Warrant Liability (Tables)

12 Months Ended

Dec. 31, 2012

Warrant Liability Tables

Change in fair value of warrants

At December 31, 2012 and 2011, the Company had approximately $3.1 million and $0.9 million of warrant liabilities, respectively, and recognized $1.2 million and $3.7 million in other income from change in fair value of warrants, respectively.

	Warrant		Exercise		Estimated fair value				Change in estimated fair value
Date	Shares		Price		2012		2011		2012		2011
11/16/2009		5,522	$	650.00	$	-	$	41,000	$	(40,000)	$	(524,000)
11/16/2009		414	$	575.00		-		-		-		(1,000)
10/7/2010		10,500	$	300.00		3,000		157,000		(154,000)		(1,069,000)
10/7/2010		630	$	312.50		-		-		-		(50,000)
1/19/2011		10,673	$	160.00		7,000		184,000		(177,000)		(1,277,000)
1/19/2011		640	$	162.50		-		1,000		(1,000)		(65,000)
10/25/2011		26,628	$	44.80		106,000		528,000		(422,000)		(709,000)
10/25/2011		799	$	59.13		-		6,000		(6,000)		(22,000)
2/2/2012		10,648	$	28.00		49,000		-		(144,000)		-
2/2/2012		1,597	$	27.00		-		-		(21,000)		-
11/8/2012		483,657	$	6.53		2,960,000		-		(237,000)		-
						3,125,000	$	917,000	$	(1,202,000)	$	(3,717,000)

Fair value of warrants

The Company used the following assumptions in the Black-Scholes calculation used to measure the fair value of warrants at December 31, 2011 and 2012 (as retroactively adjusted for the 2012 and 2011 reverse stock splits).

As of December 31, 2011
Grant Date	11/16/09			10/07/10			01/19/11			10/25/11
Shares		5,522			10,500			10,673			26,628
Stock price	$	23.40		$	23.40		$	23.40		$	23.40
Exercise price	$	650.00		$	300.00		$	160.00		$	44.80
Expected terms (yrs)		2.9			3.8			4.1			4.8
Risk-free interest rate		0.36	%		0.60	%		0.60	%		0.83	%
Estimated volatility		144.55	%		156.71	%		156.71	%		143.85	%
As of December 31, 2012
Grant Date	11/16/09			10/07/10			01/19/11			10/25/11			02/02/12			11/08/12
Shares		5,522			10,500			10,673			26,628			10,648			483,657
Stock price	$	6.83		$	6.83		$	6.83		$	6.83		$	6.83		$	6.83
Exercise price	$	650.00		$	300.00		$	160.00		$	44.80		$	28.00		$	6.53
Expected terms (yrs)		1.9			2.8			3.1			3.8			4.1			4.9
Risk-free interest rate		0.25	%		0.36	%		0.36	%		0.54	%		0.54	%		0.72	%
Estimated volatility		110.99	%		101.94	%		101.94	%		133.28	%		133.28	%		146.03	%
As of the date of issuance for warrants issued in 2011 and 2012
Grant Date	01/19/11			10/25/11			02/02/12			11/08/12
Shares		10,673			26,628			10,648			483,657
Stock price	$	155.00		$	51.40		$	20.60		$	7.31
Exercise price	$	160.00		$	44.80		$	28.00		$	6.53
Expected terms (yrs)		5			5			5			5
Risk-free interest rate		1.95	%		1.01	%		0.71	%		0.65	%
Estimated volatility		138.7	%		144.6	%		144.7	%		146.0	%