Warrant Liability

12 Months Ended

Dec. 31, 2013

Warrant Liability [Abstract]

Warrant Liability

Note 12 - Warrant Liability

In July 2008, the Company completed a registered direct offering of 6,686,650 units, raising approximately $17.5 million in net proceeds. Each unit consisted of one share of Common Stock and one Warrant. The Warrants represented the right to acquire an aggregate of 3,343,325 shares of common stock at an exercise price of $3.62 per share and were exercisable through July 31, 2013.

During 2013, 2012 and 2011, the Company recorded as other income in its statements of operations a change in fair value of warrant liability of $0.3 million, $0.1 million and $2.5 million, respectively. All Warrants expired unexercised on July 31, 2013.