|
STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
89 Months Ended |
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2011
|
| OPERATING ACTIVITIES |
|
|
|
| Net loss |
$ (9,711) |
$ (10,871) |
$ (146,392) |
| Non cash items: |
|
|
|
| Deferred tax expense |
0 |
0 |
770 |
| Depreciation and amortization |
117 |
135 |
3,942 |
| Non-cash stock-based compensation |
159 |
275 |
4,824 |
| Gain on sale of bone device business |
0 |
0 |
(2,298) |
| In-process research and development |
0 |
0 |
34,311 |
| Change in other operating items: |
|
|
|
| Interest, income taxes and other current assets |
(115) |
1,017 |
950 |
| Accounts payable |
(169) |
(473) |
(894) |
| Accrued liabilities |
(871) |
(778) |
(2,975) |
| Cash flows used in operating activities |
(10,590) |
(10,695) |
(107,762) |
| INVESTING ACTIVITIES |
|
|
|
| Expenditures for furniture and equipment, net |
(19) |
(60) |
(1,044) |
| Proceeds from sale of assets |
0 |
0 |
7,000 |
| Cash paid for assets of AzERx/CBI |
0 |
0 |
(4,058) |
| Cash paid for patent assignment rights |
0 |
0 |
(650) |
| Purchases of investments |
0 |
(25,140) |
(282,538) |
| Maturities of investments |
0 |
47,408 |
340,476 |
| Cash flows provided by investing activities |
(19) |
22,208 |
59,186 |
| FINANCING ACTIVITIES |
|
|
|
| Net proceeds from stock option exercises |
0 |
0 |
4,612 |
| Net proceeds from sale of stock |
0 |
0 |
3,376 |
| Common stock purchases |
0 |
0 |
(1,041) |
| Cash flows provided by financing activities |
0 |
0 |
6,947 |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
(10,609) |
11,513 |
(41,629) |
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
24,387 |
12,874 |
55,407 |
| CASH AND CASH EQUIVALENTS, END OF YEAR |
13,778 |
24,387 |
13,778 |
| Supplemental Disclosure of Non-Cash Investing Activities |
|
|
|
| Current assets acquired |
0 |
0 |
29 |
| Patents acquired |
0 |
0 |
2,142 |
| Liabilities acquired, and accrued acquisition costs |
0 |
0 |
(457) |
| Original investment reversal |
0 |
0 |
(750) |
| In-process research and development acquired |
0 |
0 |
34,311 |
| Common stock issued for acquisitions |
0 |
0 |
(31,217) |
| Cash paid for acquisitions |
$ 0 |
$ 0 |
$ 4,058 |