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Fair Value (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2012

Dec. 31, 2011

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

		Fair Value Measurements Using Fair Value Hierarchy
		Level 1		Level 2		Level 3		Total
		$000		$000		$000		$000
Cash equivalents		19,894		—		—		19,894
Warrants liability		—		—		51		51
Other derivatives		—		—		20		20
Total		19,894				71		19,965

Schedule of assumptions used to value the warrants

		December 31,
		2010			2011
Exercise price		$	59.08		$	59.08
Expected term		3.13 Yrs			2.13 Yrs
Risk free interest rate		1.02		%	0.25		%
Expected volatility		121		%	106		%
Expected dividend yield over expected term		—			—

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

		Level 3
		$000
Balance as of December 31, 2010		680
Change in valuation of warrants liability		(629	)
Change in valuation of derivative		20
Balance as of December 31, 2011		71

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.

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