Quarterly report pursuant to Section 13 or 15(d)

Investments in unconsolidated entities

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Investments in unconsolidated entities
9 Months Ended
Mar. 31, 2012
Investments in unconsolidated entities

F. Investments in unconsolidated entities:

The Company holds a 16.8% ownership interest in Nephromics, Inc. (Nephromics) and accounts for its investment under the equity method of accounting as Nephromics is a limited liability company. During the quarter ended March 31, 2012, Nephromics entered into an agreement to sell substantially all of its assets. The transaction closed in April, 2012. As a result, the Company determined that a portion of its investment in Nephromics was other than temporarily impaired and wrote off $2.4 million of this investment during the quarter ended March 31, 2012. At March 31, 2012, the Company’s remaining investment in Nephromics was $925,000.

The Company holds a 13.6% ownership interest in ACTGen, Inc. (ACTGen), a development stage biotechnology company. During the quarter ended March 31, 2012, the Company determined, based on ACTGen financial results for calendar 2011 and its current operational and funding status, that the Company’s investment in ACTGen was other than temporarily impaired and wrote off its remaining investment of $854,000.