Biospecifics Technologies (BSTC) 10-K 16 Mar 15 2014 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, 2014	Mar. 10, 2015	Jun. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	BIOSPECIFICS TECHNOLOGIES CORP
Entity Central Index Key	875622
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$136.80
Entity Common Stock, Shares Outstanding		6,742,622
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	FALSE
Document Period End Date	31-Dec-14

Consolidated_Balance_Sheet

Consolidated Balance Sheet (USD $)	Dec. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$9,810,816	$5,624,860
Short term investments	10,900,436	6,966,964
Accounts receivable, net	2,987,047	5,004,418
Income tax receivable	653,116	255,708
Deferred tax asset	16,907	94,992
Deferred royalty buy-down	569,641	0
Prepaid expenses and other current assets	210,847	326,519
Total current assets	25,148,810	18,273,461
Long-term Investments	1,250,000	0
Deferred royalty buy-down - long term	3,271,120	3,350,000
Deferred tax assets - long term	1,061,864	1,412,784
Patent costs, net	295,030	215,999
Total assets	31,026,824	23,252,244
Current liabilities:
Accounts payable and accrued expenses	543,696	634,277
Deferred revenue - license fees	49,378	69,130
Accrued liabilities of discontinued operations	78,138	78,138
Total current liabilities	671,212	781,545
Deferred revenue - license fees	98,757	138,260
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; 7,062,209 and 6,655,168 shares issued and 6,730,622 and 6,354,429 outstanding at December 31, 2014 and 2013, respectively	7,062	6,655
Additional paid-in capital	25,059,458	20,951,796
Retained earnings	9,620,978	4,975,018
Treasury stock, 331,587 and 300,739 shares at cost as of December 31, 2014 and 2013	-4,430,643	-3,601,030
Total stockholders' equity	30,256,855	22,332,439
Total liabilities and stockholders' equity	$31,026,824	$23,252,244

Consolidated_Balance_Sheet_Par

Consolidated Balance Sheet (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
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)	7,062,209	6,655,168
Common stock, outstanding (in shares)	6,730,622	6,354,429
Treasury stock, shares (in shares)	331,587	300,739

Consolidated_Statements_of_Inc

Consolidated Statements of Income (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues:
Net sales	$32,432	$37,458	$18,219
Royalties	12,985,370	11,767,758	9,155,654
Licensing revenue	1,059,254	2,662,024	1,971,205
Total revenues	14,077,056	14,467,240	11,145,078
Costs and expenses:
Research and development	1,263,512	1,484,416	1,249,755
General and administrative	5,814,185	5,038,363	4,774,828
Total costs and expenses	7,077,697	6,522,779	6,024,583
Operating income	6,999,359	7,944,461	5,120,495
Other income:
Interest income	32,158	26,202	34,634
Other	1,150	0	0
Total other income (expense)	33,308	26,202	34,634
Income before income tax	7,032,667	7,970,663	5,155,129
Income tax provision	-2,386,707	-2,684,816	-2,174,054
Net income	$4,645,960	$5,285,847	$2,981,075
Earnings per common share:
Basic (in dollars per share)	$0.72	$0.83	$0.47
Diluted (in dollars per share)	$0.66	$0.76	$0.43
Shares used in calculation of net income per common share:
Basic (in shares)	6,477,457	6,345,615	6,351,245
Diluted (in shares)	7,079,570	6,922,274	6,981,527

Consolidated_Statement_of_Stoc

Consolidated Statement of Stockholders' Equity (USD $)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earning [Member]	Treasury Stock [Member]	Total
Balances at Dec. 31, 2011	$6,531	$20,049,196	$0	($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 income	0	0	2,981,075	0	2,981,075
Balances at Dec. 31, 2012	6,625	20,688,706	-310,929	-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 canceled 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 income	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				6,354,429
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock option plans	407	2,146,414	0	0	2,146,821
Issuance of common stock under stock option plans (in shares)	407,042
Stock compensation expense	0	21,416	0	0	21,416
Repurchases of common stock	0	0	0	-829,613	-829,613
Repurchases of common stock (in shares)	0
Excess tax benefits from share-based payment arrangements	0	1,939,832	0	0	1,939,832
Net income	0	0	4,645,960	0	4,645,960
Balances at Dec. 31, 2014	$7,062	$25,059,458	$9,620,978	($4,430,643)	$30,256,855
Balances (in shares) at Dec. 31, 2014	7,062,209				6,730,622

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net income	$4,645,960	$5,285,847	$2,981,075
Adjustments to reconcile net income to net cash provided in operating activities:
Amortization	247,097	64,323	64,190
Stock-based compensation expense	21,416	111,636	228,485
Deferred tax expense	429,005	-10,653	1,474,904
Gain on the sale of fixed assets	-1,150	0	0
Changes in operating assets and liabilities:
Accounts receivable	2,017,371	77,942	-1,845,443
Income tax receivable	-397,408	-204,638	193,650
Prepaid expenses and other current assets	115,672	-176,795	-51,490
Patent costs	-198,952	0	-154,096
Accounts payable and accrued expenses	-90,580	121,411	-88,137
Deferred royalty buy-down	-600,000	-600,000	-1,500,000
Deferred revenue	-59,255	-133,524	-372,705
Net cash provided by operating activities from operations	6,129,176	4,535,549	930,433
Cash flows from investing activities:
Maturities of marketable securities	7,646,964	9,710,000	5,070,000
Purchases of marketable securities	-12,848,374	-11,556,964	-5,190,000
Proceeds from sale of fixed assets	1,150	0	0
Net cash used in investing activities from operations	-5,200,260	-1,846,964	-120,000
Cash flows from financing activities:
Proceeds from stock option exercises	2,146,821	30,000	148,425
Repurchases of common stock	-829,613	-674,874	-1,034,647
Excess tax benefits from share-based payment arrangements	1,939,832	197,412	262,695
Net cash provided by (used in) financing activities from operations	3,257,040	-447,462	-623,527
Increase in cash and cash equivalents	4,185,956	2,241,123	186,906
Cash and cash equivalents at beginning of year	5,624,860	3,383,737	3,196,831
Cash and cash equivalents at end of year	9,810,816	5,624,860	3,383,737
Cash paid during the year for:
Interest	0	0	0
Taxes	$415,279	$2,713,500	$232,000

Consolidated_Statements_of_Cas1

Consolidated Statements of Cash Flows (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2013
Supplemental disclosures of non-cash transactions:
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

ORGANIZATION_AND_DESCRIPTION_O

ORGANIZATION AND DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2014
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 clostridium histolyticum, or CCH, for multiple indications. We have a development and license agreement with Auxilium Pharmaceuticals, Inc., or Auxilium, for injectable collagenase (named XIAFLEX®) for marketed indications and CCH for indications in development. On January 29, 2015, Auxilium was acquired by Endo International PLC (“Endo”) and is now a wholly owned subsidiary of Endo. Auxilium is currently selling XIAFLEX in the U.S. for the treatment of Dupuytren’s contracture and Peyronie’s disease and has an agreement with Swedish Orphan Biovitrum AB, or Sobi, pursuant to which Sobi has marketing rights for XIAPEX® (the EU trade name for CCH) 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 and Peyronie’s disease. In addition, Auxilium has an agreement with Asahi Kasei Pharma Corporation, or 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., or 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. Auxilium has an option to acquire additional indications that we may pursue, including human lipoma, and exercised its option in November 2014 to acquire the rights to canine lipoma.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Principles of Consolidation
	The consolidated financial statements include the accounts of the Company and its subsidiary, Advance Biofactures Corp., a New York corporation (“ABC-NY”). All intercompany balances and transactions have been eliminated.
	Reclassification
	Certain reclassifications have been made to prior year balances to conform to the current year’s presentation.
	Critical Accounting Policies, Estimates and Assumptions
	The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires the use of management’s estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company makes certain assumptions and estimates for its deferred tax assets and deferred royalty buy-down. For further details see footnote Provision for Income Taxes and Third Party Royalties and Royalty Buy-Down. Actual results could differ from those estimates.
	Cash, Cash Equivalents and Investments
	Cash equivalents include only securities having a maturity of three months or less at the time of purchase. Investments are stated on an amortized cost basis. The Company limits its credit risk associated with cash, cash equivalents and investments by placing its investments with banks it believes are highly creditworthy and with highly rated money market funds, certificates of deposit and pre-refunded municipal bonds. All investments are classified as held to maturity. As of December 31, 2014 and 2013, the aggregate fair value of these investments was $12.2 million and $7.0 million, respectively. No unrealized gains or losses were recorded in the balance sheet in either period.
	Fair Value Measurements
	Management believes that the carrying amounts of the Company’s financial instruments, including cash, cash equivalents, held to maturity investments, accounts receivable, accounts payable and accrued expenses approximate fair value due to the short-term nature of those instruments. As of December 31, 2014 and 2013, there were no recorded unrealized gains or losses on our held to maturity investments as they are held to maturity.
	The schedule of maturities at December 31, 2014 and 2013 are as follows:
		Maturities as of						Maturities as of
		31-Dec-14						31-Dec-13
		1 Year or Less			Greater than			1 Year or Less		Greater than
					1 Year					1 Year
	Pre-refunded municipal bonds	$	2,287,773		$	-		$	-	$	-
	Certificates of deposit		8,612,664			1,250,000			6,966,964		-
	Total	$	10,900,437		$	1,250,000		$	6,966,964	$	-
	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 and pre-refunded municipal bonds.
	At December 31, 2014 our accounts receivable balance was $3.0 million of which $2.9 million was from one customer, Auxilium. At December 31, 2013, the accounts receivable balance of $5.0 million was primarily from two customers, comprised of $3.5 million (70% of total) from DFB Biotech, Inc. and its affiliates (“DFB”) and $1.5 million (30% of total) from Auxilium.
	The Company is currently dependent on one customer, Auxilium, who generates almost all its revenues. For the year ended December 31, 2014, 2013 and 2012, the licensing, sublicensing, milestones and royalty revenues under our agreement with Auxilium were approximately $14.0 million, $10.9 million and $8.2 million, respectively.
	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 and year end 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 received payments and a report within ninety (90) days from the end of each calendar year after DFB sold the royalty-bearing product. DFB provided us earn-out reports on a quarterly basis. BioSpecifics has now recognized all income from the Santyl sales under the DFB agreement, and received the corresponding cash payment in March 2014, related to the income recognized in 2013.
	Licensing Revenue
	We include revenue recognized from upfront licensing, sublicensing and milestone payments in “License Revenues” in our consolidated statements of income 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.
	Treasury Stock
	The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity. For the year ended December 31, 2014, we repurchased 30,848 shares at an average price of $26.89 as compared to 40,107 shares at an average price of $16.83 in the 2013 period. In the 2012 period, we repurchased 66,028 shares at an average price of $15.67.
	Receivables
	Trade accounts receivable are stated at the amount the Company expects to collect. We may maintain allowances for doubtful accounts for estimated losses resulting from the inability of our 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 Auxilium, our one large pharmaceutical customer. Auxilium has historically paid timely and has been a financially stable organization. Due to the nature of the accounts receivable balance, we believe the risk of doubtful accounts is minimal. If the financial condition of our customer were to deteriorate, adversely affecting its ability to make payments, additional allowances would be required. We may 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.
	At December 31, 2014 our accounts receivable balance was $3.0 million of which $2.9 million was from one customer, Auxilium. At December 31, 2013, the accounts receivable balance of $5.0 million was primarily from two customers, comprised of $3.5 million (70% of total) from DFB and $1.5 million (30% of total) from Auxilium.
	Deferred Revenue
	Nonrefundable upfront product license fees, for product candidates for which we are providing continuing services related to product development, are deferred and recognized as revenue over the development period. For the years ended December 2014, 2013 and 2012, we recognized deferred revenue of $59,255, $133,524 and $372,705, respectively. At December 31, 2014 and 2013, our remaining deferred revenue balances were $148,135 and $207,390, respectively.
	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. As of December 31, 2014 and 2013 our net reimbursable third party patent expense accrual was approximately $34,000 and $60,000, respectively.
	Third Party Royalties and Royalty Buy-Down
	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. The royalty rates differ from agreement to agreement and in certain cases have been redacted with the permission of the Securities and Exchange Commission (“SEC”). No assumptions should be made that the disclosed royalty rates payable to a particular third party is the same or similar with respect to the royalty rates payable to other third parties. We accrue third party royalty expenses on net sales reported to us by Auxilium. Third party royalty costs are 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. For the years ended December 31, 2014, 2013 and 2012, third party royalty expenses was $0.8 million, $0.4 million and $0.3 million, respectively. 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.
	On March 31, 2012, we entered into an amendment to our existing agreement with Dr. Martin K. Gelbard, 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 of $600,000, two of which have been paid as of December 31, 2014. We are currently making the payments to buy down the future royalty obligations, which royalty obligations terminate 5 years after first commercial sale. The Company amortizes long-term contracts with finite lives in a manner that reflects the pattern in which the economic benefits of the assets are consumed or otherwise used up. Dr. Gelbard’s agreement is amortized based on an income forecast method by estimating sales of XIAFLEX for Peyronie’s disease on an annual basis as measured by the proportion to the total estimated sales over the five year period. For the year ended December 31, 2014, we amortized approximately $109,000 related to this agreement. For the years ended December 31, 2013 and 2012, there was no amortization related to this agreement, as XIAFLEX for the treatment of Peyronie’s disease was not approved for sale until December 2013 and the resulting royalty revenues were recognized in accordance with our royalty revenue recognition policy. As of December 31, 2014, the remaining capitalized balance was approximately $3.8 million. We perform an evaluation of the recoverability of the carrying value to determine if facts and circumstances indicate that the carrying value of the assets may be impaired and if any adjustment is warranted. As of December 31, 2014, there was no indicator that an impairment existed.
	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.
	The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefit recognized in the consolidated financial statements from such position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon the ultimate settlement. As of December 31, 2014 and 2013, the Company has not recorded any unrecognized tax benefits.
	Stock-Based Compensation
	The Company has one stock-based compensation plans in effect which is 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 income.
Under 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.
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.
Patent Costs
We amortize intangible assets with definite lives on a straight-line basis over their remaining estimated useful lives, ranging from 1 to 13 years, and review for impairment on an annual basis and when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. As of December 31, 2014, there was no indicator that an impairment existed.
For the year ended December 31, 2014, we capitalized patent costs related to patent prosecution and maintenance of approximately $199,000 based on the most current information reported to us by Auxilium. As of December 31, 2014, the Company’s estimated capitalized costs related to certain patent costs paid by Auxilium on behalf of the Company are approximately $34,000, which are reimbursable to Auxilium under the Auxilium Agreement. These patent costs are creditable against future royalty revenues. For each period presented below net patent costs consisted of:
	December 31,
	2014			2013
Patents	$	671,326		$	472,375
Accumulated Amortization		(376,296	)		(256,376	)
Net Patent Costs	$	295,030		$	215,999
The amortization expense for patents for the years ended December 31, 2014, 2013 and 2012 were $119,920, $64,323 and $64,190, respectively. The estimated aggregate amortization expense for each of the next five years is approximately as follows:
2015	$	43,000
2016		35,000
2017		35,000
2018		35,000
2019		35,000
New Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board issued a comprehensive new standard which amends revenue recognition principles and provides a single set of criteria for revenue recognition among all industries. The new standard provides a five step framework whereby revenue is recognized when promised goods or services are transferred to a customer at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires enhanced disclosures pertaining to revenue recognition in both interim and annual periods. The standard is effective for interim and annual periods beginning after December 15, 2016 and allows for adoption using a full retrospective method, or a modified retrospective method. We are currently assessing the method of adoption and the expected impact the new standard has on our financial position and results of operations.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2014
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, 2014, 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, 2014 and 2013:
			Fair Value		Level 1		Level 2		Level 3
	31-Dec-14	Type of Instrument
	Cash equivalents	Institutional Money Market	$	1,604,277	$	1,604,277		-		-
	Investments	Pre-Refunded Municipal Bonds		2,287,773		-		2,287,773		-
	Investments	Certificates of Deposit		9,862,664		9,862,664		-		-
	31-Dec-13	Type of Instrument	Fair Value		Level 1		Level 2		Level 3
	Cash equivalents	Institutional Money Market	$	2,105,860	$	2,105,860		-		-
	Investments	Certificates of Deposit		6,966,964		6,966,964		-		-

EARNINGS_PER_SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2014
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.
		2014		2013		2012
	Net income for diluted computation	$	4,645,960	$	5,285,847	$	2,981,075
	Weighted average shares:
	Basic		6,477,457		6,345,615		6,351,245
	Effect of dilutive securities:
	Stock options		602,113		576,659		630,282
	Diluted		7,079,570		6,922,274		6,981,527
	Net income per share:
	Basic	$	0.72	$	0.83	$	0.47
	Diluted	$	0.66	$	0.76	$	0.43
	We exclude from earnings per share the weighted-average number of securities whose effect is anti-dilutive. Excluded from the calculation of earnings per share for the years ended December 31, 2014, 2013 and 2012 were 20,000, 272,500, and 272,500 of options to purchase shares of common stock, respectively, because their effect is anti-dilutive.

PROPERTY_PLANT_AND_EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2014
PROPERTY, PLANT AND EQUIPMENT [Abstract]
PROPERTY, PLANT AND EQUIPMENT	5. PROPERTY, PLANT AND EQUIPMENT
	Property 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. Leasehold improvements are amortized over the lesser of their estimated useful lives or the remaining life of the lease. As of December 31, 2014, 2013 and 2012, property and equipment were fully depreciated.

COMPREHENSIVE_INCOME

COMPREHENSIVE INCOME	12 Months Ended
	Dec. 31, 2014
COMPREHENSIVE INCOME [Abstract]
COMPREHENSIVE INCOME	6. COMPREHENSIVE INCOME
	For the years ended 2014, 2013, 2012, 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, 2014
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES [Abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	7. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
	Accounts payable and accrued expenses consist of the following:
		December 31,
		2014		2013
	Trade accounts payable and accrued expenses	$	309,188	$	409,617
	Accrued legal and other professional fees		65,205		61,538
	Accrued payroll and related costs		169,303		163,122
		$	543,696	$	634,277

INCOME_TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2014
INCOME TAXES [Abstract]
INCOME TAXES	8. INCOME TAXES
	The provision for income taxes consists of the following:
		Year ended December 31,
		2014			2013			2012
	Current taxes:
	Federal	$	1,939,831		$	2,724,597		$	686,968
	State		17,872			25,491			12,182
	Total current taxes		1,957,703			2,750,088			699,150
	Deferred taxes:
	Federal		425,126			(68,296	)		1,134,532
	State		3,878			3,024			340,372
	Total deferred taxes		429,004			(65,272	)		1,474,904
	Total provision for income taxes	$	2,386,707		$	2,684,816		$	2,174,054
	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,
		2014			2013			2012
	Statutory rate		34	%		34	%		34	%
	State income taxes, net of federal income tax benefit		0.17	%		0.21	%		0.16	%
	Stock-based compensation		(0.40	)%		0.11	%		1.51	%
	Miscellaneous other, net		0.17	%		(0.64	)%		6.51	%
	Effective tax rate		33.94	%		33.68	%		42.18	%
	The effective rate reconciliation includes the permanent differences and changes in valuation allowance for windfalls and 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,
		2014			2013			2012
	Deferred revenues	$	50,722		$	71,062		$	132,514
	Other		96,501			71,305			27,322
	Options		931,548			1,365,409			1,413,214
	Net deferred tax asset	$	1,078,771		$	1,507,776		$	1,573,050
	Stock-based compensation, recorded in the Company's consolidated 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.
	During 2014, the Company has recorded $1.9 million of excess tax benefits resulting from the exercise of stock options which was recorded in additional paid in capital. As of December 31, 2014, the Company has a federal net operating loss carryforward of $2.9 million attributable to excess deduction from the exercise of stock options, the tax benefit of which will be recorded in additional paid in capital when utilized.
	As of December 31, 2014, the Company believes that there are no significant uncertain tax positions, and no amounts have been recorded for interest and penalties. The tax periods open to examination by the major taxing jurisdictions to which the Company is subject include fiscal years 2011 through 2013.

STOCKHOLDERS_EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2014
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	9. STOCKHOLDERS’ EQUITY
	Stock Option Plan
	At December 31, 2014, we have one stock option plan, the Amended and Restated 2001 Plan (“2001 Plan”). Under the 2001 Plan, qualified incentive stock options and non-qualified stock options may be granted to purchase up to an aggregate of 2,050,000 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. As of December 31, 2014, options to purchase 759,958 shares of common stock were outstanding under the 2001 Plan, and a total of 239,098 shares remain available for grant under the 2001 Plan.
	Stock-Based Compensation
	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,
			2014				2013				2012
	Research and development		$	-			$	92,249			$	171,217
	General and administrative			21,416				19,387				57,268
	Total stock-based compensation expense		$	21,416			$	111,636			$	228,485
	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 year ended December 31, 2014 was zero. In 2013 and 2012 non-employee stock compensation of $79,049 and $109,479 was recorded to research and development, respectively.
	Stock Options
	15,000 stock options valued at approximately $123,000 were granted to a new member of the Board of Directors (Max Link, Ph.D.) during the year ended December 31, 2014. At the time of his sudden death on October 6, 2014, none of these options had vested and, in accordance with the applicable terms, they expired upon his death. For the years ended December 31, 2013 and 2012, an aggregate 30,000 and 15,000 stock options were granted, valued at approximately $165,000 and $109,000, respectively. The following table presents the assumptions used to estimate the fair values of the stock options granted in the periods presented:
			2014				2013				2012
	Risk-free interest rate			1.66	%			1.21	%			0.69	%
	Expected volatility			32	%			35	%			54	%
	Expected life (in years)			5				5				5
	Dividend yield			-				-				-
	The summary of the stock options activity is as follows for year ended:
			Shares				Weighted-Average				Weighted-Average Remaining Contractual Term				Aggregate
							Exercise Price								Intrinsic Value
	Outstanding at January 1, 2013			1,182,000			$	8.9				4.49			$	9,597,000
	Grants			30,000				16.88				10				-
	Exercised			(30,000	)			1				-				602,100
	Forfeitures or expirations			(15,000	)			30.79				-				-
	Outstanding at January 1, 2014			1,167,000				9.03				3.65				15,420,965
	Grants			15,000				26.48				10				-
	Exercised			(407,042	)			5.27				-				11,559,689
	Forfeitures or expirations			(15,000	)			26.48				-				-
	Outstanding at December 31, 2014			759,958				11.04				3.12				23,483,235
	Vested and expected to vest at December 31, 2014			728,708				10.43				2.99				20,542,279
	Exercisable at December 31, 2014			728,708			$	10.43				2.99			$	20,542,279
	The following table summarizes information relating to stock options by exercise price at December 31, 2014:
					Outstanding Shares												Exercisable Shares
	Option				Number of				Weighted Average				Weighted Average				Number of	Weighted Average Option		Weighted Average Life
	Exercise Price				Shares				Life (years)				Exercise Price				Shares	Price		(years)
		$0.83 - 1.00				247,500				1.38				$0.91			247,500		$0.91		1.38
		4.00 - 5.50				133,000				2.51				4.78			133,000		4.78		2.51
		13.24 - 15.85				121,958				4.46				14.05			121,958		14.05		4.46
		17.00 - 21.00				167,500				4.3				19.5			156,250		19.61		3.98
		26.43 - 29.21				90,000				4.84				28.28			70,000		28.02		4.82
						759,958				3.12				$11.04			728,708		$10.43		2.99
	During the 2014, 2013 and 2012, $2,146,821, $30,000 and $148,425 proceeds were received from stock options exercised. Aggregate intrinsic value represents the total pre-tax intrinsic value, based on the closing price of our common stock of $38.62 on December 31, 2014, 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, 2014 was approximately $58,000 which we expect to recognize over a weighted-average period of 2.75 years.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2014
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES
	Lease Agreements
	On November 21, 2013, the Company entered into an Agreement of Lease (the “New Lease”) with 35 Wilbur Street Associates, LLC (“Landlord”) for the Company’s corporate and administrative headquarters located at 35 Wilbur Street, Lynbrook, New York 11563 (the “Headquarters”). Neither the Company nor its affiliates have a material relationship or affiliation with the Landlord. As previously reported, the Company formerly leased the Headquarters from Wilbur St. Corp. (“WSC”). On November 21, 2013, WSC sold the Headquarters to the Landlord, and the Company entered into the New Lease with the 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. In 2014, the Company’s base rent was adjusted to $10,200 upon the sub-lease of approximately 2,200 square feet back to the Landlord. The Company is required to pay as additional rent an amount equal to the increase in taxes over a specified base year. Given the expiration of the current lease near the end of this year, we are currently looking for new space to rent.
	Future minimum annual rental payments required under non-cancelable operating leases are $112,200 for the year end December 31, 2015.
	Expense under all operating leases amounted to approximately $140,000 for calendar year 2014 and $143,000 for 2013 and 2012, respectively.
	Future minimum annual payments required under non-cancelable operating leases are approximated as follows:
	Year ending December 31,
	2015	$	125,000
	2016		8,000
	2017		3,000

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2014
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	11. RELATED PARTY TRANSACTIONS
	As described above in Note 11, the Tenant and the Landlord, Wilbur St. Corp. were parties to the Lease Agreement. The rent expense under the lease agreement was $120,000 and $135,000 for the years ended December 31, 2013 and 2012, respectively. As of December 31, 2014, there were no remaining related party transactions.

EMPLOYEE_BENEFIT_PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2014
EMPLOYEE BENEFIT PLANS [Abstract]
EMPLOYEE BENEFIT PLANS	12. 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 fiscal years 2014, 2013 or 2012.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2014
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	13. SUBSEQUENT EVENTS
	On January 29, 2015, Endo International plc completed its acquisition of and Auxilium is now a wholly owned subsidiary of Endo.

SELECTED_QUARTERLY_DATA_Unaudi

SELECTED QUARTERLY DATA (Unaudited)	12 Months Ended
	Dec. 31, 2014
SELECTED QUARTERLY DATA (Unaudited) [Abstract]
SELECTED QUARTERLY DATA (Unaudited)	14. 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, 2014 and 2013. 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, 2014
	Net revenues	$	2,761,279	$	2,652,505	$	4,012,787	$	4,650,485
	Operating profit		1,132,270		875,659		2,122,379		2,869,051
	Net income		753,989		577,966		1,394,763		1,919,242
	Basic earnings per share	$	0.12	$	0.09	$	0.21	$	0.29
	Diluted earnings per share	$	0.11	$	0.08	$	0.2	$	0.27
		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

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Principles of Consolidation	Principles of Consolidation
	The consolidated financial statements include the accounts of the Company and its subsidiary, Advance Biofactures Corp., a New York corporation (“ABC-NY”). All intercompany balances and transactions have been eliminated.
Reclassification	Reclassification
	Certain reclassifications have been made to prior year balances to conform to the current year’s presentation.
Critical Accounting Policies, Estimates and Assumptions	Critical Accounting Policies, Estimates and Assumptions
	The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires the use of management’s estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company makes certain assumptions and estimates for its deferred tax assets and deferred royalty buy-down. For further details see footnote Provision for Income Taxes and Third Party Royalties and Royalty Buy-Down. Actual results could differ from those estimates.
Cash, Cash Equivalents and Investments	Cash, Cash Equivalents and Investments
	Cash equivalents include only securities having a maturity of three months or less at the time of purchase. Investments are stated on an amortized cost basis. The Company limits its credit risk associated with cash, cash equivalents and investments by placing its investments with banks it believes are highly creditworthy and with highly rated money market funds, certificates of deposit and pre-refunded municipal bonds. All investments are classified as held to maturity. As of December 31, 2014 and 2013, the aggregate fair value of these investments was $12.2 million and $7.0 million, respectively. No unrealized gains or losses were recorded in the balance sheet in either period.
Fair Value Measurements	Fair Value Measurements
	Management believes that the carrying amounts of the Company’s financial instruments, including cash, cash equivalents, held to maturity investments, accounts receivable, accounts payable and accrued expenses approximate fair value due to the short-term nature of those instruments. As of December 31, 2014 and 2013, there were no recorded unrealized gains or losses on our held to maturity investments as they are held to maturity.
	The schedule of maturities at December 31, 2014 and 2013 are as follows:
		Maturities as of						Maturities as of
		31-Dec-14						31-Dec-13
		1 Year or Less			Greater than			1 Year or Less		Greater than
					1 Year					1 Year
	Pre-refunded municipal bonds	$	2,287,773		$	-		$	-	$	-
	Certificates of deposit		8,612,664			1,250,000			6,966,964		-
	Total	$	10,900,437		$	1,250,000		$	6,966,964	$	-
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 and pre-refunded municipal bonds.
	At December 31, 2014 our accounts receivable balance was $3.0 million of which $2.9 million was from one customer, Auxilium. At December 31, 2013, the accounts receivable balance of $5.0 million was primarily from two customers, comprised of $3.5 million (70% of total) from DFB Biotech, Inc. and its affiliates (“DFB”) and $1.5 million (30% of total) from Auxilium.
	The Company is currently dependent on one customer, Auxilium, who generates almost all its revenues. For the year ended December 31, 2014, 2013 and 2012, the licensing, sublicensing, milestones and royalty revenues under our agreement with Auxilium were approximately $14.0 million, $10.9 million and $8.2 million, respectively.
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 and year end 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 received payments and a report within ninety (90) days from the end of each calendar year after DFB sold the royalty-bearing product. DFB provided us earn-out reports on a quarterly basis. BioSpecifics has now recognized all income from the Santyl sales under the DFB agreement, and received the corresponding cash payment in March 2014, related to the income recognized in 2013.
	Licensing Revenue
	We include revenue recognized from upfront licensing, sublicensing and milestone payments in “License Revenues” in our consolidated statements of income 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.
Treasury Stock	Treasury Stock
	The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity. For the year ended December 31, 2014, we repurchased 30,848 shares at an average price of $26.89 as compared to 40,107 shares at an average price of $16.83 in the 2013 period. In the 2012 period, we repurchased 66,028 shares at an average price of $15.67.
Receivables	Receivables
	Trade accounts receivable are stated at the amount the Company expects to collect. We may maintain allowances for doubtful accounts for estimated losses resulting from the inability of our 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 Auxilium, our one large pharmaceutical customer. Auxilium has historically paid timely and has been a financially stable organization. Due to the nature of the accounts receivable balance, we believe the risk of doubtful accounts is minimal. If the financial condition of our customer were to deteriorate, adversely affecting its ability to make payments, additional allowances would be required. We may 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.
	At December 31, 2014 our accounts receivable balance was $3.0 million of which $2.9 million was from one customer, Auxilium. At December 31, 2013, the accounts receivable balance of $5.0 million was primarily from two customers, comprised of $3.5 million (70% of total) from DFB and $1.5 million (30% of total) from Auxilium.
Deferred Revenue	Deferred Revenue
	Nonrefundable upfront product license fees, for product candidates for which we are providing continuing services related to product development, are deferred and recognized as revenue over the development period. For the years ended December 2014, 2013 and 2012, we recognized deferred revenue of $59,255, $133,524 and $372,705, respectively. At December 31, 2014 and 2013, our remaining deferred revenue balances were $148,135 and $207,390, respectively.
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. As of December 31, 2014 and 2013 our net reimbursable third party patent expense accrual was approximately $34,000 and $60,000, respectively.
Third Party Royalties and Royalty Buy-Down	Third Party Royalties and Royalty Buy-Down
	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. The royalty rates differ from agreement to agreement and in certain cases have been redacted with the permission of the Securities and Exchange Commission (“SEC”). No assumptions should be made that the disclosed royalty rates payable to a particular third party is the same or similar with respect to the royalty rates payable to other third parties. We accrue third party royalty expenses on net sales reported to us by Auxilium. Third party royalty costs are 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. For the years ended December 31, 2014, 2013 and 2012, third party royalty expenses was $0.8 million, $0.4 million and $0.3 million, respectively. 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.
	On March 31, 2012, we entered into an amendment to our existing agreement with Dr. Martin K. Gelbard, 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 of $600,000, two of which have been paid as of December 31, 2014. We are currently making the payments to buy down the future royalty obligations, which royalty obligations terminate 5 years after first commercial sale. The Company amortizes long-term contracts with finite lives in a manner that reflects the pattern in which the economic benefits of the assets are consumed or otherwise used up. Dr. Gelbard’s agreement is amortized based on an income forecast method by estimating sales of XIAFLEX for Peyronie’s disease on an annual basis as measured by the proportion to the total estimated sales over the five year period. For the year ended December 31, 2014, we amortized approximately $109,000 related to this agreement. For the years ended December 31, 2013 and 2012, there was no amortization related to this agreement, as XIAFLEX for the treatment of Peyronie’s disease was not approved for sale until December 2013 and the resulting royalty revenues were recognized in accordance with our royalty revenue recognition policy. As of December 31, 2014, the remaining capitalized balance was approximately $3.8 million. We perform an evaluation of the recoverability of the carrying value to determine if facts and circumstances indicate that the carrying value of the assets may be impaired and if any adjustment is warranted. As of December 31, 2014, there was no indicator that an impairment existed.
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.
	The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefit recognized in the consolidated financial statements from such position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon the ultimate settlement. As of December 31, 2014 and 2013, the Company has not recorded any unrecognized tax benefits.
Stock-Based Compensation	Stock-Based Compensation
	The Company has one stock-based compensation plans in effect which is 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 income.
	Under 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.
	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.
Patent Costs	Patent Costs
	We amortize intangible assets with definite lives on a straight-line basis over their remaining estimated useful lives, ranging from 1 to 13 years, and review for impairment on an annual basis and when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. As of December 31, 2014, there was no indicator that an impairment existed.
	For the year ended December 31, 2014, we capitalized patent costs related to patent prosecution and maintenance of approximately $199,000 based on the most current information reported to us by Auxilium. As of December 31, 2014, the Company’s estimated capitalized costs related to certain patent costs paid by Auxilium on behalf of the Company are approximately $34,000, which are reimbursable to Auxilium under the Auxilium Agreement. These patent costs are creditable against future royalty revenues. For each period presented below net patent costs consisted of:
		December 31,
		2014			2013
	Patents	$	671,326		$	472,375
	Accumulated Amortization		(376,296	)		(256,376	)
	Net Patent Costs	$	295,030		$	215,999
	The amortization expense for patents for the years ended December 31, 2014, 2013 and 2012 were $119,920, $64,323 and $64,190, respectively. The estimated aggregate amortization expense for each of the next five years is approximately as follows:
	2015	$	43,000
	2016		35,000
	2017		35,000
	2018		35,000
	2019		35,000
New Accounting Pronouncements	New Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board issued a comprehensive new standard which amends revenue recognition principles and provides a single set of criteria for revenue recognition among all industries. The new standard provides a five step framework whereby revenue is recognized when promised goods or services are transferred to a customer at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires enhanced disclosures pertaining to revenue recognition in both interim and annual periods. The standard is effective for interim and annual periods beginning after December 15, 2016 and allows for adoption using a full retrospective method, or a modified retrospective method. We are currently assessing the method of adoption and the expected impact the new standard has on our financial position and results of operations.

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Schedule of Maturities	The schedule of maturities at December 31, 2014 and 2013 are as follows:
		Maturities as of						Maturities as of
		31-Dec-14						31-Dec-13
		1 Year or Less			Greater than			1 Year or Less		Greater than
					1 Year					1 Year
	Pre-refunded municipal bonds	$	2,287,773		$	-		$	-	$	-
	Certificates of deposit		8,612,664			1,250,000			6,966,964		-
	Total	$	10,900,437		$	1,250,000		$	6,966,964	$	-
Net Patent Costs	These patent costs are creditable against future royalty revenues. For each period presented below net patent costs consisted of:
		December 31,
		2014			2013
	Patents	$	671,326		$	472,375
	Accumulated Amortization		(376,296	)		(256,376	)
	Net Patent Costs	$	295,030		$	215,999
Estimated Aggregate Future Amortization Expense	The estimated aggregate amortization expense for each of the next five years is approximately as follows:
	2015	$	43,000
	2016		35,000
	2017		35,000
	2018		35,000
	2019		35,000

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2014
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, 2014 and 2013:
			Fair Value		Level 1		Level 2		Level 3
	31-Dec-14	Type of Instrument
	Cash equivalents	Institutional Money Market	$	1,604,277	$	1,604,277		-		-
	Investments	Pre-Refunded Municipal Bonds		2,287,773		-		2,287,773		-
	Investments	Certificates of Deposit		9,862,664		9,862,664		-		-
	31-Dec-13	Type of Instrument	Fair Value		Level 1		Level 2		Level 3
	Cash equivalents	Institutional Money Market	$	2,105,860	$	2,105,860		-		-
	Investments	Certificates of Deposit		6,966,964		6,966,964		-		-

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2014
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.
		2014		2013		2012
	Net income for diluted computation	$	4,645,960	$	5,285,847	$	2,981,075
	Weighted average shares:
	Basic		6,477,457		6,345,615		6,351,245
	Effect of dilutive securities:
	Stock options		602,113		576,659		630,282
	Diluted		7,079,570		6,922,274		6,981,527
	Net income per share:
	Basic	$	0.72	$	0.83	$	0.47
	Diluted	$	0.66	$	0.76	$	0.43

ACCOUNTS_PAYABLE_AND_ACCRUED_L1

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2014
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES [Abstract]
Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consist of the following:
		December 31,
		2014		2013
	Trade accounts payable and accrued expenses	$	309,188	$	409,617
	Accrued legal and other professional fees		65,205		61,538
	Accrued payroll and related costs		169,303		163,122
		$	543,696	$	634,277

INCOME_TAXES_Tables

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2014
INCOME TAXES [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The provision for income taxes consists of the following:
		Year ended December 31,
		2014			2013			2012
	Current taxes:
	Federal	$	1,939,831		$	2,724,597		$	686,968
	State		17,872			25,491			12,182
	Total current taxes		1,957,703			2,750,088			699,150
	Deferred taxes:
	Federal		425,126			(68,296	)		1,134,532
	State		3,878			3,024			340,372
	Total deferred taxes		429,004			(65,272	)		1,474,904
	Total provision for income taxes	$	2,386,707		$	2,684,816		$	2,174,054
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,
		2014			2013			2012
	Statutory rate		34	%		34	%		34	%
	State income taxes, net of federal income tax benefit		0.17	%		0.21	%		0.16	%
	Stock-based compensation		(0.40	)%		0.11	%		1.51	%
	Miscellaneous other, net		0.17	%		(0.64	)%		6.51	%
	Effective tax rate		33.94	%		33.68	%		42.18	%
Schedule of Deferred Tax Asset	The components of deferred income tax assets and liabilities are as follows:
		Year ended December 31,
		2014			2013			2012
	Deferred revenues	$	50,722		$	71,062		$	132,514
	Other		96,501			71,305			27,322
	Options		931,548			1,365,409			1,413,214
	Net deferred tax asset	$	1,078,771		$	1,507,776		$	1,573,050

STOCKHOLDERS_EQUITY_Tables

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2014
STOCKHOLDERS' EQUITY [Abstract]
Stock-Based Compensation Expense	Stock-based compensation expense recognized under ASC 718 was as follows:
			December 31,
			2014				2013				2012
	Research and development		$	-			$	92,249			$	171,217
	General and administrative			21,416				19,387				57,268
	Total stock-based compensation expense		$	21,416			$	111,636			$	228,485
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:
			2014				2013				2012
	Risk-free interest rate			1.66	%			1.21	%			0.69	%
	Expected volatility			32	%			35	%			54	%
	Expected life (in years)			5				5				5
	Dividend yield			-				-				-
Summary of Stock Options Activity	The summary of the stock options activity is as follows for year ended:
			Shares				Weighted-Average				Weighted-Average Remaining Contractual Term				Aggregate
							Exercise Price								Intrinsic Value
	Outstanding at January 1, 2013			1,182,000			$	8.9				4.49			$	9,597,000
	Grants			30,000				16.88				10				-
	Exercised			(30,000	)			1				-				602,100
	Forfeitures or expirations			(15,000	)			30.79				-				-
	Outstanding at January 1, 2014			1,167,000				9.03				3.65				15,420,965
	Grants			15,000				26.48				10				-
	Exercised			(407,042	)			5.27				-				11,559,689
	Forfeitures or expirations			(15,000	)			26.48				-				-
	Outstanding at December 31, 2014			759,958				11.04				3.12				23,483,235
	Vested and expected to vest at December 31, 2014			728,708				10.43				2.99				20,542,279
	Exercisable at December 31, 2014			728,708			$	10.43				2.99			$	20,542,279
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, 2014:
					Outstanding Shares												Exercisable Shares
	Option				Number of				Weighted Average				Weighted Average				Number of	Weighted Average Option		Weighted Average Life
	Exercise Price				Shares				Life (years)				Exercise Price				Shares	Price		(years)
		$0.83 - 1.00				247,500				1.38				$0.91			247,500		$0.91		1.38
		4.00 - 5.50				133,000				2.51				4.78			133,000		4.78		2.51
		13.24 - 15.85				121,958				4.46				14.05			121,958		14.05		4.46
		17.00 - 21.00				167,500				4.3				19.5			156,250		19.61		3.98
		26.43 - 29.21				90,000				4.84				28.28			70,000		28.02		4.82
						759,958				3.12				$11.04			728,708		$10.43		2.99

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2014
COMMITMENTS AND CONTINGENCIES [Abstract]
Future Minimum Annual Payments Due	Future minimum annual payments required under non-cancelable operating leases are approximated as follows:
	Year ending December 31,
	2015	$	125,000
	2016		8,000
	2017		3,000

SELECTED_QUARTERLY_DATA_Unaudi1

SELECTED QUARTERLY DATA (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2014
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, 2014
	Net revenues	$	2,761,279	$	2,652,505	$	4,012,787	$	4,650,485
	Operating profit		1,132,270		875,659		2,122,379		2,869,051
	Net income		753,989		577,966		1,394,763		1,919,242
	Basic earnings per share	$	0.12	$	0.09	$	0.21	$	0.29
	Diluted earnings per share	$	0.11	$	0.08	$	0.2	$	0.27
		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

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	Payment	Quarter	Customer
		Payment
		Customer
Cash, Cash Equivalents and Investments [Abstract]
Aggregate fair value of investments		$12,200,000	$7,000,000
Held-to-maturity securities, unrecognized gain		0	0	0
Held-to-maturity securities, unrecognized loss		0	0	0
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, current		10,900,437	6,966,964
Held-to-maturity securities, noncurrent		1,250,000	0
Concentration of Credit Risk and Major Customers [Abstract]
Accounts receivable		2,987,047	5,004,418
Number of customers		1	2
Royalty revenue		12,985,370	11,767,758	9,155,654
Deferred revenue recognized		59,255	133,524	372,705
Outstanding deferred revenue amount		148,135	207,390
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
Treasury Stock [Abstract]
Treasury stock purchased (in shares)		30,848	40,107	66,028
Average price of share (in dollars per share)		$26.89	$16.83	$15.67
Reimbursable Third Party Development Costs [Abstract]
Accrued patent costs		34,000	60,000
Royalty Buy-Down [Abstract]
Royalty expenses		800,000	400,000	300,000
Initial payment for royalty buy down	1,500,000	60,000
Number of additional cash payments for royalty buy-down	5
Number of cash payments made for royalty obligation		2
Amount amortized related to agreement		109,000	0	0
Deferred royalty buy-down - long term		3,800,000
Deferred costs, amortization period		5 years
Net Patent Costs [Abstract]
Net patent costs		295,030	215,999
Estimated aggregate amortization expense [Abstract]
2015		43,000
2016		35,000
2017		35,000
2018		35,000
2019		35,000
Patents [Member]
Net Patent Costs [Abstract]
Patents		671,326	472,375
Accumulated Amortization		-376,296	-256,376
Net patent costs		295,030	215,999
Increase in capitalized patent costs		199,000
Capitalized patents costs reimbursable to customer		34,000
Amortization expense for patents		119,920	64,323	64,190
Patents [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets with definite lives useful life (in years)		1 year
Patents [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets with definite lives useful life (in years)		13 years
DFB Biotech Inc. [Member]
Concentration of Credit Risk and Major Customers [Abstract]
Accounts receivable			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%
Auxilium [Member]
Concentration of Credit Risk and Major Customers [Abstract]
Accounts receivable		2,900,000	1,500,000
Royalty revenue		14,000,000	10,900,000	8,200,000
Auxilium [Member] | Accounts Receivable [Member]
Concentration of Credit Risk and Major Customers [Abstract]
Concentration risk percentage (in hundredths)			30.00%
Pre-refunded Municipal Bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, current		2,287,773	0
Held-to-maturity securities, noncurrent		0	0
Certificates of Deposit [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, current		8,612,664	6,966,964
Held-to-maturity securities, noncurrent		$1,250,000	$0

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details) (Recurring [Member], USD $)	Dec. 31, 2014	Dec. 31, 2013
Institutional Money Market [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$1,604,277	$2,105,860
Pre-refunded Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,287,773
Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	9,862,664	6,966,964
Level 1 [Member] | Institutional Money Market [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	1,604,277	2,105,860
Level 1 [Member] | Pre-refunded Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
Level 1 [Member] | Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	9,862,664	6,966,964
Level 2 [Member] | Institutional Money Market [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 2 [Member] | Pre-refunded Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,287,773
Level 2 [Member] | Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 3 [Member] | Institutional Money Market [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 3 [Member] | Pre-refunded Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
Level 3 [Member] | Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$0	$0

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
EARNINGS PER SHARE [Abstract]
Net income for diluted computation	$1,919,242	$1,394,763	$577,966	$753,989	$1,725,802	$1,178,775	$1,028,186	$1,353,084	$4,645,960	$5,285,847	$2,981,075
Weighted average shares [Abstract]
Basic (in shares)									6,477,457	6,345,615	6,351,245
Effect of dilutive securities [Abstract]
Stock options (in shares)									602,113	576,659	630,282
Diluted (in shares)									7,079,570	6,922,274	6,981,527
Net income per share [Abstract]
Basic (in dollars per share)	$0.29	$0.21	$0.09	$0.12	$0.27	$0.19	$0.16	$0.21	$0.72	$0.83	$0.47
Diluted (in dollars per share)	$0.27	$0.20	$0.08	$0.11	$0.25	$0.17	$0.15	$0.19	$0.66	$0.76	$0.43
Potential common shares excluded from diluted loss per share calculation (in shares)									20,000	272,500	272,500

PROPERTY_PLANT_AND_EQUIPMENT_D

PROPERTY, PLANT AND EQUIPMENT (Details)	12 Months Ended
	Dec. 31, 2014
Maximum [Member]
Property, plant and equipment [Abstract]
Estimated useful life	10 years
Minimum [Member]
Property, plant and equipment [Abstract]
Estimated useful life	5 years

ACCOUNTS_PAYABLE_AND_ACCRUED_L2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Accounts payable and accrued expenses [Abstract]
Trade accounts payable and accrued expenses	$309,188	$409,617
Accrued legal and other professional fees	65,205	61,538
Accrued payroll and related costs	169,303	163,122
Total	$543,696	$634,277

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current taxes [Abstract]
Federal	$1,939,831	$2,724,597	$686,968
State	17,872	25,491	12,182
Total current taxes	1,957,703	2,750,088	699,150
Deferred taxes [Abstract]
Federal	425,126	-68,296	1,134,532
State	3,878	3,024	340,372
Total deferred taxes	429,004	-65,272	1,474,904
Total provision for income taxes	2,386,707	2,684,816	2,174,054
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)	0.17%	0.21%	0.16%
Stock-based compensation (in hundredths)	-0.40%	0.11%	1.51%
Miscellaneous other, net (in hundredths)	0.17%	-0.64%	6.51%
Increase (decrease) in valuation allowance (in hundredths)	0.00%	0.00%	0.00%
Effective tax rate (in hundredths)	33.94%	33.68%	42.18%
Deferred tax assets [Abstract]
Deferred revenues	50,722	71,062	132,514
Other	96,501	71,305	27,322
Options	931,548	1,365,409	1,413,214
Net deferred tax asset	1,078,771	1,507,776	1,573,050
Tax benefit from stock options exercised	1,900,000
Federal [Member]
Operating Loss Carryforwards [Line Items]
Federal net operating loss carryforward	$2,900,000

STOCKHOLDERS_EQUITY_Details

STOCKHOLDERS' EQUITY (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$21,416	$111,636	$228,485
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options outstanding (in shares)	759,958	1,167,000	1,182,000
Number of shares available for grant (in shares)	728,708
Stock-based compensation expense	21,416	111,636	228,485
Stock granted during period, value of stock options		165,000	109,000
Assumptions used to estimate the fair values of the stock options granted [Abstract]
Risk-free interest rate (in hundredths)	1.66%	1.21%	0.69%
Expected volatility (in hundredths)	32.00%	35.00%	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)	1,167,000	1,182,000
Grants (in shares)	15,000	30,000	15,000
Exercised (in shares)	-407,042	-30,000
Forfeitures or expirations (in shares)	-15,000	-15,000
Outstanding at end of year (in shares)	759,958	1,167,000	1,182,000
Vested and expected to vest (in shares)	728,708
Exercisable (in shares)	728,708
Weighted Average Exercise Price [Roll Forward]
Outstanding at beginning of year (in dollars per share)	$9.03	$8.90
Grants (in dollars per share)	$26.48	$16.88
Exercised (in dollars per share)	$5.27	$1
Forfeitures or expirations (in dollars per share)	$26.48	$30.79
Outstanding at end of year (in dollars per share)	$11.04	$9.03	$8.90
Vested and expected to vest (in dollars per share)	$10.43
Exercisable (in dollars per share)	$10.43
Weighted Average Remaining Contractual Term [Roll Forward]
Outstanding, beginning of period	3 years 1 month 13 days	3 years 7 months 24 days	4 years 5 months 26 days
Grants	10 years	10 years
Exercised	0 years	0 years
Forfeitures or expirations	0 years	0 years
Outstanding at end of period	3 years 1 month 13 days	3 years 7 months 24 days	4 years 5 months 26 days
Vested and expected to vest	2 years 11 months 26 days
Exercisable	2 years 11 months 26 days
Aggregate Intrinsic Value [Roll Forward]
Outstanding, beginning of period	15,420,965	9,597,000
Grants	$0	$0
Exercised	11,559,689	602,100
Forfeitures and expirations	$0	$0
Outstanding at end of period	23,483,235	15,420,965	9,597,000
Vested and expected to vest	20,542,279
Exercisable	20,542,279
Stock options by exercise price [Abstract]
Number of Shares Outstanding (in shares)	759,958
Weighted Average Life	3 years 1 month 13 days
Weighted Average Exercise Price (in dollars per share)	$11.04
Number of Shares Exercisable (in shares)	728,708
Weighted Average Option Price (in dollars per share)	$10.43
Weighted Average Life	2 years 11 months 26 days
Proceeds from stock option exercises	2,146,821	30,000	148,425
Closing price of Company stock (in dollars per share)	$38.62
Unrecognized compensation cost	58,000
Weighted average period for recognition of unrecognized compensation cost (in years)	2 years 9 months
0.83-1.00 [Member]
Stock options by exercise price [Abstract]
Range of Options Exercise Prices, lower limit (in dollars per share)	$0.83
Range of Options Exercise Prices, upper limit (in dollars per share)	$1
Number of Shares Outstanding (in shares)	247,500
Weighted Average Life	1 year 4 months 17 days
Weighted Average Exercise Price (in dollars per share)	$0.91
Number of Shares Exercisable (in shares)	247,500
Weighted Average Option Price (in dollars per share)	$0.91
Weighted Average Life	1 year 4 months 17 days
4.00-5.50 [Member]
Stock options by exercise price [Abstract]
Range of Options Exercise Prices, lower limit (in dollars per share)	$4
Range of Options Exercise Prices, upper limit (in dollars per share)	$5.50
Number of Shares Outstanding (in shares)	133,000
Weighted Average Life	2 years 6 months 4 days
Weighted Average Exercise Price (in dollars per share)	$4.78
Number of Shares Exercisable (in shares)	133,000
Weighted Average Option Price (in dollars per share)	$4.78
Weighted Average Life	2 years 6 months 4 days
13.24-15.85 [Member]
Stock options by exercise price [Abstract]
Range of Options Exercise Prices, lower limit (in dollars per share)	$13.24
Range of Options Exercise Prices, upper limit (in dollars per share)	$15.85
Number of Shares Outstanding (in shares)	121,958
Weighted Average Life	4 years 5 months 16 days
Weighted Average Exercise Price (in dollars per share)	$14.05
Number of Shares Exercisable (in shares)	121,958
Weighted Average Option Price (in dollars per share)	$14.05
Weighted Average Life	4 years 5 months 16 days
17.00-21.00 [Member]
Stock options by exercise price [Abstract]
Range of Options Exercise Prices, lower limit (in dollars per share)	$17
Range of Options Exercise Prices, upper limit (in dollars per share)	$21
Number of Shares Outstanding (in shares)	167,500
Weighted Average Life	4 years 3 months 18 days
Weighted Average Exercise Price (in dollars per share)	$19.50
Number of Shares Exercisable (in shares)	156,250
Weighted Average Option Price (in dollars per share)	$19.61
Weighted Average Life	3 years 11 months 23 days
26.43-29.21 [Member]
Stock options by exercise price [Abstract]
Range of Options Exercise Prices, lower limit (in dollars per share)	$26.43
Range of Options Exercise Prices, upper limit (in dollars per share)	$29.21
Number of Shares Outstanding (in shares)	90,000
Weighted Average Life	4 years 10 months 2 days
Weighted Average Exercise Price (in dollars per share)	$28.28
Number of Shares Exercisable (in shares)	70,000
Weighted Average Option Price (in dollars per share)	$28.02
Weighted Average Life	4 years 9 months 25 days
2001 Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)	2,050,000
Exercise price per share of common stock (in hundredths)	100.00%
Number of installments for options vest and become exercisable	4
Options expiry period (in years)	10 years
Number of options outstanding (in shares)	759,958
Number of shares available for grant (in shares)	239,098
Shares [Roll Forward]
Outstanding at end of year (in shares)	759,958
Exercisable (in shares)	239,098
2001 Stock Option Plan [Member] | Qualified Incentive Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price per share of common stock (in hundredths)	110.00%
Minimum ownership percentage for qualified incentive stock options (in hundredths)	10.00%
Options expiry period (in years)	5 years
Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted during period, value of stock options	123,000
Shares [Roll Forward]
Grants (in shares)	15,000
Non-Employee [Member] | 2001 Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	0	79,049	109,479
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	0	92,249	171,217
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$21,416	$19,387	$57,268

COMMITMENTS_AND_CONTINGENCIES_1

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	sqft
COMMITMENTS AND CONTINGENCIES [Abstract]
Term of lease (in months)	24 months
Notice period (in months)	3 months
Monthly rent of leased premises	$12,000
Adjusted Monthly rent of leased premises	10,200
Rental Space sub-leased (in square feet)	2,200
Future minimum annual rental payments	112,200
Rent expense under operating lease	140,000	143,000	143,000
Future Minimum Annual Payments Due Under Operating Leases [Abstract]
2015	125,000
2016	8,000
2017	$3,000

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (Wilbur Street Associates, LLC [Member], USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Wilbur Street Associates, LLC [Member]
Related Party Transaction [Line Items]
Rent expense	$0	$120,000	$135,000

SELECTED_QUARTERLY_DATA_Unaudi2

SELECTED QUARTERLY DATA (Unaudited) (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Financial Data [Abstract]
Net revenues	$4,650,485	$4,012,787	$2,652,505	$2,761,279	$4,072,110	$3,145,123	$3,269,983	$3,980,024	$14,077,056	$14,467,240	$11,145,078
Operating profit	2,869,051	2,122,379	875,659	1,132,270	2,575,607	1,738,501	1,563,685	2,066,668	6,999,359	7,944,461	5,120,495
Net income	$1,919,242	$1,394,763	$577,966	$753,989	$1,725,802	$1,178,775	$1,028,186	$1,353,084	$4,645,960	$5,285,847	$2,981,075
Basic earnings per share (in dollars per share)	$0.29	$0.21	$0.09	$0.12	$0.27	$0.19	$0.16	$0.21	$0.72	$0.83	$0.47
Diluted earnings per share (in dollars per share)	$0.27	$0.20	$0.08	$0.11	$0.25	$0.17	$0.15	$0.19	$0.66	$0.76	$0.43