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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2012
FAIR VALUE MEASUREMENTS |
Schedule of financial assets and liabilities measured on a recurring basis |
The fair value of the Company’s financial assets and liabilities that are measured on a recurring basis were determined using the following inputs as of December 31, 2011:
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
|  | $000 |  | $000 |  | $000 |  | $000 |
ASSETS |  |  |  |  |  |  |  |  |
Cash equivalents |  | 19,894 |  | — |  | — |  | 19,894 |
Total assets |  | 19,894 |  | — |  | — |  | 19,894 |
LIABILITIES |  |  |  |  |  |  |  |  |
Other liabilities measured at fair value: |  |  |  |  |  |  |  |  |
Warrants liability |  | — |  | — |  | 51 |  | 51 |
Scottish Enterprise agreement |  | — |  | — |  | 20 |  | 20 |
Other liabilities measured at fair value |  | — |  | — |  | 71 |  | 71 |
Total liabilities |  | — |  | — |  | 71 |  | 71 |
The fair value of the Company’s financial assets and liabilities that are measured on a recurring basis were determined using the following inputs as of September 30, 2012:
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
|  | $000 |  | $000 |  | $000 |  | $000 |
ASSETS |  |  |  |  |  |  |  |  |
Cash equivalents |  | — |  | 14,592 |  | — |  |  |
Total assets |  | — |  | 14,592 |  | — |  |  |
LIABILITIES |  |  |  |  |  |  |  |  |
Economic rights |  | — |  | — |  | 1,070 |  | 1,070 |
Other liabilities measured at fair value: |  |  |  |  |  |  |  |  |
Warrants liability |  | — |  | — |  | — |  | — |
Scottish Enterprise agreement |  | — |  | — |  | 20 |  | 20 |
Other liabilities measured at fair value |  | — |  | — |  | 20 |  | 20 |
Total liabilities |  | — |  | — |  | 1,090 |  | 1,090 |
Schedule of reconciliation of the beginning and ending balance of Level 3 inputs |
The following table reconciles the beginning and ending balances of Level 3 inputs for the nine months ended September 30, 2012:
|  | Level 3 |
|  | $000 |
Balance as of December 31, 2011 |  | 71 |
Sale of Economic Rights |  | 1,097 |
Change in valuation of Economic Rights |  | (27 | )
Change in valuation of warrants liability |  | (51 | )
Balance as of September 30, 2012 |  | 1,090 |
Economic Rights |
Fair value measurements |
Schedule of assumptions used to value the liability |
|  | March 22, |  | September 30, |
|  | 2012 |  | 2012 |
Probability of unsuccessful/successful outcomes |  | 25% - 75% |  | 25% - 75% |
Amount of award or settlement (1) |  | $10.0 million - $20.0 million |  | $10.0 million - $20.0 million |
Discount rate |  | 16% |  | 16% |
Timing of cash flows |  | 0.75 – 2.27 years |  | 0.25 – 1.77 years |
Royalty rate |  | 6% |  | 6% |
Litigation expenses |  | $1.0 million – $3.0 million |  | $1.0 million – $3.0 million |
(1) Assumptions take into consideration the cap on the amount that the Company would have to pay investors in the event of an award or settlement.

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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of liabilities. This disclosure may include, but is not limited to, the fair value of the liability, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph c -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258 + Details
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