill was $1.8 million as of December 31, 2014 and 2013.

	Acquisition of Abbreviated New Drug Applications

	On December 26, 2013, we entered into an agreement to purchase (the “Teva Purchase Agreement”) Abbreviated New Drug Applications (“ANDAs”) to produce 31 generic drug products from Teva Pharmaceuticals (“Teva”) for $12.5 million in cash and a percentage of future gross profits from product sales. According to the terms of the Teva Purchase Agreement, Teva was required to provide soft copy materials and transfer ownership of the ANDAs to us within five business days of signing the Teva Purchase Agreement, and we were required to pay the first installment of $8.5 million upon receipt thereof. Teva provided the soft copy materials and transferred ownership of the ANDAs to us on January 2, 2014 and we paid the first installment of $8.5 million to Teva on January 2, 2014. Teva was also required to provide hard copy materials to us within 90 days of signing the Teva Purchase Agreement. Teva provided the hard copy materials on March 5, 2014 and we paid the $4.0 million balance on March 6, 2014.

	The drug products include 20 solid-oral immediate release products, four extended release products and seven liquid products. The ANDAs are being amortized in full over their useful lives, averaging 10 years.

	Acquisition of Lithobid Product Rights

	In July 2014, we entered into an agreement to purchase (the “Lithobid Purchase Agreement”) the product rights to Lithobid from Noven Therapeutics, LLC (“Noven”) for $11.0 million in cash at closing, and $1.0 million in cash if certain approvals are received from the FDA on or before June 30, 2015. This $1.0 million contingent payment was paid in January 2015 and is included in accounts payable at December 31, 2014 in the consolidated balance sheet. Pursuant to the terms of the Lithobid Purchase Agreement, we acquired the intellectual property rights and NDA associated with Lithobid, as well as a small amount of raw material inventory. The $12.0 million product rights intangible asset is being amortized over its estimated useful life of 10 years.

	Acquisition of Vancocin Product Rights

	In August 2014, we entered into an agreement to purchase (the “Vancocin Purchase Agreement”) the product rights to Vancocin from Shire ViroPharma Incorporated (“Shire”) for $11.0 million in cash at closing. Pursuant to the terms of the Vancocin Purchase Agreement, we acquired the U.S. intellectual property rights and NDA associated with Vancocin, two related ANDAs, and certain equipment and inventory. The $10.5 million product rights intangible asset is being amortized over its estimated useful life of 10 years.

	Definite-lived Intangible Assets

	The components of net definite-lived intangible assets are as follows:

	(in thousands)	December 31, 2014				December 31, 2013				Weighted Average
		Gross Carrying		Accumulated		Gross Carrying		Accumulated		Amortization
		Amount		Amortization		Amount		Amortization		Period
	Acquired ANDA intangible assets	$	12,577	$	-1,312	$	60	$	-55	10 years
	Product rights		22,522		-1,133		100		-100	10 years
	Teva license intangible asset		10,900		-1,487		10,900		-496	11 years
		$	45,999	$	-3,932	$	11,060	$	-651

	Our acquired ANDA intangible assets consist of the exclusive rights, including all of the applicable technical data and other relevant information, to produce certain pharmaceutical products, including those acquired pursuant to the Teva Purchase Agreement. The product rights assets consist of the exclusive rights, including all of the applicable technical data and other relevant information, to produce certain branded pharmaceutical products that we acquired from various companies, including those acquired pursuant to the Lithobid Purchase Agreement and the Vancocin Purchase Agreement. The Teva license was acquired as part of the Merger (Note 2). Intangible assets are stated at the lower of cost or fair value, net of amortization using the straight line method over the expected useful lives of the assets. Amortization expense was $3.3 million and $0.6 million for the years ended December 31, 2014 and 2013, respectively.

	We test for impairment of definite-lived intangible assets when events or circumstances indicate that the carrying value of the assets may not be recoverable. No such triggering events were identified in 2014 and 2013, and therefore no impairment loss was recognized during those periods.

	Expected future amortization expense is as follows for the years ending December 31:

	(in thousands)
	2015	$	4,485
	2016		4,485
	2017		4,485
	2018		4,485
	2019		4,485
	2020 and thereafter		19,642
	Total	$	42,067

FAIR_VALUE_DISCLOSURES

FAIR VALUE DISCLOSURES

12 Months Ended

Dec. 31, 2014

FAIR VALUE DISCLOSURES

7. FAIR VALUE DISCLOSURES

Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of observability of inputs used in measuring fair value.

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The inputs used in measuring the fair value of cash and cash equivalents are considered to be Level 1 in accordance with the three-tier fair value hierarchy. The fair market values are based on period-end statements supplied by the various banks and brokers that held the majority of our funds.

Our CVRs (Note 2) are considered to be contingent consideration and are classified as liabilities. As such, the CVRs were recorded as purchase consideration at their estimated fair value, using Level 3 inputs, and are marked to market each reporting period until settlement. The fair value of CVRs is estimated using the present value of management’s projection of the expected payments pursuant to the terms of the CVR agreement, which is the primary unobservable input. If our projection or expected payments were to increase substantially, the value of the CVRs could increase as a result. The present value of the liability was calculated using a discount rate of 15%. We determined that the fair value of the CVRs was immaterial as of December 31, 2014 and 2013. We also determined that the changes in such fair value were immaterial, for the year ended December 31, 2014 and period from the date of the Merger to December 31, 2013.

Prior to the Merger, ANIP’s warrants to purchase common and preferred stock were classified as derivative liabilities and were measured at fair value using level 3 inputs. The fair value of stock purchase warrants was determined using a two-step process that included valuing ANIP's equity using both market and discounted cash flow methods, and then apportioning that value, using an equity allocation model, to each of ANIP's classes of stock. These models require the use of unobservable inputs such as fair value of ANIP's common and preferred stock, expected term, anticipated volatility, future interest and interest rates, expected cash flows and the number of outstanding common and preferred shares as of a future date. All such stock purchase warrants expired in connection with the Merger.

The following table presents our financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2014 and 2013, by level within the fair value hierarchy:

(in thousands)

Fair Value at

Description

December 31, 2014

Level 1

Level 2

Level 3

Liabilities

CVRs

Fair Value at

Description

December 31, 2013

Level 1

Level 2

Level 3

Liabilities

CVRs

Financial Liabilities Measured at Fair Value on a Non-Recurring Basis

In December 2014, we issued $143.8M of Notes (see Note 3). Because we have the option to cash settle the potential conversion of the Notes in cash, we separated the embedded conversion option feature from the debt feature and account for each component separately, based on the fair value of the debt component assuming no conversion option. The calculation of the fair value of the debt component required the use of Level 3 inputs, and was determined by calculating the fair value of similar non-convertible debt, using a theoretical interest rate of 9%. The theoretical interest rate was determined from market comparables to estimate what the interest rate would have been if there was no conversion option embedded in the Notes. The fair value of the embedded conversion option was calculated using the residual value method and is classified as equity. As of December 31, 2014, the fair value of the Notes approximates their carrying value of $110.7 million.

A portion of the offering proceeds was used to simultaneously enter into “bond hedge” (or purchased call) and “warrant” (or written call) transactions with an affiliate of one of the offering underwriters (see Note 3). The exercise price of the bond hedge is $69.48 per share, with an underlying 2,068,792 common shares; the exercise price of the warrant is $96.21 per share of our common stock, also with an underlying 2,068,792 common shares. We calculated the fair value of the bond hedge based on the price we paid to purchase the call. We calculated the fair value of the warrant based on the price at which the affiliate purchased the warrants from us. Because the bond hedge and warrant are both indexed to our common stock and otherwise would be classified as equity, we recorded both elements as equity, resulting in a net reduction to APIC of $15.6 million.

Non-Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

We have no non-financial assets and liabilities that are measured at fair value on a recurring basis.

Non-Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

We measure our long-lived assets, including property, plant and equipment, intangible assets and goodwill, at fair value on a non-recurring basis. These assets are recognized at fair value when they are deemed to be other-than-temporarily impaired. No such fair value impairment was recognized in the years ended December 31, 2014 and 2013.

Acquired Non-Financial Assets Measured at Fair Value

In July 2014, we acquired from Noven the product rights associated with Lithobid, as well as a small amount of raw material inventory, for total consideration of $12.0 million (Note 6). In addition, we capitalized $45 thousand of legal costs directly related to the transaction. These assets were recorded at their relative fair values, which were determined based on Level 3 unobservable inputs. In order to determine the fair value of the product rights, we used the present value of the estimated cash flows related to the product rights, using a discount rate of 10%. The $12.0 million of product rights will be amortized over their 10 year useful life, and will be tested for impairment when events or circumstances indicate that the carrying value of the assets may not be recoverable. No such triggering events were identified during the period from the date of acquisition to December 31, 2014 and therefore no impairment loss was recognized in 2014. We recorded $86 thousand of inventory. The value of the raw material inventory was determined based on the most recent purchase price of the material.

In August 2014, we acquired from Shire the U.S. product rights associated with Vancocin, certain equipment, and inventory, for total consideration of $11.0 million (Note 6). In addition, we capitalized $0.1 million of legal costs directly related to the transaction. These assets were recorded at their relative fair values, which were determined based on Level 3 unobservable inputs. In order to determine the fair value of the product rights, we used the present value of the estimated cash flows related to the product rights, using a discount rate of 10%. The $10.5 million of value assigned to the product rights will be amortized over their 10 year useful life, and will be tested for impairment when events or circumstances indicate that the carrying value of the assets may not be recoverable. No such triggering events were identified during the period from the date of acquisition to December 31, 2014 and therefore no impairment loss was recognized during 2014. The $0.2 million of value assigned to the equipment was determined based on the amount for which we believe we would be able to sell the equipment. The equipment will be depreciated over its estimated 10 year useful life, and would be re-valued at the fair value if deemed to be other-than-temporarily impaired. We recorded $0.4 million of inventory. The value of the raw material inventory was determined based on the most recent purchase price of the material. The value of the finished goods inventory was determined based on the estimated sales to be generated from the finished goods, less costs to sell, including a reasonable margin.

SHAREHOLDERS_EQUITY

SHAREHOLDER'S EQUITY	12 Months Ended
SHAREHOLDER'S EQUITY	Dec. 31, 2014
Stockholders Equity Note [Abstract]
SHAREHOLDERbS EQUITY	8. SHAREHOLDER’S EQUITY

	Authorized shares

	We are authorized to issue up to 33.3 million shares of common stock with a par value of $0.0001 per share, 0.8 million shares of class C special stock with a par value of $0.0001 per share, and 1.7 million shares of undesignated preferred stock with a par value of $0.0001 per share at December 31, 2014.

	There were 11.4 million and 9.6 million shares of common stock issued and outstanding as of December 31, 2014 and 2013, respectively.

	There were 11 thousand shares of class C special stock issued and outstanding as of both December 31, 2014 and 2013. Each share of class C special stock entitles its holder to one vote per share. Each share of class C special stock is exchangeable, at the option of the holder, for one share of our common stock, at an exchange price of $90.00 per share, subject to adjustment upon certain capitalization events. Holders of class C special stock are not entitled to receive dividends or to participate in the distribution of our assets if we were to liquidate, dissolve, or wind-up the company. The holders of class C special stock have no cumulative voting, preemptive, subscription, redemption or sinking fund rights.

	There were no shares of undesignated preferred stock outstanding as of December 31, 2014 or 2013.

	Equity Offerings

	On March 10, 2014, we completed a follow-on public offering of 1.6 million shares of our common stock at a public offering price of $31.00 per share (the “March 2014 Offering”). We received gross proceeds of $50.0 million, or net proceeds of $46.7 million after deducting costs of $3.3 million, including the underwriters’ fees and commissions, as well as expenses directly related to the March 2014 Offering. The number of shares sold in the March 2014 Offering includes the exercise in full by the underwriters of their option to purchase an additional 0.2 million shares of common stock.

	Warrants

	Warrants to purchase an aggregate of 2.5 million shares (as adjusted for the July 17, 2013 one-for-six reverse split, when applicable) of our common stock were outstanding and exercisable as of December 31, 2014:

	(in thousands, except per share price)

		Number of
		Underlying Shares	Per Share
	Issue Date	Of Common Stock	Exercise Price		Expiration Date
	March 8, 2010	145	$	74.88	September 8, 2015
	June 23, 2010	99	$	88.2	June 23, 2015
	June 23, 2010	6	$	94.68	June 9, 2015
	December 30, 2010	147	$	72	December 30, 2015
	December 30, 2010	9	$	76.5	June 9, 2015
	4-Dec-14	1,799	$	96.21	March 1, 2020
	5-Dec-14	270	$	96.21	March 1, 2020

	All outstanding warrants are classified as equity. In December 2014, we issued 2.1 million warrants in conjunction with the issuance of the Notes (see Note 3). In January 2014, warrants to purchase an aggregate of 20 thousand shares of common stock were exercised at $9.00 per share. In December 2014, warrants to purchase an aggregate of 63 thousand shares of common stock were exercised at $9.00 per share. Warrants to purchase an aggregate of 198 thousand shares of common stock expired unexercised during the year ended December 31, 2014.

	During 2013, we issued no warrants. In December 2013, warrants to purchase an aggregate of 90 thousand shares of common stock were exercised. During 2013, warrants to purchase an aggregate of 13 thousand shares of common stock expired unexercised.

STOCKBASED_COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
STOCK-BASED COMPENSATION	Dec. 31, 2014
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	9. STOCK-BASED COMPENSATION

	All equity-based service awards are granted under the ANI Pharmaceuticals, Inc. Amended and Restated 2008 Stock Incentive Plan (the “2008 Plan”). As of December 31, 2014, 0.6 million shares of our common stock remained available for issuance under the 2008 Plan.

	We measure the cost of equity-based service awards based on the grant-date fair value of the award. The cost is recognized over the period during which an employee is required to provide service in exchange for the award or the requisite service period. We recognize stock-based compensation expense ratably over the vesting periods of the awards, adjusted for estimated forfeitures. We incurred $3.4 million and $36 thousand of non-cash, stock-based compensation cost for the years ended December 31, 2014 and 2013, respectively in connection with the 2008 Plan. In 2014, $0.1 million of the stock-based compensation cost was recognized as cost of sales, $0.1 million was recognized as research and development expense, and $3.2 million was recognized as sales, general and administrative expense in the accompanying consolidated statements of operations. All of the 2013 stock-based compensation cost was included in sales, general and administrative expense in the accompanying consolidated statements of operations. An income tax benefit related to $4.4 million of stock-based compensation tax deductions was recognized in our 2014 consolidated statements of operations. No income tax benefit was recognized in our 2013 consolidated statements of operations for stock-based compensation arrangements.

	Stock Options

	Outstanding employee stock options generally vest over a period of three or four years and have 10-year contractual terms. Upon exercise of an option, we issue new shares of our common stock.

	For 2014 and 2013, the fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model, using the following weighted average assumptions:

			2014			2013
	Expected option life (years)		5.39 - 6.25			6.25
	Risk-free interest rate		1.55% - 2.03	%		1.72	%
	Expected stock price volatility		50.6% - 55.1	%		55	%
	Dividend yield		—			—

	We use the simplified method to estimate the life of options. In 2014, 0.3 million options granted by the board of directors but requiring shareholder approval were approved at the May 22, 2014 shareholder’s meeting. As a result, the fair values of these options were calculated using the simplified method less the time between the grant date and the date of the approval, or 5.39 years. The risk-free interest rate used is the yield on a U.S. Treasury note as of the grant date with a maturity equal to the estimated life of the option. We calculated an estimated volatility rate based on the closing prices of several competitors that manufacture similar products. We have not issued a cash dividend in the past nor do we have any current plans to do so in the future; and therefore, an expected dividend yield of zero was used. Forfeitures are estimated at the time of grant and revised through a cumulative catch-up adjustment in the period of change if actual forfeitures differ from those estimates. For stock options granted during the years ended December 31, 2014 and 2013, we used an estimated forfeiture rate of zero for directors and officers and a forfeiture rate of 5.1% for non-officer employees.

	On August 20, 2014, the Board of Directors approved a grant of options to purchase 25 thousand shares of common stock to one of our officers.

	On April 1, 2014, the Board of Directors approved grants of options to purchase 59 thousand shares of common stock to our officers and options to purchase 16 thousand shares of common stock to non-employee directors.

	On July 12, 2013 and August 1, 2013, our Board of Directors approved grants to employees of stock options to purchase 0.3 million shares of ANI stock under the 2008 Plan, subject to shareholder approval of an increase in the total shares available for issuance under the 2008 Plan. The increase in total shares was approved by shareholders at the May 22, 2014 annual meeting, at which time we began recognizing stock-based compensation expense related to these awards.

	In 2013, the Board of Directors granted options to purchase 21 thousand shares of common stock and 50 thousand shares of restricted stock to non-officer directors under the 2008 Plan.

	A summary of stock option activity under the Plan during the years ended December 31, 2014 and 2013 is presented below:

					Weighted				Weighted	Aggregate
			Option		Average				Average	Intrinsic
	(in thousands, except per share data)		Shares		Exercise Price				Remaining Term	Value
	Outstanding December 31, 2012		-			-			-	$	—
	Net BioSante stock options assumed		99		$	59.59
	Granted		21		$	6.36
	Exercised		-			-					—
	Forfeited or expired		-			-
	Outstanding December 31, 2013		120		$	50.35			2.4	$	81
	Granted		120		$	31.59
	Options previously granted, approved by shareholders		325			6.39
	Exercised		-43			19.45					638
	Forfeited		-4			6.36
	Expired		-60			73.96
	Outstanding December 31, 2014		458		$	14.44			8.7	$	19,472
	Exercisable at December 31, 2014		83		$	14.35			8.1	$	3,755
	Vested or expected to vest at December 31, 2014		452		$	14.44			8.7	$	19,211

	As of December 31, 2014, there was $6.6 million of total unrecognized compensation cost related to non-vested stock options granted under the Plan. The cost is expected to be recognized over a weighted-average period of 2.7 years. During the year ended December 31, 2014, we received $0.8 million in cash from the exercise of stock options and recorded a $0.6 million tax benefit related to these exercises.

	Restricted Stock Awards

	On April 1, 2014, the Board of Directors approved grants of 30 thousand shares of restricted stock to our officers. The restricted stock was granted subject to shareholder approval of an increase in the total restricted stock available for grant under the 2008 Plan. The increase in total restricted stock available for grant under the 2008 Plan was approved by shareholders at the May 22, 2014 annual meeting and the restricted stock was granted as of May 22, 2014. The RSAs vest one-fourth per year, over four years on the anniversary of the grant date, provided that the officer continues to serve as an ANI employee on each of the vesting dates. Shares of our common stock delivered to the officers will be unrestricted upon vesting. During the vesting period, the recipient of the restricted stock has full voting rights as a stockholder and would receive dividends, if declared, even though the restricted stock remains subject to transfer restrictions and will generally be forfeited upon termination of the officer prior to vesting. The fair value of each RSA is based on the market value of our stock on the date of grant.

	On November 1, 2013, Board of Directors approved grants of 50 thousand restricted stock awards (“RSAs”) to the non-officer directors under the 2008 Plan. The RSAs vest one-third per year, over three years on the anniversary of the grant date, provided that the director continues to serve as an ANI director on each of the vesting dates. Shares of our common stock delivered to the directors will be unrestricted upon vesting. During the vesting period, the recipient of the restricted stock has full voting rights as a stockholder and would receive dividends, if declared, even though the restricted stock remains subject to transfer restrictions and will generally be forfeited upon termination of the director from the board prior to vesting. The fair value of each RSA is based on the market value of our stock on the date of grant.

	A summary of RSA activity under the Plan during the years ended December 31, 2014 and 2013 is presented below:

					Weighted				Weighted Average
					Average Grant				Remaining Term
	(in thousands, except per share data)		Shares		Date Fair Value				(years)
	Unvested at December 31, 2012		-		$	-
	Granted		50		$	10.2
	Vested		-		$	-
Forfeited		-		$	-
Unvested at December 31, 2013		50		$	10.2			2.84
Granted		30		$	29.61
Vested		-17		$	10.2
Forfeited		-		$	-
Unvested at December 31, 2014		63		$	19.34			2.57

As of December 31, 2014, there was $1.0 million of total unrecognized compensation cost related to non-vested RSAs granted under the Plan, which is expected to be recognized over a weighted-average period of 2.6 years.

INCOME_TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2014
INCOME TAXES
INCOME TAXES	10. INCOME TAXES

	Our total provision (benefit) from income taxes consists of the following for the years ended December 31, 2014 and 2013:

	(in thousands)	2014			2013

	Current income tax provision (benefit):
	Federal	$	4,818		$	20
	State		273			-
	Total		5,091			20

	Deferred income tax provision (benefit):
	Federal		2,113			635
	State		154			-221
	Total		2,267			414

	Change in valuation allowance		-16,726			-414

	Tax provision (benefit) from continuing operations		-9,368			20
	Tax provision from discontinued operation		-			38
	Total provision (benefit) for income taxes	$	-9,368		$	58

	The difference between our expected income tax provision (benefit) from applying federal statutory tax rates to the pre-tax income (loss) from continuing operations and actual income tax provision (benefit) from continuing operations relates primarily to the effect of the following:

			As of December 31,
			2014				2013

	US Federal statutory rate		35	%			35	%
	State taxes, net of Federal benefit		1	%			1	%
	Non-deductible expenses		-	%			245.9	%
	Change in valuation allowance		-86.5	%			-300.4	%
	Change in tax rates and other		-1.2	%			34.6	%
	Stock-based compensation – windfall tax benefits		4	%			-	%
	Other		-0.7	%			-	%
	Total income tax provision (benefit)		-48.4	%			16.1	%


	Deferred income taxes reflect the net tax effects of differences between the bases of assets and liabilities for financial reporting and income tax purposes. Our deferred income tax assets and liabilities consisted of the following:

	(in thousands)	As of December 31,
		2014			2013
	Deferred tax assets:
	Accruals and advances	$	2,149		$	802
	Bond hedge		12,677			-
	Accruals for chargebacks and returns		1,107			358
	Net operating loss carryforward		11,798			16,409
	Other		1,292			418
	Total deferred tax assets	$	29,023		$	17,987

	Deferred tax liabilities:
	Depreciation	$	-587		$	-220
	Debt discount		-11,892			-
	Intangible assets		-467			-526
	Other		-496			-374
	Total deferred tax liabilities	$	-13,442		$	-1,120

	Valuation allowance		-142			-16,867
	Total deferred tax asset (liability), net	$	15,439		$	-

	As of December 31, 2014, we had Federal net operating loss carryforwards of approximately $32.9 million, which expire beginning in 2018, and a portion of which arose as a result of the Merger. The utilization of the net operating loss carryforwards are limited in future years as prescribed by Section 382 of the U.S. Internal Revenue Code; our current annual limitation of the Federal net operating loss is approximately $11.2 million per year.

	We are required to establish a valuation allowance for deferred tax assets if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We consider the projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income in previous periods, we had provided a full valuation allowance as of December 31, 2013. In the fourth quarter of 2014, we determined that certain deferred tax assets that had previously been reserved would now more likely than not be realized through the generation of future taxable income and, as a result, recognized an income tax benefit of $16.7 million related to the reversal of the majority of the valuation allowance. As of December 31, 2014, we have provided a valuation allowance against certain state net operating loss carryforwards of approximately $0.1 million.

	We are subject to income taxes in numerous jurisdictions in the U.S. Significant judgment is required in evaluating our tax positions and determining our provision for income taxes. We establish liabilities for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These liabilities are established when we believe that certain positions might be challenged despite our belief that our tax return positions are fully supportable. We adjust these liabilities in light of changing facts and circumstances, such as the outcome of a tax audit. The provision for income taxes includes the impact of changes to the liability that is considered appropriate. We identified no material uncertain tax positions as of December 31, 2014 and 2013.

We are subject to income tax audits in all jurisdictions for which we file tax returns. Tax audits by their nature are often complex and can require several years to complete. Neither ANI Pharmaceuticals, Inc. nor any of its subsidiaries is currently under audit in any jurisdiction. All of our income tax returns remain subject to examination by tax authorities due to the availability of net operating loss carryforwards.

COLLABORATIVE_ARRANGEMENTS

COLLABORATIVE ARRANGEMENTS	12 Months Ended
COLLABORATIVE ARRANGEMENTS	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
COLLABORATIVE ARRANGEMENTS	11. COLLABORATIVE ARRANGEMENTS

	RiconPharma LLC

	In July 2011, we entered into a collaborative arrangement with RiconPharma LLC (“RiconPharma”). Under the parties' master product development and collaboration agreement (the “RiconPharma Agreement”), we and RiconPharma have agreed to collaborate in a cost, asset and profit sharing arrangement for the development, manufacturing, regulatory approval and marketing of pharmaceutical products in the U.S.

	In general, RiconPharma is responsible for developing the products and we are responsible for manufacturing, sales, marketing and distribution of the products. The parties are jointly responsible for directing any bioequivalence studies. We are responsible for obtaining and maintaining all necessary regulatory approvals, including the preparation of all ANDAs.

	Under the RiconPharma Agreement and unless otherwise specified in an amendment, the parties will own equally all the rights, title and interest in the products. To the extent permitted by applicable law, we will be identified on the product packaging as the manufacturer and distributor of the product. During the term of the agreement, both parties are prohibited from developing, manufacturing, selling or distributing any products that are identical or bioequivalent to products covered under the RiconPharma Agreement.

	We recognize the costs incurred with respect to this agreement as expense and classify the expenses based on the nature of the costs. In the year ended December 31, 2014 and 2013, we incurred $0.4 million and $0.7 million in research and development expenses related to the RiconPharma Agreement. No revenue has yet been recognized.

	Sofgen Pharmaceuticals

	August 2013 Sofgen Agreement

	In August 2013, we entered into an agreement with Sofgen Pharmaceuticals (“Sofgen”) to develop an oral soft gel prescription product indicated for cardiovascular health (the “August 2013 Sofgen Agreement”). The product will be subject to an ANDA filing once developed. In general, Sofgen will be responsible for the development, manufacturing and regulatory submission of the product, including preparation of the ANDA, and we will provide payments based on the completion of certain milestones. Upon approval, Sofgen will manufacture the drug and we will be responsible for the marketing and distribution, under the ANI label, of the product in the U.S., providing a percentage of profits from sales of the drug to Sofgen.

	Under the August 2013 Sofgen Agreement, Sofgen will own all the rights, title and interest in the products. During the term of the agreement, both parties are prohibited from developing, manufacturing, selling or distributing any product that is identical or bioequivalent to the product covered under the Sofgen Agreement in the U.S. The agreement may be terminated or amended under certain specified circumstances.

	We recognize the costs incurred with respect to the August 2013 Sofgen Agreement as expense and classify the expenses based on the nature of the costs. In the years ended December 31, 2014 and 2013, we incurred $0.2 million and $0.2 million in research and development expenses related to the August 2013 Sofgen Agreement. No revenue has yet been recognized.

	April 2014 Sofgen Agreement

	In April 2014, we entered into a second collaboration agreement with Sofgen to develop an oral soft gel prescription product (the “April 2014 Sofgen Agreement”). The product will be subject to an ANDA filing once developed. In general, Sofgen will be responsible for the development, manufacturing and regulatory submission of the product, including preparation of the ANDA, and we will provide payments based on the completion of certain milestones. Upon approval, Sofgen will manufacture the drug and we will be responsible for the marketing and distribution, under our label, of the product in the United States, providing a percentage of profits from sales of the drug to Sofgen.

	Under the April 2014 Sofgen Agreement, Sofgen will own all the rights, title and interest in the product. During the term of the April 2014 Sofgen Agreement, both parties are prohibited from developing, selling or distributing any product in the United States that is identical or bioequivalent to the product covered under the April 2014 Sofgen Agreement. The April 2014 Sofgen Agreement can be terminated or amended under certain specified circumstances. The April 2014 Sofgen Agreement has an initial term of ten years from the launch of the product, which term will automatically renew for two year terms until either party terminates the agreement.

	We recognize the costs incurred with respect to the April 2014 Sofgen Agreement as expense and classify the expenses based on the nature of the costs. We have recorded $0.1 million of research and development expense related to the April 2014 Sofgen Agreement from the inception of the agreement though December 31, 2014. No revenue has yet been recognized with respect to the April 2014 Sofgen Agreement.

	Dexcel Pharma Technologies Ltd

	In June 2014, we entered into a collaboration agreement with Dexcel Pharma Technologies Ltd (“Dexcel”) to commercialize and sell a generic drug product (the “June 2014 Dexcel Agreement”). The product is subject to FDA approval of an ANDA filing. In general, Dexcel will be responsible for the manufacturing and regulatory submission of the product, including obtaining approval of the ANDA, and we will provide payments based on the completion of certain milestones. Upon approval, Dexcel will manufacture the drug and we will be responsible for the marketing and distribution, under our label, of the product in the United States, providing a percentage of profits from sales of the drug to Dexcel.

	Under the June 2014 Dexcel Agreement, Dexcel will own all the rights, title and interest in the product. During the term of the June 2014 Dexcel Agreement, both parties are prohibited from developing, selling, or distributing any product in the United States that is identical or bioequivalent to the product covered under the June 2014 Dexcel Agreement. The June 2014 Dexcel Agreement can be terminated or amended under certain specified circumstances. The June 2014 Dexcel Agreement has an initial term of five years from the launch of the product, which term can be renewed for two year terms if both parties agree, until either party terminates the agreement.

	We recognize the costs incurred with respect to the June 2014 Dexcel Agreement as expense and classify the expenses based on the nature of the costs. We have not yet incurred any expense related to the June 2014 Dexcel Agreement and no revenue has yet been recognized with respect to the June 2014 Dexcel Agreement.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2014
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES

	Operating Leases

	We lease equipment under operating leases that expire in May 2017. We also lease office space under operating leases that expire beginning in February 2016 through September 2018.

	For the annual periods after December 31, 2014, approximate minimum annual rental payments under non-cancelable leases are presented below:

	(in thousands)

		Minimum
		Annual Rental
	Year	Payments
	2015	$	78
	2016		53
	2017		44
	2018		29
	2019		-
	Thereafter		-
	Total	$	204

	Rent expense for the years ended December 31, 2014 and 2013 totaled $70 thousand and $36 thousand, respectively.

	Vendor Purchase Minimums
	We have supply agreements with three vendors that include purchase minimums. Pursuant to these agreements, we will be required to purchase a total of $5.8 million of API from these three vendors during the year ended December 31, 2015.
	Monitoring and Advisory Fees

	Prior to the Merger, we were required to pay monitoring and advisory fees to two investors. A total of $0.5 million was included in other expense in the accompanying consolidated statements of operations for the year ended December 31, 2013. These fees were paid quarterly in advance on the first business day of each calendar quarter.

	Included in the $0.5 million above and in conjunction with the Merger, we paid additional monitoring and advisory fees totaling $0.4 million to the same two investors (Note 2). Upon completion of the Merger, our obligation to pay monitoring and advisory fees was terminated.

	Government Regulation

	Our products and facilities are subject to regulation by a number of federal and state governmental agencies. The Food and Drug Administration ("FDA"), in particular, maintains oversight of the formulation, manufacture, distribution, packaging and labeling of all of our products. The Drug Enforcement Administration ("DEA") maintains oversight over our products that are considered controlled substances.

	Unapproved Products

	Two of our products, Esterified Estrogen with Methyltestosterone (“EEMT”) and Opium Tincture, are marketed without approved New Drug Applications ("NDAs") or Abbreviated New Drug Applications ("ANDAs"). During the years ended December 31, 2014 and 2013, net revenues for these products totaled $29.8 million and $14.6 million, respectively.

	The FDA's policy with respect to the continued marketing of unapproved products is stated in the FDA's September 2011 Compliance Policy Guide Sec. 440.100 titled “Marketed New Drugs without Approved NDAs or ANDAs.” Under this policy, the FDA has stated that it will follow a risk-based approach with regard to enforcement against such unapproved products. The FDA evaluates whether to initiate enforcement action on a case-by-case basis, but gives higher priority to enforcement action against products in certain categories, such as those marketed as unapproved drugs with potential safety risks or that lack evidence of effectiveness. We believe that, so long as we comply with applicable manufacturing standards, the FDA will not take action against us under the current enforcement policy. There can be no assurance, however, that the FDA will continue this policy or not take a contrary position with any individual product or group of products. If the FDA were to take a contrary position, we may be required to seek FDA approval for these products or withdraw such products from the market. If we decide to withdraw the products from the market, our net revenues for generic pharmaceutical products would decline materially, and if we decide to seek FDA approval, we would face increased expenses and might need to suspend sales of the products until such approval was obtained, and there are no assurances that we would receive such approval.

	In addition, one group of products that we manufacture on behalf of a contract customer is marketed by that customer without an approved NDA. If the FDA took enforcement action against such customer, the customer may be required to seek FDA approval for the group of products or withdraw them from the market. Our contract manufacturing revenues for the group of unapproved products for the years ended December 31, 2014 and 2013 were $1.2 million and $2.0 million, respectively.

	We received royalties on the net sales of a group of contract-manufactured products, which are marketed by the contract customer without an approved NDA. If the FDA took enforcement action against such customer, the customer may be required to seek FDA approval for the group of products or withdraw them from the market. Our royalties on the net sales of these unapproved products were $0.3 million for the years ended December 31, 2014 and 2013.

	Louisiana Medicaid Lawsuit

	On September 11, 2013, the Attorney General of the State of Louisiana filed a lawsuit in Louisiana state court against numerous pharmaceutical companies, including us, under various state laws, alleging that each defendant caused the state’s Medicaid agency to provide reimbursement for drug products that allegedly were not approved by the FDA and therefore allegedly not reimbursable under the federal Medicaid program. The lawsuit relates to three cough and cold prescription products manufactured and sold by our former Gulfport, Mississippi operation, which was sold in September 2010. Through its lawsuit, the state seeks unspecified damages, statutory fines, penalties, attorneys’ fees and costs. On October 15, 2013, the defendants removed the lawsuit to the U.S. District Court. On November 14, 2013, the state filed a motion to remand the lawsuit to the Louisiana state court. On September 30, 2014, the U.S. District Court remanded the case from the federal to the state court. While we cannot predict the outcome of the lawsuit at this time, we could be subject to material damages, penalties and fines. We intend to vigorously defend against all claims in the lawsuit.

	Other Commitments and Contingencies

	All manufacturers of the drug Reglan and its generic equivalent metoclopramide, including ANI, are facing allegations from plaintiffs in various states, including California, New Jersey and Pennsylvania, claiming bodily injuries as a result of ingestion of metoclopramide or its brand name, Reglan, prior to the FDA's February 2009 Black Box warning requirement. In August 2012, we were dismissed with prejudice from all New Jersey cases. We consider our exposure to this litigation to be limited due to several factors: (1) the only generic metoclopramide that we manufactured prior to the implementation of the FDA's warning requirement was an oral solution introduced after May 28, 2008; (2) our market share for the oral solution was a very small portion of the overall metoclopramide market; and (3) once we received a request for change of labeling from the FDA, we submitted our proposed changes within 30 days, and such changes were subsequently approved by the FDA.

	At the present time, we are unable to assess the likely outcome of the cases in the remaining states. Our insurance company has assumed the defense of this matter. However, our current product liability insurance policy contains absolute exclusions for claims related to Reglan and metoclopramide. We cannot provide assurances that the outcome of these matters will not have an adverse effect on our business, financial condition, and operating results. Furthermore, like all pharmaceutical manufacturers, we may be exposed to other product liability claims in the future, which could further limit our coverage under future insurance policies or cause those policies to become more expensive, which could harm our business, financial condition, and operating results.

DESCRIPTION_OF_BUSINESS_AND_SU1

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2014
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization and Business	Organization and Business

	ANI Pharmaceuticals, Inc. and its consolidated subsidiary, ANIP Acquisition Company (together, “ANI,” the “Company,” “we,” “us,” or “our”) is a specialty pharmaceutical company, developing and marketing generic and branded prescription products. ANI was organized as a Delaware corporation in April 2001. At our two facilities located in Baudette, Minnesota, which have a combined manufacturing, packaging and laboratory capacity totaling 173,000 square feet, we manufacture oral solid dose products, as well as liquids and topicals, including those that must be manufactured in a fully contained environment due to their potency. We also perform contract manufacturing for other pharmaceutical companies.

	On June 19, 2013, BioSante Pharmaceuticals, Inc. (“BioSante”) acquired ANIP Acquisition Company (“ANIP”) in an all-stock, tax-free reorganization (the “Merger”) (Note 2), in which ANIP became a wholly-owned subsidiary of BioSante. BioSante was renamed ANI Pharmaceuticals, Inc. The Merger was accounted for as a reverse acquisition pursuant to which ANIP was considered the acquiring entity for accounting purposes. As such, ANIP's historical results of operations replace BioSante's historical results of operations for all periods prior to the Merger. The results of operations of both companies are included in our consolidated financial statements for all periods after completion of the Merger.

	Our operations are subject to certain risks and uncertainties including, among others, current and potential competitors with greater resources, dependence on significant customers, lack of operating history and uncertainty of future profitability and possible fluctuations in financial results. The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities in the ordinary course of business. The propriety of using the going-concern basis is dependent upon, among other things, the achievement of future profitable operations, the ability to generate sufficient cash from operations, and potential other funding sources, including cash on hand, to meet our obligations as they become due. We believe the going-concern basis is appropriate for the accompanying consolidated financial statements based on our current operating plan through December 31, 2015.

Basis of Presentation
	Basis of Presentation

	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain prior period information has been reclassified to conform to the current period presentation.

Principles of consolidation	Principles of Consolidation

	The consolidated financial statements include the accounts of ANI Pharmaceuticals, Inc. and its wholly-owned subsidiary, ANIP. All significant intercompany accounts and transactions are eliminated in consolidation.

Use of Estimates	Use of Estimates

	The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying consolidated financial statements, estimates are used for, but not limited to, stock-based compensation, allowance for doubtful accounts, accruals for chargebacks, returns and other allowances, allowance for inventory obsolescence, valuation of financial instruments and intangible assets, accruals for contingent liabilities, fair value of long-lived assets, deferred taxes and valuation allowance, and the depreciable lives of long-lived assets. Actual results could differ from those estimates.

Credit Concentration	Credit Concentration

	Our customers are primarily wholesale distributors, chain drug stores, group purchasing organizations, and other pharmaceutical companies.

	During the year ended December 31, 2014, three customers represented approximately 27%, 21%, and 17% of net revenues, respectively. As of December 31, 2014, accounts receivable from these customers totaled 73% of net accounts receivable. During the year ended December 31, 2013, three customers represented approximately 27%, 18%, and 10% of net revenues, respectively.

Vendor Concentration	Vendor Concentration

	We source the raw materials for its products, including active pharmaceutical ingredients (“API”), from both domestic and international suppliers. Generally, only a single source of API is qualified for use in each product due to the costs and time required to validate a second source of supply. As a result, we are dependent upon our current vendors to supply reliably the API required for ongoing product manufacturing. During the year ended December 31, 2014, we purchased approximately 42% of our inventory from two suppliers. As of December 31, 2014, amounts payable to these suppliers were immaterial. During the year ended December 31, 2013, we purchased approximately 37% of our inventory from three suppliers.

Revenue Recognition	Revenue Recognition

	Revenue is recognized for product sales and contract manufacturing product sales upon passing of risk and title to the customer, when estimates of the selling price and discounts, rebates, promotional adjustments, price adjustments, returns, chargebacks, and other potential adjustments are reasonably determinable, collection is reasonably assured, and we have no further performance obligations. Contract manufacturing arrangements are typically less than two weeks in duration, and therefore the revenue is recognized upon completion of the aforementioned factors rather than using a proportional performance method of revenue recognition. The estimates for discounts, rebates, promotional adjustments, price adjustments, returns, chargebacks, and other potential adjustments reduce gross revenues to net revenues in the accompanying consolidated statements of operations, and are presented as current liabilities or reductions in accounts receivable in the accompanying consolidated balance sheets (see “Accruals for Chargebacks, Rebates, Returns, and Other Allowances”). Historically, we have not entered into revenue arrangements with multiple elements.

	Occasionally, we engage in contract services, which include product development services, laboratory services, and royalties on net sales of certain contract manufactured products. For these services, revenue is recognized according to the terms of the agreement with the customer, which sometimes include substantive, measurable risk-based milestones, and when we have a contractual right to receive such payment, the contract price is fixed or determinable, the collection of the resulting receivable is reasonably assured, and we have no further performance obligations under the agreement.

Cash and Cash Equivalents	Cash and Cash Equivalents

	We consider all highly liquid instruments with original maturities of three months or less to be cash equivalents. All interest bearing and non-interest bearing accounts are guaranteed by the FDIC up to $250 thousand. We may maintain cash balances in excess of FDIC coverage. We consider this to be a normal business risk.

	In conjunction with the Merger, we acquired restricted cash, none of which remained at December 31, 2013 or 2014.

Accounts Receivable	Accounts Receivable

	We extend credit to customers on an unsecured basis. We use the allowance method to provide for doubtful accounts based on our evaluation of the collectability of accounts receivable, whereby we provide an allowance for doubtful accounts equal to the estimated uncollectible amounts. Our estimate is based on historical collection experience and a review of the current status of trade accounts receivable. We determine trade receivables to be delinquent when greater than 30 days past due. Receivables are written off when it is determined that amounts are uncollectible. We determined that no allowance for doubtful accounts was necessary as of December 31, 2014 and 2013.

Accruals for Chargebacks, Rebates, Returns and Other Allowances	Accruals for Chargebacks, Rebates, Returns and Other Allowances

	Our generic and branded product revenues are typically subject to agreements with customers allowing chargebacks, Medicaid rebates, product returns, administrative fees, and other rebates and prompt payment discounts. We accrue for these items at the time of sale based on the estimates and methodologies described below. In the aggregate, these accruals exceed 50% of generic and branded gross product sales and reduce gross revenues to net revenues in the accompanying consolidated statements of operations, and are presented as current liabilities or reductions in accounts receivable in the accompanying consolidated balance sheets. We continually monitor and re-evaluate the accruals as additional information becomes available, which includes, among other things, updates to trade inventory levels, claims data from recent periods, and customer product mix. We make adjustments to the accruals at the end of each reporting period, to reflect any such updates to the relevant facts and circumstances. Accruals are relieved upon receipt of payment from or upon issuance of credit to the customer.

	Chargebacks

	Chargebacks, primarily from wholesalers, result from arrangements we have with indirect customers establishing prices for products which the indirect customer purchases through a wholesaler. Alternatively, we may pre-authorize wholesalers to offer specified contract pricing to other indirect customers. Under either arrangement, we provide a chargeback credit to the wholesaler for any difference between the contracted price with the indirect customer and the wholesaler's invoice price, typically Wholesale Acquisition Cost ("WAC").

	Chargeback credits are calculated as follows:


	Prior period chargebacks claimed by wholesalers are analyzed to determine the actual average selling price ("ASP") for each product. This calculation is performed by product by wholesaler. ASPs can be affected by several factors such as:

		·	A change in customer mix

		·	A change in negotiated terms with customers

		·	A change in product sales mix

		·	A change in the volume of off-contract purchases

		·	Changes in WAC

	As necessary, we adjust ASPs based on anticipated changes in the factors above.

	The difference between ASP and WAC is recorded as a reduction in both gross revenues in the consolidated statements of operations and accounts receivable in the consolidated balance sheets, at the time we recognize revenue from the product sale.

	To evaluate the adequacy of our chargeback accruals, we obtain on-hand inventory counts from the wholesalers. This inventory is multiplied by the chargeback amount, the difference between ASP and WAC, to arrive at total expected future chargebacks, which is then compared to the chargeback accruals. We continually monitor chargeback activity and adjust ASPs when we believe that actual selling prices will differ from current ASPs.

	Medicaid Rebates

	We participate in certain qualifying federal and state Medicaid rebate programs whereby discounts and rebates are provided to participating programs after the final dispensing of the product by a pharmacy to a Medicaid plan participant. Medicaid rebates are typically billed up to 135 days after the product is shipped. Medicaid rebate amounts per product unit are established by law, based on the Average Manufacturer Price (“AMP”), which is reported on a monthly and quarterly basis, and, in the case of branded products, best price, which is reported on a quarterly basis. Our Medicaid reserves are based on expected claims from state Medicaid programs. Estimates for expected claims are driven by patient usage, sales mix, calculated AMP or best price, as well as inventory in the distribution channel that will be subject to a Medicaid rebate. As a result of the delay between selling the products and rebate billing, our Medicaid rebate reserve includes both an estimate of outstanding claims for end-customer sales that occurred but for which the related claim has not been billed as well as an estimate for future claims that will be made when inventory in the distribution channel is sold through to plan participants.

	To evaluate the adequacy of our Medicaid rebate reserve, we review the reserve on a quarterly basis against actual claims data to ensure the liability is fairly stated. We continually monitor our Medicaid rebate reserve and adjust our estimates if we believe that actual Medicaid rebates may differ from our established accruals. Accruals for Medicaid rebates are recorded as a reduction to gross revenues in the consolidated statements of operations and as an increase to the Medicaid rebate reserve in the consolidated balance sheets.

	Returns

	We maintain a return policy that allows customers to return product within a specified period prior to and subsequent to the expiration date. Generally, product may be returned for a period beginning six months prior to its expiration date to up to one year after its expiration date. Our product returns are settled through the issuance of a credit to the customer. Our estimate for returns is based upon historical experience with actual returns. While such experience has allowed for reasonable estimation in the past, history may not always be an accurate indicator of future returns. We continually monitor our estimates for returns and make adjustments when we believe that actual product returns may differ from the established accruals. Accruals for returns are recorded as a reduction to gross revenues in the consolidated statements of operations and as an increase to the return goods reserve in the consolidated balance sheets.

	Administrative Fees and Other Rebates

	Administrative fees or rebates are offered to wholesalers, group purchasing organizations and indirect customers. We accrue for fees and rebates, by product by wholesaler, at the time of sale based on contracted rates and ASPs.

	To evaluate the adequacy of our administrative fee accruals, we obtain on-hand inventory counts from the wholesalers. This inventory is multiplied by the ASPs to arrive at total expected future sales, which is then multiplied by contracted rates. The result is then compared to the administrative fee accruals. We continually monitor administrative fee activity and adjust our accruals when we believe that actual administrative fees will differ from the accruals. Accruals for administrative fees and other rebates are recorded as a reduction in both gross revenues in the consolidated statements of operations and accounts receivable in the consolidated balance sheets.

	Prompt Payment Discounts

	We often grant sales discounts for prompt payment. The reserve for sales discounts is based on invoices outstanding. We assume, based on past experience, that all available discounts will be taken. Accruals for prompt payment discounts are recorded as a reduction in both gross revenues in the consolidated statements of operations and accounts receivable in the consolidated balance sheets.

	The following table summarizes activity in the consolidated balance sheets for accruals and allowances for the years ended December 31, 2014 and 2013:

	(in thousands)		Accruals for Chargebacks, Returns and Other Allowances
									Administrative		Prompt
							Medicaid		Fees and Other		Payment
			Chargebacks		Returns		Rebates		Rebates		Discounts
	Balance at December 31, 2012		$	5,662	$	411	$	180	$	231	$	242
	Accruals/Adjustments			28,009		1,595		333		2,355		1,129
	Credits Taken Against Reserve			-29,595		-1,270		-260		-1,851		-1,039
	Balance at December 31, 2013		$	4,076	$	736	$	253	$	735	$	332
	Accruals/Adjustments			35,740		1,493		2,692		5,212		1,820
	Credits Taken Against Reserve			-32,951		-784		-681		-4,460		-1,681
	Balance at December 31, 2014		$	6,865	$	1,445	$	2,264	$	1,487	$	471

Inventories	Inventories

	Inventories consist of raw materials, packaging materials, work-in-progress, and finished goods. Inventories are stated at the lower of standard cost or net realizable value. We periodically review and adjust standard costs, which generally approximate weighted average cost.

Property and Equipment	Property and Equipment

	Property and equipment are recorded at cost. Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation is recorded on a straight-line basis over estimated useful lives as follows:

	Buildings and improvements			20 - 40 years
	Machinery, furniture and equipment			3 - 10 years

	Construction in progress includes the cost of construction and other direct costs attributable to the construction, along with capitalized interest, if any. Depreciation is not recorded on construction in progress until such time as the assets are placed in service.

	We review property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. Assets held for disposal are reportable at the lower of the carrying amount or fair value, less costs to sell. We determined that no assets were impaired and no assets were held for disposal as of December 31, 2014 and 2013.

Intangible Assets	Intangible Assets

	Intangible assets were acquired as part of the Merger and several asset acquisition transactions. These assets include product rights for the 31 previously marketed generic products we acquired from Teva, product rights for our branded products Lithobid and Vancocin, fully amortized product rights for Reglan and a generic product, and the Teva license related to our male testosterone gel. These intangible assets originally were recorded at fair value and are stated net of accumulated amortization.

	The rights and licenses are amortized over their remaining estimated useful lives, ranging from 2 to 11 years, based on the straight-line method. Management reviews definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, in a manner similar to that for property and equipment.

Goodwill	Goodwill

	Goodwill relates to the Merger and represents the excess of the total purchase consideration over the fair value of acquired assets and assumed liabilities, using the purchase method of accounting. Goodwill is not amortized, but is subject to periodic review for impairment. Goodwill is reviewed annually, as of October 31, and whenever events or changes in circumstances indicate that the carrying amount of the goodwill might not be recoverable. We perform our review of goodwill on our one reporting unit.

	Before employing detailed impairment testing methodologies, we first evaluate the likelihood of impairment by considering qualitative factors relevant to our reporting unit. When performing the qualitative assessment, we evaluate events and circumstances that would affect the significant inputs used to determine the fair value of the goodwill. Events and circumstances evaluated include: macroeconomic conditions that could affect us, industry and market considerations for the generic pharmaceutical industry that could affect us, cost factors that could affect our performance, our financial performance (including share price), and consideration of any company-specific events that could negatively affect us, our business, or the fair value of our business. If we determine that it is more likely than not that goodwill is impaired, we will then apply detailed testing methodologies. Otherwise, we will conclude that no impairment has occurred.

	Detailed impairment testing involves comparing the fair value of our one reporting unit to its carrying value, including goodwill. Fair value reflects the price a market participant would be willing to pay in a potential sale of ANI. If the fair value exceeds carrying value, then it is concluded that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its fair value, a second step is required to measure possible goodwill impairment loss. The second step includes hypothetically valuing the tangible and intangible assets and liabilities of our one reporting unit as if it had been acquired in a business combination. Then, the implied fair value of our one reporting unit's goodwill is compared to the carrying value of that goodwill. If the carrying value of our one reporting unit's goodwill exceeds the implied fair value of the goodwill, we recognize an impairment loss in an amount equal to the excess, not to exceed the carrying value.

Collaborative Arrangement	Collaborative Arrangements

	At times, we have entered into arrangements with various commercial partners to further business opportunities. In collaborative arrangements such as these, when we are actively involved and exposed to the risks and rewards of the activities and are determined to be the principal participant in the collaboration, we classify third party costs incurred and revenues in the consolidated statements of operations on a gross basis. Otherwise, third party revenues and costs generated by collaborative arrangements are presented on a net basis. Payments between us and the other participants are recorded and classified based on the nature of the payments.

Research and Development Expenses	Research and Development Expenses

	Research and development costs are expensed as incurred and primarily consist of expenses relating to product development. Research and development costs totaled $2.7 million and $1.7 million for the years ended December 31, 2014 and 2013, respectively.

Stock-Based Compensation	Stock-Based Compensation

	We have a stock-based compensation plan that includes stock options and restricted stock, which are awarded in exchange for employee and non-employee director services. We recognize the estimated fair value of stock-based awards and classify the expense where the underlying salaries are classified. For the year ended December 31, 2014, $0.1 million of expense related to stock-based awards was classified as cost of goods sold, $0.1 million was classified as research and development expense and $3.2 million was classified as sales, general and administrative expense in the accompanying consolidated statements of operations. For the year ended December 31, 2013, all stock-based awards were classified as sales, general and administrative expense in the accompanying consolidated statements of operations. Stock-based compensation cost for stock options is determined at the grant date using an option pricing model and stock-based compensation cost for restricted stock is based on the closing market price of the stock at the grant date. The value of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over the employee's requisite service period.

	Valuation of stock awards requires us to make assumptions and to apply judgment to determine the fair value of the awards. These assumptions and judgments include estimating the future volatility of our stock price, dividend yields, future employee turnover rates, and future employee stock option exercise behaviors. Changes in these assumptions can affect the fair value estimate.

Income Taxes	Income Taxes

	We use the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that such tax rate changes are enacted. The measurement of a deferred tax asset is reduced, if necessary, by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. We calculate income tax benefits related to stock-based compensation arrangements using the with and without method.

	We use a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. We have not identified any uncertain income tax positions that could have a material impact to the consolidated financial statements. We are subject to taxation in various jurisdictions in the U.S. and remain subject to examination by taxing jurisdictions for the years 1998 and all subsequent periods due to the availability of net operating loss carryforwards.

	We recognize interest and penalties accrued on any unrecognized tax exposures as a component of income tax expense. We did not have any such amounts accrued as of December 31, 2014 and 2013.

	We consider potential tax effects resulting from discontinued operations and record intra-period tax allocations, when those effects are deemed material.

Earnings/(Loss) per Share	Earnings/(Loss) per Share

	Basic earnings/(loss) per share is computed by dividing net income/(loss) available to common shareholders by the weighted-average number of shares of common stock outstanding during the period.

	Our unvested restricted shares and certain of our outstanding warrants contain non-forfeitable rights to dividends, and therefore are considered to be participating securities; the calculation of basic and diluted earnings/(loss) per share excludes from the numerator net income (but not net loss) attributable to the unvested restricted shares and to the participating warrants, and excludes the impact of those shares from the denominator.

	For purposes of determining diluted earnings/(loss) per share, we have elected a policy to assume that the principal portion of the Notes (see Note 3) is settled in cash. As such, the principal portion of the Notes has no effect on either the numerator or denominator when determining diluted earnings/(loss) per share. Any conversion gain is assumed to be settled in shares and is incorporated in diluted earnings/(loss) per share using the treasury method. The warrants issued in conjunction with the issuance of the Notes (see Note 3) are considered to be dilutive when they are in-the-money relative to our average stock price during the period; the bond hedge purchased in conjunction with the issuance of the Notes is always considered to be anti-dilutive.

	For periods of net income, and when the effects are not anti-dilutive, we calculate diluted earnings per share by dividing net income available to common shareholders by the weighted-average number of shares outstanding plus the impact of all potential dilutive common shares, consisting primarily of common stock options, unvested restricted stock awards, stock purchase warrants, and any conversion gain on our 3.0% Convertible Senior Notes due December 1, 2019 (the “Notes,” see Note 3), using the treasury stock method. For periods of net loss, diluted loss per share is calculated similarly to basic loss per share.


	The numerator for earnings per share for the years ended December 31, 2014 and 2013 are calculated for basic and diluted earnings per share as follows:

			Basic				Diluted
			Year ended				Year ended
	(in thousands)		December 31,				December 31,
			2014		2013		2014		2013
	Net income		$	28,747	$	106	$	28,747	$	106
	Preferred stock dividends			-		-4,975				-4,975
	Net income allocated to restricted stock			-159		-		-158		-
	Net income/(loss) from continuing operations allocated to common shares		$	28,588	$	-4,869	$	28,589	$	-4,869


	Gain on discontinued operations		$	-	$	195	$	-	$	195
	Net gain on discontinued operations allocated to warrants			-		-1		-		-2
	Net gain on discontinued operations allocated to restricted stock			-		-		-		-
	Gain on discontinued operations allocated to common shares		$	-	$	194	$	-	$	193

	Basic Weighted-Average Shares Outstanding			10,941		5,071		10,941		5,071
	Dilutive effect of stock options							71		-
	Dilutive effect of warrants							41		-
	Diluted Weighted-Average Shares Outstanding							11,053		5,071

	Earnings Per share from Continuing Operations		$	2.61	$	-0.96	$	2.59	$	-0.96
	Earnings Per share from Discontinued Operation			-		0.04		-		0.04
	Earnings/(Loss) Per Share		$	2.61	$	-0.92	$	2.59	$	-0.92

	Anti-dilutive shares consist of out-of-the-money Class C Special stock, out-of-the-money common stock options, common stock options that are anti-dilutive when calculating the impact of the potential dilutive common shares using the treasury stock method, out-of-the-money warrants exercisable for common stock, and certain participating securities, if the effect of including both the income allocated to the participating security and the impact of the potential common shares would be anti-dilutive. The number of anti-dilutive shares, which have been excluded from the computation of diluted earnings (loss) per share and which include the shares underlying the Notes, were 4.7 million and 2.7 million for the years ended December 31, 2014 and 2013.

	As of December 31, 2014, we had 0.5 million common stock options, 0.1 million unvested restricted stock awards, and 2.5 million warrants exercisable for common stock outstanding.

Stock Splits and Other Reclassifications	Stock Splits and Other Reclassifications

	In July 2013, our Board of Directors and stockholders approved a resolution to effect a one-for-six reverse stock split of our common stock and Class C Special stock with no corresponding change to the par values. The number of authorized shares of common stock, Class C Special stock and blank check preferred stock was reduced proportionally. Common stock and Class C Special stock for all periods presented have been adjusted retrospectively to reflect the one-for-six reverse stock split.

Fair Value of Financial Instruments	Fair Value of Financial Instruments

	Our consolidated balance sheets include various financial instruments (primarily cash and cash equivalents, prepaid expenses, accounts receivable, accounts payable, accrued expenses, and other current liabilities) that are carried at cost and that approximate fair value. The fair value of our long-term indebtedness is estimated based on the quoted prices for the same or similar issues, or on the current rates we have been offered for debt of the same remaining maturities. Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of observability of inputs used in measuring fair value. These tiers include:

		·	Level 1—Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

		·	Level 2—Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities.

		·	Level 3—Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

	See Note 7 for additional information regarding fair value.

Segment Information	Segment Information

	We currently operate in a single business segment.

Recent Accounting Pronouncements	Recent Accounting Pronouncements

	In August 2014, the FASB issued guidance requiring management to evaluate on a regular basis whether any conditions or events have arisen that could raise substantial doubt about the entity’s ability to continue as a going concern. The guidance 1) provides a definition for the term “substantial doubt,” 2) requires an evaluation every reporting period, interim periods included, 3) provides principles for considering the mitigating effect of management’s plans to alleviate the substantial doubt, 4) requires certain disclosures if the substantial doubt is alleviated as a result of management’s plans, 5) requires an express statement, as well as other disclosures, if the substantial doubt is not alleviated, and 6) requires an assessment period of one year from the date the financial statements are issued. The standard is effective for our reporting year beginning January 1, 2017 and early adoption is permitted. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements.

	In May 2014, the FASB issued guidance for revenue recognition for contracts, superseding the previous revenue recognition requirements, along with most existing industry-specific guidance. The guidance requires an entity to review contracts in five steps: 1) identify the contract, 2) identify performance obligations, 3) determine the transaction price, 4) allocate the transaction price, and 5) recognize revenue. The new standard will result in enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue arising from contracts with customers. The standard is effective for our reporting year beginning January 1, 2017 and early adoption is not permitted. We are currently evaluating the impact, if any, that this standard will have on our consolidated financial statements.

	In July 2013, the Financial Accounting Standards Board (“FASB”) issued guidance for the presentation of an unrecognized tax benefit when a net operating loss ("NOL") carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance requires an entity to present in the financial statements an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for an NOL carryforward, a similar tax loss, or a tax credit carryforward. If the NOL carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the jurisdiction or the tax law of the jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit will be presented in the financial statements as a liability and will not be combined with deferred tax assets. This guidance does not require any additional recurring disclosures and is effective for fiscal years beginning after December 15, 2013. The adoption of this standard in 2014 did not have a material impact on our consolidated financial statements.

	We have evaluated all other issued and unadopted Accounting Standards Updates and believe the adoption of these standards will not have a material impact on its consolidated results of operations, financial position, or cash flows.

DESCRIPTION_OF_BUSINESS_AND_SU2

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2014
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of Valuation and Qualifying Accounts Disclosure	The following table summarizes activity in the consolidated balance sheets for accruals and allowances for the years ended December 31, 2014 and 2013:

	(in thousands)	Accruals for Chargebacks, Returns and Other Allowances
								Administrative		Prompt
						Medicaid		Fees and Other		Payment
		Chargebacks		Returns		Rebates		Rebates		Discounts
	Balance at December 31, 2012	$	5,662	$	411	$	180	$	231	$	242
	Accruals/Adjustments		28,009		1,595		333		2,355		1,129
	Credits Taken Against Reserve		-29,595		-1,270		-260		-1,851		-1,039
	Balance at December 31, 2013	$	4,076	$	736	$	253	$	735	$	332
	Accruals/Adjustments		35,740		1,493		2,692		5,212		1,820
	Credits Taken Against Reserve		-32,951		-784		-681		-4,460		-1,681
	Balance at December 31, 2014	$	6,865	$	1,445	$	2,264	$	1,487	$	471

Schedule of Earnings Per Share, Basic and Diluted	The numerator for earnings per share for the years ended December 31, 2014 and 2013 are calculated for basic and diluted earnings per share as follows:

		Basic				Diluted
		Year ended				Year ended
	(in thousands)	December 31,				December 31,
		2014		2013		2014		2013
	Net income	$	28,747	$	106	$	28,747	$	106
	Preferred stock dividends		-		-4,975				-4,975
	Net income allocated to restricted stock		-159		-		-158		-
	Net income/(loss) from continuing operations allocated to common shares	$	28,588	$	-4,869	$	28,589	$	-4,869


	Gain on discontinued operations	$	-	$	195	$	-	$	195
	Net gain on discontinued operations allocated to warrants		-		-1		-		-2
	Net gain on discontinued operations allocated to restricted stock		-		-		-		-
	Gain on discontinued operations allocated to common shares	$	-	$	194	$	-	$	193

	Basic Weighted-Average Shares Outstanding		10,941		5,071		10,941		5,071
	Dilutive effect of stock options						71		-
	Dilutive effect of warrants						41		-
	Diluted Weighted-Average Shares Outstanding						11,053		5,071

	Earnings Per share from Continuing Operations	$	2.61	$	-0.96	$	2.59	$	-0.96
	Earnings Per share from Discontinued Operation		-		0.04		-		0.04
	Earnings/(Loss) Per Share	$	2.61	$	-0.92	$	2.59	$	-0.92

BUSINESS_COMBINATION_Tables

BUSINESS COMBINATION (Tables)	12 Months Ended
BUSINESS COMBINATION (Tables)	Dec. 31, 2014
BUSINESS COMBINATION
Business Combination Transaction Costs	These costs include:

	Category	(in thousands)
	Legal fees	$	1,227
	Accounting fees		122
	Consulting fees		119
	Monitoring and advisory fees		390
	Transaction bonuses		4,801
	Other		429
	Total transaction costs	$	7,088

Business Combination Purchase Price Allocation	The following presents the final allocation of the purchase consideration to the assets acquired and liabilities assumed on June 19, 2013:

		(in thousands)
	Total purchase consideration	$	29,795

	Assets acquired
	Cash and cash equivalents		18,198
	Restricted cash		2,260
	Teva license intangible asset		10,900
	Other tangible assets		79
	Deferred tax assets, net		-
	Goodwill		1,838
	Total assets		33,275
	Liabilities assumed
	Accrued severance		2,965
	Other liabilities		515
	Total liabilities		3,480
	Total net assets acquired	$	29,795

Business Acquisition, Pro Forma Information	The pro forma amounts do not purport to be indicative of the results that would have actually been obtained if the Merger had occurred as of January 1, 2012 or that may be obtained in the future.

		Year ended
	(in thousands)	December 31,
		2013
	Net revenues	$	30,228
	Net income/(loss)	$	89

INDEBTEDNESS_Tables

INDEBTEDNESS (Tables)	12 Months Ended
INDEBTEDNESS (Tables)	Dec. 31, 2014
Debt Disclosure [Abstract]
Convertible Debt	The carrying value of the Notes is as follows as of December 31:

	(in thousands)	2014
	Principal amount	$	143,750
	Unamortized debt discount		-33,059
	Net Carrying value	$	110,691

Interest Income and Interest Expense Disclosure	The following table sets forth the components of total “interest expense” related to the Notes recognized in the accompanying consolidated statements of operations for the year ended December 31:

	(in thousands)	2014
	Contractual coupon	$	252
	Amortization of debt discount		489
	Amortization of finance fees		70
		$	811

INVENTORIES_Tables

INVENTORIES (Tables)	12 Months Ended
INVENTORIES (Tables)	Dec. 31, 2014
INVENTORIES
Schedule of Inventory, Current	Inventories consist of the following as of December 31:

	(in thousands)	2014		2013
	Raw materials	$	5,056	$	1,480
	Packaging materials		794		766
	Work-in-progress		411		162
	Finished goods		1,368		1,152
			7,629		3,560
	Reserve for excess/obsolete inventories		-111		-42
	Inventories, net	$	7,518	$	3,518

PROPERTY_PLANT_AND_EQUIPMENT_T

PROPERTY, PLANT, AND EQUIPMENT (Tables)	12 Months Ended
PROPERTY, PLANT, AND EQUIPMENT (Tables)	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment consist of the following as of December 31:

	(in thousands)	2014		2013
	Land	$	87	$	87
	Buildings		3,682		3,682
	Machinery, furniture and equipment		4,822		3,736
	Construction in progress		426		229
			9,017		7,734
	Less: accumulated depreciation		-3,794		-3,197
	Property, Plant and Equipment, net	$	5,223	$	4,537

INTANGIBLE_ASSETS_Tables

INTANGIBLE ASSETS (Tables)	12 Months Ended
INTANGIBLE ASSETS (Tables)	Dec. 31, 2014
GOODWILL AND INTANGIBLE ASSETS
Schedule of Intangible Assets and Goodwill	The components of net definite-lived intangible assets are as follows:

	(in thousands)	December 31, 2014				December 31, 2013				Weighted Average
		Gross Carrying		Accumulated		Gross Carrying		Accumulated		Amortization
		Amount		Amortization		Amount		Amortization		Period
	Acquired ANDA intangible assets	$	12,577	$	-1,312	$	60	$	-55	10 years
	Product rights		22,522		-1,133		100		-100	10 years
	Teva license intangible asset		10,900		-1,487		10,900		-496	11 years
		$	45,999	$	-3,932	$	11,060	$	-651

Finite-lived Intangible Assets Amortization Expense	Expected future amortization expense is as follows for the years ending December 31:

	(in thousands)
	2015	$	4,485
	2016		4,485
	2017		4,485
	2018		4,485
	2019		4,485
	2020 and thereafter		19,642
	Total	$	42,067

FAIR_VALUE_DISCLOSURES_Tables

FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2014

FAIR VALUE DISCLOSURES

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

(in thousands)

Fair Value at

Description

December 31, 2014

Level 1

Level 2

Level 3

Liabilities

CVRs

Fair Value at

Description

December 31, 2013

Level 1

Level 2

Level 3

Liabilities

CVRs

SHAREHOLDERS_EQUITY_Tables

SHAREHOLDER'S EQUITY (Tables)	12 Months Ended
SHAREHOLDER'S EQUITY (Tables)	Dec. 31, 2014
Stockholders Equity Note [Abstract]
Schedule of Stockholders' Equity Note, Warrants or Rights	Warrants to purchase an aggregate of 2.5 million shares (as adjusted for the July 17, 2013 one-for-six reverse split, when applicable) of our common stock were outstanding and exercisable as of December 31, 2014:

	(in thousands, except per share price)

		Number of
		Underlying Shares	Per Share
	Issue Date	Of Common Stock	Exercise Price		Expiration Date
	March 8, 2010	145	$	74.88	September 8, 2015
	June 23, 2010	99	$	88.2	June 23, 2015
	June 23, 2010	6	$	94.68	June 9, 2015
	December 30, 2010	147	$	72	December 30, 2015
	December 30, 2010	9	$	76.5	June 9, 2015
	4-Dec-14	1,799	$	96.21	March 1, 2020
	5-Dec-14	270	$	96.21	March 1, 2020

STOCKBASED_COMPENSATION_Tables

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
STOCK-BASED COMPENSATION (Tables)	Dec. 31, 2014
STOCK-BASED COMPENSATION
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	For 2014 and 2013, the fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model, using the following weighted average assumptions:

		2014			2013
	Expected option life (years)	5.39 - 6.25			6.25
	Risk-free interest rate	1.55% - 2.03	%		1.72	%
	Expected stock price volatility	50.6% - 55.1	%		55	%
	Dividend yield	—			—

Schedule of Share-based Compensation, Stock Options, Activity	A summary of stock option activity under the Plan during the years ended December 31, 2014 and 2013 is presented below:

				Weighted			Weighted	Aggregate
		Option		Average			Average	Intrinsic
	(in thousands, except per share data)	Shares		Exercise Price			Remaining Term	Value
	Outstanding December 31, 2012	-			-		-	$	—
	Net BioSante stock options assumed	99		$	59.59
	Granted	21		$	6.36
	Exercised	-			-				—
	Forfeited or expired	-			-
	Outstanding December 31, 2013	120		$	50.35		2.4	$	81
	Granted	120		$	31.59
	Options previously granted, approved by shareholders	325			6.39
	Exercised	-43			19.45				638
	Forfeited	-4			6.36
	Expired	-60			73.96
	Outstanding December 31, 2014	458		$	14.44		8.7	$	19,472
	Exercisable at December 31, 2014	83		$	14.35		8.1	$	3,755
	Vested or expected to vest at December 31, 2014	452		$	14.44		8.7	$	19,211

Schedule of Unvested Restricted Stock Units Roll Forward	A summary of RSA activity under the Plan during the years ended December 31, 2014 and 2013 is presented below:

				Weighted			Weighted Average
				Average Grant			Remaining Term
	(in thousands, except per share data)	Shares		Date Fair Value			(years)
	Unvested at December 31, 2012	-		$	-
	Granted	50		$	10.2
	Vested	-		$	-
	Forfeited	-		$	-
	Unvested at December 31, 2013	50		$	10.2		2.84
	Granted	30		$	29.61
	Vested	-17		$	10.2
	Forfeited	-		$	-
	Unvested at December 31, 2014	63		$	19.34		2.57

INCOME_TAXES_Tables

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2014
INCOME TAXES
Schedule of Components of Income Tax Expense (Benefit)	Our total provision (benefit) from income taxes consists of the following for the years ended December 31, 2014 and 2013:

	(in thousands)	2014			2013

	Current income tax provision (benefit):
	Federal	$	4,818		$	20
	State		273			-
	Total		5,091			20

	Deferred income tax provision (benefit):
	Federal		2,113			635
	State		154			-221
	Total		2,267			414

	Change in valuation allowance		-16,726			-414

	Tax provision (benefit) from continuing operations		-9,368			20
	Tax provision from discontinued operation		-			38
	Total provision (benefit) for income taxes	$	-9,368		$	58

Schedule of Effective Income Tax Rate Reconciliation	The difference between our expected income tax provision (benefit) from applying federal statutory tax rates to the pre-tax income (loss) from continuing operations and actual income tax provision (benefit) from continuing operations relates primarily to the effect of the following:

			As of December 31,
			2014				2013

	US Federal statutory rate		35	%			35	%
	State taxes, net of Federal benefit		1	%			1	%
	Non-deductible expenses		-	%			245.9	%
	Change in valuation allowance		-86.5	%			-300.4	%
	Change in tax rates and other		-1.2	%			34.6	%
	Stock-based compensation – windfall tax benefits		4	%			-	%
	Other		-0.7	%			-	%
	Total income tax provision (benefit)		-48.4	%			16.1	%

Schedule of Deferred Tax Assets and Liabilities	Deferred income taxes reflect the net tax effects of differences between the bases of assets and liabilities for financial reporting and income tax purposes. Our deferred income tax assets and liabilities consisted of the following:

	(in thousands)	As of December 31,
		2014			2013
	Deferred tax assets:
	Accruals and advances	$	2,149		$	802
	Bond hedge		12,677			-
	Accruals for chargebacks and returns		1,107			358
	Net operating loss carryforward		11,798			16,409
	Other		1,292			418
	Total deferred tax assets	$	29,023		$	17,987

	Deferred tax liabilities:
	Depreciation	$	-587		$	-220
	Debt discount		-11,892			-
	Intangible assets		-467			-526
	Other		-496			-374
	Total deferred tax liabilities	$	-13,442		$	-1,120

	Valuation allowance		-142			-16,867
	Total deferred tax asset (liability), net	$	15,439		$	-

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Dec. 31, 2014
COMMITMENTS AND CONTINGENCIES
Contractual Obligation, Fiscal Year Maturity Schedule	For the annual periods after December 31, 2014, approximate minimum annual rental payments under non-cancelable leases are presented below:

	(in thousands)

		Minimum
		Annual Rental
	Year	Payments
	2015	$	78
	2016		53
	2017		44
	2018		29
	2019		-
	Thereafter		-
	Total	$	204

DESCRIPTION_OF_BUSINESS_AND_SU3

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Valuation and Qualifying Accounts Disclosure
Ending balance	$8,708	$5,104
Chargebacks
Valuation and Qualifying Accounts Disclosure
Beginning balance	4,076	5,662
Accruals/Adjustments	35,740	28,009
Credits Taken Against Reserve	-32,951	-29,595
Ending balance	6,865	4,076
Returns
Valuation and Qualifying Accounts Disclosure
Beginning balance	736	411
Accruals/Adjustments	1,493	1,595
Credits Taken Against Reserve	-784	-1,270
Ending balance	1,445	736
Medicaid Rebates
Valuation and Qualifying Accounts Disclosure
Beginning balance	253	180
Accruals/Adjustments	2,692	333
Credits Taken Against Reserve	-681	-260
Ending balance	2,264	253
Administrative Fees and Other Rebates
Valuation and Qualifying Accounts Disclosure
Beginning balance	735	231
Accruals/Adjustments	5,212	2,355
Credits Taken Against Reserve	-4,460	-1,851
Ending balance	1,487	735
Prompt Payment Discounts
Valuation and Qualifying Accounts Disclosure
Beginning balance	332	242
Accruals/Adjustments	1,820	1,129
Credits Taken Against Reserve	-1,681	-1,039
Ending balance	$471	$332

DESCRIPTION_OF_BUSINESS_AND_SU4

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Net income, Basic	$28,747	$106
Preferred stock dividends	0	-4,975
Net income/(loss) from continuing operations allocated to common shares , Basic	28,588	-4,869
Gain on discontinued operations, Basic	0	195
Gain on discontinued operations allocated to common shares, Basic	0	194
Basic Weighted-Average Shares Outstanding	10,941	5,071
Earnings Per share from Continuing Operations, Basic	$2.61	($0.96)
Earnings Per share from Discontinued Operation, Basic	$0	$0.04
Earnings/(Loss) Per Share, Basic	$2.61	($0.92)
Net income, Diluted	28,747	106
Preferred stock dividends, Diluted	0	-4,975
Net income/(loss) from Continuing Operations allocated to common shares, Diluted	28,589	-4,869
Gain on discontinued operations, Diluted	0	195
Gain on discontinued operations allocated to common shares, Diluted	0	193
Basic Weighted-Average Shares Outstanding	10,941	5,071
Diluted Weighted-Average Shares Outstanding (in shares)	11,053	5,071
Earnings Per share from Continuing Operations, Diluted	$2.59	($0.96)
Earnings Per share from Discontinued Operation, Diluted	$0	$0.04
Earnings/(Loss) Per Share, Diluted	$2.59	($0.92)
Restricted Stock [Member]
Net income allocated, Basic	-159	0
Net gain on discontinued operations allocated, Basic	0	0
Net income allocated, Diluted	-158	0
Net gain on discontinued operations allocated, Diluted	0	0
Warrant [Member]
Net gain on discontinued operations allocated, Basic	0	-1
Net gain on discontinued operations allocated, Diluted	$0	($2)
Dilutive effect	41	0
Equity Option [Member]
Dilutive effect	71	0

DESCRIPTION_OF_BUSINESS_AND_SU5

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
FDIC Guaranteed Amount	$250
Chargebacks And Other Accruals As Percent Of Gross Revenue	50.00%
Research and Development Expense, Total	2,678	1,712
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4,700,000	2,700,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	458,000	120,000	0
Class of Warrant or Right, Outstanding	2,500,000
Allocated Share-based Compensation Expense	3,400	36
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.00%
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	500,000
Cost of Sales [Member]
Allocated Share-based Compensation Expense	100
Research and Development Expense [Member]
Allocated Share-based Compensation Expense	100
Selling, General and Administrative Expenses [Member]
Allocated Share-based Compensation Expense	$3,200
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	100,000
Warrants Outstanding [Member]
Class of Warrant or Right, Outstanding	2,500,000
Minimum [Member] \| Finite-Lived Intangible Assets [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	2 years
Maximum [Member] \| Finite-Lived Intangible Assets [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	11 years
Building and Building Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life	20 years
Building and Building Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life	40 years
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life	10 years
Customer One [Member]
Concentration Risk, Percentage	27.00%	27.00%
Customer Two [Member]
Concentration Risk, Percentage	21.00%	18.00%
Customer Three [Member]
Concentration Risk, Percentage	17.00%	10.00%
Customer One Two And Three [Member]
Concentration Risk, Percentage	73.00%
Two Suppliers 2014 [Member]
Concentration Risk, Percentage	42.00%
Three Suppliers 2013 [Member]
Concentration Risk, Percentage		37.00%

BUSINESS_COMBINATION_Details

BUSINESS COMBINATION (Details) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2013
Transaction costs	$7,088
Legal fees [Member]
Transaction costs	1,227
Accounting fees [Member]
Transaction costs	122
Consulting fees [Member]
Transaction costs	119
Monitoring and advisory fees [Member]
Transaction costs	390
Transaction bonuses [Member]
Transaction costs	4,801
Other [Member]
Transaction costs	$429

BUSINESS_COMBINATION_Details_1

BUSINESS COMBINATION (Details 1) (USD $)	0 Months Ended
In Thousands, unless otherwise specified	Jun. 19, 2013	Dec. 31, 2014	Dec. 31, 2013
Total purchase consideration	$29,795
Assets acquired
Cash and cash equivalents	18,198
Restricted cash	2,260
Teva license intangible asset	10,900
Other tangible assets	79
Deferred tax assets, net	0
Goodwill	1,838	1,838	1,838
Total assets	33,275
Liabilities assumed
Accrued severance	2,965
Other liabilities	515
Total liabilities	3,480
Total net assets acquired	$29,795

BUSINESS_COMBINATION_Details_2

BUSINESS COMBINATION (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Net revenues	$30,228
Net income/(loss)	$89

BUSINESS_COMBINATION_Details_T

BUSINESS COMBINATION (Details Textual) (USD $)	12 Months Ended
BUSINESS COMBINATION (Details Textual) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Jun. 19, 2013
Share Price			$1.22
Revenues	$55,970,000	$30,082,000
Business Combination Cost Of Acquired Entity Purchase Price			29,800,000
Business Combination Deferred Tax Assets Established Gross	9,600,000
Business Combination Deferred Tax Liabilities Established Gross	3,900,000
Valuation allowance	5,700,000
Business Combination Purchase Price Allocation Deferred Tax Assets, Net	0
Business Acquisition, Transaction Costs		7,088,000
Business Combination, Acquisition Related Costs	0	6,200,000
BioSante Pharmaceuticals Inc [Member]
Revenues		500,000
Business Acquisition, Percentage of Voting Interests Acquired			43.00%
ANIP Acquisition Company [Member]
Business Acquisition, Percentage of Voting Interests Acquired			57.00%
Teva License Intangible Asset [Member]
Finite-Lived Intangible Asset, Useful Life	11 years
Selling, General and Administrative Expenses [Member]
Business Combination, Acquisition Related Costs		5,500,000
Interest Expense [Member]
Business Combination, Acquisition Related Costs		300,000
Other Expense [Member]
Business Combination, Acquisition Related Costs		$400,000

INDEBTEDNESS_Details

INDEBTEDNESS (Details) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified	Dec. 31, 2014
Principal amount	$143,750
Unamortized debt discount	-33,059
Net Carrying value	$110,691

INDEBTEDNESS_Details_1

INDEBTEDNESS (Details 1) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Contractual coupon	$252
Amortization of debt discount	489
Amortization of finance fees	70
Interest Expense, Debt	$811

INDEBTEDNESS_Details_Textual

INDEBTEDNESS (Details Textual) (USD $)	0 Months Ended	12 Months Ended
INDEBTEDNESS (Details Textual) (USD $)	Mar. 10, 2014	Dec. 31, 2014
Long-term Debt, Gross		$143,750,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate		3.00%
Debt Instrument, Unamortized Discount		33,059,000
Amortization of Financing Costs		70,000
Payments of Stock Issuance Costs	3,300,000
Convertible Senior Notes [Member]
Long-term Debt, Gross		143,800,000
Proceeds from Issuance of Debt		122,600,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate		3.00%
Underlying Shares Of Common Stock Convertible Debt		2,068,793
Debt Instrument, Convertible, Conversion Price		$69.48
Debt Instrument, Convertible, Threshold Trading Days		20
Debt Instrument Percent Of Conversion Price		130.00%
Per Note Principal		$1,000
Debt Instrument, Unamortized Discount		33,600,000
Deferred Offering Costs		5,500,000
Exercise Price Of Bond Hedge		$69.48
Underlying Shares Of Common Stock Bond Hedge		2,068,792
Class of Warrant or Right, Exercise Price of Warrants or Rights		$96.21
Net Adjustments To Additional Paid In Capital Bond Hedge Acquired Warrant Issued Net		15,600,000
Debt Instrument, Interest Rate, Effective Percentage		7.70%
Debt Instrument, Convertible, Threshold Consecutive Trading Days		30 days
Amortization of Financing Costs		4,200,000
Payments of Stock Issuance Costs		$1,300,000

INVENTORIES_Details

INVENTORIES (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Inventories
Raw materials	$5,056	$1,480
Packaging materials	794	766
Work-in-progress	411	162
Finished goods	1,368	1,152
Inventory, Gross, Total	7,629	3,560
Reserve for excess/obsolete inventories	-111	-42
Inventories, net	$7,518	$3,518

PROPERTY_PLANT_AND_EQUIPMENT_D

PROPERTY, PLANT, AND EQUIPMENT (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment, Gross, Total	$9,017	$7,734
Less: accumulated depreciation	-3,794	-3,197
Property, Plant and Equipment, net	5,223	4,537
Land [Member]
Property, Plant and Equipment, Gross, Total	87	87
Buildings [Member]
Property, Plant and Equipment, Gross, Total	3,682	3,682
Machinery, furniture and equipment [Member]
Property, Plant and Equipment, Gross, Total	4,822	3,736
Construction in progress [Member]
Property, Plant and Equipment, Gross, Total	$426	$229

PROPERTY_PLANT_AND_EQUIPMENT_D1

PROPERTY, PLANT, AND EQUIPMENT (Details Textual) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Depreciation, Total	$597	$534

INTANGIBLE_ASSETS_Details

INTANGIBLE ASSETS (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
GOODWILL AND INTANGIBLE ASSETS
Gross Carrying Amount	$45,999	$11,060
Accumulated Amortization	-3,932	-651
Acquired ANDA intangible assets
GOODWILL AND INTANGIBLE ASSETS
Gross Carrying Amount	12,577	60
Accumulated Amortization	-1,312	-55
Amortization Period	10 years
Product rights
GOODWILL AND INTANGIBLE ASSETS
Gross Carrying Amount	22,522	100
Accumulated Amortization	-1,133	-100
Amortization Period	10 years
Teva license intangible asset
GOODWILL AND INTANGIBLE ASSETS
Gross Carrying Amount	10,900	10,900
Accumulated Amortization	($1,487)	($496)
Amortization Period	11 years

INTANGIBLE_ASSETS_Details_1

INTANGIBLE ASSETS (Details 1) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified	Dec. 31, 2014
GOODWILL AND INTANGIBLE ASSETS
2015	$4,485
2016	4,485
2017	4,485
2018	4,485
2019	4,485
2020 and thereafter	19,642
Total	$42,067

INTANGIBLE_ASSETS_Details_Text

INTANGIBLE ASSETS (Details Textual) (USD $)	0 Months Ended		1 Months Ended	12 Months Ended		1 Months Ended
INTANGIBLE ASSETS (Details Textual) (USD $)	Mar. 06, 2014	Jan. 02, 2014	Dec. 26, 2013	Dec. 31, 2014	Dec. 31, 2013	Jul. 31, 2014	Aug. 31, 2014
GOODWILL AND INTANGIBLE ASSETS
Amortization of Intangible Assets				$3,300,000	$600,000
Finite-Lived Intangible Assets, Gross				45,999,000	11,060,000
Goodwill, Acquired During Period					1,800,000
Intangible Asset Purchase Agreement Quantity Acquired			31
Intangible Asset Purchase Agreement, Amount			12,500,000
Intangible Asset Purchase Agreement Payment	4,000,000	8,500,000
Intangible Asset Purchase Agreement Number Of Immediate Release Products			20
Payments to Acquire Intangible Assets				34,634,000	0
Goodwill, Gross				1,800,000	1,800,000
Lithobid Purchase Agreement [Member]
GOODWILL AND INTANGIBLE ASSETS
Finite-Lived Intangible Assets, Gross						12,000,000
Finite-Lived Intangible Asset, Useful Life				10 years		10 years
Payments to Acquire Intangible Assets				11,000,000
Payment To Acquire Intangible Assets If Contingency Occurs				1,000,000
Vancocin Purchase Agreement [Member]
GOODWILL AND INTANGIBLE ASSETS
Finite-Lived Intangible Assets, Gross				10,500,000			10,500,000
Finite-Lived Intangible Asset, Useful Life				10 years			10 years
Payments to Acquire Intangible Assets				11,000,000			11,000,000
Acquired ANDA Intangible Asset [Member]
GOODWILL AND INTANGIBLE ASSETS
Finite-Lived Intangible Assets, Gross				$12,577,000	$60,000
Finite-Lived Intangible Asset, Useful Life				10 years

FAIR_VALUE_DISCLOSURES_Details

FAIR VALUE DISCLOSURES (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Liabilities
CVRs	$0	$0
Fair Value, Inputs, Level 1 [Member]
Liabilities
CVRs	0	0
Fair Value, Inputs, Level 2 [Member]
Liabilities
CVRs	0	0
Fair Value, Inputs, Level 3 [Member]
Liabilities
CVRs	$0	$0

FAIR_VALUE_DISCLOSURES_Details1

FAIR VALUE DISCLOSURES (Details Textual) (USD $)	12 Months Ended		1 Months Ended
FAIR VALUE DISCLOSURES (Details Textual) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Jul. 31, 2014	Aug. 31, 2014
Fair Value Inputs, Assets, Quantitative Information
Fair Value Inputs, Discount Rate	15.00%
Inventory, Net, Total	$7,518,000	$3,518,000
Property, Plant and Equipment, Net, Total	5,223,000	4,537,000
Payments to Acquire Intangible Assets	34,634,000	0
Finite-Lived Intangible Assets, Gross	45,999,000	11,060,000
Long-term Debt, Gross	143,750,000
Long-term Debt	110,691,000
Fair Value, Inputs, Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information
Theoretical Interest Rate For Debt Without Embedded Conversion Option	9.00%
Convertible Senior Notes [Member]
Fair Value Inputs, Assets, Quantitative Information
Long-term Debt, Gross	143,800,000
Exercise Price Of Bond Hedge	$69.48
Underlying Shares Of Common Stock Bond Hedge	2,068,792
Class of Warrant or Right, Exercise Price of Warrants or Rights	$96.21
Net Adjustments To Additional Paid In Capital Bond Hedge Acquired Warrant Issued Net	15,600,000
Lithobid Purchase Agreement [Member]
Fair Value Inputs, Assets, Quantitative Information
Fair Value Inputs, Discount Rate			10.00%
Finite-Lived Intangible Asset, Useful Life	10 years		10 years
Acquisition Costs Capitalized			45,000
Inventory, Net, Total			86,000
Payments to Acquire Intangible Assets	11,000,000
Finite-Lived Intangible Assets, Gross			12,000,000
Vancocin Purchase Agreement [Member]
Fair Value Inputs, Assets, Quantitative Information
Fair Value Inputs, Discount Rate				10.00%
Finite-Lived Intangible Asset, Useful Life	10 years			10 years
Acquisition Costs Capitalized				100,000
Inventory, Net, Total				400,000
Property, Plant and Equipment, Net, Total				200,000
Payments to Acquire Intangible Assets	11,000,000			11,000,000
Property, Plant and Equipment, Useful Life				10 years
Finite-Lived Intangible Assets, Gross	$10,500,000			$10,500,000

SHAREHOLDERS_EQUITY_Details

SHAREHOLDER'S EQUITY (Details) (USD $)	Dec. 31, 2014
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014
Class of Warrant, Issued On March 8, 2010 - Expires September 8, 2015 [Member]
Number of Underlying Shares Of Common Stock	145
Per Share Exercise Price	$74.88
Class of Warrant, Issued On June 23, 2010 - Expires June 23, 2015 [Member]
Number of Underlying Shares Of Common Stock	99
Per Share Exercise Price	$88.20
Class of Warrant, Issued On June 23, 2010 - Expires June 9, 2015 [Member]
Number of Underlying Shares Of Common Stock	6
Per Share Exercise Price	$94.68
Class of Warrant, Issued On December 30, 2010 - Expires December 30, 2015 [Member]
Number of Underlying Shares Of Common Stock	147
Per Share Exercise Price	$72
Class of Warrant, Issued On December 30, 2010 - Expires June 9, 2015 [Member]
Number of Underlying Shares Of Common Stock	9
Per Share Exercise Price	$76.50
Class of Warrant, Issued On December 4, 2014 - Expires March 1, 2020 [Member]
Number of Underlying Shares Of Common Stock	1,799
Per Share Exercise Price	$96.21
Class of Warrant, Issued On December 5, 2014 - Expires March 1, 2020 [Member]
Number of Underlying Shares Of Common Stock	270
Per Share Exercise Price	$96.21

SHAREHOLDERS_EQUITY_Details_Te

SHAREHOLDER'S EQUITY (Details Textual) (USD $)	0 Months Ended	12 Months Ended		1 Months Ended
SHAREHOLDER'S EQUITY (Details Textual) (USD $)	Mar. 10, 2014	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Jan. 31, 2014	Jun. 19, 2013
Stock Issued During Period, Shares, New Issues	1,600,000
Payments of Stock Issuance Costs	$3,300,000
Preferred Stock, Shares Authorized		1,666,667	1,666,667
Share Price						$1.22
Proceeds from (Repurchase of) Equity, Total		46,680,000	0
Class of Warrant or Right, Outstanding		2,500,000
Warrant [Member]
Stock Issued During Period Due To Warrant Exercise Number			90,000
Class Of Warrant Or Right Number Of Securities Called By Warrants That Expired During Period Number			13,000
Class of Warrant or Right, Outstanding		2,500,000
Common Stock [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights		$9			$9
Stock Issued During Period Due To Warrant Exercise Number		63,000			20,000
Class Of Warrant Or Right Number Of Securities Called By Warrants That Expired During Period Number		198,000
Stock Issued During Period, Shares, New Issues		1,613,000
Proceeds from Issuance of Common Stock	50,000,000
Stock Issued During Period Shares New Issues Due to Exercise of Option to Purchase Additional Shares				200,000
Common Stock, Shares Authorized		33,300,000
Common Stock, Par or Stated Value Per Share		$0.00
Common Stock, Shares, Issued		11,400,000	9,600,000
Common Stock, Shares, Outstanding		11,400,000	9,600,000
Share Price	$31
Proceeds from (Repurchase of) Equity, Total	$46,700,000
Class C Special Stock [Member]
Common Stock, Shares Authorized		781,281	781,281
Common Stock, Par or Stated Value Per Share		$0.00	$0.00
Common Stock, Shares, Issued		10,864	10,864
Common Stock, Shares, Outstanding		10,864	10,864
Common Stock Conversion Price		$90	$90
Undesignated Preferred Stock [Member]
Common Stock, Par or Stated Value Per Share		$0.00
Preferred Stock, Shares Authorized		1,700,000

STOCKBASED_COMPENSATION_Detail

STOCK-BASED COMPENSATION (Details)	12 Months Ended
STOCK-BASED COMPENSATION (Details)	Dec. 31, 2014	Dec. 31, 2013
Expected option life (years)		6 years 3 months
Risk-free interest rate		1.72%
Expected stock price volatility		55.00%
Dividend yield	0.00%	0.00%
Minimum [Member]
Expected option life (years)	5 years 4 months 20 days
Risk-free interest rate	1.55%
Expected stock price volatility	50.60%
Maximum [Member]
Expected option life (years)	6 years 3 months
Risk-free interest rate	2.03%
Expected stock price volatility	55.10%

STOCKBASED_COMPENSATION_Detail1

STOCK-BASED COMPENSATION (Details 1) (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Option Shares
Outstanding at the beginning of the period (in shares)	120	0
Net BioSante stock options assumed		99
Granted (in shares)	120	21
Options previously granted, approved by shareholders (in shares)	325
Exercised (in shares)	-43	0
Forfeited (in shares)	-4
Expired (in shares)	-60
Forfeited or expired (in shares)		0
Outstanding at the end of the period (in shares)	458	120	0
Exercisable at the end of the period (in shares)	83
Vested or expected to vest at the end of the period (in shares)	452
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$50.35	$0
Net BioSante stock options assumed (in dollars per share)		$59.59
Granted (in dollars per share)	$31.59	$6.36
Options previously granted, approved by shareholders Weighted Average Exercise Price (in dollars per share)	$6.39
Exercised (in dollars per share)	$19.45	$0
Forfeited (in dollars per share)	$6.36
Expired (in dollars per share)	$73.96
Forfeited or expired (in dollars per share)		$0
Outstanding at the end of the period (in dollars per share)	$14.44	$50.35	$0
Exercisable at the end of the period (in dollars per share)	$14.35
Vested or expected to vest at the end of the period (in dollars per share)	$14.44
Weighted Average Remaining Term
Outstanding at the end of the period weighted average remaining term	8 years 8 months 12 days	2 years 4 months 24 days	0 years
Exercisable at the end of the period weighted average remaining term	8 years 1 month 6 days
Vested or expected to vest at the end of the period weighted average remaining term	8 years 8 months 12 days
Aggregate Intrinsic Value
Outstanding at the beginning of the period intrinsic value (in dollars)	$81	$0
Exercised at the end of the period intrinsic value (in dollars)	638	0
Outstanding at the end of the period intrinsic value (in dollars)	19,472	81	0
Exercisable at the end of the period intrinsic value (in dollars)	3,755
Vested or expected to vest at the end of the period intrinsic value (in dollars)	$19,211

STOCKBASED_COMPENSATION_Detail2

STOCK-BASED COMPENSATION (Details 2) (Restricted Stock Awards [Member], USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Restricted Stock Awards [Member]
Unvested, Shares, Outstanding, Beginning of period	50	0
Unvested Shares, Granted	30	50
Unvested Shares, Vested	-17	0
Unvested Shares, Forfeited	0	0
Unvested Shares, Outstanding, End of period	63	50
Weighted Average Grant Date Fair Value, Outstanding, Beginning of period	$10.20	$0
Weighted Average Grant Date Fair Value, Granted	$29.61	$10.20
Weighted Average Grant Date Fair Value, Vested	$10.20	$0
Weighted Average Grant Date Fair Value, Forfeited	$0	$0
Weighted Average Grant Date Fair Value, Outstanding, End of period	$19.34	$10.20
Weighted Average Remaining Term (in years)	2 years 6 months 25 days	2 years 10 months 2 days

STOCKBASED_COMPENSATION_Detail3

STOCK-BASED COMPENSATION (Details Textual) (USD $)	12 Months Ended		1 Months Ended
STOCK-BASED COMPENSATION (Details Textual) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Apr. 30, 2014	Aug. 20, 2014	Nov. 30, 2013	Jul. 12, 2013
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	600,000
Options Previously Granted Approved By Shareholder	300,000					300,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	120,000	21,000
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	$4,400,000	$0
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 7 months 6 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term		6 years 3 months
Allocated Share-based Compensation Expense	3,400,000	36,000
Cost of Sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Allocated Share-based Compensation Expense	100,000
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Allocated Share-based Compensation Expense	100,000
Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Allocated Share-based Compensation Expense	3,200,000
Director And Officers [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate	0.00%
Non Officer Employeed [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate	5.10%	5.10%
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	6,600,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 8 months 12 days
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options	800,000
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options	$600,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Non-Employee Director Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		21,000	16,000
Non-employee Director Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		50,000
Officer Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			59,000	25,000
Options Previously Granted Approved By Shareholders [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	5 years 4 months 20 days
2008 Plan [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			30,000		50,000

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Current income tax provision (benefit):
Federal	$4,818	$20
State	273	0
Total	5,091	20
Deferred income tax provision (benefit):
Federal	2,113	635
State	154	-221
Total	2,267	414
Change in valuation allowance	-16,726	-414
Tax provision (benefit) from continuing operations	-9,368	20
Tax provision from discontinued operation	0	38
Total provision (benefit) for income taxes	($9,368)	$58

INCOME_TAXES_Details_1

INCOME TAXES (Details 1)	12 Months Ended
INCOME TAXES (Details 1)	Dec. 31, 2014	Dec. 31, 2013
US Federal statutory rate	35.00%	35.00%
State taxes, net of Federal benefit	1.00%	1.00%
Non-deductible expenses	0.00%	245.90%
Change in valuation allowance	-86.50%	-300.40%
Change in tax rates and other	-1.20%	34.60%
Stock-based compensation - windfall tax benefits	4.00%	0.00%
Other	-0.70%	0.00%
Total income tax provision (benefit)	-48.40%	16.10%

INCOME_TAXES_Details_2

INCOME TAXES (Details 2) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Deferred tax assets:
Accruals and advances	$2,149	$802
Bond hedge	12,677	0
Accruals for chargebacks and returns	1,107	358
Net operating loss carryforward	11,798	16,409
Other	1,292	418
Total deferred tax assets	29,023	17,987
Deferred tax liabilities:
Depreciation	-587	-220
Debt discount	-11,892	0
Intangible assets	-467	-526
Other	-496	-374
Total deferred tax liabilities	-13,442	-1,120
Valuation allowance	-142	-16,867
Total deferred tax asset (liability), net	$15,439	$0

INCOME_TAXES_Details_Textual

INCOME TAXES (Details Textual) (USD $)	12 Months Ended
INCOME TAXES (Details Textual) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Deferred Tax Assets, Valuation Allowance	$142,000	$16,867,000
Operating Loss Carryforwards	32,900,000
Operating Loss Carryforwards, Limitations on Use	approximately $11.2 million per year
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$16,726,000	$414,000

COLLABORATIVE_ARRANGEMENTS_Det

COLLABORATIVE ARRANGEMENTS (Details Textual) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Research and Development Expense, Total	$2,678	$1,712
Sofgen Pharmaceuticals [Member] \| April 2014 Sofgen Agreement [Member]
Research and Development Expense, Total	100
Sofgen Pharmaceuticals [Member] \| August 2013 Sofgen Agreement [Member]
Research and Development Expense, Total	200	200
RiconPharma LLC [Member]
Research and Development Expense, Total	$400	$700

COMMITMENTS_AND_CONTINGENCIES_1

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified	Dec. 31, 2014
2015	$78
2016	53
2017	44
2018	29
2019	0
Thereafter	0
Total	$204

COMMITMENTS_AND_CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015
	Vendors	Dec. 31, 2013	Dec. 31, 2015
COMMITMENTS AND CONTINGENCIES
Operating Leases, Rent Expense	$70,000	$36,000
Monitoring And Advisory Fee		500,000
Monitoring And Advisory Fee In Conjunction With Business Combination		400,000
Number Of Vendors	3
Subsequent Event [Member] \| Three Vendors [Member]
COMMITMENTS AND CONTINGENCIES
Long-term Purchase Commitment, Amount			5,800,000
Unapproved Generic Products [Member]
COMMITMENTS AND CONTINGENCIES
Revenue, Net	29,800,000	14,600,000
Unapproved Generic Products [Member] \| Contract Customer [Member]
COMMITMENTS AND CONTINGENCIES
Revenue, Net	1,200,000	2,000,000
Royalty Revenue, Total	$300,000	$300,000