Biospecifics Technologies (BSTC) 10-K 7 Mar 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2013	Mar. 03, 2014	Jun. 28, 2013
Document and Entity Information [Abstract]	'	'	'
Entity Registrant Name	'BIOSPECIFICS TECHNOLOGIES CORP	'	'
Entity Central Index Key	'0000875622	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Well-known Seasoned Issuer	'No	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Accelerated Filer	'	'
Entity Public Float	'	'	$77
Entity Common Stock, Shares Outstanding	'	6,388,468	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'
Document Type	'10-K	'	'
Amendment Flag	'false	'	'
Document Period End Date	31-Dec-13	'	'

Consolidated_Balance_Sheet

Consolidated Balance Sheet (USD $)	Dec. 31, 2013	Dec. 31, 2012
Current assets:	'	'
Cash and cash equivalents	$5,624,860	$3,383,737
Short term investments	6,966,964	5,120,000
Accounts receivable, net	5,004,418	5,082,360
Income tax receivable	255,708	51,070
Deferred tax asset	94,992	88,910
Prepaid expenses and other current assets	326,519	149,724
Total current assets	18,273,461	13,875,801
Deferred royalty buy-down	3,350,000	2,750,000
Deferred tax assets - long term	1,412,784	1,484,141
Patent costs, net	215,999	280,322
Total assets	23,252,244	18,390,264
Current liabilities:	'	'
Accounts payable and accrued expenses	634,277	512,866
Deferred revenue	69,130	133,524
Accrued liabilities of discontinued operations	78,138	78,138
Total current liabilities	781,545	724,528
Deferred revenue - license fees	138,260	207,390
Stockholders' equity:	'	'
Series A Preferred stock, $.50 par value, 700,000 shares authorized; none outstanding	0	0
Common stock, $.001 par value; 10,000,000 shares authorized; 6,655,168 and 6,625,168 shares issued at December 31, 2013 and 2012, respectively	6,655	6,625
Additional paid-in capital	20,951,796	20,688,706
Retained earnings (accumulated deficit)	4,975,018	-310,829
Treasury stock, 300,739 and 260,632 shares at cost as of December 31, 2013 and 2012	-3,601,030	-2,926,156
Total stockholders' equity	22,332,439	17,458,346
Total liabilities and stockholders' equity	$23,252,244	$18,390,264

Consolidated_Balance_Sheet_Par

Consolidated Balance Sheet (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Stockholders' equity:	'	'
Series A Preferred stock, par value (in dollars per share)	$0.50	$0.50
Series A Preferred stock, authorized (in shares)	700,000	700,000
Series A Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, authorized (in shares)	10,000,000	10,000,000
Common stock, issued (in shares)	6,655,168	6,625,168
Treasury stock, shares (in shares)	300,739	260,632

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues:	'	'	'
Net sales	$37,458	$18,219	$21,998
Royalties	11,767,758	9,155,654	6,314,959
Licensing revenue	2,662,024	1,971,205	5,012,102
Consulting fees	0	0	46,667
Total revenues	14,467,240	11,145,078	11,395,726
Costs and expenses:	'	'	'
Research and development	1,484,416	1,249,755	972,078
General and administrative	5,038,363	4,774,828	5,231,881
Total costs and expenses	6,522,779	6,024,583	6,203,959
Operating income	7,944,461	5,120,495	5,191,767
Other income (expense):	'	'	'
Interest income	26,202	34,634	55,780
Other	0	0	15,823
Total other income (expense)	26,202	34,634	71,603
Income before benefit (expense) for income tax	7,970,663	5,155,129	5,263,370
Income tax benefit (expense)	-2,684,816	-2,174,054	1,338,256
Net income	$5,285,847	$2,981,075	$6,601,626
Basic net income per share (in dollars per share)	$0.83	$0.47	$1.04
Diluted net income per share (in dollars per share)	$0.76	$0.43	$0.95
Shares used in computation of basic net income per share (in shares)	6,345,615	6,351,245	6,340,648
Shares used in computation of diluted net income per share (in shares)	6,922,274	6,981,527	6,952,386

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Consolidated Statements of Comprehensive Income [Abstract]	'	'	'
Net income	$5,285,847	$2,981,075	$6,601,626
Other comprehensive income	0	0	0
Comprehensive income	$5,285,847	$2,981,075	$6,601,626

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities:	'	'	'
Net income	$5,285,847	$2,981,075	$6,601,626
Adjustments to reconcile net income to net cash used in operating activities:	'	'	'
Depreciation and amortization	64,323	64,190	50,685
Stock-based compensation expense	111,636	228,485	517,367
Deferred income tax	-10,653	1,474,904	-3,047,955
Changes in operating assets and liabilities:	'	'	'
Accounts receivable	77,942	-1,845,443	-1,250,792
Prepaid expenses and other current assets	-381,433	142,160	-65,642
Accounts payable and accrued expenses	121,411	-242,233	-3,009,109
Deferred revenue	-133,524	-372,705	-483,769
Net cash provided by (used in) operating activities from operations	5,135,549	2,430,433	-687,589
Cash flows from investing activities:	'	'	'
Maturities of marketable securities	9,710,000	5,070,000	5,360,970
Purchases of marketable securities	-11,556,964	-5,190,000	-5,000,000
Payment for royalty buy down	-600,000	-1,500,000	0
Net cash provided by (used in) investing activities from operations	-2,446,964	-1,620,000	360,970
Cash flows from financing activities:	'	'	'
Proceeds from stock option exercises	30,000	148,425	82,450
Repurchases of common stock	-674,874	-1,034,647	-739,551
Excess tax benefits from share-based payment arrangements	197,412	262,695	1,709,699
Net cash provided by (used in) financing activities from operations	-447,462	-623,527	1,052,598
Increase in cash and cash equivalents	2,241,123	186,906	725,979
Cash and cash equivalents at beginning of year	3,383,737	3,196,831	2,470,852
Cash and cash equivalents at end of year	5,624,860	3,383,737	3,196,831
Cash paid during the year for:	'	'	'
Interest	0	0	0
Taxes	$2,713,500	$232,000	$190,000

Consolidated_Statements_of_Cas1

Consolidated Statements of Cash Flows (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Supplemental disclosures of non-cash transactions:	'	'	'
Patent costs accrued from Auxilium	$60,000	'	'
Patent amortization expenses	64,323	64,190	50,685
Decreased in deferred tax assets and additional paid in capital due to cancelation of stock options	$75,000	'	'
Stock options, cancelled (in shares)	15,000	'	'

Consolidated_Statement_of_Stoc

Consolidated Statement of Stockholders' Equity (Deficit) (USD $)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earning (Accumulated Deficit) [Member]	Treasury Stock [Member]	Total
Balances at Dec. 31, 2010	$6,446	$17,739,765	($9,893,530)	($1,151,958)	$6,700,723
Balances (in shares) at Dec. 31, 2010	6,445,743	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'
Issuance of common stock under stock option plans	85	82,365	0	0	82,450
Issuance of common stock under stock option plans (in shares)	85,000	'	'	'	'
Stock compensation expense	0	517,367	0	0	517,367
Repurchases of common stock	0	0	0	-739,551	-739,551
Repurchases of common stock (in shares)	0	'	'	'	'
Excess tax benefits from share-based payment arrangements	0	1,709,699	0	0	1,709,699
Net profit	0	0	6,601,626	0	6,601,626
Balances at Dec. 31, 2011	6,531	20,049,196	-3,291,904	-1,891,509	14,872,314
Balances (in shares) at Dec. 31, 2011	6,530,743	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'
Issuance of common stock under stock option plans	94	148,330	0	0	148,424
Issuance of common stock under stock option plans (in shares)	94,425	'	'	'	'
Stock compensation expense	0	228,485	0	0	228,485
Repurchases of common stock	0	0	0	-1,034,647	-1,034,647
Repurchases of common stock (in shares)	0	'	'	'	'
Excess tax benefits from share-based payment arrangements	0	262,695	0	0	262,695
Net profit	0	0	2,981,075	0	2,981,075
Balances at Dec. 31, 2012	6,625	20,688,706	-310,829	-2,926,156	17,458,346
Balances (in shares) at Dec. 31, 2012	6,625,168	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'
Issuance of common stock under stock option plans	30	29,970	0	0	30,000
Issuance of common stock under stock option plans (in shares)	30,000	'	'	'	'
Effect of expiration of stock options	0	-75,928	0	0	-75,928
Effect of expiration of stock options (in shares)	0	'	'	'	'
Stock compensation expense	0	111,636	0	0	111,636
Repurchases of common stock	0	0	0	-674,874	-674,874
Repurchases of common stock (in shares)	0	'	'	'	'
Excess tax benefits from share-based payment arrangements	0	197,412	0	0	197,412
Net profit	0	0	5,285,847	0	5,285,847
Balances at Dec. 31, 2013	$6,655	$20,951,796	$4,975,018	($3,601,030)	$22,332,439
Balances (in shares) at Dec. 31, 2013	6,655,168	'	'	'	'

ORGANIZATION_AND_DESCRIPTION_O

ORGANIZATION AND DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2013
ORGANIZATION AND DESCRIPTION OF BUSINESS [Abstract]	'
ORGANIZATION AND DESCRIPTION OF BUSINESS	'
	1. ORGANIZATION AND DESCRIPTION OF BUSINESS
	We are a biopharmaceutical company involved in the development of an injectable collagenase for multiple indications. We have a development and license agreement with Auxilium Pharmaceuticals, Inc. (“Auxilium”) for injectable collagenase (which Auxilium has named XIAFLEX®) for marketed indications and collagenase clostridium histolyticum (“CCH”) for indications in development. Auxilium has an option to acquire additional indications that we may pursue, including human and canine lipoma. Auxilium is currently selling XIAFLEX in the U.S. for the treatment of Dupuytren’s contracture and Peyronie’s disease. Following the termination of the agreement between Auxilium and Pfizer, Inc. (“Pfizer”),  Auxilium entered into an agreement with Swedish Orphan Biovitrum AB (“Sobi”) pursuant to which Sobi has marketing rights for XIAPEX® (the EU trade name for collagenase clostridium histolyticum) for Dupuytren’s contracture and Peyronie’s disease in Europe and certain Eurasian countries. Sobi is currently selling XIAPEX in Europe for the treatment of Dupuytren’s contracture. In addition, Auxilium has an agreement with Asahi Kasei Pharma Corporation (“Asahi”) pursuant to which Asahi has the right to commercialize XIAFLEX for the treatment of Dupuytren’s contracture and Peyronie’s disease in Japan. Auxilium also has an agreement with Actelion Pharmaceuticals Ltd. (“Actelion”) pursuant to which Actelion has the right to commercialize XIAFLEX for the treatment of Dupuytren’s contracture and Peyronie’s disease in Canada, Australia, Brazil and Mexico.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Principles of Consolidation
	The audited consolidated financial statements include the accounts of the Company and its subsidiary, Advance Biofactures Corp. (“ABC-NY”).
	Use of Estimates
	The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires the use of management’s estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
	Cash, Cash Equivalents and Short-term Investments
	Cash, cash equivalents and short-term investments are stated at market value. Cash equivalents include only securities having a maturity of three months or less at the time of purchase. The Company limits its credit risk associated with cash, cash equivalents and short-term investments by placing its investments with banks it believes are highly creditworthy and with highly rated money market funds, U.S. government securities, or short-term commercial paper which are held to maturity.
	Fair Value Measurements
	Management believes that the carrying amounts of the Company’s financial instruments, including cash, cash equivalents, short-term investments, accounts receivable, accounts payable and accrued expenses approximate fair value due to the short-term nature of those instruments.
	Concentration of Credit Risk and Major Customers
	The Company maintains bank account balances, which, at times, may exceed insured limits. The Company has not experienced any losses with these accounts and believes that it is not exposed to any significant credit risk on cash. The Company maintains its investment in FDIC insured certificates of deposits with several banks.
	At December 31, 2013, the accounts receivable balance of $5.0 million was primarily from two customers, comprising of $3.5 million (70% of total) from DFB Biotech, Inc. and $1.5 million (30% of total) from Auxilium Pharmaceutical, Inc.
	The Company has been dependent in each year on a two customers who generate almost all its revenues. In the year ended December 31, 2013, the licensing and royalty revenues from Auxilium Pharmaceutical, Inc. were $8.2 million (70% of total) and royalties and consulting revenues from DFB Biotech, Inc. were $3.5 million (30% of total). (With the expiration of right to receive payments on Santyl sales in August 2013, the primary source of our revenues is Auxilium Pharmaceutical, Inc.)
	Revenue Recognition
	We currently recognize revenues resulting from product sales, the licensing and sublicensing of the use of our technology and from services we sometimes perform in connection with the licensed technology under the guidance of Accounting Standards Codification 605, Revenue Recognition (“ASC 605”).
	If we determine that separate elements exist in a revenue arrangement under ASC 605, we recognize revenue for delivered elements only when the fair values of undelivered elements are known, when the associated earnings process is complete, when payment is reasonably assured and, to the extent the milestone amount relates to our performance obligation, when our customer confirms that we have met the requirements under the terms of the agreement.
	Revenues, and their respective treatment for financial reporting purposes, are as follows:
	Product Sales
	We recognize revenue from product sales when there is persuasive evidence that an arrangement exists, title passes, the price is fixed or determinable and collectability is reasonably assured. No right of return exists for our products except in the case of damaged goods. To date, we have not experienced any significant returns of our products.
	Net sales include the sales of the collagenase for laboratory use that are recognized at the time the product is shipped to customers for laboratory use.
	Royalty/Mark-Up on Cost of Goods Sold / Earn-Out Revenue
	For those arrangements for which royalty, mark-up on cost of goods sold or earn-out payment information becomes available and collectability is reasonably assured, we recognize revenue during the applicable period earned. For interim quarterly reporting purposes, when collectability is reasonably assured but a reasonable estimate of royalty, mark-up on cost of goods sold or earn-out payment revenues cannot be made, the royalty, mark-up on cost of goods sold or earn-out payment revenues are generally recognized in the quarter that the applicable licensee provides the written report and related information to us.
	Under the Auxilium Agreement, we do not participate in the selling, marketing or manufacturing of products for which we receive royalties and a mark-up on the cost of goods sold revenues. The royalty and mark-up on cost of goods sold revenues will generally be recognized in the quarter that Auxilium provides the written reports and related information to us, that is, royalty and mark-up on cost of goods sold revenues are generally recognized one quarter following the quarter in which the underlying sales by Auxilium occurred. The royalties payable by Auxilium to us are subject to set-off for certain patent costs.
	Under the DFB Agreement, pursuant to which we sold our topical collagenase business to DFB, we had the right to receive earn-out payments based on sales of certain products. This right to receive payments on Santyl sales expired in August 2013. Generally, under the DFB Agreement we would receive payments and a report within ninety (90) days from the end of each calendar year after DFB has sold the royalty-bearing product. DFB has provided us earn-out reports on a quarterly basis. BioSpecifics has now recognized all income from the Santyl sales under the DFB agreement, and expects to receive the corresponding cash payment, the income recognized in 2013, in March 2014.
	Licensing Revenue
	We include revenue recognized from upfront licensing, sublicensing and milestone payments in “License Revenues” in our consolidated statements of operations in this Report.
	Upfront License and Sublicensing Fees
	We generally recognize revenue from upfront licensing and sublicensing fees when the agreement is signed, we have completed the earnings process and we have no ongoing performance obligation with respect to the arrangement. Nonrefundable upfront technology license for product candidates for which we are providing continuing services related to product development are deferred and recognized as revenue over the development period.
	Milestones
	Milestones, in the form of additional license fees, typically represent nonrefundable payments to be received in conjunction with the achievement of a specific event identified in the contract, such as completion of specified development activities and/or regulatory submissions and/or approvals. We believe that a milestone represents the culmination of a distinct earnings process when it is not associated with ongoing research, development or other performance on our part. We recognize such milestones as revenue when they become due and collection is reasonably assured. When a milestone does not represent the culmination of a distinct earnings process, we recognize revenue in a manner similar to that of an upfront license fee.
	The timing and amount of revenue that we recognize from licenses of technology, either from upfront fees or milestones where we are providing continuing services related to product development, is primarily dependent upon our estimates of the development period. We define the development period as the point from which research activities commence up to regulatory approval of either our, or our partners’ submission assuming no further research is necessary. As product candidates move through the development process, it is necessary to revise these estimates to consider changes to the product development cycle, such as changes in the clinical development plan, regulatory requirements, or various other factors, many of which may be outside of our control. Should the U.S. Food and Drug Administration or other regulatory agencies require additional data or information, we would adjust our development period estimates accordingly. The impact on revenue of changes in our estimates and the timing thereof is recognized prospectively over the remaining estimated product development period.
	Consulting and Technical Assistance Services
	We recognized revenues from consulting and technical assistance contracts primarily as a result of our DFB Agreement and Auxilium Agreement. Consulting revenues are recognized ratably over the term of the contract. The consulting and technical assistance obligations to DFB expired in March 2011.
	Treasury Stock
	The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity.
	Receivables, Deferred Revenue and Allowance for Doubtful Accounts
	Trade accounts receivable are stated at the amount the Company expects to collect. We maintain allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. We consider the following factors when determining the collectability of specific customer accounts: customer credit-worthiness, past transaction history with the customer, current economic industry trends, and changes in customer payment terms.  Our accounts receivable balance is typically due from its two large pharmaceutical customers.  These companies have historically paid timely and have been financially stable organizations.  Due to the nature of the accounts receivable balance, we believe the risk of doubtful accounts is minimal.  If the financial condition of our customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required.  We provide for estimated uncollectible amounts through a charge to earnings and a credit to a valuation allowance. Balances that remain outstanding after we have used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable.
	Accounts receivable as of December 31, 2013 is approximately $5.0 million, which consists of approximately $3.5 million due from DFB in accordance with the expired earn-out under the DFB Agreement and approximately $1.5 million in royalties and mark-up on costs of goods sold due from Auxilium in accordance with the terms of the Auxilium Agreement. Deferred revenue of $0.2 million consist of  licensing fees related to the cash payments received under the Auxilium Agreement in prior years and amortized over the expected development period of certain indications for CCH. We recorded no material bad debt expense in each of the last three years.  The allowance for doubtful accounts balance was $30,095, at December 31, 2013 and 2012.
	Reimbursable Third Party Development Costs
	We accrued patent expenses for research and development that are reimbursable by us under the Auxilium Agreement.  We capitalize certain patent costs related to estimated third party development costs that are reimbursable under the Auxilium Agreement. In August 2011, through the amendment and restatement of our development and license agreement with Auxilium, we have clarified the rights and responsibilities of the joint development of XIAFLEX and CCH. We resolved what had been an on-going dispute with Auxilium concerning the appropriate amount of creditable third party development expenses related to the lyophilization of the injection formulation and certain patent expenses for research and development costs that are reimbursable under the Auxilium Agreement. We agreed and have reimbursed Auxilium by offsetting future royalties payable for the amount invoiced us for third party development costs related to the development of the lyophilization of the injection formulation. We do not expect any additional third party development cost related to the lyophilization of the injection formulation.
	As of December 31, 2013 our net reimbursable third party patent expense accrual was approximately $60,000.
	Third-Party Royalties
	We have entered into licensing and royalty agreements with third parties and agreed to pay certain royalties on net sales of products for specific indications.  We accrue third-party royalty expenses on net sales reported to us by Auxilium. Third-party royalty expense is generally expensed in the quarter that Auxilium provides the written reports and related information to us, that is, generally one quarter following the quarter in which the underlying sales by Auxilium occurred. We expect our third party royalty expense under General and Administrative expenses will continue to increase as net sales by Auxilium for XIAFLEX increase and potential new indications for CCH are approved.
	Royalty Buy-Down
	On March 31, 2012, we entered into an amendment to our existing agreement, dated August 27, 2008, related to our future royalty obligations for Peyronie’s disease. The amendment enables us to buy down a portion of our future royalty obligations in exchange for an initial cash payment of $1.5 million and five additional cash payments, one of which was paid in December 2013.
	As of December 31, 2013, we have capitalized $3.35 million related to this agreement which will be amortized over approximately five years beginning on the date of the first commercial sale of XIAFLEX for the treatment of Peyronie’s disease, which represents the period estimated to be benefited using the straight-line method. In accordance with Accounting Standards Codification 350, Intangibles, Goodwill and Other, the Company amortizes intangible assets with finite lives in a manner that reflects the pattern in which the economic benefits of the assets are consumed or otherwise used up. If that pattern cannot be reliably determined, the assets are amortized using the straight-line method. We perform an evaluation of the recoverability of the carrying value of our intangible assets to determine if facts and circumstances indicate that the carrying value of intangible assets may be impaired and if any adjustment is warranted. Based on our evaluation as of December 31, 2013, no impairment existed for intangible assets.
	Research and Development Expenses
	Research and development expenses include, but are not limited to, internal costs, such as salaries and benefits, costs of materials, lab expense, facility costs and overhead. Research and development (“R&D”) expenses also consist of third party costs, such as medical professional fees, product costs used in clinical trials, consulting fees and costs associated with clinical study arrangements. We may fund R&D at medical research institutions under agreements that are generally cancelable. All of these costs are charged to R&D as incurred, which may be measured by percentage of completion, contract milestones, patient enrollment, or the passage of time.
	Clinical Trial Expenses
	Our cost accruals for clinical trials are based on estimates of the services received and efforts expended pursuant to contracts with various clinical trial centers and clinical research organizations. In the normal course of business we contract with third parties to perform various clinical trial activities in the ongoing development of potential drugs. The financial terms of these agreements are subject to negotiation and vary from contract to contract and may result in uneven payment flows. Payments under the contracts depend on factors such as the achievement of certain events, the successful enrollment of patients, the completion of portions of the clinical trial, or similar conditions. The objective of our accrual policy is to match the recording of expenses in our financial statements to the actual cost of services received and efforts expended. As such, expenses related to each patient enrolled in a clinical trial are recognized ratably beginning upon entry into the trial and over the course of the patient’s continued participation in the trial. In the event of early termination of a clinical trial, we accrue an amount based on our estimate of the remaining non-cancelable obligations associated with the winding down of the clinical trial. Our estimates and assumptions could differ significantly from the amounts that may actually be incurred.
	Income Taxes
	Deferred tax assets and liabilities are recognized based on the expected future tax consequences, using current tax rates, of temporary differences between the financial statement carrying amounts and the income tax basis of assets and liabilities. A valuation allowance is applied against any net deferred tax asset if, based on the weighted available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.
	We use the asset and liability method of accounting for income taxes, as set forth in Accounting Standards Codification 740-10-25-2. Under this method, deferred income taxes, when required, are provided on the basis of the difference between the financial reporting and income tax basis of assets and liabilities at the statutory rates enacted for future periods. In accordance with Accounting Standards Codification 740-10-45-25, Income Statement Classification of Interest and Penalties, we classify interest associated with income taxes under interest expense and tax penalties under other.
	Stock Based Compensation
	The Company has two stock-based compensation plans in effect which are described more fully in Note 10. Accounting Standards Codification 718, Compensation - Stock Compensation (“ASC 718”) requires the recognition of compensation expense, using a fair-value based method, for costs related to all share-based awards including stock options and common stock issued to our employees and directors under our stock plans. It requires companies to estimate the fair value of share-based awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over the requisite service periods in our Consolidated Statements of Operations.
	Under the ASC 718, we estimate the fair value of our employee stock awards at the date of grant using the Black-Scholes option-pricing model, which requires the use of certain subjective assumptions. The most significant of these assumptions are our estimates of the expected volatility of the market price of our stock and the expected term of an award. When establishing an estimate of the expected term of an award, we consider the vesting period for the award, our recent historical experience of employee stock option exercises (including forfeitures) and the expected volatility. When there is uncertainty in the factors used to determine the expected term of an award, we use the simplified method. As required under the accounting rules, we review our valuation assumptions at each grant date and, as a result, our valuation assumptions used to value employee stock-based awards granted in future periods may change. The company granted 30,000, 15,000 and zero stock options in 2013, 2012 and 2011, respectively.
	Further, ASC 718 requires that employee stock-based compensation costs to be recognized over the requisite service period, or the vesting period, in a manner similar to all other forms of compensation paid to employees. The allocation of employee stock-based compensation costs to each operating expense line are estimated based on specific employee headcount information at each grant date and estimated stock option forfeiture rates and revised, if necessary, in future periods if actual employee headcount information or forfeitures differ materially from those estimates. As a result, the amount of employee stock-based compensation costs we recognize in each operating expense category in future periods may differ significantly from what we have recorded in the current period.
	Stock-based compensation expense recognized under ASC 718 was as follows:
		December 31,
		2013		2012		2011
	Research and development	$	92,249	$	171,217	$	96,849
	General and administrative		19,387		57,268		420,518
	Total stock-based compensation expense	$	111,636	$	228,485	$	517,367
We account for stock options granted to persons other than employees or directors at fair value using the Black-Scholes option-pricing model in accordance with Accounting Standards Codification 505-50, Equity Based Payments to Non-Employees (“ASC 505-50”).  Stock options granted to such persons and stock options that are modified and continue to vest when an employee has a change in employment status are subject to periodic revaluation over their vesting terms. We recognize the resulting stock-based compensation expense during the service period over which the non-employee provides services to us. The stock-based compensation expense related to non-employees for the years ended December 31, 2013, 2012 and 2011 was $79,049, $109,479, and zero, respectively.
Property, Plant and Equipment
Property, plant and equipment are stated at cost, less accumulated depreciation. Machinery and equipment, furniture and fixtures, and autos are depreciated on the straight-line basis over their estimated useful lives of 5 to 10 years.
Patent Costs
We amortize intangible assets with definite lives on a straight-line basis over their estimated useful lives, ranging from 1 to 13 years, and review for impairment on a quarterly basis and when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable.
As of December 31, 2013, the Company’s capitalized costs related to certain patents paid by Auxilium on behalf of the Company and are reimbursable to Auxilium under the Auxilium Agreement.  These patent costs are creditable against future royalty revenues. At December 31, net patent costs consisted of:
	2013		2012		2011
Patents, net	$	215,999	$	280,322	$	190,416
The amortization expense for patents was $64,323, $64,190and $50,685, for the years ended December 31, 2013, 2012 and 2011. The estimated aggregate amortization expense for each of the next five years is as follows:
2014	$	53,000
2015		25,000
2016		20,000
2017		20,000
2018		20,000
Income Taxes
In accordance with Accounting Standards Codification 740-10-45-25, Income Statement Classification of Interest and Penalties (“ASC 740-10-45-25”) we classify interest associated with income taxes under interest expense and tax penalties under other.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2013
FAIR VALUE MEASUREMENTS [Abstract]	'
FAIR VALUE MEASUREMENTS	'
	3. FAIR VALUE MEASUREMENTS
	The authoritative literature for fair value measurements established a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. These tiers are as follows: Level 1, defined as observable inputs such as quoted market prices in active markets; Level 2, defined as inputs other than the quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as significant unobservable inputs (entity developed assumptions) in which little or no market data exists.
	As of December 31, 2013, the Company held certain investments that are required to be measured at fair value on a recurring basis. The following tables present the Company’s fair value hierarchy for these financial assets as of December 31, 2013, 2012 and 2011:
	31-Dec-13	Fair Value		Level 1		Level 2		Level 3
	Cash and cash equivalents	$	5,624,860	$	5,624,860		-		-
	Certificates of Deposit		6,966,964		6,966,964		-		-
	31-Dec-12	Fair Value		Level 1		Level 2		Level 3
	Cash and cash equivalents	$	3,383,737	$	3,383,737		-		-
	Certificates of Deposit		5,120,000		5,120,000		-		-
	31-Dec-11	Fair Value		Level 1		Level 2		Level 3
	Cash and cash equivalents	$	3,196,831	$	3,196,831		-		-
	Certificates of Deposit		5,000,000		5,000,000		-		-

EARNINGS_PER_SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2013
EARNINGS PER SHARE [Abstract]	'
EARNINGS PER SHARE	'
	4. EARNINGS PER SHARE
	Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period increased to include all additional common shares that would have been outstanding assuming potentially dilutive common shares, resulting from option exercises, had been issued and any proceeds thereof used to repurchase common stock at the average market price during the period.
		2013		2012		2011
	Net income for diluted computation	$	5,285,847	$	2,981,075	$	6,601,626
	Weighted average shares:
	Basic		6,345,615		6,351,245		6,340,648
	Effect of dilutive securities:
	Stock options		576,659		630,282		611,738
	Diluted		6,922,274		6,981,527		6,952,386
	Net income per share:
	Basic	$	0.83	$	0.47	$	1.04
	Diluted	$	0.76	$	0.43	$	0.95

INVENTORIES_NET

INVENTORIES, NET	12 Months Ended
	Dec. 31, 2013
INVENTORIES, NET [Abstract]	'
INVENTORIES, NET	'
	5. INVENTORIES, NET
	None.

PROPERTY_PLANT_AND_EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2013
PROPERTY, PLANT AND EQUIPMENT [Abstract]	'
PROPERTY, PLANT AND EQUIPMENT	'
	6. PROPERTY, PLANT AND EQUIPMENT
	Property, plant and equipment from continuing operations consist of:
		December 31,
		2013			2012			2011
	Machinery and equipment	$	562,610		$	562,610		$	562,610
	Furniture and fixtures		91,928			91,928			91,928
	Leasehold improvements		1,185,059			1,185,059			1,185,059
			1,839,597			1,839,597			1,839,597
	Less accumulated depreciation and amortization		(1,839,597	)		(1,839,597	)		(1,839,597	)
		$	-		$	-		$	-
	Total depreciation expense amounted to zero for each calendar year 2013, 2012 and 2011, respectively.

COMPREHENSIVE_INCOME

COMPREHENSIVE INCOME	12 Months Ended
	Dec. 31, 2013
COMPREHENSIVE INCOME [Abstract]	'
COMPREHENSIVE INCOME	'
	7. COMPREHENSIVE INCOME
	For the years ended 2013, 2012, 2011, we had no components of other comprehensive income other than net income itself.

ACCOUNTS_PAYABLE_AND_ACCRUED_L

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2013
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES [Abstract]	'
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	'
	8. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
	Accounts payable and accrued liabilities consist of the following:
		December 31,
		2013		2012		2011
	Trade accounts payable and accrued expenses	$	409,617	$	304,635	$	407,954
	Accrued legal and other professional fees		61,538		61,147		50,000
	Accrued payroll and related costs		163,122		147,084		143,048
		$	634,277	$	512,866	$	601,002

INCOME_TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2013
INCOME TAXES [Abstract]	'
INCOME TAXES	'
	9. INCOME TAXES
	The provision for income taxes consists of the following:
	Year ended December 31,
		2013			2012			2011
	Current taxes:
	Federal	$	2,724,597		$	686,968		$	-
	State		25,491			12,182			3,525
	Total current taxes		2,750,088			699,150			3,525
	Deferred taxes:
	Federal		(68,298	)		1,134,532			(1,219,190	)
	State		3,023			340,372			(122,593	)
	Total deferred taxes		(65,274	)		1,474,904			(1,341,783	)
	Total provision for income taxes	$	2,684,814		$	2,174,054		$	(1,338,258	)
	The effective income tax rate of the Company differs from the federal statutory tax rate of 34% due to the following items:
	Year ended December 31,
		2013			2012			2011
	Statutory rate		34	%		34	%		34	%
	State income taxes, net of federal income tax benefit		0.21	%		0.16	%		7.1	%
	Stock-based compensation		0.11	%		1.51	%		4	%
	Change in effective state tax rate		0.02	%		6.59	%		-
	Other, net		(0.66	)%		(0.08	)%		(5.9	)%
	Increase (decrease) in valuation allowance		-			-			(64.6	)%
	Effective tax rate (benefit)		33.68	%		42.18	%		(25.4	%)
	The effective rate reconciliation includes the permanent differences and changes in valuation allowance for windfalls, stock-based compensation, and net operating loss.
	Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of deferred income tax assets and liabilities are as follows:
	Year ended December 31,
		2013			2012			2011
	Tax credit carry forward	$	-		$	-		$	1,027,633
	Deferred revenues		71,062			132,514			293,297
	Other		71,304			27,322			17,253
	Options		1,365,409			1,413,214			1,687,780
	Net operating loss carry forward		-			-			21,992
	Net deferred tax assets before valuation allowance		1,507,776			1,573,050			3,047,955
	Valuation allowance		-			-			-
	Net deferred tax asset	$	1,507,776		$	1,573,050		$	3,047,955
	Company considers all available information, including operating results, ongoing tax planning, and forecasts of future taxable income. Based on the results of our operations in 2011, the growth in the market for XIAFLEX, and the trend in actual and anticipated royalty income, we had determined that it was more likely than not that the benefit of our deferred tax assets would be realized. Consequently, in 2011, we eliminated the valuation allowance of $3.6 million.
	Stock-based compensation, recorded in the Company's financial statements is non-deductible for tax purposes and increases the Company's effective tax rate. Deferred tax assets, including those associated with stock based compensation, are reviewed and adjusted for apportionment and potential tax rates changes in various jurisdictions. In 2012, our tax assets related to stock-based compensation decreased by $0.3 million, due to a reduction in our estimated state tax apportionment rate.
	We recognized $0.6 million, $0.8 million and $0.7 million of tax deductible expenses from the exercise of non-qualified or a disqualified disposition of incentive stock options, in 2013, 2012 and 2011 respectively. The windfall tax benefits of $0.2 million, $0.3 million and $1.7 million realized upon exercise of stock-based awards were classified as additional paid in capital and recorded under cash flows from financing activities, in 2013, 2012 and 2011, respectively.
	The provision for income taxes and corresponding taxes payable in 2013 was $2.7 million. We utilized tax assets of $0.1 million related to deferred licensing revenue and stock based compensation and a $17,000 research and development credit to reduce our taxes payable which was partially offset by an increase to our deferred taxes for employee based compensation. The amount of refundable federal income taxes as of December 31, 2013 is approximately $0.2 million.
	In 2012, we used $1.0 million of our Orphan Drug tax credit to reduce our federal income tax payable.  We recognized the tax effect of $0.8 million related to the exercise of nonqualified options in our financial statements, which lowered our taxes payable by $0.3 million, reduced our tax assets related to non-qualified stock options by $32,000 and increased additional paid in capital by $0.3 million.  Additionally, we utilized tax assets from our federal and state net operating loss carryforwards of $16,000 and deferred licensing revenue of $0.1 million to reduce our taxes payable. Because our state net operating losses of $4.2 million exceeded our federal net operating losses of $47,000 we set up a valuation allowance of $0.3 million against our tax asset of our state net operating loss carryforwards.
	As of December 31, 2013, the Company believes that there are no significant uncertain tax positions, and no amounts have been recorded for interest and penalties. The Company does not expect that it would be required to record a liability related to an uncertain tax position. The tax periods open to examination by the major taxing jurisdictions to which the Company is subject include fiscal years 2010 through 2012.

STOCKHOLDERS_EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2013
STOCKHOLDERS' EQUITY [Abstract]	'
STOCKHOLDERS' EQUITY	'
	10. STOCKHOLDERS’ EQUITY
	Stock Option Plans
	In July 1997, the Company's stockholders approved a stock option plan (the “1997 Plan”) for eligible key employees, directors, independent agents, and consultants who make a significant contribution toward the Company's success and development and to attract and retain qualified employees which expired in July 2007. Under the 1997 Plan, qualified incentive stock options and non-qualified stock options may be granted to purchase up to an aggregate of 500,000 shares of the Company's common stock, subject to certain anti-dilution provisions. The exercise price per share of common stock may not be less than 100% (110% for qualified incentive stock options granted to stockholders owning at least 10% of common shares) of the fair market value of the Company's common stock on the date of grant. In general, the options vest and become exercisable in four equal annual installments following the date of grant, although the Company’s board of directors, at its discretion, may provide for different vesting schedules. The options expire ten years (five years for qualified incentive stock options granted to stockholders owning at least 10% of common shares) after such date. The Company filed with the Securities and Exchange Commission a Registration Statement on Form S-8 for the 1997 Plan on September 26, 1997 to register these securities. In accordance with terms of the 1997 Plan, no options were granted ten years after the effective date of the 1997 Plan, or July 2007. In July 2007, approximately 231,000 stock options expired unissued, and there are no shares available for grant remaining under the 1997 Plan.  As of December 31, 2012 there were zero options outstanding under the 1997 Plan.
	In August 2001, the Company's stockholders approved a stock option plan (the “2001 Plan”), with terms similar to the 1997 Plan. The 2001 Plan authorizes the granting of awards of up to an aggregate of 750,000 shares of the Company's common stock, subject to certain anti-dilution provisions. On December 16, 2003, stockholders approved an amendment to the 2001 Plan, which increased the number of shares authorized for grant from 750,000 shares to 1,750,000 shares, an increase of 1,000,000 shares. On June 17, 2009, our stockholders approved an amendment to the 2001 Plan to extend the term of the 2001 Plan from April 6, 2011 to April 23, 2019 and to authorize an additional 300,000 shares of our common stock for issuance under the 2001 Plan.  A total of 2,050,000 shares of common stock are now authorized for issuance under the amended 2001 Plan.  The Company filed with the Securities and Exchange Commission a Registration Statement on Form S-8 for the 2001 Plan on October 5, 2007 and on July 15, 2009 as amended to register these securities. As of December 31, 2013 options to purchase 1,167,000 shares of common stock were outstanding under the 1997 Plan and 2001 Plan, and a total of 239,098 shares remain available for grant under the 2001 Plan.
	The following table presents the assumptions used to estimate the fair values of the stock options granted in the periods presented:
			September				April				May
			2013				2013				2012
	Risk-free interest rate			1.73	%			0.68	%			0.69	%
	Expected volatility			33	%			37	%			54	%
	Expected life (in years)			5				5				5
	Dividend yield			-				-				-
	Weighted-average estimated fair value of options granted during the year		$	85,000			$	79,000			$	110,000
	The summary of the stock options activity is as follows for year ended:
							Weighted
							Average
							Exercise
			Shares				Price
	Outstanding at December 31, 2012			1,182,000			$	8.9
	31-Dec-13
	Options granted			30,000			$	16.88
	Options exercised			(30,000	)			1
	Options canceled or expired			15,000				30.79
	Outstanding at end of year			1,167,000				9.03
	Options exercisable at year end			1,132,000				8.55
	Shares available for future grant			239,098				--
	The following table summarizes information relating to stock options by exercise price at December 31, 2013:
					Outstanding Shares										Exercisable Shares
													Weighted				Weighted
									Weighted				Average				Average
	Option				Number of				Average Life				Exercise		Number of		Option
	Exercise Price				Shares				(years)				Price		Shares		Price
	$	0.83 - 2.00				467,500				2.1			$	1.01		467,500	$	1.01
		4.00 - 6.00				242,000				3.41				4.69		242,000		4.69
		13.00 - 16.00				155,000				5.24				13.96		155,000		13.96
		17.00 - 19.00				85,000				5.77				17.73		70,000		17.69
		20.00 - 21.00				112,500				4.75				20.57		112,500		20.57
		26.00 - 30.00				105,000				5.82				28.02		85,000		27.74
						1,167,000				3.72			$	9.03		1,132,000	$	8.55
	We granted 30,000 stock options during 2013. The weighted-average grant-date fair value for options granted during 2013 was $16.88 per share. During the 2013, 2012 and 2011, $30,000, $148,425and $82,450 were received from stock options exercised by employees, respectively. The aggregate intrinsic value of options outstanding and exercisable as of December 31, 2013 was approximately $14.8 million. Aggregate intrinsic value represents the total pre-tax intrinsic value, based on the closing price of our common stock of $21.67 on December 31, 2013, which would have been received by the option holders had all option holders exercised their options as of that date. Total unrecognized compensation cost related to non-vested stock options outstanding as of December 31, 2013 was approximately $79,000 which we expect to recognize over a weighted-average period of 3.75 years.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2013
COMMITMENTS AND CONTINGENCIES [Abstract]	'
COMMITMENTS AND CONTINGENCIES	'
	11. COMMITMENTS AND CONTINGENCIES
	Lease Agreements
	Our corporate headquarters are currently located at 35 Wilbur St., Lynbrook, NY 11563.  On November 21, 2013, the Company entered into an Agreement of Lease (the “New Lease”) with 35 Wilbur Street Associates, LLC (“New Landlord”) for the Company’s administrative headquarters located at 35 Wilbur Street, Lynbrook, New York 11563 (the “Premises”). Neither the Company nor its affiliates have a material relationship or affiliation with the New Landlord. As previously reported, the Company formerly leased the Premises from Wilbur St. Corp. (“WSC”). On November 21, 2013, WSC sold the Premises to the New Landlord, and the Company entered into the New Lease with the New Landlord and simultaneously terminated the existing lease. The term of the New Lease is twenty-four months, provided, however, that the Company has the option to cancel the New Lease after the first year by giving three months’ notice, which may be given before the expiration of the first year. Pursuant to the New Lease, the Company’s monthly base rent is $12,000.00. The Company is required to pay as additional rent an amount equal to the increase in taxes over a specified base year.
	The Company's operations are principally conducted on leased premises. Future minimum annual rental payments required under non-cancelable operating leases are $132,000.
	Rent expense under all operating leases amounted to approximately $135,000 for calendar years 2013, 2012 and 2011, respectively.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2013
RELATED PARTY TRANSACTIONS [Abstract]	'
RELATED PARTY TRANSACTIONS	'
	12. RELATED PARTY TRANSACTIONS
	As described above in Note 11, the Tenant and the Landlord were parties to the Lease Agreement. The rent expense, under the lease agreement, were $120,000, $135,000 and $135,000 for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013 there were no remaining related party transactions.

EMPLOYEE_BENEFIT_PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2013
EMPLOYEE BENEFIT PLANS [Abstract]	'
EMPLOYEE BENEFIT PLANS	'
	13. EMPLOYEE BENEFIT PLANS
	ABC-NY has a 401(k) Profit Sharing Plan for employees who meet minimum age and service requirements. Contributions to the plan by ABC-NY are discretionary and subject to certain vesting provisions. The Company made no contributions to this plan for calendar years 2013, 2012 or 2011.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2013
SUBSEQUENT EVENTS [Abstract]	'
SUBSEQUENT EVENTS	'
	14. SUBSEQUENT EVENTS
	We have evaluated subsequent events for recognition or disclosure through the time of filing these consolidated financial statements on Form 10-K with the U.S. Securities and Exchange Commission on March 7, 2014.

SELECTED_QUARTERLY_DATA_Unaudi

SELECTED QUARTERLY DATA (Unaudited)	12 Months Ended
	Dec. 31, 2013
SELECTED QUARTERLY DATA (Unaudited) [Abstract]	'
SELECTED QUARTERLY DATA (Unaudited)	'
	15. SELECTED QUARTERLY DATA (Unaudited)
	The following table sets forth certain unaudited quarterly data for each of the four quarters in the years ended December 31, 2013 and 2012. The data has been derived from the Company's unaudited consolidated financial statements that, in management's opinion, include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of such information when read in conjunction with the Consolidated Financial Statements and Notes thereto.  The results of operations for any quarter are not necessarily indicative of the results of operations for any future period.
		First		Second		Third		Fourth
		Quarter		Quarter		Quarter		Quarter
	Year ended December 31, 2013
	Net revenues	$	3,980,024	$	3,269,983	$	3,145,123	$	4,072,110
	Operating profit		2,066,668		1,563,685		1,738,501		2,575,607
	Net income		1,353,084		1,028,186		1,178,775		1,725,802
	Basic earnings per share	$	0.21	$	0.16	$	0.19	$	0.27
	Diluted earnings per share	$	0.19	$	0.15	$	0.17	$	0.25
		First		Second		Third		Fourth
		Quarter		Quarter		Quarter		Quarter
	Year ended December 31, 2012
	Net revenues	$	2,586,748	$	2,601,834	$	2,448,225	$	3,508,271
	Operating profit		1,248,474		1,047,562		779,527		2,044,932
	Net income		742,390		666,682		471,047		1,100,956
	Basic earnings per share	$	0.12	$	0.11	$	0.07	$	0.17
	Diluted earnings per share	$	0.11	$	0.1	$	0.07	$	0.16

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]	'
Principles of Consolidation	'
	Principles of Consolidation
	The audited consolidated financial statements include the accounts of the Company and its subsidiary, Advance Biofactures Corp. (“ABC-NY”).
Use of Estimates	'
	Use of Estimates
	The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires the use of management’s estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Cash, Cash Equivalents and Short-term Investments	'
	Cash, Cash Equivalents and Short-term Investments
	Cash, cash equivalents and short-term investments are stated at market value. Cash equivalents include only securities having a maturity of three months or less at the time of purchase. The Company limits its credit risk associated with cash, cash equivalents and short-term investments by placing its investments with banks it believes are highly creditworthy and with highly rated money market funds, U.S. government securities, or short-term commercial paper which are held to maturity.
Fair Value Measurements	'
	Fair Value Measurements
	Management believes that the carrying amounts of the Company’s financial instruments, including cash, cash equivalents, short-term investments, accounts receivable, accounts payable and accrued expenses approximate fair value due to the short-term nature of those instruments.
Concentration of Credit Risk and Major Customers	'
	Concentration of Credit Risk and Major Customers
	The Company maintains bank account balances, which, at times, may exceed insured limits. The Company has not experienced any losses with these accounts and believes that it is not exposed to any significant credit risk on cash. The Company maintains its investment in FDIC insured certificates of deposits with several banks.
	At December 31, 2013, the accounts receivable balance of $5.0 million was primarily from two customers, comprising of $3.5 million (70% of total) from DFB Biotech, Inc. and $1.5 million (30% of total) from Auxilium Pharmaceutical, Inc.
	The Company has been dependent in each year on a two customers who generate almost all its revenues. In the year ended December 31, 2013, the licensing and royalty revenues from Auxilium Pharmaceutical, Inc. were $8.2 million (70% of total) and royalties and consulting revenues from DFB Biotech, Inc. were $3.5 million (30% of total). (With the expiration of right to receive payments on Santyl sales in August 2013, the primary source of our revenues is Auxilium Pharmaceutical, Inc.)
Revenue Recognition	'
	Revenue Recognition
	We currently recognize revenues resulting from product sales, the licensing and sublicensing of the use of our technology and from services we sometimes perform in connection with the licensed technology under the guidance of Accounting Standards Codification 605, Revenue Recognition (“ASC 605”).
	If we determine that separate elements exist in a revenue arrangement under ASC 605, we recognize revenue for delivered elements only when the fair values of undelivered elements are known, when the associated earnings process is complete, when payment is reasonably assured and, to the extent the milestone amount relates to our performance obligation, when our customer confirms that we have met the requirements under the terms of the agreement.
	Revenues, and their respective treatment for financial reporting purposes, are as follows:
	Product Sales
	We recognize revenue from product sales when there is persuasive evidence that an arrangement exists, title passes, the price is fixed or determinable and collectability is reasonably assured. No right of return exists for our products except in the case of damaged goods. To date, we have not experienced any significant returns of our products.
	Net sales include the sales of the collagenase for laboratory use that are recognized at the time the product is shipped to customers for laboratory use.
	Royalty/Mark-Up on Cost of Goods Sold / Earn-Out Revenue
	For those arrangements for which royalty, mark-up on cost of goods sold or earn-out payment information becomes available and collectability is reasonably assured, we recognize revenue during the applicable period earned. For interim quarterly reporting purposes, when collectability is reasonably assured but a reasonable estimate of royalty, mark-up on cost of goods sold or earn-out payment revenues cannot be made, the royalty, mark-up on cost of goods sold or earn-out payment revenues are generally recognized in the quarter that the applicable licensee provides the written report and related information to us.
	Under the Auxilium Agreement, we do not participate in the selling, marketing or manufacturing of products for which we receive royalties and a mark-up on the cost of goods sold revenues. The royalty and mark-up on cost of goods sold revenues will generally be recognized in the quarter that Auxilium provides the written reports and related information to us, that is, royalty and mark-up on cost of goods sold revenues are generally recognized one quarter following the quarter in which the underlying sales by Auxilium occurred. The royalties payable by Auxilium to us are subject to set-off for certain patent costs.
	Under the DFB Agreement, pursuant to which we sold our topical collagenase business to DFB, we had the right to receive earn-out payments based on sales of certain products. This right to receive payments on Santyl sales expired in August 2013. Generally, under the DFB Agreement we would receive payments and a report within ninety (90) days from the end of each calendar year after DFB has sold the royalty-bearing product. DFB has provided us earn-out reports on a quarterly basis. BioSpecifics has now recognized all income from the Santyl sales under the DFB agreement, and expects to receive the corresponding cash payment, the income recognized in 2013, in March 2014.
	Licensing Revenue
	We include revenue recognized from upfront licensing, sublicensing and milestone payments in “License Revenues” in our consolidated statements of operations in this Report.
	Upfront License and Sublicensing Fees
	We generally recognize revenue from upfront licensing and sublicensing fees when the agreement is signed, we have completed the earnings process and we have no ongoing performance obligation with respect to the arrangement. Nonrefundable upfront technology license for product candidates for which we are providing continuing services related to product development are deferred and recognized as revenue over the development period.
	Milestones
	Milestones, in the form of additional license fees, typically represent nonrefundable payments to be received in conjunction with the achievement of a specific event identified in the contract, such as completion of specified development activities and/or regulatory submissions and/or approvals. We believe that a milestone represents the culmination of a distinct earnings process when it is not associated with ongoing research, development or other performance on our part. We recognize such milestones as revenue when they become due and collection is reasonably assured. When a milestone does not represent the culmination of a distinct earnings process, we recognize revenue in a manner similar to that of an upfront license fee.
	The timing and amount of revenue that we recognize from licenses of technology, either from upfront fees or milestones where we are providing continuing services related to product development, is primarily dependent upon our estimates of the development period. We define the development period as the point from which research activities commence up to regulatory approval of either our, or our partners’ submission assuming no further research is necessary. As product candidates move through the development process, it is necessary to revise these estimates to consider changes to the product development cycle, such as changes in the clinical development plan, regulatory requirements, or various other factors, many of which may be outside of our control. Should the U.S. Food and Drug Administration or other regulatory agencies require additional data or information, we would adjust our development period estimates accordingly. The impact on revenue of changes in our estimates and the timing thereof is recognized prospectively over the remaining estimated product development period.
	Consulting and Technical Assistance Services
	We recognized revenues from consulting and technical assistance contracts primarily as a result of our DFB Agreement and Auxilium Agreement. Consulting revenues are recognized ratably over the term of the contract. The consulting and technical assistance obligations to DFB expired in March 2011.
Treasury Stock	'
	Treasury Stock
	The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity.
Receivables, Deferred Revenue and Allowance for Doubtful Accounts	'
	Receivables, Deferred Revenue and Allowance for Doubtful Accounts
	Trade accounts receivable are stated at the amount the Company expects to collect. We maintain allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. We consider the following factors when determining the collectability of specific customer accounts: customer credit-worthiness, past transaction history with the customer, current economic industry trends, and changes in customer payment terms.  Our accounts receivable balance is typically due from its two large pharmaceutical customers.  These companies have historically paid timely and have been financially stable organizations.  Due to the nature of the accounts receivable balance, we believe the risk of doubtful accounts is minimal.  If the financial condition of our customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required.  We provide for estimated uncollectible amounts through a charge to earnings and a credit to a valuation allowance. Balances that remain outstanding after we have used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable.
	Accounts receivable as of December 31, 2013 is approximately $5.0 million, which consists of approximately $3.5 million due from DFB in accordance with the expired earn-out under the DFB Agreement and approximately $1.5 million in royalties and mark-up on costs of goods sold due from Auxilium in accordance with the terms of the Auxilium Agreement. Deferred revenue of $0.2 million consist of  licensing fees related to the cash payments received under the Auxilium Agreement in prior years and amortized over the expected development period of certain indications for CCH. We recorded no material bad debt expense in each of the last three years.  The allowance for doubtful accounts balance was $30,095, at December 31, 2013 and 2012.
Reimbursable Third Party Development Costs	'
	Reimbursable Third Party Development Costs
	We accrued patent expenses for research and development that are reimbursable by us under the Auxilium Agreement.  We capitalize certain patent costs related to estimated third party development costs that are reimbursable under the Auxilium Agreement. In August 2011, through the amendment and restatement of our development and license agreement with Auxilium, we have clarified the rights and responsibilities of the joint development of XIAFLEX and CCH. We resolved what had been an on-going dispute with Auxilium concerning the appropriate amount of creditable third party development expenses related to the lyophilization of the injection formulation and certain patent expenses for research and development costs that are reimbursable under the Auxilium Agreement. We agreed and have reimbursed Auxilium by offsetting future royalties payable for the amount invoiced us for third party development costs related to the development of the lyophilization of the injection formulation. We do not expect any additional third party development cost related to the lyophilization of the injection formulation.
	As of December 31, 2013 our net reimbursable third party patent expense accrual was approximately $60,000.
Third-Party Royalties	'
	Third-Party Royalties
	We have entered into licensing and royalty agreements with third parties and agreed to pay certain royalties on net sales of products for specific indications.  We accrue third-party royalty expenses on net sales reported to us by Auxilium. Third-party royalty expense is generally expensed in the quarter that Auxilium provides the written reports and related information to us, that is, generally one quarter following the quarter in which the underlying sales by Auxilium occurred. We expect our third party royalty expense under General and Administrative expenses will continue to increase as net sales by Auxilium for XIAFLEX increase and potential new indications for CCH are approved.
Royalty Buy-Down	'
	Royalty Buy-Down
	On March 31, 2012, we entered into an amendment to our existing agreement, dated August 27, 2008, related to our future royalty obligations for Peyronie’s disease. The amendment enables us to buy down a portion of our future royalty obligations in exchange for an initial cash payment of $1.5 million and five additional cash payments, one of which was paid in December 2013.
	As of December 31, 2013, we have capitalized $3.35 million related to this agreement which will be amortized over approximately five years beginning on the date of the first commercial sale of XIAFLEX for the treatment of Peyronie’s disease, which represents the period estimated to be benefited using the straight-line method. In accordance with Accounting Standards Codification 350, Intangibles, Goodwill and Other, the Company amortizes intangible assets with finite lives in a manner that reflects the pattern in which the economic benefits of the assets are consumed or otherwise used up. If that pattern cannot be reliably determined, the assets are amortized using the straight-line method. We perform an evaluation of the recoverability of the carrying value of our intangible assets to determine if facts and circumstances indicate that the carrying value of intangible assets may be impaired and if any adjustment is warranted. Based on our evaluation as of December 31, 2013, no impairment existed for intangible assets.
Research and Development Expenses	'
	Research and Development Expenses
	Research and development expenses include, but are not limited to, internal costs, such as salaries and benefits, costs of materials, lab expense, facility costs and overhead. Research and development (“R&D”) expenses also consist of third party costs, such as medical professional fees, product costs used in clinical trials, consulting fees and costs associated with clinical study arrangements. We may fund R&D at medical research institutions under agreements that are generally cancelable. All of these costs are charged to R&D as incurred, which may be measured by percentage of completion, contract milestones, patient enrollment, or the passage of time.
Clinical Trial Expenses	'
	Clinical Trial Expenses
	Our cost accruals for clinical trials are based on estimates of the services received and efforts expended pursuant to contracts with various clinical trial centers and clinical research organizations. In the normal course of business we contract with third parties to perform various clinical trial activities in the ongoing development of potential drugs. The financial terms of these agreements are subject to negotiation and vary from contract to contract and may result in uneven payment flows. Payments under the contracts depend on factors such as the achievement of certain events, the successful enrollment of patients, the completion of portions of the clinical trial, or similar conditions. The objective of our accrual policy is to match the recording of expenses in our financial statements to the actual cost of services received and efforts expended. As such, expenses related to each patient enrolled in a clinical trial are recognized ratably beginning upon entry into the trial and over the course of the patient’s continued participation in the trial. In the event of early termination of a clinical trial, we accrue an amount based on our estimate of the remaining non-cancelable obligations associated with the winding down of the clinical trial. Our estimates and assumptions could differ significantly from the amounts that may actually be incurred.
Income Taxes	'
	Income Taxes
	Deferred tax assets and liabilities are recognized based on the expected future tax consequences, using current tax rates, of temporary differences between the financial statement carrying amounts and the income tax basis of assets and liabilities. A valuation allowance is applied against any net deferred tax asset if, based on the weighted available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.
	We use the asset and liability method of accounting for income taxes, as set forth in Accounting Standards Codification 740-10-25-2. Under this method, deferred income taxes, when required, are provided on the basis of the difference between the financial reporting and income tax basis of assets and liabilities at the statutory rates enacted for future periods. In accordance with Accounting Standards Codification 740-10-45-25, Income Statement Classification of Interest and Penalties, we classify interest associated with income taxes under interest expense and tax penalties under other.
Stock-Based Compensation	'
	Stock Based Compensation
	The Company has two stock-based compensation plans in effect which are described more fully in Note 10. Accounting Standards Codification 718, Compensation - Stock Compensation (“ASC 718”) requires the recognition of compensation expense, using a fair-value based method, for costs related to all share-based awards including stock options and common stock issued to our employees and directors under our stock plans. It requires companies to estimate the fair value of share-based awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over the requisite service periods in our Consolidated Statements of Operations.
	Under the ASC 718, we estimate the fair value of our employee stock awards at the date of grant using the Black-Scholes option-pricing model, which requires the use of certain subjective assumptions. The most significant of these assumptions are our estimates of the expected volatility of the market price of our stock and the expected term of an award. When establishing an estimate of the expected term of an award, we consider the vesting period for the award, our recent historical experience of employee stock option exercises (including forfeitures) and the expected volatility. When there is uncertainty in the factors used to determine the expected term of an award, we use the simplified method. As required under the accounting rules, we review our valuation assumptions at each grant date and, as a result, our valuation assumptions used to value employee stock-based awards granted in future periods may change. The company granted 30,000, 15,000 and zero stock options in 2013, 2012 and 2011, respectively.
	Further, ASC 718 requires that employee stock-based compensation costs to be recognized over the requisite service period, or the vesting period, in a manner similar to all other forms of compensation paid to employees. The allocation of employee stock-based compensation costs to each operating expense line are estimated based on specific employee headcount information at each grant date and estimated stock option forfeiture rates and revised, if necessary, in future periods if actual employee headcount information or forfeitures differ materially from those estimates. As a result, the amount of employee stock-based compensation costs we recognize in each operating expense category in future periods may differ significantly from what we have recorded in the current period.
	Stock-based compensation expense recognized under ASC 718 was as follows:
		December 31,
		2013		2012		2011
	Research and development	$	92,249	$	171,217	$	96,849
	General and administrative		19,387		57,268		420,518
	Total stock-based compensation expense	$	111,636	$	228,485	$	517,367
	We account for stock options granted to persons other than employees or directors at fair value using the Black-Scholes option-pricing model in accordance with Accounting Standards Codification 505-50, Equity Based Payments to Non-Employees (“ASC 505-50”).  Stock options granted to such persons and stock options that are modified and continue to vest when an employee has a change in employment status are subject to periodic revaluation over their vesting terms. We recognize the resulting stock-based compensation expense during the service period over which the non-employee provides services to us. The stock-based compensation expense related to non-employees for the years ended December 31, 2013, 2012 and 2011 was $79,049, $109,479, and zero, respectively.
Property, Plant and Equipment	'
	Property, Plant and Equipment
	Property, plant and equipment are stated at cost, less accumulated depreciation. Machinery and equipment, furniture and fixtures, and autos are depreciated on the straight-line basis over their estimated useful lives of 5 to 10 years.
Patent Costs	'
	Patent Costs
	We amortize intangible assets with definite lives on a straight-line basis over their estimated useful lives, ranging from 1 to 13 years, and review for impairment on a quarterly basis and when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable.
	As of December 31, 2013, the Company’s capitalized costs related to certain patents paid by Auxilium on behalf of the Company and are reimbursable to Auxilium under the Auxilium Agreement.  These patent costs are creditable against future royalty revenues. At December 31, net patent costs consisted of:
		2013		2012		2011
	Patents, net	$	215,999	$	280,322	$	190,416
	The amortization expense for patents was $64,323, $64,190and $50,685, for the years ended December 31, 2013, 2012 and 2011. The estimated aggregate amortization expense for each of the next five years is as follows:
	2014	$	53,000
	2015		25,000
	2016		20,000
	2017		20,000
	2018		20,000

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]	'
Stock-Based Compensation Expense	'
	Stock-based compensation expense recognized under ASC 718 was as follows:
		December 31,
		2013		2012		2011
	Research and development	$	92,249	$	171,217	$	96,849
	General and administrative		19,387		57,268		420,518
	Total stock-based compensation expense	$	111,636	$	228,485	$	517,367
Net Patent Costs	'
	At December 31, net patent costs consisted of:
		2013		2012		2011
	Patents, net	$	215,999	$	280,322	$	190,416
Estimated Aggregate Future Amortization Expense	'
	The estimated aggregate amortization expense for each of the next five years is as follows:
	2014	$	53,000
	2015		25,000
	2016		20,000
	2017		20,000
	2018		20,000

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2013
FAIR VALUE MEASUREMENTS [Abstract]	'
Fair Value Assets Measured on Recurring Basis	'
	The following tables present the Company’s fair value hierarchy for these financial assets as of December 31, 2013, 2012 and 2011:
	31-Dec-13	Fair Value		Level 1		Level 2		Level 3
	Cash and cash equivalents	$	5,624,860	$	5,624,860		-		-
	Certificates of Deposit		6,966,964		6,966,964		-		-
	31-Dec-12	Fair Value		Level 1		Level 2		Level 3
	Cash and cash equivalents	$	3,383,737	$	3,383,737		-		-
	Certificates of Deposit		5,120,000		5,120,000		-		-
	31-Dec-11	Fair Value		Level 1		Level 2		Level 3
	Cash and cash equivalents	$	3,196,831	$	3,196,831		-		-
	Certificates of Deposit		5,000,000		5,000,000		-		-

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2013
EARNINGS PER SHARE [Abstract]	'
Schedule of Earnings per Share Basic and Diluted	'
	Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period increased to include all additional common shares that would have been outstanding assuming potentially dilutive common shares, resulting from option exercises, had been issued and any proceeds thereof used to repurchase common stock at the average market price during the period.
		2013		2012		2011
	Net income for diluted computation	$	5,285,847	$	2,981,075	$	6,601,626
	Weighted average shares:
	Basic		6,345,615		6,351,245		6,340,648
	Effect of dilutive securities:
	Stock options		576,659		630,282		611,738
	Diluted		6,922,274		6,981,527		6,952,386
	Net income per share:
	Basic	$	0.83	$	0.47	$	1.04
	Diluted	$	0.76	$	0.43	$	0.95

PROPERTY_PLANT_AND_EQUIPMENT_T

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2013
PROPERTY, PLANT AND EQUIPMENT [Abstract]	'
Property, Plant and Equipment	'
	Property, plant and equipment from continuing operations consist of:
		December 31,
		2013			2012			2011
	Machinery and equipment	$	562,610		$	562,610		$	562,610
	Furniture and fixtures		91,928			91,928			91,928
	Leasehold improvements		1,185,059			1,185,059			1,185,059
			1,839,597			1,839,597			1,839,597
	Less accumulated depreciation and amortization		(1,839,597	)		(1,839,597	)		(1,839,597	)
		$	-		$	-		$	-

ACCOUNTS_PAYABLE_AND_ACCRUED_L1

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2013
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES [Abstract]	'
Accounts Payable and Accrued Expenses	'
	Accounts payable and accrued liabilities consist of the following:
		December 31,
		2013		2012		2011
	Trade accounts payable and accrued expenses	$	409,617	$	304,635	$	407,954
	Accrued legal and other professional fees		61,538		61,147		50,000
	Accrued payroll and related costs		163,122		147,084		143,048
		$	634,277	$	512,866	$	601,002

INCOME_TAXES_Tables

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2013
INCOME TAXES [Abstract]	'
Schedule of Components of Income Tax Expense (Benefit)	'
	The provision for income taxes consists of the following:
	Year ended December 31,
		2013			2012			2011
	Current taxes:
	Federal	$	2,724,597		$	686,968		$	-
	State		25,491			12,182			3,525
	Total current taxes		2,750,088			699,150			3,525
	Deferred taxes:
	Federal		(68,298	)		1,134,532			(1,219,190	)
	State		3,023			340,372			(122,593	)
	Total deferred taxes		(65,274	)		1,474,904			(1,341,783	)
	Total provision for income taxes	$	2,684,814		$	2,174,054		$	(1,338,258	)
Schedule of Effective Income Tax Rate Reconciliation	'
	The effective income tax rate of the Company differs from the federal statutory tax rate of 34% due to the following items:
	Year ended December 31,
		2013			2012			2011
	Statutory rate		34	%		34	%		34	%
	State income taxes, net of federal income tax benefit		0.21	%		0.16	%		7.1	%
	Stock-based compensation		0.11	%		1.51	%		4	%
	Change in effective state tax rate		0.02	%		6.59	%		-
	Other, net		(0.66	)%		(0.08	)%		(5.9	)%
	Increase (decrease) in valuation allowance		-			-			(64.6	)%
	Effective tax rate (benefit)		33.68	%		42.18	%		(25.4	%)
Schedule of Deferred Tax Asset	'
	The components of deferred income tax assets and liabilities are as follows:
	Year ended December 31,
		2013			2012			2011
	Tax credit carry forward	$	-		$	-		$	1,027,633
	Deferred revenues		71,062			132,514			293,297
	Other		71,304			27,322			17,253
	Options		1,365,409			1,413,214			1,687,780
	Net operating loss carry forward		-			-			21,992
	Net deferred tax assets before valuation allowance		1,507,776			1,573,050			3,047,955
	Valuation allowance		-			-			-
	Net deferred tax asset	$	1,507,776		$	1,573,050		$	3,047,955

STOCKHOLDERS_EQUITY_Tables

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2013
STOCKHOLDERS' EQUITY [Abstract]	'
Assumptions used to estimate the fair values of the stock options granted	'
	The following table presents the assumptions used to estimate the fair values of the stock options granted in the periods presented:
			September				April				May
			2013				2013				2012
	Risk-free interest rate			1.73	%			0.68	%			0.69	%
	Expected volatility			33	%			37	%			54	%
	Expected life (in years)			5				5				5
	Dividend yield			-				-				-
	Weighted-average estimated fair value of options granted during the year		$	85,000			$	79,000			$	110,000
Summary of Stock Options Activity	'
	The summary of the stock options activity is as follows for year ended:
							Weighted
							Average
							Exercise
			Shares				Price
	Outstanding at December 31, 2012			1,182,000			$	8.9
	31-Dec-13
	Options granted			30,000			$	16.88
	Options exercised			(30,000	)			1
	Options canceled or expired			15,000				30.79
	Outstanding at end of year			1,167,000				9.03
	Options exercisable at year end			1,132,000				8.55
	Shares available for future grant			239,098				--
Schedule of Information Relating to Stock Options by Exercise Price	'
	The following table summarizes information relating to stock options by exercise price at December 31, 2013:
					Outstanding Shares										Exercisable Shares
													Weighted				Weighted
									Weighted				Average				Average
	Option				Number of				Average Life				Exercise		Number of		Option
	Exercise Price				Shares				(years)				Price		Shares		Price
	$	0.83 - 2.00				467,500				2.1			$	1.01		467,500	$	1.01
		4.00 - 6.00				242,000				3.41				4.69		242,000		4.69
		13.00 - 16.00				155,000				5.24				13.96		155,000		13.96
		17.00 - 19.00				85,000				5.77				17.73		70,000		17.69
		20.00 - 21.00				112,500				4.75				20.57		112,500		20.57
		26.00 - 30.00				105,000				5.82				28.02		85,000		27.74
						1,167,000				3.72			$	9.03		1,132,000	$	8.55

SELECTED_QUARTERLY_DATA_Unaudi1

SELECTED QUARTERLY DATA (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2013
SELECTED QUARTERLY DATA (Unaudited) [Abstract]	'
Schedule of Quarterly Financial Information	'
	The results of operations for any quarter are not necessarily indicative of the results of operations for any future period.
		First		Second		Third		Fourth
		Quarter		Quarter		Quarter		Quarter
	Year ended December 31, 2013
	Net revenues	$	3,980,024	$	3,269,983	$	3,145,123	$	4,072,110
	Operating profit		2,066,668		1,563,685		1,738,501		2,575,607
	Net income		1,353,084		1,028,186		1,178,775		1,725,802
	Basic earnings per share	$	0.21	$	0.16	$	0.19	$	0.27
	Diluted earnings per share	$	0.19	$	0.15	$	0.17	$	0.25
		First		Second		Third		Fourth
		Quarter		Quarter		Quarter		Quarter
	Year ended December 31, 2012
	Net revenues	$	2,586,748	$	2,601,834	$	2,448,225	$	3,508,271
	Operating profit		1,248,474		1,047,562		779,527		2,044,932
	Net income		742,390		666,682		471,047		1,100,956
	Basic earnings per share	$	0.12	$	0.11	$	0.07	$	0.17
	Diluted earnings per share	$	0.11	$	0.1	$	0.07	$	0.16

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	Plan	Payment
	Quarter
	Payment
	Customer
Concentration of Credit Risk and Major Customers [Abstract]	'	'	'
Accounts receivable	$5,004,418	$5,082,360	'
Number of customers	2	'	'
Royalty revenue	11,767,758	9,155,654	6,314,959
Deferred revenue	100,000	100,000	'
Royalty / Mark-up on Cost of Goods Sold / Earn-Out Revenue [Abstract]	'	'	'
Number of quarters after which revenue is recognized	1	'	'
Number of days after calendar year, after which payments and report are received	'90 days	'	'
Number of years for which bad debt expense not recorded	'3 years	'	'
Allowance for doubtful accounts	30,095	30,095	'
Reimbursable Third Party Development Costs [Abstract]	'	'	'
Accrued patent costs	60,000	'	'
Royalty Buy-Down [Abstract]	'	'	'
Initial payment for royalty buy down	600,000	1,500,000	0
Number of additional cash payments for royalty buy-down	'	5	'
Number of cash payments made for royalty obligation	1	'	'
Deferred royalty buy-down	3,350,000	2,750,000	'
Deferred costs, amortization period	'5 years	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'
Number of stock based compensation plans in effect	2	'	'
Stock-based compensation expense	111,636	228,485	517,367
Stock options granted (in shares)	30,000	15,000	0
Patent cost, net [Abstract]	'	'	'
Patents, net	215,999	280,322	190,416
Amortization expense for patents	64,323	64,190	50,685
Estimated aggregate amortization expense [Abstract]	'	'	'
2014	53,000	'	'
2015	25,000	'	'
2016	20,000	'	'
2017	20,000	'	'
2018	20,000	'	'
Minimum [Member]	'	'	'
Property, Plant and Equipment [Line Items]	'	'	'
Estimated useful life of property, plant and equipment (in years)	'5 years	'	'
Intangible assets with definite lives useful life (in years)	'1 year	'	'
Maximum [Member]	'	'	'
Property, Plant and Equipment [Line Items]	'	'	'
Estimated useful life of property, plant and equipment (in years)	'10 years	'	'
Intangible assets with definite lives useful life (in years)	'13 years	'	'
Non-Employee Consultants [Member]	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'
Stock-based compensation expense	79,049	109,479	0
Research and Development [Member]	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'
Stock-based compensation expense	92,249	171,217	96,849
General and Administrative [Member]	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'
Stock-based compensation expense	19,387	57,268	420,518
DFB Biotech Inc. [Member]	'	'	'
Concentration of Credit Risk and Major Customers [Abstract]	'	'	'
Accounts receivable	3,500,000	'	'
Royalty revenue	3,500,000	'	'
DFB Biotech Inc. [Member] | Accounts Receivable [Member]	'	'	'
Concentration of Credit Risk and Major Customers [Abstract]	'	'	'
Concentration risk percentage (in hundredths)	70.00%	'	'
DFB Biotech Inc. [Member] | Licensing, Consulting And Royalty Revenue [Member]	'	'	'
Concentration of Credit Risk and Major Customers [Abstract]	'	'	'
Concentration risk percentage (in hundredths)	30.00%	'	'
Auxilium [Member]	'	'	'
Concentration of Credit Risk and Major Customers [Abstract]	'	'	'
Accounts receivable	1,500,000	'	'
Royalty revenue	8,200,000	'	'
Deferred revenue	$200,000	'	'
Auxilium [Member] | Accounts Receivable [Member]	'	'	'
Concentration of Credit Risk and Major Customers [Abstract]	'	'	'
Concentration risk percentage (in hundredths)	30.00%	'	'
Auxilium [Member] | Licensing, Consulting And Royalty Revenue [Member]	'	'	'
Concentration of Credit Risk and Major Customers [Abstract]	'	'	'
Concentration risk percentage (in hundredths)	70.00%	'	'

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details) (Recurring [Member], USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Cash and cash equivalents	$5,624,860	$3,383,737	$3,196,831
Certificates of Deposit	6,966,964	5,120,000	5,000,000
Level 1 [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Cash and cash equivalents	5,624,860	3,383,737	3,196,831
Certificates of Deposit	6,966,964	5,120,000	5,000,000
Level 2 [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Cash and cash equivalents	0	0	0
Certificates of Deposit	0	0	0
Level 3 [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Cash and cash equivalents	0	0	0
Certificates of Deposit	$0	$0	$0

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
EARNINGS PER SHARE [Abstract]	'	'	'	'	'	'	'	'	'	'	'
Net income for diluted computation	$1,725,802	$1,178,775	$1,028,186	$1,353,084	$1,100,956	$471,047	$666,682	$742,390	$5,285,847	$2,981,075	$6,601,626
Weighted average shares [Abstract]	'	'	'	'	'	'	'	'	'	'	'
Basic (in shares)	'	'	'	'	'	'	'	'	6,345,615	6,351,245	6,340,648
Effect of dilutive securities [Abstract]	'	'	'	'	'	'	'	'	'	'	'
Stock options (in shares)	'	'	'	'	'	'	'	'	576,659	630,282	611,738
Diluted (in shares)	'	'	'	'	'	'	'	'	6,922,274	6,981,527	6,952,386
Net income Per Share [Abstract]	'	'	'	'	'	'	'	'	'	'	'
Basic (in dollars per share)	$0.27	$0.19	$0.16	$0.21	$0.17	$0.07	$0.11	$0.12	$0.83	$0.47	$1.04
Diluted (in dollars per share)	$0.25	$0.17	$0.15	$0.19	$0.16	$0.07	$0.10	$0.11	$0.76	$0.43	$0.95

PROPERTY_PLANT_AND_EQUIPMENT_D

PROPERTY, PLANT AND EQUIPMENT (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Property, plant and equipment [Abstract]	'	'	'
Property, plant and equipment, gross	$1,839,597	$1,839,597	$1,839,597
Less accumulated depreciation and amortization	-1,839,597	-1,839,597	-1,839,597
Property, plant and equipment, net	0	0	0
Total depreciation expense	0	0	0
Machinery and Equipment [Member]	'	'	'
Property, plant and equipment [Abstract]	'	'	'
Property, plant and equipment, gross	562,610	562,610	562,610
Furniture and Fixtures [Member]	'	'	'
Property, plant and equipment [Abstract]	'	'	'
Property, plant and equipment, gross	91,928	91,928	91,928
Leasehold Improvements [Member]	'	'	'
Property, plant and equipment [Abstract]	'	'	'
Property, plant and equipment, gross	$1,185,059	$1,185,059	$1,185,059

ACCOUNTS_PAYABLE_AND_ACCRUED_L2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accounts payable and accrued expenses [Abstract]	'	'	'
Trade accounts payable and accrued expenses	$409,617	$304,635	$407,954
Accrued legal and other professional fees	61,538	61,147	50,000
Accrued payroll and related costs	163,122	147,084	143,048
Total	$634,277	$512,866	$601,002

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Current taxes [Abstract]	'	'	'	'
Federal	$2,724,597	$686,968	$0	'
State	25,491	12,182	3,525	'
Total current taxes	2,750,088	699,150	3,525	'
Deferred taxes [Abstract]	'	'	'	'
Federal	-68,298	1,134,532	-1,219,190	'
State	3,023	340,372	-122,593	'
Total deferred taxes	-65,274	1,474,904	-1,341,783	'
Total provision for income taxes	2,684,814	2,174,054	-1,338,258	'
Effective income tax rate differs from federal statutory tax rate [Abstract]	'	'	'	'
Statutory rate (in hundredths)	34.00%	34.00%	34.00%	'
State income taxes, net of federal income tax benefit (in hundredths)	0.21%	0.16%	7.10%	'
Stock-based compensation (in hundredths)	0.11%	1.51%	4.00%	'
Change in effective state tax rate (in hundredths)	0.02%	6.59%	0.00%	'
Other, net (in hundredths)	-0.66%	-0.08%	-5.90%	'
Increase (decrease) in valuation allowance (in hundredths)	0.00%	0.00%	-64.60%	'
Effective tax rate (benefit) (in hundredths)	33.68%	42.18%	-25.40%	'
Deferred tax assets [Abstract]	'	'	'	'
Tax credit carry forward	0	0	1,027,633	'
Deferred revenues	71,062	132,514	293,297	'
Other	71,304	27,322	17,253	'
Options	1,365,409	1,413,214	1,687,780	'
Net operating loss carry forward	0	0	21,992	'
Net deferred tax assets before valuation allowance	1,507,776	1,573,050	3,047,955	'
Valuation allowance	0	0	0	-3,600,000
Net deferred tax asset	1,507,776	1,573,050	3,047,955	'
Decrease in deferred tax assets related to stock based compensation	'	300,000	'	'
Unutilized tax deductible expenses	600,000	800,000	700,000	'
Provision for income taxes	2,684,816	2,174,054	-1,338,256	'
Tax credit to reduce our federal income tax	'	1,000,000	'	'
Recognized tax effect in exercise of nonqualified options	'	800,000	'	'
Tax benefit from stock options exercised	200,000	300,000	1,700,000	'
Tax benefit from non-qualified options	'	32,000	'	'
Increased additional paid-in capital	197,412	262,695	1,709,699	'
Utilized tax assets from operating loss carryforwards	'	16,000	'	'
Operating Loss Carryforwards [Line Items]	'	'	'	'
Refundable federal income taxes	255,708	51,070	'	'
Deferred licensing revenue	100,000	100,000	'	'
Valuation allowance against tax asset for state net operating loss carryforwards	'	300,000	'	'
Research and development credit	17,000	'	'	'
State [Member]	'	'	'	'
Operating Loss Carryforwards [Line Items]	'	'	'	'
Federal and state net operating loss carryforwards	'	4,200,000	'	'
Federal [Member]	'	'	'	'
Operating Loss Carryforwards [Line Items]	'	'	'	'
Federal and state net operating loss carryforwards	'	47,000	'	'
Refundable federal income taxes	$200,000	'	'	'

STOCKHOLDERS_EQUITY_Details

STOCKHOLDERS' EQUITY (Details) (USD $)

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Jul. 31, 2007

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2003

Dec. 31, 2013

Dec. 16, 2003

Aug. 31, 2001

0.83-2.00 [Member]

4.00-6.00 [Member]

13.00-16.00 [Member]

17.00-19.00 [Member]

20.00-21.00 [Member]

26.00-30.00 [Member]

September 2013 [Member]

April 2013 [Member]

May 2012 [Member]

1997 Stock Option Plan [Member]

1997 Stock Option Plan [Member]

1997 Stock Option Plan [Member]

2001 Stock Option Plan [Member]

2001 Stock Option Plan [Member]

2001 Stock Option Plan [Member]

2001 Stock Option Plan [Member]

Installment

Qualified Incentive Stock Options [Member]

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares authorized for issuance (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

500,000

'

'

2,050,000

1,750,000

750,000

Exercise price per share of common stock (in hundredths)

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

110.00%

'

'

'

'

Minimum ownership percentage for qualified incentive stock options (in hundredths)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10.00%

'

'

'

'

Number of installments for options vest and become exercisable

'

'

'

'

'

'

'

'

'

'

'

'

'

4

'

'

'

'

'

Options expiry period (in years)

'

'

'

'

'

'

'

'

'

'

'

'

'

'10 years

'5 years

'

'

'

'

Number of stock options expired (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

231,000

'

'

'

'

'

'

Number of options outstanding (in shares)

1,167,000

1,182,000

'

'

'

'

'

'

'

'

'

'

'

1,167,000

'

'

1,167,000

'

'

Number of additional shares authorized (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,000,000

300,000

'

'

Plan expire date

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

23-Apr-19

'

'

Assumptions used to estimate the fair values of the stock options granted [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Risk-free interest rate (in hundredths)

'

'

'

'

'

'

'

'

'

1.73%

0.68%

0.69%

'

'

'

'

'

'

'

Expected volatility (in hundredths)

'

'

'

'

'

'

'

'

'

33.00%

37.00%

54.00%

'

'

'

'

'

'

'

Expected life (in years)

'

'

'

'

'

'

'

'

'

'5 years

'5 years

'5 years

'

'

'

'

'

'

'

Dividend yield (in hundredths)

'

'

'

'

'

'

'

'

'

0.00%

0.00%

0.00%

'

'

'

'

'

'

'

Weighted-average estimated fair value of options granted during the year

'

'

'

'

'

'

'

'

'

$85,000

$79,000

$110,000

'

'

'

'

'

'

'

Shares [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding, beginning of period (in shares)

1,182,000

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

Options granted (in shares)

30,000

15,000

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Options exercised (in shares)

-30,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Options canceled or expired (in shares)

15,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at end of year (in shares)

1,167,000

1,182,000

'

'

'

'

'

'

'

'

'

'

'

1,167,000

'

'

1,167,000

'

'

Options exercisable at year end (in shares)

1,132,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares available for future grant (in shares)

239,098

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted Average Exercise Price [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at beginning of year (in dollars per share)

$8.90

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Options granted (in dollars per share)

$16.88

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Options exercised (in dollars per share)

$1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Options canceled or expired (in dollars per share)

$30.79

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at end of year (in dollars per share)

$9.03

$8.90

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Options exercisable at year end (in dollars per share)

$8.55

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares available for future grant (in dollars per share)

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock options by exercise price [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Range of Options Exercise Prices, lower limit (in dollars per share)

'

'

'

$0.83

$4

$13

$17

$20

$26

'

'

'

'

'

'

'

'

'

'

Range of Options Exercise Prices, upper limit (in dollars per share)

'

'

'

$2

$6

$16

$19

$21

$30

'

'

'

'

'

'

'

'

'

'

Outstanding Shares (in shares)

1,167,000

'

'

467,500

242,000

155,000

85,000

112,500

105,000

'

'

'

'

'

'

'

'

'

'

Weighted Average Life

'3 years 8 months 19 days

'

'

'2 years 1 month 6 days

'3 years 4 months 28 days

'5 years 2 months 26 days

'5 years 9 months 7 days

'4 years 9 months

'5 years 9 months 25 days

'

'

'

'

'

'

'

'

'

'

Weighted Average Exercise Price (in dollars per share)

$9.03

'

'

$1.01

$4.69

$13.96

$17.73

$20.57

$28.02

'

'

'

'

'

'

'

'

'

'

Exercisable Shares (in shares)

1,132,000

'

'

467,500

242,000

155,000

70,000

112,500

85,000

'

'

'

'

'

'

'

'

'

'

Weighted Average Option price (in dollars per share)

$8.55

'

'

$1.01

$4.69

$13.96

$17.69

$20.57

$27.74

'

'

'

'

'

'

'

'

'

'

Proceeds from stock option exercises

30,000

148,425

82,450

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate intrinsic value of options outstanding

14,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Closing price of Company stock (in dollars per share)

$21.67

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unrecognized compensation cost

$79,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average period for recognition of unrecognized compensation cost (in years)

'3 years 9 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
COMMITMENTS AND CONTINGENCIES [Abstract]	'	'	'
Monthly rent of leased premises	$12,000	'	'
Rent expense under operating lease	135,000	135,000	135,000
Term of lease (in months)	'24 months	'	'
Notice period (in months)	'3 months	'	'
Future minimum annual rental payments	$132,000	'	'

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Related Party Transaction [Line Items]	'	'	'
Rent expense	$120,000	$135,000	$135,000

SELECTED_QUARTERLY_DATA_Unaudi2

SELECTED QUARTERLY DATA (Unaudited) (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Quarterly Financial Data [Abstract]	'	'	'	'	'	'	'	'	'	'	'
Net revenues	$4,072,110	$3,145,123	$3,269,983	$3,980,024	$3,508,271	$2,448,225	$2,601,834	$2,586,748	$14,467,240	$11,145,078	$11,395,726
Operating profit	2,575,607	1,738,501	1,563,685	2,066,668	2,044,932	779,527	1,047,562	1,248,474	7,944,461	5,120,495	5,191,767
Net income	$1,725,802	$1,178,775	$1,028,186	$1,353,084	$1,100,956	$471,047	$666,682	$742,390	$5,285,847	$2,981,075	$6,601,626
Basic earnings per share (in dollars per share)	$0.27	$0.19	$0.16	$0.21	$0.17	$0.07	$0.11	$0.12	$0.83	$0.47	$1.04
Diluted earnings per share (in dollars per share)	$0.25	$0.17	$0.15	$0.19	$0.16	$0.07	$0.10	$0.11	$0.76	$0.43	$0.95