Income Taxes	6 Months Ended
Jun. 30, 2013
Income Taxes	Note 13—Income Taxes The State of New Jersey provides the Technology Business Tax Certificate Transfer Program enabling approved unprofitable biotechnology businesses to sell their unused New Jersey net operating loss carryforwards and other tax attributes to unaffiliated, profitable corporate taxpayers operating in the State of New Jersey, for cash. The Company has participated in this program and sold state tax benefits totaling $2.4 million during the quarter ended March 31, 2013. The attributes sold were New Jersey net operating losses generated during 2007 and 2008. The Company received a cash payment of $2.2 million in connection with the transaction. This amount is reflected in the financial statements as a state tax benefit. The total amount of federal, foreign, state and local unrecognized tax benefits was $2.7 million at June 30, 2013 and $2.7 million at December 31, 2012. Interest and penalty expense has not been accrued as the company has significant tax benefits to utilize if the liability is actually realized. The Company files income tax returns in the United States, Ireland and various state jurisdictions. The Company’s federal tax returns have been audited by the Internal Revenue Service through fiscal year ended December 31, 2008. State income tax returns are generally subject to examination for a period of three to five years subsequent to the filing of the respective tax return. The Company is not currently being audited by any state taxing jurisdiction. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their basis for income tax purposes and the tax effects of capital loss, net operating loss and tax credit carryforwards. Valuation allowances reduce deferred tax assets to the amounts that are more likely than not to be realized. At June 30, 2013, the Company has recorded additional deferred tax assets which are fully offset by a valuation allowance. Realization of the deferred tax assets is dependent on generating sufficient taxable income in the future. At present, the likelihood of the Company being able to fully realize its deferred income tax benefits against future income is uncertain. For further details of the deferred tax assets and related valuation allowance, please refer to the Company’s 2012 Annual Report on Form 10-K.

Note 13—Income Taxes

The State of New Jersey provides the Technology Business Tax Certificate Transfer Program enabling approved unprofitable biotechnology businesses to sell their unused New Jersey net operating loss carryforwards and other tax attributes to unaffiliated, profitable corporate taxpayers operating in the State of New Jersey, for cash. The Company has participated in this program and sold state tax benefits totaling $2.4 million during the quarter ended March 31, 2013. The attributes sold were New Jersey net operating losses generated during 2007 and 2008. The Company received a cash payment of $2.2 million in connection with the transaction. This amount is reflected in the financial statements as a state tax benefit.

The total amount of federal, foreign, state and local unrecognized tax benefits was $2.7 million at June 30, 2013 and $2.7 million at December 31, 2012. Interest and penalty expense has not been accrued as the company has significant tax benefits to utilize if the liability is actually realized.

The Company files income tax returns in the United States, Ireland and various state jurisdictions. The Company’s federal tax returns have been audited by the Internal Revenue Service through fiscal year ended December 31, 2008. State income tax returns are generally subject to examination for a period of three to five years subsequent to the filing of the respective tax return. The Company is not currently being audited by any state taxing jurisdiction.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their basis for income tax purposes and the tax effects of capital loss, net operating loss and tax credit carryforwards. Valuation allowances reduce deferred tax assets to the amounts that are more likely than not to be realized. At June 30, 2013, the Company has recorded additional deferred tax assets which are fully offset by a valuation allowance. Realization of the deferred tax assets is dependent on generating sufficient taxable income in the future. At present, the likelihood of the Company being able to fully realize its deferred income tax benefits against future income is uncertain. For further details of the deferred tax assets and related valuation allowance, please refer to the Company’s 2012 Annual Report on Form 10-K.