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Subsequent Events

12 Months Ended

Dec. 31, 2011

Note 19. Subsequent Events

As of March 2, 2012, a total of 750,000 Series B warrants issued as part of our December 2011 financing were exercised to purchase an aggregate of 750,000 units at a price of $1.25 per unit. Each unit consists of (i) one share of our common stock and (ii) one Series A warrant to purchase one share of common stock. The Series A warrants are immediately exercisable on issuance at an initial exercise price of $1.40 per share and expire on the fifth anniversary of the closing date of the initial financing transaction in December 2011. As a result of these exercises, we issued 750,000 shares of our common stock and 750,000 Series A warrants and received gross proceeds of $938,000.

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QUARTERLY FINANCIAL DATA (unaudited)


	2011 Quarter Ended
	December 31			September 30			June 30			March 31
	(In thousands, except per share amounts)
Total revenue	$	541		$	224		$	234		$	221
Cost of Sales		47			61			52			55
Operating expenses		7,807			6,326			7,272			7,677
Other income (expense), net(1)		101			1,829			3,055			1,762
Net loss		(7,212	)		(4,334	)		(4,035	)		(5,747	)
Basic and diluted net loss per share	$	(0.47	)	$	(0.31	)	$	(0.29	)	$	(0.42	)


	2010 Quarter Ended
	December 31			September 30			June 30			March 31
	(In thousands, except per share amounts)
Total revenue	$	700		$	253		$	244		$	230
Cost of Sales		63			36			25			44
Operating expenses		8,343			7,218			7,270			7,787
Other income (expense), net(1)		(1,251	)		1,449			2441			1,477
Net loss		(8,957	)		(5,552	)		(4,610	)		(6,124	)
Basic and diluted net loss per share	$	(0.70	)	$	(0.44	)	$	(0.38	)	$	(0.51	)

(1)	Other expense, net, for 2011 and 2010, includes the change in fair value of our warrant liability — see Note 13. Other expense, net, for 2010 includes $977,917 received as a grant under the federal government’s Qualifying Therapeutic Discovery Projects Program — see Note 17.