SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2012

Amounts Included in Property and Equipment

Amounts included in property and equipment are as follows:

	As of December 31,
	2012			2011
	(in thousands)
Lab equipment	$	6,890		$	6,920
Office equipment		1,301			1,295
Leasehold improvements		10,058			9,959
Building		1,856			1,856
		20,105			20,030
Less accumulated depreciation		(16,708	)		(15,765	)
Property and equipment, net	$	3,397		$	4,265

Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company’s assets and liabilities measured at fair value on a recurring basis consisted of the following as of the date indicated:

	Fair Value Measurement as of December 31, 2012
	Total		Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents	$	187,661	$	187,661	$	0	$	0
Total assets	$	187,661	$	187,661	$	0	$	0

	Fair Value Measurement as of December 31, 2011
	Total		Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents	$	39,904	$	39,904	$	0	$	0
Total assets	$	39,904	$	39,904	$	0	$	0

	Fair Value Measurement as of December 31, 2012
	Total		Level 1		Level 2		Level 3
	(in thousands)
Warrants	$	65,193	$	0	$	0	$	65,193
Total liabilities	$	65,193	$	0	$	0	$	65,193

	Fair Value Measurement as of December 31, 2011
	Total		Level 1		Level 2		Level 3
	(in thousands)
Warrants	$	5,446	$	0	$	0	$	5,446
Total	$	5,446	$	0	$	0	$	5,446