7 Property, Plant and Equipment
Property, plant and equipment consisted of the following:
|
|
Useful lives in years from |
|
December 31, |
|
|
|
date of acquisition |
|
2010 |
|
2011 |
|
|
|
|
|
$000 |
|
$000 |
|
Leasehold improvements |
|
5 to 15 yrs |
|
844 |
|
844 |
|
Research and laboratory equipment |
|
3 to 5 yrs |
|
6,281 |
|
6,251 |
|
Office equipment and furniture |
|
3 to 5 yrs |
|
1,267 |
|
1,273 |
|
|
|
|
|
8,392 |
|
8,368 |
|
Less: accumulated depreciation and amortization |
|
|
|
(7,984 |
) |
(8,201 |
) |
|
|
|
|
408 |
|
167 |
|
The depreciation and amortization of property, plant and equipment amounted to $0.7 million, $0.5 million and $0.2 million for the years ended December 31, 2009, 2010 and 2011, respectively.
Depreciation and amortization expense for the period from inception or August 13, 1996 through December 31, 2011 was $12.6 million. At December 31, 2010 and 2011 there were no assets held under capital lease arrangements.
As a result of the Company revising its operating plan in September 2008, the Company identified that certain research and development assets at its Cambridge, UK facility would no longer be utilized (see Note 12 — “Restructuring”). For the year ended December 31, 2009, the Company recorded an asset impairment of $0.2 million in respect of these assets as accelerated depreciation in accordance with ASC 360, which is shown within research and development expense on the consolidated statement of operations. There were no impairments of property, plant and equipment during the years ended December 31, 2010 and 2011. |