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FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2013

FAIR VALUE

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, 2012 (in $000s):

		Level 1		Level 2		Level 3		Total
ASSETS
Cash equivalents		5,523		6,799		—		12,322
Total assets		5,523		6,799		—		12,322
LIABILITIES
Financial instrument associated with stock purchase agreement		—		—		—		—
Economic rights		—		—		1,120		1,120
Other liabilities measured at fair value:
Warrants liability		—		—		—		—
Scottish Enterprise agreement		—		—		20		20
Other liabilities measured at fair value		—		—		20		20
Total liabilities		—		—		1,140		1,140

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 March 31, 2013 (in $000s):

		Level 1		Level 2		Level 3		Total
ASSETS
Cash equivalents		3,876		4,299		—		8,175
Total assets		3,876		4,299		—		8,175
LIABILITIES
Financial instrument associated with stock purchase agreement		—		—		—		—
Economic rights		—		550		—		550
Other liabilities measured at fair value:
Warrants liability		—		—		—		—
Scottish Enterprise agreement		—		—		20		20
Other liabilities measured at fair value		—		—		20		20
Total liabilities		—		550		20		570

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 three months ended March 31, 2013 (in $000s):

		Level 3
Balance as of December 31, 2012		1,140
Change in valuation of Economic Rights		(570	)
Movement of valuation of Economic Rights from Level 3 to Level 2		(550	)
Balance as of March 31, 2013		20

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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.

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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

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