international patents and other proprietary rights to technology that facilitates the absorption of drugs. Our platform drug delivery technology enhances permeation and absorption of pharmaceutical molecules across the skin, nasal mucosa and eye through development of proprietary formulations with molecules such as CPE-215Â:registered:. Our first product is TestimÂ:registered:, a gel for testosterone replacement therapy, which is a formulation of our technology with testosterone. Testim is licensed to Auxilium Pharmaceuticals, Inc. (“Auxilium“), which is currently marketing it in the United States, Europe and other countries. We have an additional licensed application with Serenity Pharmaceuticals, Inc. ("Serenity") for Ser-120, a product candidate for the treatment of nocturia. Ser-120, which is currently in multiple Phase 3 trials, utilizes our patented intranasal drug delivery technology. In 2010, Allergan, Inc. assumed our exclusive license agreement with Serenity.