Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2012

Investments in Debt Securities

Investments in debt securities consisted of the following at December 31, 2012:

	December 31, 2012
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Marketable securities:
U.S. Government and agency securities	$	2,000,897	$	353	$	(7	)	$	2,001,243
Corporate and other debt securities		8,835,098		8,854		—			8,843,952
		10,835,995		9,207		(7	)		10,845,195
Long-term marketable securities:
U.S. Government and agency securities		5,198,264		2,747		—			5,201,011
Corporate and other debt securities		4,711,679		3,525		(1,360	)		4,713,844
		9,909,943		6,272		(1,360	)		9,914,855
Total	$	20,745,938	$	15,479	$	(1,367	)	$	20,760,050

Investments in debt securities consisted of the following at December 31, 2011:

	December 31, 2011
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Marketable securities:
U.S. Government and agency securities	$	8,373,355	$	3,126	$	(233	)	$	8,376,248
Corporate and other debt securities		7,046,222		3,336		(4,370	)		7,045,188
		15,419,577		6,462		(4,603	)		15,421,436
Long-term marketable securities:
U.S. Government and agency securities		8,399,428		2,223		(91	)		8,401,560
Corporate and other debt securities		1,031,443		2,347		—			1,033,790
		9,430,871		4,570		(91	)		9,435,350
Total	$	24,850,448	$	11,032	$	(4,694	)	$	24,856,786

Contractual Maturities of Debt Securities

The contractual maturities of debt securities at December 31, 2012 were as follows:

	Amortized Cost		Fair Value
Due in 1 year or less	$	10,835,995	$	10,845,195
Due in 1 to 2 years		9,909,943		9,914,855
	$	20,745,938	$	20,760,050

Assets Measured at Fair Value on Recurring Basis

The following fair value hierarchy table presents information about each major category of the Company’s assets measured at fair value on a recurring basis as of December 31, 2012:

	Fair value measurement at reporting date using:
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets:
Money market funds	$	7,891,062	$	—	$	—	$	7,891,062
U.S. Government and agency securities		2,901,209		5,201,011		—		8,102,220
Corporate and other debt securities		—		13,557,796		—		13,557,796
Total	$	10,792,271	$	18,758,807	$	—	$	29,551,078

Roll Forward of Fair Value of Contingent Consideration

The following table provides a roll forward of the fair value of the contingent consideration:

Balance at December 31, 2011	$	2,197,226
Additions		—
Payments		(35,000	)
Changes in fair value		736,850
Balance at December 31, 2012	$	2,899,076

Schedule of Inventories

Inventories consist of the following:

	December 31, 2012		December 31, 2011
Raw Materials	$	4,064,317	$	3,563,395
Work-in-process		4,112,478		5,936,578
Finished products		2,966,900		3,863,100
Total	$	11,143,695	$	13,363,073

Estimated Useful Life of Assets

Depreciation is calculated using the straight-line method over the estimated useful life of the asset as follows:

Classification	Estimated Useful Life
Leasehold improvements	Shorter of the term of the lease or estimated useful life
Equipment	Three to eight years
Furniture and fixtures	Three years

Reconciliation of Basic and Diluted Shares Amounts

A reconciliation of basic and diluted share amounts is as follows:

	Year ended December 31,		Nine Months ended December 31,					Year ended March 31,
	2012		2011			2010		2011
Numerator:
Net income (loss)	$	14,156,037	$	(1,612,625	)	$	1,987,178	$	(43,509	)
Denominator:
Basic weighted average common shares outstanding		30,914,424		30,774,467			30,778,430		30,781,881
Weighted average common stock equivalents from assumed exercise of stock options and restricted stock awards		339,010		—			170,834		—
Diluted weighted average common shares outstanding		31,253,434		30,774,467			30,949,264		30,781,881
Basic net income (loss) per common share	$	0.46	$	(0.05	)	$	0.06	$	(0.00	)
Diluted net income (loss) per common share	$	0.45	$	(0.05	)	$	0.06	$	(0.00	)

Total Assets by Geographic Area

The following table represents the Company’s total assets by geographic area:

	December 31, 2012		December 31, 2011
United States	$	58,356,697	$	44,223,080
Sweden		38,653,466		31,833,734
Total	$	97,010,163	$	76,056,814

Long Lived Assets by Geographic Area

The following table represents the Company’s long-lived assets by geographic area:

	December 31, 2012		December 31, 2011
United States	$	16,537,804	$	13,380,836
Sweden		14,262,908		15,781,172
Total	$	30,800,712	$	29,162,008

Percentage of Revenue from Significant Customers

Revenue from significant customers as a percentage of the Company’s total revenue is as follows:

	Year ended December  31,			Nine Months ended December 31,						Year ended March  31,
	2012			2011			2010			2011
Orencia® Royalties from Bristol		24	%		37	%		37	%		38	%
Bioprocessing Customer A		42	%		44	%		45	%		42	%

Intangible assets

Intangible assets consisted of the following at December 31, 2012:

	Gross Carrying Amount		Accumulated Amortization			Weighted Average Useful Life (in years)
Technology – developed	$	1,452,729	$	(360,748	)		8
Patents		240,000		(87,500	)		8
Customer relationships		6,872,383		(934,852	)		8
Total intangible assets	$	8,565,112	$	(1,383,100	)		8

Intangible assets consisted of the following at December 31, 2011:

	Gross Carrying Amount		Accumulated Amortization			Weighted Average Useful Life (in years)
Technology – developed	$	1,413,564	$	(184,402	)		8
Patents		240,000		(57,500	)		8
Customer relationships		6,508,147		(124,570	)		8
Total intangible assets	$	8,161,711	$	(366,472	)		8

Total Revenue

Percentage by Geographic Area or Significant Customers

The following table represents the Company’s total revenue by geographic area (based on the location of the customer):

	Year ended December  31,			Nine Months ended December 31,						Year ended March  31,
	2012			2011			2010			2011
United States		46	%		48	%		48	%		50	%
Sweden		42	%		44	%		45	%		42	%
Other		12	%		8	%		7	%		8	%
Total		100	%		100	%		100	%		100	%

Accounts Receivable

Percentage by Geographic Area or Significant Customers

Significant accounts receivable balances as a percentage of the Company’s total trade accounts receivable and royalties and other receivable balances are as follows:

	December 31, 2012			December 31, 2011
Orencia® Royalties from Bristol		31	%		53	%
Bioprocessing Customer A		21	%		31	%
Pfizer		38	%		—