In January 2016, JMC entered into a licensing agreement with a third party to distribute its prescription wound cream Luxamend ® and paid an upfront fee of $50,000. Additionally, in January 2016, JMC entered into a licensing agreement with a third party to distribute its prescription emollient Ceracade ® for the treatment of various types of dermatitis and paid an upfront fee of $0.3 million. JMC commenced the sale of both of these products during the year ended December 31, 2016 and accordingly commenced the amortization of these costs over their respective three year estimated useful life.

 

In March 2015, JMC entered into a license and supply agreement to acquire the rights to distribute Targadox® a dermatological product for the treatment of acne. JMC made an upfront payment of $1.3 million. Further payments will be made based on a revenue sharing arrangement. JMC received FDA approval for the manufacturing of this product in July 2016 and commenced sales of this product in October 2016.

 

On August 31, 2018, JMC entered into an agreement with a third party to acquire the exclusive rights to Exelderm®,

antifungal

was recorded as an intangible asset and expense

over the expected life of Exelderm® of 3 years. JMC commenced the sale of

in September 2018 and accordingly commenced the amortization of this cost.

 

The table below provides a summary of the JMC intangible asset as of December 31, 2018 and 2017, respectively:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The future amortization of these intangible assets is as follows ($ in thousands):