InspireMD (NSPR) 10-Q 11 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	11-May-15
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Entity Registrant Name	InspireMD, Inc.
Entity Central Index Key	1433607
Current Fiscal Year End Date	-19
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		77,995,335
Entity Current Reporting Status	Yes

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
CURRENT ASSETS:
Cash and cash equivalents	$13,186	$6,300
Accounts receivable:
Trade	719	635
Other	278	359
Prepaid expenses	109	150
Inventory	1,750	1,924
Total current assets	16,042	9,368
NON-CURRENT ASSETS:
Property, plant and equipment, net	584	622
Deferred issuance costs	136	153
Funds in respect of employees rights upon retirement	504	498
Long term prepaid expenses	58	66
Royalties buyout	400	752
Total non-current assets	1,682	2,091
Total assets	17,724	11,459
Accounts payable and accruals:
Trade	665	909
Other	2,766	3,576
Advanced payment from customers	162	179
Current maturity of loan	3,909	3,809
Total current liabilities	7,502	8,473
LONG-TERM LIABILITIES:
Liability for employees rights upon retirement	699	687
Long-term loan	4,138	5,086
Total long-term liabilities	4,837	5,773
COMMITMENTS AND CONTINGENT LIABILITIES (Note 11)
Total liabilities	12,339	14,246
EQUITY (CAPITAL DEFICIENCY):
Common stock, par value $0.0001 per share; 125,000,000 shares authorized; 75,940,566 and 41,368,889 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	7	4
Additional paid-in capital	118,001	104,620
Accumulated deficit	-112,623	-107,411
Total equity (capital deficiency)	5,385	-2,787
Total liabilities and equity (net of capital deficiency)	$17,724	$11,459

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract]
Common stock, par value per share	$0.00	$0.00
Common stock, shares authorized	125,000,000	125,000,000
Common stock, shares issued	75,940,566	41,368,889
Common stock, shares outstanding	75,940,566	41,368,889

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
REVENUES	$477	$1,482
COST OF REVENUES	514	625
GROSS PROFIT (LOSS)	-37	857
OPERATING EXPENSES:
Research and development	1,352	2,577
Selling and marketing	1,017	1,276
General and administrative	1,970	2,539
Restructuring and impairment expenses	514
Total operating expenses	4,853	6,392
LOSS FROM OPERATIONS	-4,890	-5,535
FINANCIAL EXPENSES, net:
Interest expense	301	352
Other financial expenses	5	61
Total financial expenses	306	413
LOSS BEFORE INCOME TAXES	-5,196	-5,948
TAX EXPENSES	16	20
NET LOSS	($5,212)	($5,968)
NET LOSS PER SHARE - basic and diluted	($0.10)	($0.18)
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK USED IN COMPUTING NET LOSS PER SHARE - basic and diluted	49,915,187	34,051,703

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	($5,212)	($5,968)
Adjustments required to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	75	56
Impairment of royalties buyout	316
Change in liability for employees right upon retirement	12	26
Financial expenses	102	93
Share-based compensation expenses	1,029	1,019
Loss on amounts funded in respect of employee rights upon retirement, net	4
Changes in operating asset and liability items:
Decrease in prepaid expenses	49	60
Decrease (increase) in trade receivables	-84	361
Decrease (increase) in other receivables	81	-78
Decrease in inventory	174	250
Decrease in trade payables	-244	-218
Increase (decrease) in other payables and advance payment from customers	-924	690
Net cash used in operating activities	-4,622	-3,709
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment	-1	-13
Amounts funded in respect of employee rights upon retirement, net	-10	-21
Net cash used in investing activities	-11	-34
CASH FLOWS FROM FINANCING ACTIVITIES:
Taxes withheld in respect of share issuance	-78	-77
Proceeds from issuance of shares and warrants, net of $1,315 issuance costs	12,529
Repayment of long-term loan	-891
Net cash provided by (used in) financing activities	11,560	-77
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	-41	-9
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	6,886	-3,829
BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD	6,300	17,535
BALANCE OF CASH AND CASH EQUIVALENTS AT END OF THE PERIOD	$13,186	$13,706

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]
Issuance costs for shares and warrants	$1,315

DESCRIPTION_OF_BUSINESS

DESCRIPTION OF BUSINESS	3 Months Ended
	Mar. 31, 2015
DESCRIPTION OF BUSINESS [Abstract]
DESCRIPTION OF BUSINESS	NOTE 1 - DESCRIPTION OF BUSINESS
		a.	General
	InspireMD, Inc., a Delaware corporation (the “Company”), together with its subsidiaries, is a medical device company focusing on the development and commercialization of its proprietary MicroNet™ stent platform technology for the treatment of complex coronary and vascular disease. MicroNet, a micron mesh sleeve, is wrapped over a stent to provide embolic protection in stenting procedures. The Company's coronary products combining MicroNet and a bare-metal stent (MGuard Prime™ EPS) are marketed for use in patients with acute coronary syndromes, notably acute myocardial infarction (heart attack) and saphenous vein graft coronary interventions (bypass surgery). In October 2014, the Company launched a limited market release of its carotid embolic prevention system (CGuard™ EPS), which combines MicroNet and a self-expandable nitinol stent in a single device to treat carotid artery disease, using an over-the-wire delivery system. In January 2015, the Company received CE mark approval for the rapid exchange delivery system and fully launched CGuard in countries in Europe. The Company markets its products through distributors in international markets, mainly in Europe, Southeast Asia, India, Latin America and Israel.
		b.	Liquidity
	The Company has an accumulated deficit as of March 31, 2015, as well as net losses and negative operating cash flows in recent years and the current year. The Company expects to continue incurring losses and negative cash flows from operations. Management of the Company presently anticipates that it has sufficient resources to fund its operations for at least the next twelve months. During the next twelve months management expects that the Company will need to raise additional capital to finance its losses and negative cash flows from operations beyond the next twelve months and may continue to be dependent on additional capital raising as long as its products do not reach commercial profitability.
	Management's plans include the continued commercialization of the MGuard™ and CGuard™ products and raising capital through the sale of additional equity securities, debt or capital inflows from strategic partnerships. There are no assurances, however, that the Company will be successful in obtaining the level of financing needed for its operations. If the Company is unsuccessful in commercializing its MGuard™ or CGuard™ products and raising capital, it may need to reduce activities, curtail or cease operations.
	During the fourth quarter of 2014, the Company began implementing a focused spending plan. The plan included reducing the focus of clinical and development expenses related to the Company's bare metal stent product and increasing the focus on the Company's drug eluting stent product. Prior to the fourth quarter of 2014, a large portion of the Company's organization was supporting the MASTER II trial, in which the Company determined not to resume enrollment, and instead allocated resources to drug eluting stents and the CGuard platform.
	During the first quarter of 2015, the board of directors approved to cease developing and promoting our bare metal stent platform and implementing another cost reduction/focused spending plan. The plan has four components: (i) reducing headcount; (ii) limiting the focus of clinical and development expenses to only carotid and neurovascular products; (iii) limiting sales and marketing expenses to only those related to the CGuard EPS stent launch; and (iv) reducing all other expenses (including conferences, travel, promotional expenses, executive cash salaries, director cash fees, etc.). Prior to the cost reduction plan, a large portion of the Company's organization supported clinical trials and promotional activities related to the Company's bare metal stent platform. In light of the above noted change in focus, many positions related to the development and promotion of the Company's bare metal stent platform have since been elimated. The Company will invest in a next generation MGuard EPS drug eluting platform only upon entering into a strategic partnership.
		c.	Fundraising
	On March 9, 2015, the Company sold 34,369,675 shares of its common stock and warrants to purchase 34,369,675 shares of common stock in a registered direct offering. Each purchaser received a warrant to purchase one share of common stock for each share of common stock that it purchased in the offering. The warrants have a term of exercise of 5 years from the date of issuance and an exercise price of $0.55. This offering resulted in net proceeds to the Company of approximately $12.5 million after deducting placement agent fees and other offering expenses. See Note 4c.

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2015
BASIS OF PRESENTATION [Abstract]
BASIS OF PRESENTATION	NOTE 2 - BASIS OF PRESENTATION
	The accompanying unaudited consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements. In the opinion of management, the financial statements reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the financial position and results of operations of the Company. These consolidated financial statements and notes thereto are unaudited and should be read in conjunction with the Company's audited financial statements for the year ended December 31, 2014, as found in the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 12, 2015. The balance sheet for December 31, 2014 was derived from the Company's audited financial statements for the twelve months ended December 31, 2014. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of results that could be expected for the entire fiscal year.

RECENTLY_ISSUED_ACCOUNTING_PRO

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2015
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	NOTE 3 – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
	In April, 2015, the Financial Accounting Standards Board (“FASB”) issued guidance related to the presentation of Debt Issuance Costs. The new guidance requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. The new guidance does not affect the recognition and measurement of debt issuance costs. The new guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The new guidance will be applied on a retrospective basis.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2015
EQUITY [Abstract]
EQUITY	NOTE 4 -	EQUITY:
		a.	During the three months ended March 31, 2015, the Company granted stock options to employees and directors to purchase a total of 1,492,525 shares of the Company's common stock. The options have exercise prices ranging from $0.32-$0.83 per share, which were the fair market value of the Company's common stock on the date of each respective grant. Of the 1,492,525 options described above, 425,059 options are fully vested as of their grant date. The remaining options are subject to a three-year vesting period, with one-third of such awards vesting each year.
	In calculating the fair value of the above options the Company used the following assumptions: dividend yield of 0%; expected term of 5-6.5 years; expected volatility of 62.68%-67.84%; and risk-free interest rate of 1.41%-1.71%.
	The fair value of the above options, using the Black-Scholes option-pricing model, was approximately $0.58 million.
		b.	During the three months ended March 31, 2015, the Company granted a total of 1,512,409 restricted shares of the Company's common stock to employees. Of the 1,512,409 restricted shares described above, 502,604 restricted shares are subject to a one-year vesting period, 92,500 restricted shares are fully vested as of their grant date and are subject to a 6 month lock up period and 917,305 restricted shares are subject to a three-year vesting period, with one-third of such awards vesting each year.
	The fair value of the above restricted shares was approximately $1.1 million.
		c.	On March 9, 2015, the Company sold 34,369,675 shares of its common stock and warrants to purchase 34,369,675 shares of common stock in a registered direct offering. Each purchaser received a warrant to purchase one share of common stock for each share of common stock that it purchased in the offering. The warrants, which are classified as equity, have a term of exercise of 5 years from the date of issuance and an exercise price of $0.55. This offering resulted in net proceeds to the Company of approximately $12.5 million after deducting placement agent fees and other offering expenses.

NET_LOSS_PER_SHARE

NET LOSS PER SHARE	3 Months Ended
	Mar. 31, 2015
NET LOSS PER SHARE [Abstract]
NET LOSS PER SHARE	NOTE 5- NET LOSS PER SHARE:
	Basic and diluted net loss per share is computed by dividing the net loss for the period by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net loss per share excludes potential share issuances of common stock upon the exercise of share options, warrants, convertible loans and restricted stocks as the effect is anti-dilutive.
	The total number of shares of common stock related to outstanding options, warrants, convertible loans and restricted stock excluded from the calculations of diluted loss per share were 50,411,102 and 9,984,674 for the three month periods ended March 31, 2015 and 2014, respectively.

FAIR_VALUE_MEASUREMENT

FAIR VALUE MEASUREMENT	3 Months Ended
	Mar. 31, 2015
FAIR VALUE MEASUREMENT [Abstract]
FAIR VALUE MEASUREMENT	NOTE 6 - FAIR VALUE MEASURMENT:
	The carrying amounts of financial instruments included in working capital approximate their fair value either because these amounts are presented at fair value or due to the relatively short-term maturities of such instruments. If measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy. As of March 31, 2015, the carrying amounts of financial instruments included in working capital approximate their fair value either because these amounts are presented at fair value or due to the relatively short-term maturities of such instruments. The fair value of the loan received on October 23, 2013 (the “Loan”) approximated its carrying amount since it bears interest at rates that approximate current market rates.

INVENTORY

INVENTORY	3 Months Ended
	Mar. 31, 2015
INVENTORY [Abstract]
INVENTORY	NOTE 7 - INVENTORY:
		March 31,		December 31,
		2015		2014
		($ in thousands)
	Finished goods	$	965	$	1,273
	Work in process		493		326
	Raw materials and supplies		292		325
		$	1,750	$	1,924

IMPAIRMENT_OF_ROYALTIES_BUYOUT

IMPAIRMENT OF ROYALTIES BUYOUT	3 Months Ended
	Mar. 31, 2015
IMPAIRMENT OF ROYALTIES BUYOUT [Abstract]
IMPAIRMENT OF ROYALTIES BUYOUT	NOTE 8– IMPAIRMENT OF ROYALTIES BUYOUT
	During the period ended March 31, 2015 the Company recorded expenses related to the impairment of our royalties buyout asset amounting to $316,000 due to anticipated lower sales of MGuard Prime in the future resulting from industry preferences for drug eluting stents. The expense is recorded under “Restructuring and impairment expenses” in the consolidated statements of operations.

ACCOUNTS_PAYABLE_AND_ACCRUALS_

ACCOUNTS PAYABLE AND ACCRUALS - OTHER	3 Months Ended
	Mar. 31, 2015
ACCOUNTS PAYABLE AND ACCRUALS - OTHER [Abstract]
ACCOUNTS PAYABLE AND ACCRUALS - OTHER	NOTE 9 - ACCOUNTS PAYABLE AND ACCRUALS - OTHER:
		March 31,		December 31,
		2015		2014
		($ in thousands)
	Employees and employee institutions	$	608	$	1,022
	Accrued vacation and recreation pay		395		410
	Accrued clinical trial expenses		691		1,016
	Accrued expenses		958		993
	Provision for sales commissions		94		120
	Taxes payable		20		15
		$	2,766	$	3,576

RELATED_PARTIES

RELATED PARTIES	3 Months Ended
	Mar. 31, 2015
RELATED PARTIES [Abstract]
RELATED PARTIES	NOTE 10 - RELATED PARTIES:
		a.	During the three month period ended March 31, 2015, the Company's chief executive officer was granted options to purchase 307,736 shares of common stock at an exercise price of $0.72 per share, as well as 517,583 shares of restricted stock. Of the 517,583 shares of restricted stock, 312,500 were in lieu of salary as part of his amendment for his base salary to be paid 50% in cash payments with the remaining 50% to be paid in an equivalent amount of shares of restricted common stock. See Note 4.
		b.	During the three month period ended March 31, 2015, directors of the Company were granted options to purchase an aggregate of 733,012 shares of common stock at exercise prices ranging from $0.32-$0.78, of which, 425,059 were in lieu of cash compensation that was owed to them for their servcies as directors for the third and fourth quarters of 2014 and the first quarter of 2015. See Note 4a.

COMMITMENT_AND_CONTINGENT_LIAB

COMMITMENT AND CONTINGENT LIABILITIES	3 Months Ended
	Mar. 31, 2015
COMMITMENT AND CONTINGENT LIABILITIES [Abstract]
COMMITMENT AND CONTINGENT LIABILITIES	NOTE 11 - COMMITMENT AND CONTINGENT LIABILITIES:
		a.	Litigation
	In July 2012, a purported assignee of options in InspireMD Ltd. submitted a statement of claim against the Company, InspireMD Ltd., and the Company's former CEO and President for a declaratory and enforcement order that it is entitled to options to purchase 83,637 shares of the Company's common stock at an exercise price of $0.76 per share. In December 2014 the court accepted a motion to dismiss the former CEO and president from the lawsuit. After considering the views of its legal counsel as well as other factors, the Company's management believes that a loss to the Company is neither probable nor in an amount or range of loss that is estimable.
	In December 2012, a former service provider of InspireMD GmbH filed a claim with the Labor Court in Buenos Aires, Argentina in the amount of $193,378 plus interest (6% in dollars or 18.5% in pesos), social benefits, legal expenses and fees (25% of the award) against InspireMD Ltd. and InspireMD GmbH. The Company's management, after considering the views of its legal counsel as well as other factors, recorded a provision of $250,000 in the financial statements for the quarter ended December 31, 2012. In March 2015, the interest rate made by the Court of Appeal in Argentina was increased retroactively, which resulted in the provision increasing to $340,000. The related expense for the increase of $90,000 was recorded to “General and administrative” within the Consolidated Statements of Operations. The Company's management estimates that the ultimate resolution of this matter could reasonably result in a loss of up to $110,000 in excess of the amount accrued.
		b.	Liens and pledges
	The Company's obligations under the Loan (as defined in Note 6) were secured by Israeli security agreements and deposit account control agreements on all of the assets and properties of the Company and InspireMD Ltd., other than the intellectual property of the Company and InspireMD Ltd.

ENTITY_WIDE_DISCLOSURE

ENTITY WIDE DISCLOSURE	3 Months Ended
	Mar. 31, 2015
ENTITY WIDE DISCLOSURE [Abstract]
ENTITY WIDE DISCLOSURE	NOTE 12 - ENTITY WIDE DISCLOSURE:
	The Company operates in one operating segment.
	Disaggregated financial data is provided below as follows:
	(1) Revenues by geographic area and
	(2) Revenues from principal customers.
	Revenues are attributed to geographic areas based on the location of the customers. The following is a summary of revenues by geographic areas:
		Three months ended
		March 31,
		2015			2014
		($ in thousands)
	Germany	$	131			66
	Belarus		78			32
	Spain		45			201
	Middle East		36			624
	Other		187			559
		$	477		$	1,482
	The following is a summary of revenues by principal customers:
		Three months ended
		March 31,
		2015			2014
	Customer A		21	%
	Customer B		16	%		2	%
	Customer C		9	%		14	%
	Customer D					40	%
		All tangible long-lived assets are located in Israel.

INVENTORY_Tables

INVENTORY (Tables)	3 Months Ended
	Mar. 31, 2015
INVENTORY [Abstract]
Schedule of Inventory
		March 31,		December 31,
		2015		2014
		($ in thousands)
	Finished goods	$	965	$	1,273
	Work in process		493		326
	Raw materials and supplies		292		325
		$	1,750	$	1,924

ACCOUNTS_PAYABLE_AND_ACCRUALS_1

ACCOUNTS PAYABLE AND ACCRUALS - OTHER (Tables)	3 Months Ended
	Mar. 31, 2015
ACCOUNTS PAYABLE AND ACCRUALS - OTHER [Abstract]
Schedule of Accounts Payable and Accruals		March 31,		December 31,
		2015		2014
		($ in thousands)
	Employees and employee institutions	$	608	$	1,022
	Accrued vacation and recreation pay		395		410
	Accrued clinical trial expenses		691		1,016
	Accrued expenses		958		993
	Provision for sales commissions		94		120
	Taxes payable		20		15
		$	2,766	$	3,576

ENTITY_WIDE_DISCLOSURE_Tables

ENTITY WIDE DISCLOSURE (Tables)	3 Months Ended
	Mar. 31, 2015
ENTITY WIDE DISCLOSURE [Abstract]
Schedule of Revenues Attributed to Geographic Areas
		Three months ended
		March 31,
		2015			2014
		($ in thousands)
	Germany	$	131			66
	Belarus		78			32
	Spain		45			201
	Middle East		36			624
	Other		187			559
		$	477		$	1,482
Schedule of Principal Customers		Three months ended
		March 31,
		2015			2014
	Customer A		21	%
	Customer B		16	%		2	%
	Customer C		9	%		14	%
	Customer D					40	%

DESCRIPTION_OF_BUSINESS_Detail

DESCRIPTION OF BUSINESS (Details) (USD $)	0 Months Ended	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 09, 2015	Mar. 31, 2015
Class of Stock [Line Items]
Number of shares sold	34,369,675
Proceeds from issuance of shares	$12,500	$12,529
March Investor Warrants [Member]
Class of Stock [Line Items]
Number of shares called by warrants	34,369,675	34,369,675
Warrant term	5 years
Warrant exercise price	$0.55	$0.55

EQUITY_Narrative_Details

EQUITY (Narrative) (Details) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted	1,492,525
Equity awards, fair value	$0.58
Dividend yield	0.00%
Expected volatility, minimum	62.68%
Expected volatility, maximum	67.84%
Risk-free interest rate, minimum	1.41%
Risk-free interest rate, maximum	1.71%
Employee Stock Option [Member] | Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted	425,059
Employee Stock Option [Member] | Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Vesting rights percentage	33.33%
Employee Stock Option [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option exercise price	$0.32
Expected term	5 years
Employee Stock Option [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option exercise price	$0.83
Expected term	6 years 6 months
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted	1,512,409
Equity awards, fair value	$1.10
Restricted Stock [Member] | Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted	502,604
Vesting period	1 year
Restricted Stock [Member] | Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted	92,500
Lock-up period	6 months
Restricted Stock [Member] | Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted	917,305
Vesting period	3 years
Vesting rights percentage	33.33%

EQUITY_Registered_Direct_Offer

EQUITY (Registered Direct Offering) (Details) (USD $)	0 Months Ended	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 09, 2015	Mar. 31, 2015
Class of Stock [Line Items]
Number of shares sold	34,369,675
Proceeds from issuance of shares	$12,500	$12,529
March Investor Warrants [Member]
Class of Stock [Line Items]
Number of shares called by warrants	34,369,675	34,369,675
Warrant term	5 years
Warrant exercise price	$0.55	$0.55

NET_LOSS_PER_SHARE_Details

NET LOSS PER SHARE (Details)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
NET LOSS PER SHARE [Abstract]
Number of ordinary shares related to outstanding options, warrants and convertible loans excluded from the calculations of diluted loss per share	50,411,102	9,984,674

INVENTORY_Details

INVENTORY (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
INVENTORY [Abstract]
Finished goods	$965	$1,273
Work in process	493	326
Raw materials and supplies	292	325
Total inventory	$1,750	$1,924

IMPAIRMENT_OF_ROYALTIES_BUYOUT1

IMPAIRMENT OF ROYALTIES BUYOUT (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
IMPAIRMENT OF ROYALTIES BUYOUT [Abstract]
Impairment of royalties buyout	$316

ACCOUNTS_PAYABLE_AND_ACCRUALS_2

ACCOUNTS PAYABLE AND ACCRUALS - OTHER (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
ACCOUNTS PAYABLE AND ACCRUALS - OTHER [Abstract]
Employees and employee institutions	$608	$1,022
Accrued vacation and recreation pay	395	410
Accrued clinical trial expenses	691	1,016
Accrued expenses	958	993
Provision for sales commissions	94	120
Taxes payable	20	15
Total accounts payable and accruals - other	$2,766	$3,576

RELATED_PARTIES_Details

RELATED PARTIES (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
Employee Stock Option [Member]
Related Party Transaction [Line Items]
Options granted	1,492,525
Employee Stock Option [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Option exercise price	0.32
Employee Stock Option [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Option exercise price	0.83
Restricted Stock [Member]
Related Party Transaction [Line Items]
Restricted stock granted	1,512,409
Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Percentage of compensation payable in cash	50.00%
Percentage of compensation payable in stock	50.00%
Chief Executive Officer [Member] | Employee Stock Option [Member]
Related Party Transaction [Line Items]
Options granted	307,736
Option exercise price	0.72
Chief Executive Officer [Member] | Restricted Stock [Member]
Related Party Transaction [Line Items]
Restricted stock granted	517,583
Chief Executive Officer [Member] | Restricted Stock [Member] | Salary Amendment Plan [Member]
Related Party Transaction [Line Items]
Restricted stock granted	312,500
Director [Member] | Employee Stock Option [Member]
Related Party Transaction [Line Items]
Options granted	733,012
Director [Member] | Employee Stock Option [Member] | Salary Amendment Plan [Member]
Related Party Transaction [Line Items]
Options granted	425,059
Director [Member] | Employee Stock Option [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Option exercise price	0.32
Director [Member] | Employee Stock Option [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Option exercise price	0.78

COMMITMENT_AND_CONTINGENT_LIAB1

COMMITMENT AND CONTINGENT LIABILITIES (Details) (USD $)	1 Months Ended	3 Months Ended
	Dec. 31, 2012	Mar. 31, 2015
Statement of Claim by Assignee of Options [Member]
Loss Contingencies [Line Items]
Number of securities covered by claim		83,637
Exercise price of securities covered by claim		$0.76
Previous Service Provider Litigation [Member]
Loss Contingencies [Line Items]
Maximum amount of claim	$193,378	$110,000
Total provision		340,000
Provision included in financial statements	($250,000)	($90,000)
Legal fees as a percent of the award	25.00%
Previous Service Provider Litigation [Member] | United States of America, Dollars [Member]
Loss Contingencies [Line Items]
Interest rate	6.00%
Previous Service Provider Litigation [Member] | Argentina, Pesos [Member]
Loss Contingencies [Line Items]
Interest rate	18.50%

ENTITY_WIDE_DISCLOSURE_Schedul

ENTITY WIDE DISCLOSURE (Schedule of Revenues by Geographic Areas) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues by geographic areas:
Revenues	$477	$1,482
Germany [Member]
Revenues by geographic areas:
Revenues	131	66
Belarus [Member]
Revenues by geographic areas:
Revenues	78	32
Spain [Member]
Revenues by geographic areas:
Revenues	45	201
Middle East [Member]
Revenues by geographic areas:
Revenues	36	624
Other [Member]
Revenues by geographic areas:
Revenues	$187	$559

ENTITY_WIDE_DISCLOSURE_Schedul1

ENTITY WIDE DISCLOSURE (Schedule of Revenues by Principal Customers) (Details) (Sales [Member])	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Customer A [Member]
Revenues by principal customers:
Percentage of revenues per major customer	21.00%
Customer B [Member]
Revenues by principal customers:
Percentage of revenues per major customer	16.00%	2.00%
Customer C [Member]
Revenues by principal customers:
Percentage of revenues per major customer	9.00%	14.00%
Customer D [Member]
Revenues by principal customers:
Percentage of revenues per major customer		40.00%