As of June 30, 2012 we had cash and cash equivalents totaling $17.9 million compared to $7.4 million at December 31, 2011. We remain in a very strong cash position and believe we have sufficient capital to achieve our growth plans.
With the addition of Scomedica in France, which closed in July, we added over $2 million in cash to our available funds. The Company entered into three license agreements in the first half of 2012, two for Vitaros and the other for MycoVa. Pursuant to these agreements, the company recorded approximately $0.7 million in license revenue for upfront license fees not including tax withholdings amounts totaling $125,000 related to Italy and Germany.
Our cash inflows in 2012 will come from three primary sources. First, the receipt of license and milestone revenues associated with existing commercial partnerships and new commercial partnerships for our products Vitaros and MycoVa. Secondly, from product revenues associated with the current sale of oncology supportive care products in the United States. And thirdly, in beginning of July 2012, revenues from the delivery of promotional sale services from contracts we had in place for Scomedica in France.
We continue to be in active negotiations for the out-licensing of our products in multiple geographies. And we expect to announce additional major partnership arrangements in the second half of 2012.Related to the oncology supportive care products now being sold in the United States, in late June and early July we sold through to hospital customers our initial Apricus Totect kits for the treatment of anthracycline extravasation, and we are excited by the prospects of re-supply to the marketplace in this important therapy. Both Totect and our product Granisol for nausea as a result of chemotherapy and radiation therapy are now available through our distributors in the United States.In addition, we plan to re-launch Totect with improved pricing, packaging and promotional activities during the second half of 2012, which we believe will expand the availability and use of this product in hospitals and clinics and drive sales in 2012 and beyond.Read the rest of this transcript for free on seekingalpha.com
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