<SEC-DOCUMENT>0001341004-13-000836.txt : 20130807
<SEC-HEADER>0001341004-13-000836.hdr.sgml : 20130807
<ACCEPTANCE-DATETIME>20130807163041
ACCESSION NUMBER:		0001341004-13-000836
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20130806
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130807
DATE AS OF CHANGE:		20130807

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DELCATH SYSTEMS, INC.
		CENTRAL INDEX KEY:			0000872912
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				061245881
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16133
		FILM NUMBER:		131018027

	BUSINESS ADDRESS:	
		STREET 1:		566 QUEENSBURY AVENUE
		CITY:			QUEENSBURY
		STATE:			NY
		ZIP:			12804
		BUSINESS PHONE:		(518) 743-8892

	MAIL ADDRESS:	
		STREET 1:		566 QUEENSBURY AVENUE
		CITY:			QUEENSBURY
		STATE:			NY
		ZIP:			12804

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELCATH SYSTEMS INC
		DATE OF NAME CHANGE:	19990607
</SEC-HEADER>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">CURRENT REPORT</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">PURSUANT TO SECTION 13 OR 15(D) OF THE</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">SECURITIES EXCHANGE ACT OF 1934</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">Date of report (Date of earliest event reported): <font style="DISPLAY: inline; FONT-WEIGHT: bold">August 7, 2013 (August 6, 2013)</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman Bold, Times New Roman, serif; FONT-SIZE: 16pt; FONT-WEIGHT: bold">DELCATH SYSTEMS, INC.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">(Exact name of registrant as specified in its charter)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">566 Queensbury Avenue, Queensbury, New York 12804</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">NONE</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">(Former name or former address, if changed since last report)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Item 2.02. Results of Operations and Financial Condition.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">On August 6, 2013, Delcath Systems, Inc. (the &#8220;Company&#8221;) issued a press release reporting the financial results for the Company&#8217;s fiscal second quarter ended June 30, 2013 and recent operational highlights. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">The information furnished pursuant to this Current Report on Form 8-K, including Exhibit 99.1 hereto, is being furnished and shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as expressly set forth in such filing.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">The following exhibits are filed herewith:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 12pt">99.1</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 12pt">Press Release of Delcath Systems, Inc., dated August 6, 2013</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">DELCATH REPORTS 2013 SECOND QUARTER RESULTS</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">&#8211; Conference Call and Webcast Today at 4:30 p.m. ET &#8211;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">QUEENSBURY, NY &#8211; August 6, 2013</font> &#8211; Delcath Systems, Inc. (NASDAQ: DCTH) today reported financial results and operational highlights for the fiscal second quarter and six months ended June 30, 2013. Highlights for the quarter and recent weeks subsequent to quarter end are as follows:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">On May 2, 2013 the <font style="FONT-STYLE: italic; DISPLAY: inline">Oncologic Drug Advisory Committee</font> (ODAC) voted 16-0 with no abstentions that the benefits of treatment with Delcath&#8217;s Melblez<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">TM</font> Kit do not outweigh the risks associated with the procedure. The FDA is not bound by the recommendation of the advisory committee, but will consider the committee&#8217;s guidance as it evaluates the Melblez Kit New Drug Application. The <font style="FONT-STYLE: italic; DISPLAY: inline">Prescription Drug User Fee Act</font> (PDUFA) goal date for completion of the FDA&#8217;s evaluation and decision regarding approval of the Melblez Kit NDA is September 13, 2013.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">The Company plans to initiate a clinical program to investigate Melblez Kit for first-line treatment of patients with unresectable, advanced hepatocellular carcinoma (HCC) or primary liver cancer, Contingent on FDA acceptance.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">Dr. Yuman Fong, Professor of Surgery at Cornell University Medical College and Murray F. Brennan Chair in Surgery and Vice Chairman of Technology Development at Memorial Sloan-Kettering Cancer Center, agreed to serve as study chairman for the Company&#8217;s clinical development program in HCC.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">Although the Company is encouraged by continued progress in clinical adoption of the Company&#8217;s Hepatic CHEMOSAT<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Delivery System for melphalan in the European Union, it reported no revenue for the second quarter, reflecting challenges in obtaining compelling reimbursement for CHEMOSAT in target countries in the European Union.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">Conducted first CHEMOSAT procedures at the University of Heidelberg, one of Europe&#8217;s most prestigious cancer treatment research hospitals, Berlin Charite, Europe&#8217;s largest hospital, and Palma Majorca, Spain, which represented the first CHEMOSAT procedure ever performed in Spain.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">A 33% decrease in total operating expenses to $10.3 million for the second quarter 2013 as compared to the prior year period.&#160;&#160;The Company achieved its guidance for quarterly cash utilization during the second quarter. Cash and cash equivalents as of June 30, 2013 were $32.3 million, compared with $23.7 million at December 31, 2012.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">&#8220;Delcath is committed to establishing Melblez Kit and CHEMOSAT as a promising new treatment for patients with cancers in the liver,&#8221; said Eamonn P. Hobbs, President and CEO. &#8220;We remain focused on executing our clinical development plan, while continuing to make progress on our initiatives to build clinical adoption and establish reimbursement for CHEMOSAT in</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">Europe.&#160;&#160;During July, we were encouraged by an increasing number of European CHEMOSAT procedures being conducted. Additionally, we have completed training at one of the most prestigious cancer treatment research hospitals in Germany and the largest hospital in Europe as the newest CHEMOSAT treatment sites. We believe our execution on initiatives to expand European clinical adoption and reimbursement will provide a strong foundation for potential long term commercialization of CHEMOSAT and revenue growth.&#8221;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">&#8220;Based on an encouraging efficacy signal seen in patients from the HCC arm of our completed Phase 2 trial at the National Cancer Institute (NCI), we plan to initiate a new global Phase 2 clinical trial for first-line treatment of patients with HCC or primary liver cancer,&#8221; continued Mr. Hobbs. &#8220;Different from our previous plan to pursue second-line treatment, this new study is expected to get underway in the fourth quarter and is an important step in potentially addressing a large unmet medical need. Importantly, we believe first-line treatment will allow more patients access to Melblez, as compared to second-line treatment only, and represents a larger market potential for Melblez.&#160;&#160;Following the disappointing ODAC vote, we continue to await the FDA&#8217;s decision on our NDA for <font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">Melblez</font><font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">TM</font><font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">&#160;Kit (Melblez (melphalan) for Injection for use with the Delcath Hepatic Delivery System) for the treatment of patients with unresectable ocular melanoma metastatic to the liver.</font>&#8221;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">EU Clinical Adoption and Reimbursement</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">Clinical adoption of the CHEMOSAT procedure in Europe continues to grow, with CHEMOSAT treatments recently performed in Germany, Italy, the Netherlands, France and Spain. Eleven leading European cancer centers are providing CHEMOSAT treatments, with 43 patients treated to date.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">In addition to increasing clinical adoption of CHEMOSAT, Delcath continues to pursue permanent, compelling reimbursement for CHEMOSAT procedures in Europe on a country-by-country basis which we believe will help build the foundation for commercialization and help support long-term revenue growth. Prior to obtaining permanent reimbursement, the Company has ongoing initiatives to seek payment for CHEMOSAT procedures through various avenues including specific interim reimbursement programs, new technology payment programs, and existing diagnosis-related group reimbursement codes.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Clinical Development Program</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">Advanced hepatocellular carcinoma (HCC), or primary liver cancer, is the most common primary cancer of the liver, with approximately 749,000 new cases diagnosed worldwide annually and no effective treatment. Surgical removal is only possible for an estimated 10-20 percent of primary liver cancer patients.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">A completed Phase 2 clinical trial of Melblez Kit in the treatment of patients with unresectable liver cancer showed encouraging results in five patients with HCC, including patients with confirmed partial response or durable stable disease.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">For the second quarter ended June 30, 2013, total operating expenses decreased to $10.3 million from $15.4 million for the same period in 2012. The decrease is primarily due to a significant reduction in expenses related to the Company&#8217;s NDA submission to the FDA, as well as the Company&#8217;s overall cost management efforts. Operating loss was $10.6 million, which included non-cash stock-based compensation expense of $0.2 million, as compared with an operating loss of $15.3 million, including $1.0 million in non-cash stock-based compensation expense, in the year ago period.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">For the six months ended June 30, 2013, total revenue was approximately $0.4 million, of which $0.3 million was related to the recognition of previously deferred revenue as a result of satisfying certain requirements of the Company&#8217;s agreement with Chi-Fu Trading Co. Ltd. Total operating expenses for the six months ended June 30, 2013 decreased to $20.8 million from $30.0 million for the same period in 2012. Operating loss for the six months ended June 30, 2013 was $20.8 million, which included $0.8 million in non-cash stock-based compensation expense, as compared with an operating loss of $29.9 million, including $1.9 million in non-cash stock-based compensation expense, in the year ago period.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">Delcath raised approximately $20.9 million before related expenses through the Company&#8217;s At-the-Market (ATM) equity offering program during the six months ended June 30, 2013. In addition, the Company raised $9.0 million before related expenses through its Committed Equity Financing Facility (CEFF) program during the six months ended June 30, 2013. At June 30, 2013, there was approximately $24 million available under the CEFF program. During July 2013, the Company raised approximately $1.8 million before related expenses through the ATM equity offering program. As of July 31 2013, there was approximately $48.2 million remaining under the ATM program.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">Cash and cash equivalents as of June 30, 2013 were $32.3 million, compared with $23.7 million at December 31, 2012. During the six months ended June 30, 2013, cash used in operating activities was $21.5 million, a 21 percent reduction compared to $27.2 million in the comparable six-month period in 2012. The decrease in cash utilization was in part due to a reduction in NDA submission-related costs, and improved organizational and operational efficiencies. We believe the Company is on track to meet its previously announced guidance to reduce its quarterly cash burn to $9-10 million in the third quarter 2013 and $6-8 million in the fourth quarter of 2013.&#160;&#160;The Company is examining additional expense reduction strategies, while focusing resources on clinical adoption and development programs.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline">The Company will host a conference call today, August 6, 2013 at 4:30 p.m. ET. The dial-in numbers for the conference call are 866-804-6922 (U.S. participants) and 857-350-1668 (international participants); both numbers require passcode 85959025. To access the live webcast, go to the Events &amp; Presentations page on the Investor Relations section of the Company&#8217;s website at </font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">http://www.delcath.com/investors/events/</font><font style="DISPLAY: inline">.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline">A taped replay of the call will be available beginning approximately two hours after the call&#8217;s conclusion and will be available for seven days. Dial-in numbers for the replay are 888-286-8010 and 617-801-6888 for U.S. and International callers, respectively. The replay passcode for both U.S. and International callers is 21059318.&#160;&#160;An archived webcast will also be available at </font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">http://www.delcath.com/investors/events/</font><font style="DISPLAY: inline">.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline">Delcath Systems, Inc. is a specialty pharmaceutical and medical device company focused on oncology. Our proprietary drug/device combination product, the Delcath Hepatic Delivery System, is designed to administer high dose chemotherapy and other therapeutic agents to the liver, while controlling the systemic exposure of those agents. The Company's initial focus is on the treatment of primary and metastatic liver cancers. Outside of the United States, our proprietary product to deliver and filter melphalan hydrochloride is marketed under the trade name Delcath Hepatic CHEMOSAT&#174; Delivery System for melphalan hydrochloride.&#160;&#160;The Company obtained authorization to affix a CE Mark for the Generation Two CHEMOSAT Delivery System for Melphalan in April 2012.&#160;&#160;The right to affix the CE mark allows the Company to market and sell the CHEMOSAT Delivery System for Melphalan in Europe. In the U.S., the Company currently has a New Drug Application (NDA) pending with the FDA with a PDUFA goal date of September 13, 2013 for the Melblez Kit for the treatment of patients with unresectable ocular melanoma metastatic to the liver.&#160;&#160;In addition, the Company has initiated plans to investigate the Melblez Kit for primary liver cancer. For more information, please visit the Company's website at </font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">www.delcath.com</font><font style="DISPLAY: inline">.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by the Company or on its behalf. This news release contains forward-looking statements, which are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to, uncertainties relating to: the impact of the negative advisory vote by the ODAC panel on the FDA's decision regarding the Company's new drug application (NDA), timing of completion of the FDA's review of our NDA, the extent to which the FDA may request additional information, data, or new clinical trials and our ability to provide the same in a timely manner, additional extensions to the PDUFA date by the FDA, acceptability of the Phase 1, 2 and 3 clinical trial data by the FDA, FDA approval of the Company's NDA for the treatment of ocular metastatic melanoma to the liver, adoption, use and resulting sales, if any, in the United States, clinical adoption, use and resulting sales, if any, for the CHEMOSAT system to deliver and filter melphalan in Europe, our ability to successfully commercialize the chemosaturation system and the potential of the chemosaturation system as a treatment for patients with primary and metastatic disease in the liver, our ability to obtain reimbursement for the CHEMOSAT system in various markets, the timing and results of future clinical trials including without limitation the HCC trials, approval of the current or future chemosaturation system for delivery and filtration of melphalan, doxorubicin or other chemotherapeutic agents for various indications in the US and/or in foreign markets, actions by the FDA or other foreign regulatory agencies, our ability to successfully enter into strategic partnership and distribution arrangements in foreign markets including Australia and key Asian markets and timing and revenue, if any, of the same, uncertainties relating to the timing and results of research and development projects,, and uncertainties regarding our ability to obtain financial and other resources for any research, development, clinical trials and commercialization activities. These factors, and others, are discussed from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after the date they are made.</font><br>
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<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">&#160;</font></td>
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<td valign="bottom" style="PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 0.6pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 0.6pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 0.6pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 0.6pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Product revenue</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">106</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">81</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">106</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 0.6pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Other revenues</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Total revenue</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">106</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">381</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">106</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 0.6pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Cost of goods sold</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">(332</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">(363</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Gross profit</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">(332</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">106</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">18</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">106</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Operating expenses:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 24pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Selling, general and administrative<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">6,263</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">7,218</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">12,346</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">14,643</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 0.6pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 24pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Research and development<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">3,992</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">8,204</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">8,462</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">15,335</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 0.6pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Total operating expenses</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">10,255</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">15,422</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">20,808</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.6pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">29,978</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.6pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Operating loss</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">(10,587</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">(15,316</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">(20,790</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">(29,872</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Change in fair value of warrant liability, net</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">5,115</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">917</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">2,842</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">579</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Interest income</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">15</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 0.75pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Other expense and interest expense</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">(15</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">(117</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">(395</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">(115</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 2.25pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Net loss</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">(5,482</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">(14,512</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">(18,328</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">(29,401</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 0.75pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Common share data:</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 2.25pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 24pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Basic and diluted loss per share</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">(0.06</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">(0.26</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">(0.20</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">(0.57</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 2.25pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Weighted average number of basic and diluted common shares outstanding</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">96,380,562</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">54,847,807</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">90,934,084</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">51,582,458</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Other comprehensive income (loss):</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 0.75pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 24pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Foreign currency translation adjustments</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">369</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 0.75pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Comprehensive loss</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">(5,476</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">(14,512</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">(17,959</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">(29,401</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">)</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 24pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Note 1:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 24pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Includes non-cash stock-based compensation as follows:</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">Three months ended June 30,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">Three months ended June 30,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 0.75pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 0.75pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 0.75pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 0.75pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 24pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Selling, general and administrative</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">601</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">528</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">1,163</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 0.75pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 24pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Research and development</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">140</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">352</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">284</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">722</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 2.25pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 24pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">Total stock-based compensation expense</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">148</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">953</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">812</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">1,885</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 7pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">DELCATH SYSTEMS, INC.</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Condensed Consolidated Balance Sheets</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">as of June 30, 2013 and December 31, 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">(Unaudited)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">(in thousands, except share data)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<div align="left">
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.75pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">June 30,</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">2013</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.75pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">December 31,</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">2012</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.75pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Assets:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Current assets</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 15pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Cash and cash equivalents</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">32,326</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">23,726</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 15pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Accounts receivables</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">59</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">144</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 15pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Inventories, net</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">925</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">1,105</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 0.85pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 15pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Prepaid expenses and other current assets</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.85pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.85pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.85pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">1,589</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.85pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.85pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.85pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.85pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">1,457</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.85pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 30pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Total current assets</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">34,899</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">26,432</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 1pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Property, plant and equipment, net</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">3,507</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">4,042</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2.25pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 30pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Total assets</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">38,406</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">30,474</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Liabilities and Stockholders&#8217; Equity:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Current liabilities</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 15pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Accounts payable</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">705</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">939</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 15pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Accrued expenses</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">4,270</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">5,790</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 0.85pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 15pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Warrant liability</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.85pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.85pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.85pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">366</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.85pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.85pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.85pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.85pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">3,427</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.85pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 0.85pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 30pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Total current liabilities</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.85pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.85pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.85pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">5,341</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.85pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.85pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.85pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.85pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">10,156</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.85pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Deferred revenue</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">9</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">309</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Commitments and contingencies</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Stockholders&#8217; equity</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -24pt; DISPLAY: block; MARGIN-LEFT: 33pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Preferred stock, $.01 par value; 10,000,000 shares authorized; </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">no shares issued and outstanding at June 30, 2013 </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">and December 31, 2012</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -24pt; DISPLAY: block; MARGIN-LEFT: 33pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Common stock, $.01 par value; 170,000,000 shares authorized; </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">96,989,051 and 76,849,033 shares issued and 96,960,951 </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">and 76,820,933 shares outstanding at June 30, 2013 and </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">December 31, 2012, respectively</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">970</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">768</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Additional paid-in capital</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">248,867</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">218,063</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Accumulated deficit</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">(217,136</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">(198,808</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: -24pt; DISPLAY: block; MARGIN-LEFT: 33pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Treasury stock, at cost; 28,100 shares at June 30, 2013 and </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">December 31, 2012</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">(51</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">(51</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 0.85pt; PADDING-LEFT: 0pt; MARGIN-LEFT: 3pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Accumulated other comprehensive income</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.85pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.85pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.85pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">406</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 0.85pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.85pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.85pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.85pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">37</font></td>
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<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">38,406</font></td>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
