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Share-Based Compensation
9 Months Ended
Sep. 30, 2011
Share-Based Compensation [Abstract] 
Share-Based Compensation

(10) Share-based Compensation

For the three-month and nine- month periods ended September 30, 2011 and 2010 and for the period from Inception through September 30, 2011, the Company recognized the following non-cash, share-based compensation expense in the consolidated statement of operations (in thousands):

 

     Three Months Ended
September 30,		      Nine Months Ended
September 30,		      Period from
December 17, 2001
(date of inception) to
September 30, 2011		  
     2011      2010      2011      2010     

Research and Development

    $ 30       $ 28       $ 90       $ 90       $ 469   

Selling, General and Administrative

      49         85         142         247         1,350   

Restructuring

      —           —           —           —           387   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 79       $ 113       $ 232       $ 337       $ 2,206   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

The fair values of employee stock options granted in the three- and nine-month periods ended September 30, 2011 and 2010 were estimated at the date of grant using the Black-Scholes model with the following assumptions:

 

     Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
     2011      2010     2011     2010  

Expected term

      *         5.3        5.8        5.7   

Expected volatility

      *         93 %      110 %      85 % 

Risk-free interest rate

      *         1.70 %      2.20 %      2.70 % 

Expected dividend yield

      *         0 %      0 %      0 % 

Weighted-average grant date fair value per share

      *       $ 2.74      $ 1.83      $ 2.03   

 

* No options were granted during the three months ended September 30, 2011.

Stock option transactions for the nine-month period ended September 30, 2011 under all plans are as follows:

 

     # of Options     Weighted
Average
Exercise
Price		      Weighted
Average
Remaining
Contractual
Term
(in years)		      Aggregate
Intrinsic
Value		  

Options outstanding at December 31, 2010

      953,238      $ 31.87         7.06       $ 764,622   

Changes during the period:

           

Granted

      164,700        2.24         

Exercised

      (1,126 )      1.31         

Forfeited, cancelled or expired

      (237,108 )      117.83         
  

 

 

          

Options outstanding at September 30, 2011

      879,704      $ 3.20         7.16       $ 52,319   
  

 

 

    

 

 

     

 

 

     

 

 

  

Options exercisable at September 30, 2011

      585,693      $ 3.37         6.44       $ 52,319   
          

 

 

  

Options vested and expected to vest

      862,828      $ 3.21         7.13       $ 52,319