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RESEARCH AND DEVELOPMENT FUNDING ARRANGEMENTS AND OTHERS (Tables)
 12 Months Ended
Dec. 31, 2014
RESEARCH AND DEVELOPMENT FUNDING ARRANGEMENT [Abstract]  
Schedule of Balances Recorded
 

December 31,


2014 2013
     

  Embedded Derivatives

  $ -   $ 12,431

  Research and Development Component

  421   758
   
  $ 421   $ 13,189
Schedule of Fair Value Assumptions

In estimating the embedded derivatives' fair value, the Company used the following assumptions:

 

 

August 20,
2014


 

December 31,

2013


 

Amended Funding Arrangement


     

  Risk-free interest rate (1)

  0.09 %   0.25 %

  Expected volatility (2)

  57.76 %   55.65 %

  Expected life (in years) (3)

  0.84   1.5

  Expected dividend yield (4)

  0   0

 

(1)  Risk-free interest rate – based on the yields from U.S. treasury bonds with equivalent terms.

(2)  Expected volatility - was calculated based on actual historical share price movements of the Company over a term that is equivalent to the expected term of the embedded derivative.

(3)  Expected life - the expected life of the conversion feature was based on the term of the embedded derivative.

(4)  Expected dividend yield - was based on the fact that the Company has not paid dividends to ordinary shareholders in the past and does not expect to pay dividends to ordinary shareholders.