Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 6 Months Ended 72 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Cash flows from operating activities:      
Net loss $ (13,011) $ (26,276) $ (69,585)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 1,218 529 5,092
Acquired in-process research and development   20,706 20,706
Noncash interest     1,031
Noncash interest-related parties     286
Contribution of services by stockholder   20 130
Issuance of Common Stock to non-employee for services     121
Change in fair value of common stock warrant liability     234
Change in fair value of embedded conversion feature     831
Change in fair value of preferred stock warrant liability     1,407
Amortization of deferred financing costs     737
Depreciation expense   4 41
Changes in operating assets and liabilities:      
Prepaid and other assets (71) (35) (286)
Interest payable-related parties   19 19
Accounts payable and accrued expenses 433 675 3,907
Net cash used in operating activities (11,431) (4,358) (35,329)
Cash flows from investing activities:      
Purchase of computer equipment     (41)
Purchase of in-process research and development   (3,843) (3,843)
Net cash used in investing activities   (3,843) (3,884)
Cash flows from financing activities:      
Proceeds from PCP notes payable-related party     570
Payment of PCP notes payable related party     (570)
Proceeds from notes payable-related parties     2,221
Proceeds from borrowings under line of credit     80
Payment of line of credit     (80)
Proceeds from senior convertible notes     7,570
Payment of debt issue costs     (737)
Payment of notes payable-related parties     (600)
Proceeds from the issuance of Common Stock 28,750 80 28,948
Payment of costs related to the issuance of Common Stock (2,272)   (2,272)
Net cash provided by financing activities 26,478 22,986 77,420
Increase in cash and cash equivalents 15,047 14,785 38,207
Cash and cash equivalents-beginning of period 23,160 14,862  
Cash and cash equivalents-end of period 38,207 29,647 38,207
Supplemental disclosure of cash flow information:      
Cash paid for interest 36 17 177
Supplemental disclosure of non-cash financing and investing activities:      
Assumption of PCP note related to Asphelia Asset Purchase   750 750
Series A Convertible Preferred Stock
      
Cash flows from financing activities:      
Proceeds from issuance of Convertible Preferred Stock     21,681
Payment of costs related to the issuance of Convertible Preferred Stock     (2,291)
Supplemental disclosure of non-cash financing and investing activities:      
Issuance of Common Stock warrants related to the Series A Convertible Preferred Stock financing     621
Conversion of senior convertible notes into Series A Convertible Preferred Stock     8,601
Conversion of notes payable-related parties into Series A Convertible Preferred Stock     1,907
Series B Convertible Preferred Stock
      
Supplemental disclosure of non-cash financing and investing activities:      
Issuance of Series B Convertible Preferred Stock for purchase of assets   16,114 16,114
Series C Convertible Preferred Stock
      
Cash flows from financing activities:      
Proceeds from issuance of Convertible Preferred Stock   25,784 25,784
Payment of costs related to the issuance of Convertible Preferred Stock   (2,878) (2,884)
Supplemental disclosure of non-cash financing and investing activities:      
Issuance of Series C Convertible Preferred Stock warrants   1,286 1,286
Series A, B and C Convertible Preferred Stock
      
Supplemental disclosure of non-cash financing and investing activities:      
Issuance of Common Stock for Series A, B and C Convertible Preferred Stock     $ 67,004