SUBSEQUENT EVENT

12 Months Ended

Dec. 31, 2012

SUBSEQUENT EVENT

SUBSEQUENT EVENT

15. SUBSEQUENT EVENT

On January 31, 2013, the Company entered into an asset purchase agreement with Aduro BioTech, Inc., a clinical-stage immunotherapy company, pursuant to which the Company sold all of its assets related to its GVAX cancer vaccine portfolio in exchange for a $1.0 million up front cash payment plus the potential for future royalty, milestone and sublicense payments.

In January 2013, the Company funded a rabbi trust with approximately $2.3 million of cash for the purpose of providing a funding mechanism to make severance payments to certain executive officers who become entitled to such payments six months after the closing of the proposed merger with ANI.   Cash held in the rabbi trust is considered restricted cash based on the terms of the rabbi trust.