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Share-Based Compensation
 3 Months Ended
Mar. 31, 2012
Share-Based Compensation [Abstract]  
Share-Based Compensation

(7) Share-based Compensation

For the three month periods ended March 31, 2012 and 2011 and for the period from Inception through March 31, 2012, the Company recognized the following non-cash, share-based compensation expense in the consolidated statement of operations (in thousands):

 

     Three Months
Ended March  31,		      Period from
December 17,
2001 (date of
inception) to
March 31,		  
     2012      2011      2012  

Research and Development

    $ 26       $ 30       $ 522   

Selling, General and Administrative

      65         48         1,464   

Restructuring Expense

      —           —           387   
  

 

 

     

 

 

     

 

 

  

Total

    $ 91       $ 78       $ 2,373   
  

 

 

     

 

 

     

 

 

  

The fair values of employee stock options granted in the three month periods ended March 31, 2012 and 2011 were estimated at the date of grant using the Black-Scholes model with the following assumptions:

 

     Three Months Ended
March 31,		  
     2012   2011  

Expected term

    5.3 years     *   

Expected volatility

    108%     *   

Risk-free interest rate

    0.15%     *   

Expected dividend yield

    0%     *   

 

* No options were granted during the three months ended March 31, 2011.

Stock option transactions for the three month period ended March 31, 2012 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, 2011

      864,238      $ 3.20         6.82       $ 23,894   

Changes during the period:

           

Granted

      35,000        1.00         

Exercised

      —          —           

Forfeited, cancelled or expired

      (14,077 )      3.23         
  

 

 

          

Options outstanding at March 31, 2012

      885,161      $ 3.11         6.82       $ 4,944   
  

 

 

    

 

 

     

 

 

     

 

 

  

Options exercisable at March 31, 2012

      657,619      $ 3.26         6.29       $ 4,944   

Options vested and expected to vest

      871,343      $ 3.12         6.80       $ 4,944