Enzon Pharmaceuticals (ENZN) 10-Q 6 Nov 14 2014 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Sep. 30, 2014	Oct. 31, 2014
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Entity Registrant Name	'ENZON PHARMACEUTICALS INC	'
Entity Central Index Key	'0000727510	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Trading Symbol	'ENZN	'
Entity Common Stock, Shares Outstanding	'	44,142,340

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash	$28,993	$6,520
Other current assets	329	511
Assets held for sale	0	90
Total assets	29,322	7,121
Current liabilities:	'	'
Accounts payable	151	93
Accrued expenses and other current liabilities	529	1,215
Total current liabilities	680	1,308
Accrued rent liability	422	558
Total liabilities	1,102	1,866
Commitments and contingencies	'	'
Stockholders’ equity:	'	'
Preferred stock - $.01 par value, authorized 3,000,000 shares; no shares issued and outstanding at September 30, 2014 and December 31, 2013	0	0
Common stock - $.01 par value, authorized 170,000,000 shares; issued and outstanding 44,142,340 shares at September 30, 2014 and 44,085,870 shares at December 31, 2013	441	441
Additional paid-in capital	134,482	134,512
Accumulated deficit	-106,703	-129,698
Total stockholders’ equity	28,220	5,255
Total liabilities and stockholders’ equity	$29,322	$7,121

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Sep. 30, 2014	Dec. 31, 2013
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized	3,000,000	3,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	170,000,000	170,000,000
Common stock, shares issued	44,142,340	44,085,870
Common stock, shares outstanding	44,142,340	44,085,870

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:	'	'	'	'
Royalties	$8,133	$8,828	$24,811	$26,436
Miscellaneous income	31	0	94	631
Total revenues	8,164	8,828	24,905	27,067
Operating expenses:	'	'	'	'
Research and development - pipeline	0	653	0	2,525
General and administrative	571	2,259	1,915	7,606
Restructuring charges	0	794	0	3,764
Total operating expenses	571	3,706	1,915	13,895
Operating income	7,593	5,122	22,990	13,172
Other income (expense):	'	'	'	'
Investment income, net	0	4	0	534
Interest expense	0	0	0	-2,124
Other, net	0	195	61	1,061
Total other income (expense)	0	199	61	-529
Income before income tax expense	7,593	5,321	23,051	12,643
Income tax expense (benefit)	1	-241	56	-28
Net income	7,592	5,562	22,995	12,671
Available-for-sale marketable securities:	'	'	'	'
Unrealized holding gains arising during period	0	4	0	238
Reclassification adjustment for realized gains on sales included in net income	0	0	0	-320
Total other comprehensive loss	0	4	0	-82
Comprehensive income	$7,592	$5,566	$22,995	$12,589
Earnings per common share	'	'	'	'
Basic (in dollars per share)	$0.17	$0.13	$0.52	$0.29
Diluted (in dollars per share)	$0.17	$0.13	$0.52	$0.26
Weighted-average shares - basic (in shares)	44,131	43,921	44,109	43,782
Weighted-average shares - diluted (in shares)	44,239	44,137	44,254	53,468
Special cash dividend paid per common share (in dollars per share)	$0	$0	$0	$1.60

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:	'	'
Net income	$22,995	$12,671
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	'	'
Depreciation	0	218
Amortization and write-off of debt issuance costs	0	193
Stock-based compensation and employee purchase plan discount	0	-54
Loss on sales of marketable securities	0	-320
Amortization of purchase premium on marketable securities	0	735
Gain on sale of assets	-61	-1,060
Changes in operating assets and liabilities	-583	-2,276
Net cash provided by operating activities	22,351	10,107
Cash flows from investing activities:	'	'
Proceeds from sale of assets	152	1,451
Proceeds from sales and maturities of marketable securities	0	118,894
Net cash provided by investing activities	152	120,345
Cash flows from financing activities:	'	'
Common stock dividend	0	-69,970
Retirement of notes payable	0	-115,849
Proceeds from issuance of common stock	0	12
Withholding taxes - stock based compensation	-30	-269
Withdrawals/proceeds from employee stock purchase plan	0	-33
Net cash used in financing activities	-30	-186,109
Net increase (decrease) in cash and cash equivalents	22,473	-55,657
Cash and cash equivalents at beginning of period	6,520	77,348
Cash and cash equivalents at end of period	$28,993	$21,691

Description_of_Business

Description of Business	9 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Nature of Operations [Text Block]	'
		-1	Description of Business
	Enzon Pharmaceuticals, Inc. (together with its subsidiaries, “Enzon” or the “Company”) receives royalty revenues from existing licensing arrangements with other companies primarily related to sales of six marketed drug products, namely, PegIntron ® , Sylatron ® , Macugen ® , CIMZIA ® , Oncaspar and Adagen. The primary source of the Company’s royalty revenues is sales of PegIntron, which is marketed by Merck & Co., Inc. (“Merck”). The Company currently has no clinical operations and limited corporate operations. The Company operates in one business segment. Royalty revenues from sales of PegIntron accounted for approximately 77% and 91% of our total royalty revenues for the three months ended September 30, 2014 and 2013, respectively, and approximately 79% and 89% of the Company’s total royalty revenues in the nine months ended September 30, 2014 and 2013, respectively. Royalty revenues from sales of PegIntron accounted for approximately 87%, 93% and 94% of our total royalty revenues in 2013, 2012 and 2011.
	The Company was previously dedicated to the research and development of innovative therapeutics for patients with high unmet medical needs.   In December 2012, the Company announced that the Company’s Board of Directors (the “Board”) retained Lazard Frères & Co. LLC (“Lazard”) to act as financial advisor in a review of the possible sale or disposition of one or more corporate assets or a sale of the Company and that the Company’s Board of Directors established a special committee to oversee the Company’s sale review process. In connection with the Company’s sale review process, the Company substantially suspended all clinical development activities with a goal of conserving capital and maximizing value returned to the Company’s stockholders.   In April 2013, the Company announced that it had concluded a review of the sale or disposition of one or more corporate assets, or a sale of the Company.   The review did not result in a definitive offer to acquire the Company or all or substantially all of the Company’s assets.   In the same announcement, the Company also announced that its Board intends to distribute excess cash, expected to arise from ongoing royalty revenues, in the form of periodic dividends to stockholders.
	In April 2013, pursuant to the terms of an asset purchase agreement, the Company sold to Belrose Pharma, Inc. (“Belrose”), all right, title and interest to the Company’s Customized PEGylation platform and related assets. The assets included (i) intellectual property and know-how associated with the PEGylation platform, (ii) patents and know-how related to PEG- SN-38, (iii) patents and know-how associated with certain of the Company’s internal clinical programs and (iv) certain related supplies and equipment.
	In September 2013, the Company entered into a sublease agreement, which was amended and restated in November 2013, with Axcellerate Pharma, LLC (“Axcellerate”), pursuant to which the Company subleases to Axcellerate a portion of the Company’s premises consisting of approximately 30,000 rentable square feet of the building located at 20 Kingsbridge Road, Piscataway, New Jersey and a share of related parking areas. The term of the sublease commenced on November 14, 2013 and will expire on July 30, 2021. The monthly fixed rent payable by Axcellerate to us under the sublease is as follows: (i) in year one, $10,417, (ii) in year two, $15,625, (iii) in year three, $20,833, (iv) in year four, $26,042 and (v) in each of years five through eight, $35,000. The sublease also provides for Axcellerate to pay additional rent to cover its applicable share of real estate taxes, operating expenses, sewer and gas usage, water usage, electricity usage and certain other charges incurred by Axcellerate.
	In October 2013, the Company terminated its License and Collaboration Agreement with Santaris Pharma A/S (“Santaris”) whereby Enzon returned to Santaris the rights to molecules utilizing LNA technology including the mRNA antagonists targeting Hypoxia-Inducible Factor-1 alpha (HIF-1 alpha), the Androgen Receptor (AR), HER3, and Beta-catenin.
	In March 2014, the Company entered into a novation agreement with Zhejiang Hisun Pharmaceutical Co., Ltd. ("Hisun") and Belrose (the “Novation Agreement”), pursuant to which the parties confirmed the novation of the Company’s Collaboration Agreement with Hisun to Belrose. As a consequence of entering into the Novation Agreement, the Company received a gross amount of $550,000 from Hisun, the amount of a receivable previously written off, and paid $249,565 to Belrose. The recording of these transactions resulted in a net reduction of general and administrative expense of $300,435.
	In March 2014, the Company entered into a novation agreement with Zhejiang Hisun Pharmaceutical Co., Ltd. ("Hisun") and Belrose (the “Novation Agreement”), pursuant to which the parties confirmed the novation of the Company’s Collaboration Agreement with Hisun to Belrose. As a consequence of entering into the Novation Agreement, the Company received a gross amount of $550,000 from Hisun, the amount of a receivable previously written off, and paid $249,565 to Belrose. The recording of these transactions resulted in a net reduction of general and administrative expense of $300,435.
	On July 16, 2014, Belrose provided written notice to Hisun asserting multiple breaches by Hisun of the Collaboration Agreement including failure to pay $450,000 of milestone payments. Belrose provided Hisun up to 60 days to cure the breaches. On September 16, Belrose notified Hisun and Enzon that it was terminating the Collaboration Agreement and demanded the return of material related to PEG-SN38 and a royalty-free right to any Hisun patents related to PEG-SN38. Hisun responded on September 16 that they rejected Belrose’s assertion that Hisun had committed multiple breaches and requested that Belrose continue its performance of technology transfer under the Collaboration Agreement. Enzon has received no further update on the status of this matter.
	The Company wound down its remaining research and development activities during 2013 and has no intention of resuming any clinical development activities or acquiring new sources of royalty revenues.

Basis_of_Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Basis of Accounting [Text Block]	'
		-2	Basis of Presentation
	Interim Financial Statements
	The accompanying unaudited condensed consolidated financial statements have been prepared from the books and records of the Company in accordance with United States generally accepted accounting principles (U.S. GAAP) for interim financial information and Rule 10-01 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission. Accordingly, these financial statements do not include all of the information and footnotes required for complete annual financial statements. Interim results are not necessarily indicative of the results that may be expected for the full year. Interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.
	Principles of Consolidation
	The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated as part of the consolidation.
	Use of Estimates
	The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Although management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ from these estimates.

New_Accounting_Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2014
New Accounting Pronouncements and Changes In Accounting Principles [Abstract]	'
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	'
	(3)	New Accounting Pronouncements
	In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The update changes the requirements for reporting discontinued operations in Subtopic 205-20. A discontinued operation may include a component of an entity or a group of components of an entity, or a business. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Examples include a disposal of a major geographic area, a major line of business or a major equity method investment. Additionally, the update requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income and expenses of discontinued operations. This update is effective prospectively for reporting periods beginning after December 15, 2014 and early adoption is permitted. The Company is currently evaluating the impact adoption will have on its financial statements.
	In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . The core principle of this ASU is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU provides for one of two methods of transition: retrospective application to each prior period presented; or, recognition of the cumulative effect of retrospective application of the new standard in the period of initial application. This ASU is effective for fiscal years and interim periods beginning after December 15, 2016 and early application is not permitted. Management currently believes the adoption this ASU will not have a material impact on the Company’s operating results, financial position or cash flows.
	In June 2014, the FASB issued ASU No. 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period . The issue is the result of a consensus of the FASB Emerging Issues Task Force (EITF). The amendments in this ASU require that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 and can be either applied prospectively or retrospectively. Earlier adoption is permitted. Management currently believes the adoption this ASU will not have a material impact on the Company’s operating results, financial position or cash flows.

Financial_Instruments_and_Fair

Financial Instruments and Fair Value	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
		-4	Financial Instruments and Fair Value
	The carrying values of cash, other current assets, accounts payable, accrued expenses and other current liabilities in the Company’s condensed consolidated balance sheets approximated their fair values at September 30, 2014 and December 31, 2013 due to their short-term nature.
	The Company held no marketable securities at September 30, 2014 and December 31, 2013. For the three months and nine months ended September 30, 2014, the Company realized no gains or losses from the sale of marketable securities For the three months and nine months ended September 30, 2013, the Company realized gains from the sale of marketable securities of $39,000 and approximately $0.3 million, respectively, including a realized gain of $0.3 million, related to the sale of an auction rate security of a bankrupt issuer.

Stockholders_Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2014
Stockholders Equity Note [Abstract]	'
Stockholders Equity Note Disclosure [Text Block]	'
		-5	Stockholders’ Equity
	On December 21, 2010, the Company announced that its Board of Directors had authorized a share repurchase program, under which the Company is authorized to repurchase up to $200.0 million of the Company’s outstanding common stock. The Company suspended repurchases under the share repurchase program in December 2012 and has not made any repurchases under the share repurchase program since such suspension.

Earnings_Per_Common_Share

Earnings Per Common Share	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
		-6	Earnings Per Common Share
	Basic earnings per common share is computed by dividing the income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Restricted stock units (nonvested shares) are not considered to be outstanding shares until the vesting criteria (service and/or performance) have been satisfied.
	For purposes of calculating diluted earnings per common share, the denominator includes both the weighted-average number of shares of common stock outstanding and the number of common stock equivalents if the inclusion of such common stock equivalents is dilutive. Dilutive common stock equivalents potentially include stock options and nonvested shares using the treasury stock method, shares issuable under the employee stock purchase plan (ESPP) and the number of shares issuable upon conversion of the Company’s convertible notes payable. In the case of notes payable, the diluted earnings per share calculation is further affected by an add-back of interest expense, net of tax, to the numerator under the assumption that the interest would not have been incurred if the notes payable were converted into common stock. Earnings per common share information as follows (in thousands, except per share amounts):
			Three months ended				Nine months ended
			September 30,				September 30,
			2014		2013		2014		2013
	Income Per Common Share – Basic:
	Net income		$	7,592	$	5,562	$	22,995	$	12,671
	Weighted-average common shares outstanding			44,131		43,921		44,109		43,782
	Basic income per share		$	0.17	$	0.13	$	0.52	$	0.29
	Income Per Common Share – Diluted:
	Net income		$	7,592	$	5,562	$	22,995	$	12,671
	Add-back of interest expense on outstanding convertible notes payable, net of tax		$	-		-	$	-		1,142
	Adjusted net income		$	7,592	$	5,562	$	22,995	$	13,813
	Weighted-average common shares outstanding			44,131		43,921		44,109		43,782
	Weighted-average incremental shares related to assumed exercise of stock options, vesting of nonvested shares, and ESPP			108		216		145		172
	Weighted-average incremental shares assuming conversion of outstanding notes payable			-		-		-		9,514	-1
	Weighted-average common shares outstanding and common share equivalents			44,239		44,137		44,254		53,468
	Diluted income per share		$	0.17	$	0.13	$	0.52	$	0.26
		-1	Dilutive convertible notes payable, which were retired on June 1, 2013, were included in the denominator of diluted EPS for the period that they were outstanding.
	Shares issuable which could potentially dilute basic EPS in the future include approximately 104,000 shares for vesting of nonvested shares.

Restructurings

Restructurings	9 Months Ended
	Sep. 30, 2014
Restructuring and Related Activities [Abstract]	'
Restructuring and Related Activities Disclosure [Text Block]	'
	-7	Restructurings
	In December 2012, the Company announced a plan to reduce its workforce by approximately 15-20 employees. In March 2013, in an effort to continue to cut ongoing operating expenses, the Company committed to a plan to reduce its workforce from 19 employees to 12 employees. During the first nine months of 2014, the Company incurred no restructuring charges and had cash expenditures of approximately $479,000 paid for one-time employee termination benefits and associated costs.
	During the first quarter of 2013, the Company incurred restructuring charges of $ 2.5 million, of which $ 1.6 million resulted in cash expenditures paid during the first quarter.
	During the second quarter of 2013, the Company incurred restructuring charges of $ 596,000, of which $ 501,000 resulted in cash expenditures paid during the second quarter and $ 95,000 remained to be paid for one-time employee termination benefits and associated costs. The Company also reversed previously recognized expense of $ 132,000 due to changes in estimates of employee separation costs.
	During the third quarter of 2013, the Company incurred restructuring charges of $ 794,000, primarily related to the sublease of 30,000 square feet of space in its headquarters, representing the present value of future lease obligations in excess of future sublease income.   The Company has classified $ 503,000 of the charge as current and $ 291,000 as non-current.
	Restructuring costs are charged to earnings and accrued as a liability at the time they are considered probable and reasonably estimable. Restructuring costs include employee separation benefits and lease termination costs for facilities that have been vacated.
	The Company had approximately $ 425,000 of accrued restructuring liabilities, primarily related to subleasing costs, including demising costs, at September 30, 2014.

StockBased_Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
		-8	Stock-Based Compensation
	Stock Options and Restricted Stock Units (RSUs or Nonvested Shares)
	During the quarter ended September 30, 2014, the Company incurred no stock-based compensation expense. During the quarter ended September 30, 2013, the Company recognized stock-based compensation expense of $ 0.3 million. Shares were withheld to pay approximately $0.1 million of taxes on behalf of employees because restricted stock units (RSUs) vested during the 2013 third quarter, which had a minimal effect on additional paid-in capital. During the quarter ended September 30, 2013, the Company reversed stock-based compensation expense of $0.2 million related to unvested shares of terminated employees and changes in the status of certain employees.
	There were no options granted during the nine months ended September 30, 2014 and no nonvested shares were granted during the nine months ended September 30, 2014. The Company uses historical data to estimate forfeiture rates.
	As of September 30, 2014, there was no unrecognized compensation cost related to unvested stock options that the Company expects to recognize and no unrecognized compensation cost related to nonvested shares.
	During the nine months ended September 30, 2014, the Company recognized no stock-based compensation expense. During the nine months ended September 30, 2013, the Company reversed stock-based compensation expense of $ 50,000. Shares were withheld to pay $ 0.3 million of taxes on behalf of employees, resulting in a net incremental debit to additional paid-in capital of $ 0.3 million.
	During the nine months ended September 30, 2013, the Company granted 156,000 stock options, all of which were granted during the first quarter. The aggregate fair value of stock options granted during the nine months ended September 30, 2013 was $ 0.2 million. There were no nonvested shares granted during the nine months ended September 30, 2014 and 2013. The Company uses historical data to estimate forfeiture rates.
	On April 23, 2013, the Company’s Board of Directors declared a special cash dividend of $1.60 per share of common stock. This special cash dividend was paid on June 4, 2013 to stockholders of record as of May 7, 2013. In connection with this special cash dividend, the Compensation Committee of the Company’s Board of Directors approved equitable adjustments to the Company’s outstanding stock options and restricted stock units. The compensation cost recognized during 2013 relating to this modification was $4,000.
	Activity related to stock options and nonvested shares during the nine months ended September 30, 2014 and related balances outstanding as of that date are reflected below (in thousands):
			Stock		Nonvested
			Options		Shares
	Outstanding at January 1, 2014			2,125		166
	Granted			-		-
	Exercised and vested			-		-89
	Expired and forfeited			-321		-
	Outstanding at September 30, 2014			1,804		77
	Options vested and expected to vest at September 30, 2014			1,804
	Options exercisable at September 30, 2014			1,737

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Tax Disclosure [Text Block]	'
	(9) Income Taxes
	During the three months ended September 30, 2014, the Company recorded approximately $1,000 in income tax expense. During the three months ended September 30, 2013, the Company reversed $ 186,000 of income tax expense for U.S. federal income tax provision related to alternative minimum taxes, and reversed $ 55,000 of income tax expense related to foreign jurisdictions due to a provision for bad debts related to Hisun.
	During the nine months ended September 30, 2014 and 2013, the Company recorded income tax expense of $55,500 and an income tax benefit of $ 28,000, respectively.
	As of September 30, 2014, the Company continues to provide a valuation allowance against its net deferred tax assets since the Company believes it is more likely than not that its deferred tax assets will not be realized.

Commitments_and_Contingent_Lia

Commitments and Contingent Liabilities	9 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	(10) Commitments and Contingent Liabilities
	The Company has been involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material effect on the Company’s consolidated financial position, results of operations, or liquidity.
	On November 13, 2013, the Company and Axcellerate entered into an amendment and restatement of the previously announced Agreement of Sublease, dated as of September 26, 2013, between the Company and Axcellerate (the “Amended and Restated Sublease Agreement”) to incorporate certain amendments requested by the Company’s landlord, BDG Kingsbridge L.L.C., predecessor-in-interest to Kingsbridge 2005, LLC (the “Prime Landlord”), as a condition to providing its consent to the sublease contemplated by the Amended and Restated Sublease Agreement (the “Sublease”). On November 14, 2013, the Company received the Prime Landlord’s consent to the Sublease. Accordingly, the term of the Sublease commenced on November 14, 2013 and will expire on July 30, 2021 , which is one day prior to the expiration of the lease under which the Company currently leases its premises from the Prime Landlord. Pursuant to the Amended and Restated Sublease Agreement, the Company sublet to Axcellerate a portion of the Company’s premises consisting of approximately 30,000 rentable square feet of the building located at 20 Kingsbridge Road, Piscataway, New Jersey and a share of related parking areas. The Company’s premises located at 20 Kingsbridge Road, Piscataway, New Jersey are currently leased by the Company pursuant to an agreement of lease dated as of April 1, 1995, as amended by that certain First Amendment to Lease dated as of November 13, 2001 (the “Prime Lease”), with the Prime Landlord. The rights of Axcellerate under the Sublease will be subject to the terms of the Prime Lease. The monthly fixed rent payable by Axcellerate under the Sublease will be as follows and is recognized on a straight-line basis: (i) in year one, $ 10,417, (ii) in year two, $ 15,625 , (iii) in year three, $ 20,833 , (iv) in year four, $ 26,042 and (v) in each of years five through eight, $ 35,000 . The Sublease also provides for Axcellerate to pay additional rent to cover its applicable share of real estate taxes, operating expenses, sewer and gas usage, water usage, electricity usage and certain other charges incurred by Axcellerate.
	The Company has been under an Internal Revenue Service (“IRS”) audit, and although not finalized, on April 23, 2014 received a Notice of Proposed Adjustment from the IRS relating to the disallowance of the write-off of goodwill and other intangible assets in connection with a business that the Company sold in 2010. While the Company disagrees with the proposed adjustment and believes that its position will, substantially, prevail, the Company is currently in discussion with the IRS. If, after providing more facts and information to the IRS, they disagree with the Company’s position, the Company is planning on appealing any material proposed adjustment. If the IRS position is upheld, the result could have a materially adverse effect on the Company’s financial position.

Rights_Plan

Rights Plan	9 Months Ended
	Sep. 30, 2014
Rights Plan [Abstract]	'
Rights Plan [Text Block]	'
	(11) Rights Plan
	On April 30, 2014 the Company’s Board adopted a stockholder rights plan (the “Rights Plan”).
	In connection with the adoption of the Rights Plan, on April 30, 2014, the Company’s Board declared a non-taxable dividend of one preferred share purchase right (a “Right”) for each outstanding share of common stock to the Company’s stockholders of record as of the close of business on May 14, 2014. After the Rights Plan takes effect, any person or group that acquires beneficial ownership of 4.99% or more of the Company’s common stock without approval from the Board would be subject to significant dilution in the ownership interest of that person or group. Stockholders who currently own 4.99% or more of the outstanding shares of the Company’s common stock will not trigger the preferred share purchase rights unless they acquire shares representing a percentage of common stock that exceeds by 0.5% or more of the lowest percentage of common stock that such stockholder had at any time since April 30, 2014. In addition, in its discretion, the Board may exempt certain persons from acquisition of securities and may also exempt certain transactions.
	The Rights will expire on the earliest of (i) the close of business on April 30, 2017 (unless that date is advanced or extended by the Board), (ii) the time at which the Rights are redeemed or exchanged under the Rights Plan, (iii) the repeal of Section 382 or any successor statute or (iv) the beginning of a taxable year of the Company to which the Board determines that no net operating loss carryforward (“NOL”) may be carried forward.
	The Company has determined that it will submit, at next year’s 2015 annual meeting of stockholders, the Company’s Rights Plan to a binding vote by the Company’s stockholders for ratification.
	Currently, there has been no activity with respect to the Rights Plan.

Basis_of_Presentation_Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Interim Financial Statements [Policy Text Block]	'
	Interim Financial Statements
	The accompanying unaudited condensed consolidated financial statements have been prepared from the books and records of the Company in accordance with United States generally accepted accounting principles (U.S. GAAP) for interim financial information and Rule 10-01 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission. Accordingly, these financial statements do not include all of the information and footnotes required for complete annual financial statements. Interim results are not necessarily indicative of the results that may be expected for the full year. Interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.
Consolidation, Policy [Policy Text Block]	'
	Principles of Consolidation
	The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated as part of the consolidation.
Use of Estimates, Policy [Policy Text Block]	'
	Use of Estimates
	The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Although management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ from these estimates.

Earnings_Per_Common_Share_Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
	Earnings per common share information as follows (in thousands, except per share amounts):
			Three months ended				Nine months ended
			September 30,				September 30,
			2014		2013		2014		2013
	Income Per Common Share – Basic:
	Net income		$	7,592	$	5,562	$	22,995	$	12,671
	Weighted-average common shares outstanding			44,131		43,921		44,109		43,782
	Basic income per share		$	0.17	$	0.13	$	0.52	$	0.29
	Income Per Common Share – Diluted:
	Net income		$	7,592	$	5,562	$	22,995	$	12,671
	Add-back of interest expense on outstanding convertible notes payable, net of tax		$	-		-	$	-		1,142
	Adjusted net income		$	7,592	$	5,562	$	22,995	$	13,813
	Weighted-average common shares outstanding			44,131		43,921		44,109		43,782
	Weighted-average incremental shares related to assumed exercise of stock options, vesting of nonvested shares, and ESPP			108		216		145		172
	Weighted-average incremental shares assuming conversion of outstanding notes payable			-		-		-		9,514	-1
	Weighted-average common shares outstanding and common share equivalents			44,239		44,137		44,254		53,468
	Diluted income per share		$	0.17	$	0.13	$	0.52	$	0.26
		-1	Dilutive convertible notes payable, which were retired on June 1, 2013, were included in the denominator of diluted EPS for the period that they were outstanding.

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule of Share-based Compensation, Activity [Table Text Block]	'
	Activity related to stock options and nonvested shares during the nine months ended September 30, 2014 and related balances outstanding as of that date are reflected below (in thousands):
		Stock		Nonvested
		Options		Shares
	Outstanding at January 1, 2014		2,125		166
	Granted		-		-
	Exercised and vested		-		-89
	Expired and forfeited		-321		-
	Outstanding at September 30, 2014		1,804		77
	Options vested and expected to vest at September 30, 2014		1,804
	Options exercisable at September 30, 2014		1,737

Description_of_Business_Detail

Description of Business (Details Textual) (USD $)	1 Months Ended	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2013	Sep. 30, 2014	Mar. 31, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Jul. 16, 2014
	sqmi	sqft		sqmi	sqft	sqmi
	sqft			sqft		sqft
Description of Business [Line Items]	'	'	'	'	'	'	'	'	'	'
Area of Land	30,000	30,000	'	30,000	30,000	30,000	'	'	'	'
Monthly Fixed Rent Receivable On Sublease, Year One	$10,417	$10,417	'	$10,417	$10,417	$10,417	'	'	'	'
Monthly Fixed Rent Receivable On Sublease, Year Two	15,625	15,625	'	15,625	15,625	15,625	'	'	'	'
Monthly Fixed Rent Receivable On Sublease, Year Three	20,833	20,833	'	20,833	20,833	20,833	'	'	'	'
Monthly Fixed Rent Receivable On Sublease, Year Four	26,042	'	'	26,042	'	26,042	'	'	'	'
Monthly Fixed Rent Receivable On Sublease In Each Of Year Five To Eight	35,000	35,000	'	35,000	35,000	35,000	'	'	'	'
Royalty Revenues From Sales Percentage	'	77.00%	'	91.00%	79.00%	89.00%	87.00%	93.00%	94.00%	'
Sub Lease commencement Date	14-Nov-13	'	'	'	14-Nov-13	'	'	'	'	'
Sublease Expiration Date	30-Jul-21	'	'	'	30-Jul-21	'	'	'	'	'
Reduction In General And Administrative Expense	'	'	300,435	'	'	'	'	'	'	'
Milestone Payment	'	'	'	'	'	'	'	'	'	450,000
Zhejiang Hisun Pharmaceutical [Member]	'	'	'	'	'	'	'	'	'	'
Description of Business [Line Items]	'	'	'	'	'	'	'	'	'	'
Other Income	'	'	550,000	'	'	'	'	'	'	'
Belrose [Member]	'	'	'	'	'	'	'	'	'	'
Description of Business [Line Items]	'	'	'	'	'	'	'	'	'	'
Payments To Related Party	'	'	$249,565	'	'	'	'	'	'	'

Financial_Instruments_and_Fair1

Financial Instruments and Fair Value (Details Textual) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds	$39,000	$300,000
Bankrupt Issuer [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds	$300,000	$300,000

Stockholders_Equity_Details_Te

Stockholders' Equity (Details Textual) (USD $)	Dec. 21, 2010
In Millions, unless otherwise specified
Class of Stock [Line Items]	'
Stock Repurchase Program, Authorized Amount	$200

Earnings_Per_Common_Share_Deta

Earnings Per Common Share (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Per Common Share - Basic:	'	'	'	'
Net income	$7,592	$5,562	$22,995	$12,671
Weighted-average common shares outstanding	44,131	43,921	44,109	43,782
Basic income per share (in dollars per share)	$0.17	$0.13	$0.52	$0.29
Income Per Common Share - Diluted:	'	'	'	'
Net income	7,592	5,562	22,995	12,671
Add-back of interest expense on outstanding convertible notes payable, net of tax	0	0	0	1,142
Adjusted net income	$7,592	$5,562	$22,995	$13,813
Weighted-average common shares outstanding	44,131	43,921	44,109	43,782
Weighted-average incremental shares related to assumed exercise of stock options, vesting of nonvested shares, and ESPP	108	216	145	172
Weighted-average incremental shares assuming conversion of outstanding notes payable	0	0	0	9,514	[1]
Weighted-average common shares outstanding and common share equivalents	44,239	44,137	44,254	53,468
Diluted income per share (in dollars per share)	$0.17	$0.13	$0.52	$0.26
[1]	Dilutive convertible notes payable, which were retired on June 1, 2013, were included in the denominator of diluted EPS for the period that they were outstanding.

Earnings_Per_Common_Share_Deta1

Earnings Per Common Share (Details Textual) (Vesting Of Nonvested Shares [Member])	9 Months Ended
	Sep. 30, 2014
Vesting Of Nonvested Shares [Member]	'
Earnings Per Common Share [Line Items]	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	104,000

Restructurings_Details_Textual

Restructurings (Details Textual) (USD $)	3 Months Ended				9 Months Ended		3 Months Ended	12 Months Ended	3 Months Ended	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2014	Sep. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2013	Dec. 31, 2012
	sqft	sqft			sqft	sqft	Maximum [Member]	Maximum [Member]	Minimum [Member]	Minimum [Member]
		sqmi				sqmi
Restructuring Cost and Reserve [Line Items]	'	'	'	'	'	'	'	'	'	'
Restructuring charges	$0	$794,000	$596,000	$2,500,000	$0	$3,764,000	'	'	'	'
Restructuring and Related Cost, Expected Number of Positions Eliminated	'	'	'	'	'	'	19	20	12	15
Payments for Restructuring	'	'	501,000	1,600,000	479,000	'	'	'	'	'
Restructuring Reserve	425,000	'	'	'	425,000	'	'	'	'	'
Increase (Decrease) in Employee Related Liabilities	'	'	132,000	'	'	'	'	'	'	'
Area of Land	30,000	30,000	'	'	30,000	30,000	'	'	'	'
Restructuring Reserve, Current	'	503,000	'	'	'	503,000	'	'	'	'
Restructuring Reserve, Noncurrent	'	291,000	'	'	'	291,000	'	'	'	'
Payable For Restructuring	'	'	$95,000	'	'	'	'	'	'	'

StockBased_Compensation_Detail

Stock-Based Compensation (Details)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'
Outstanding at January 1, 2014, Stock Options	2,125	'
Granted , Stock Options	0	156
Exercised and vested, Stock Options	0	'
Expired and forfeited, Stock Options	-321	'
Outstanding at September 30, 2014, Stock Options	1,804	'
Options vested and expected to vest at September 30, 2014, Stock Options	1,804	'
Options exercisable at September 30, 2014, Stock Options	1,737	'
Outstanding at January 1, 2014, Nonvested Shares	166	'
Granted, Nonvested Shares	0	'
Exercised and vested, Nonvested Shares	-89	'
Expired and forfeited, Nonvested Shares	0	'
Outstanding at September 30, 2014, Nonvested Shares	77	'

StockBased_Compensation_Detail1

Stock-Based Compensation (Details Textual) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
Share data in Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'	'
Reversed Share Based Compensation	'	'	'	$50,000	'
Withholding taxes stock-based compensation	'	100,000	'	300,000	'
Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation	'	'	'	300,000	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	'	'	0	156	'
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Fair Value	'	'	'	200,000	'
Common Stock, Dividends, Per Share, Cash Paid	$0	$0	$0	$1.60	'
Allocated Share-based Compensation Expense	'	'	'	'	4,000
Share-based Compensation, Total	'	300,000	0	-54,000	'
Terminated employees [Member]	'	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	'	$200,000	'	$200,000	'

Income_Taxes_Details_Textual

Income Taxes (Details Textual) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Taxes [Line Items]	'	'	'	'
Income tax (benefit) expense	$1,000	($241,000)	$56,000	($28,000)
Current Federal Tax Expense (Benefit)	'	186,000	'	'
Current Foreign Tax Expense (Benefit)	'	$55,000	'	'

Commitments_and_Contingent_Lia1

Commitments and Contingent Liabilities (Details Textual) (USD $)	1 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2014
	sqmi	sqft
	sqft
Disclosure Of Commitments And Contingent [Line Items]	'	'
Area of Land	30,000	30,000
Monthly Fixed Rent Receivable On Sublease, Year One	$10,417	$10,417
Monthly Fixed Rent Receivable On Sublease, Year Two	15,625	15,625
Monthly Fixed Rent Receivable On Sublease, Year Three	20,833	20,833
Monthly Fixed Rent Receivable On Sublease, Year Four	26,042	'
Monthly Fixed Rent Receivable On Sublease In Each Of Year Five To Eight	$35,000	$35,000
Sub Lease commencement Date	14-Nov-13	14-Nov-13
Sublease Expiration Date	30-Jul-21	30-Jul-21