Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended |
Jun. 30, 2013 | |
Document Information [Line Items] | |
Entity Registrant Name | Celsus Therapeutics Plc. |
Entity Central Index Key | 1541157 |
Trading Symbol | CLSXY |
Document Type | F-1 |
Amendment Flag | FALSE |
Document Period End Date | 30-Jun-13 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | |
In Thousands, unless otherwise specified | |||||
ASSETS | |||||
Cash and cash equivalents | $1 | $1,104 | $539 | $6 | |
Other accounts receivable and prepaid expenses | 61 | 14 | 11 | 21 | |
Total current assets | 62 | 1,118 | 550 | 27 | |
PROPERTY AND EQUIPMENT, NET | 2 | 2 | 0 | 0 | |
Total assets | 64 | 1,120 | 550 | 27 | |
LIABILITIES AND SHAREHOLDERS' DEFICIENCY | |||||
Trade payables | 2,085 | 1,697 | 943 | 1,379 | |
Other accounts payable | 1,175 | 1,255 | 1,111 | 857 | |
Short-term convertible notes | 0 | 898 | 0 | [1] | 0 |
Total current liabilities | 3,260 | 3,850 | 2,054 | 2,236 | |
LONG-TERM LIABILITIES: | |||||
Deferred shares | 0 | 216 | |||
Liability related to stock options and warrants | 1,831 | 630 | 923 | 60 | |
Total long-term liabilities | 1,831 | 630 | 923 | 276 | |
SHAREHOLDERS' DEFICIENCY: | |||||
Ordinary shares of £ 0.01 par value | 258 | 245 | 229 | 225 | |
Additional paid-in capital | 14,333 | 13,199 | 11,373 | 9,836 | |
Receipts on account of shares | 0 | 118 | 0 | 75 | |
Deficit accumulated during the development stage | -19,618 | -16,922 | -14,029 | -12,621 | |
Total shareholders' deficiency | -5,027 | -3,360 | -2,427 | -2,485 | |
Total liabilities and shareholders' deficiency | $64 | $1,120 | $550 | $27 | |
[1] | Represents an amount lower than $ 1. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (GBP £) | Jun. 30, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
Common stock, par value (in dollars per share) | £ 0.01 | £ 0.01 | £ 0.01 | £ 0.01 | £ 0.01 |
Common stock, shares authorized | 49,800,000 | 49,800,000 | 49,800,000 | ||
Common stock, shares issued | 14,177,809 | 13,369,809 | 12,098,597 | ||
Common stock, shares outstanding | 14,177,809 | 13,369,809 | 12,098,597 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 6 Months Ended | 12 Months Ended | 99 Months Ended | 105 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Jun. 30, 2013 |
Operating expenses: | |||||||
Research and development expenses, net | $831 | $179 | $1,483 | $841 | $247 | $5,840 | $6,671 |
General and administrative expenses | 870 | 1,078 | 2,184 | 1,406 | 545 | 7,839 | 8,709 |
Operating loss | 1,701 | 1,257 | 3,667 | 2,247 | 792 | 13,679 | 15,380 |
Financial expense, net | 995 | 118 | 601 | -128 | -117 | 3,210 | 4,205 |
Net comprehensive loss | 2,696 | 1,375 | 4,268 | 2,119 | 675 | 16,889 | 19,585 |
Deemed dividend | 0 | 33 | 33 | 0 | 0 | 33 | 33 |
Net loss attributable to holders of ordinary shares | $2,696 | $1,408 | $4,301 | $2,119 | $675 | $16,922 | $19,618 |
Net basic and diluted loss per share (in dollars per share) | ($0.19) | ($0.12) | ($0.35) | ($0.18) | ($0.06) | ||
Weighted average number of ordinary shares used in computing basic and diluted net loss per share (in shares) | 13,978,994 | 12,179,707 | 12,458,874 | 11,920,562 | 11,420,369 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT) (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Receipts on Account Shares [Member] | Accumulated Deficit during Development Stage [Member] | ||
In Thousands, except Share data | |||||||
Balance at Oct. 06, 2004 | $0 | $0 | $0 | $0 | $0 | ||
Balance (in shares) at Oct. 06, 2004 | 0 | ||||||
Issuance of share capital, net (unaudited) | 3,593 | 187 | 3,406 | 0 | 0 | ||
Issuance of share capital, net (unaudited) (in shares) | 9,977,700 | ||||||
Share based compensation (unaudited) | 119 | 0 | 119 | 0 | 0 | ||
Net loss (unaudited) | -2,479 | 0 | 0 | 0 | -2,479 | ||
Balance at Dec. 31, 2005 | 1,233 | 187 | 3,525 | 0 | -2,479 | ||
Balance (in shares) at Dec. 31, 2005 | 9,977,700 | ||||||
Share based compensation (unaudited) | 69 | 0 | 69 | 0 | 0 | ||
Net loss (unaudited) | -1,769 | 0 | 0 | 0 | -1,769 | ||
Balance at Dec. 31, 2006 | -467 | 187 | 3,594 | 0 | -4,248 | ||
Balance (in shares) at Dec. 31, 2006 | 9,977,700 | ||||||
Waiver of related party shares | 0 | [1] | -22 | 22 | 0 | 0 | |
Waiver of related party shares (in shares) | -1,070,000 | ||||||
Issuance of share capital, net (unaudited) | 3,091 | 40 | 3,051 | 0 | 0 | ||
Issuance of share capital, net (unaudited) (in shares) | 2,000,000 | ||||||
Share based compensation (unaudited) | 448 | 0 | 448 | 0 | 0 | ||
Net loss (unaudited) | -3,132 | 0 | 0 | 0 | -3,132 | ||
Balance at Dec. 31, 2007 | -60 | 205 | 7,115 | 0 | -7,380 | ||
Balance (in shares) at Dec. 31, 2007 | 10,907,700 | ||||||
Issuance of share capital, net (unaudited) | 69 | 1 | 68 | 0 | 0 | ||
Issuance of share capital, net (unaudited) (in shares) | 42,996 | ||||||
Share based compensation (unaudited) | 168 | 0 | 168 | 0 | 0 | ||
Net loss (unaudited) | -1,435 | 0 | 0 | 0 | -1,435 | ||
Balance at Dec. 31, 2008 | -1,258 | 206 | 7,351 | 0 | -8,815 | ||
Balance (in shares) at Dec. 31, 2008 | 10,950,696 | ||||||
Issuance of share capital, net (unaudited) | 499 | 7 | 492 | 0 | 0 | ||
Issuance of share capital, net (unaudited) (in shares) | 410,097 | ||||||
Share based compensation (unaudited) | 70 | 0 | 70 | 0 | 0 | ||
Net loss (unaudited) | -1,012 | 0 | 0 | 0 | -1,012 | ||
Balance at Dec. 31, 2009 | -1,701 | 213 | 7,913 | 0 | -9,827 | ||
Balance (in shares) at Dec. 31, 2009 | 11,360,793 | ||||||
Issuance of share capital, net (unaudited) | 312 | 3 | 309 | 0 | 0 | ||
Issuance of share capital, net (unaudited) (in shares) | 200,778 | ||||||
Receipts on account of shares | 60 | 0 | 0 | 60 | 0 | ||
Net loss (unaudited) | -675 | 0 | 0 | 0 | -675 | ||
Balance at Dec. 31, 2010 | -2,004 | 216 | 8,222 | 60 | -10,502 | ||
Balance (in shares) at Dec. 31, 2010 | 11,561,571 | ||||||
Issuance of share capital, net (unaudited) | 930 | 9 | 981 | -60 | 0 | ||
Issuance of share capital, net (unaudited) (in shares) | 522,026 | ||||||
Exercise of stock options | 0 | [1] | 0 | [1] | 0 | 0 | 0 |
Exercise of stock options (in shares) | 15,000 | ||||||
Share based compensation (unaudited) | 140 | 0 | 140 | 0 | 0 | ||
Expiration of deferred shares and liability related to stock options | 420 | 0 | 420 | 0 | 0 | ||
Director fee waiver | 73 | 0 | 73 | 0 | 0 | ||
Receipts on account of shares | 75 | 0 | 0 | 75 | 0 | ||
Net loss (unaudited) | -2,119 | 0 | 0 | 0 | -2,119 | ||
Balance at Dec. 31, 2011 | -2,485 | 225 | 9,836 | 75 | -12,621 | ||
Balance (in shares) at Dec. 31, 2011 | 12,098,597 | ||||||
Issuance of share capital, net (unaudited) | 1,937 | 20 | 1,992 | -75 | 0 | ||
Issuance of share capital, net (unaudited) (in shares) | 1,254,933 | ||||||
Share based compensation (unaudited) | 450 | 0 | 450 | 0 | 0 | ||
Issuance of shares granted to service provider | 25 | 0 | [1] | 25 | 0 | 0 | |
Issuance of shares granted to service provider (in shares) | 16,279 | ||||||
Expiration of deferred shares | 128 | 0 | 128 | 0 | 0 | ||
Classification of warrants from liability to equity as a result of modification | 35 | 0 | 35 | 0 | 0 | ||
Classification of warrants from liability to equity as a result of expiration of most favored nation terms | 141 | 0 | 141 | 0 | 0 | ||
Conversion of trade payables into warrants | 309 | 0 | 309 | 0 | 0 | ||
Beneficial conversion feature related to convertible notes | 250 | 0 | 250 | 0 | 0 | ||
Receipts on account of shares | 118 | 0 | 0 | 118 | 0 | ||
Deemed dividend related to warrants' modification | 0 | 0 | 33 | 0 | -33 | ||
Net loss (unaudited) | -4,268 | 0 | 0 | 0 | -4,268 | ||
Balance at Dec. 31, 2012 | -3,360 | 245 | 13,199 | 118 | -16,922 | ||
Balance (in shares) at Dec. 31, 2012 | 13,369,809 | ||||||
Issuance of share capital, net (unaudited) | 972 | 13 | 1,077 | -118 | 0 | ||
Issuance of share capital, net (unaudited) (in shares) | 808,000 | ||||||
Share based compensation (unaudited) | 57 | 0 | 57 | 0 | 0 | ||
Net loss (unaudited) | -2,696 | 0 | 0 | 0 | -2,696 | ||
Balance at Jun. 30, 2013 | ($5,027) | $258 | $14,333 | $0 | ($19,618) | ||
Balance (in shares) at Jun. 30, 2013 | 14,177,809 | ||||||
[1] | Represents an amount lower than $ 1. |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT) (Parenthetical) (USD $) | 1 Months Ended | 2 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 15 Months Ended | 6 Months Ended | 12 Months Ended | 15 Months Ended | |||||||||
Nov. 30, 2012 | Aug. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Aug. 31, 2012 | Dec. 31, 2007 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2005 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2005 | |
Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |||||||
Issuance of shares (unaudited) (in dollars per share) | $2 | $1.72 | $2 | $2.25 | $1.72 | $1.58 | $1.67 | $1.32 | $1.63 | $1.43 | $1.16 | $1.58 | $0.02 | $1.73 | $1.94 | $1.95 | $1.57 | $1.32 | $1.59 | $1.13 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | 12 Months Ended | 99 Months Ended | 105 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Jun. 30, 2013 | |
Cash flows from operating activities: | ||||||||
Net loss | ($2,696) | ($1,375) | ($4,268) | ($2,119) | ($675) | ($16,889) | ($19,585) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Share based compensation and issuance of shares granted to service provider | 57 | 293 | 514 | 140 | 0 | 1,528 | 1,585 | |
Depreciation | 0 | [1] | 0 | 2 | 0 | 0 | 11 | 11 |
Changes in values of deferred shares and liability related to stock options and warrants | 737 | -58 | -418 | -120 | -95 | 278 | 1,015 | |
Decrease (increase) in accounts receivable and prepaid expenses | -47 | 10 | 7 | 4 | -14 | -14 | -61 | |
Increase (decrease) in trade payables | 388 | -127 | 627 | 612 | 237 | 2,006 | 2,414 | |
Increase (decrease) in other accounts payable | -80 | 254 | 394 | 475 | 181 | 1,324 | 1,224 | |
Interest expenses and warrant liability issuance costs | 242 | 228 | 1,008 | 0 | 0 | 1,008 | 1,250 | |
Net cash used in operating activities | -1,399 | -775 | -2,134 | -1,008 | -366 | -10,748 | -12,147 | |
Cash flows from investing activities: | ||||||||
Purchase of property and equipment | 0 | 0 | 0 | 0 | 0 | -9 | -9 | |
Net cash used in investing activities | 0 | 0 | 0 | 0 | 0 | -9 | -9 | |
Cash flows from financing activities: | ||||||||
Proceeds from issuance of shares and warrants, net | 1,396 | 418 | 2,224 | 930 | 312 | 10,718 | 12,114 | |
Proceeds from issuance of convertible notes and warrants, net | 0 | 890 | 890 | 0 | 0 | 890 | 890 | |
Repayment of convertible notes | -1,100 | 0 | 0 | -1,100 | ||||
Receipts on account of shares | 0 | 0 | 118 | 75 | 60 | 253 | 253 | |
Net cash provided by financing activities | 296 | 1,308 | 3,232 | 1,005 | 372 | 11,861 | 12,157 | |
Increase (decrease) in cash and cash equivalents | -1,103 | 533 | 1,098 | -3 | 6 | 1,104 | 1 | |
Cash and cash equivalents at the beginning of the period | 1,104 | 6 | 6 | 9 | 3 | 0 | 0 | |
Cash and cash equivalents at the end of the period | 1 | 539 | 1,104 | 6 | 9 | 1,104 | 1 | |
Supplemental disclosure of non-cash investing and financing activities: | ||||||||
Expiration of deferred shares | 0 | 128 | 128 | 420 | 0 | 548 | 548 | |
Director fee waiver | 0 | 0 | 0 | 73 | 0 | 73 | 73 | |
Classification of warrants from liability to equity as a result of modification | 0 | 35 | 35 | 35 | 35 | |||
Classification of warrants from liability to equity as a result of expiration of most favored nation terms | 0 | 0 | 141 | 141 | 141 | |||
Purchase of property and equipment | 0 | 0 | 4 | 0 | 0 | 4 | 4 | |
Conversion of trade payables into warrants | $0 | $309 | $309 | $309 | $309 | |||
[1] | Represents an amount lower than $ 1. |
GENERAL
GENERAL | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||
Accounting Policies [Abstract] | ||||||
Business Description and Basis of Presentation [Text Block] | NOTE 1:- | GENERAL | NOTE 1:- GENERAL | |||
a. | Celsus Therapeutics Plc. (the "Company") (a development stage company), formerly Morria Biopharmaceuticals Plc, was incorporated in Great Britain as a private limited company and commenced business operations on October 7, 2004. On February 15, 2005 the Company was registered as a non-traded public company under the laws of England and Wales. | a. | Celsus Therapeutics PLC. (Formerly Morria Biopharmaceuticals Plc.) (the "Company") (a development stage company) was incorporated in Great Britain as a private limited company and commenced business operations on October 7, 2004. On February 15, 2005 the Company was registered as a non-traded public company under the laws of England and Wales. | |||
The Company is engaged in the development of ethical synthetic drugs for the treatment of severe chronic inflammatory conditions such as contact dermatitis, allergic rhinitis, etc. | On March 5, 2013, the Company changed its trade name to Celsus Therapeutics Plc. and intends to change its corporate name to Celsus Therapeutics Plc upon shareholder approval at its annual general meeting scheduled in June 2013. | |||||
The Company listed its securities on the Over-the-Counter Bulletin Board (the "OTCQB") in February 2013 and is also considering applying for listing on a major exchange as soon as practicable. | The Company is engaged in the development of ethical synthetic drugs for the treatment of severe chronic inflammatory conditions such as contact dermatitis, allergic rhinitis, etc. | |||||
b. | On March 22, 2011 the Company established an Israeli subsidiary, Morria Biopharma Ltd., which is wholly-owned by the Company. As of the date of signing the financial statements, this Israeli subsidiary is inactive. | b. | On March 22, 2011 the Company established an Israeli subsidiary, Morria Biopharma Ltd., which is wholly-owned by the Company. As of the date of the financial statements, this Israeli subsidiary is inactive. | |||
c. | The Company is in the development stage. As reflected in the accompanying unaudited interim financial statements, the Company incurred a loss for the six month period ended June 30, 2013 of $2,696 and had a negative cash flow from operating activities of $1,399 during the six month period ended June 30, 2013. The accumulated deficit as of June 30, 2013 is $19,618. The Company has not yet generated revenues from product sale. | c. | As of December 31, 2012, the Company has accumulated losses in the total amount of $ 16,899 and has negative cash flow from operating activity in 2012 in the total amount of $ 2,134. | |||
The Company devotes most of its efforts toward research and development activities. As of June 30, 2013 the Company does not have sufficient capital resources to carry its research and development activities until commercialization of the underlying products. | Subsequent to the balance sheet date, the Company obtained additional equity investment in the amount of $ 1,277 in consideration for the issuance of ordinary shares and warrants, as described in more detail in Note 14. | |||||
Subsequent to the balance sheet date, the Company obtained additional financing and issued 22,003,452 ordinary shares in consideration of approximately $11,993, net. | On September 19, 2013 the Company entered into a Securities Purchase Agreement with certain institutional accredited investors , pursuant to which the Company sold, in a private placement, an aggregate of 21,958,302 ordinary shares for an aggregate purchase price of $12,516. The closing of the Offering occurred on September 24, 2013 (the “Closing Date”). Therefore, the conditions that raised substantial doubt about whether the Company will continue as a going concern no longer exists. | |||||
There are no assurances that the Company will be successful in obtaining an adequate level of financing needed for its long-term research and development activities. If the Company will not have sufficient liquidity resources, the Company may not be able to continue the development of all of its products or may be required to delay part of the development programs in order to remain a viable company beyond March 31, 2015. | There are no assurances that the Company will be successful in obtaining an adequate level of financing needed for its long-term research and development activities. If the Company will not have sufficient liquidity resources, the Company may not be able to continue the development of all of its products or may be required to delay part of the development programs. | |||||
d. | On January 28, 2005 the Company acquired Morria Biopharmaceuticals Inc. (the "Subsidiary"). The Subsidiary was the owner of the intellectual property rights in drugs which it develops under a license that was granted by Yissum, the research development company of the Hebrew University of Jerusalem Israel ("Yissum") on November 27, 2002 and in connection with which a sublicense agreement was signed between the Subsidiary and the Company on February 1, 2005 (for details about the license agreement and the sublicense agreement see Note 6). | The Company's inability to raise funds to carry its research and development activities will have severe negative impact on its ability to remain a viable company beyond March 31, 2015. The Company is addressing its liquidity issues by implementing initiatives to raise additional funds as well as other measure that will allow the coverage of its anticipated budget deficit. | ||||
e. | The Company depends on third-party suppliers for the raw materials required for the production of its product candidates, which supplies phospholipids and hyaluronic acid. The Company also does not have the ability to independently conduct clinical trials for its product candidates, and it relies on third parties, such as contract research organizations, medical institutions, and clinical investigators to perform this function. | d. | On January 28, 2005 the Company acquired Morria Biopharmaceuticals Inc. (the "Subsidiary"). The Subsidiary was the owner of the intellectual property rights in drugs which it develops under a license that was granted by Yissum, the research development company of the Hebrew University of Jerusalem Israel ("Yissum") on November 27, 2002, and in connection with which a sublicense agreement was signed between the Subsidiary and the Company on February 1, 2005 (for details about the license agreement and the sublicense agreement see Note 8). | |||
e. | The Company depends on third-party suppliers for the raw materials required for the production of its product candidates, which supplies phospholipids and hyaluronic acid. The Company also does not have the ability to independently conduct clinical trials for its product candidates, and it relies on third parties, such as contract research organizations (primarily Target Health, Inc), medical institutions, and clinical investigators to perform this function. | |||||
UNAUDITED_INTERIM_FINANCIAL_ST
UNAUDITED INTERIM FINANCIAL STATEMENTS | 6 Months Ended | |
Jun. 30, 2013 | ||
Disclosure Text Block [Abstract] | ||
Condensed Financial Statements [Text Block] | NOTE 2:- | UNAUDITED INTERIM FINANCIAL STATEMENTS |
The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. The Company believes that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the 2012 annual financial statements and the notes thereto. | ||
Operating results for the six months period ended June 30, 2013, are not necessarily indicative of the results that may be expected for the year ended December 31, 2013. | ||
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2013 | Dec. 31, 2012 | ||||||||||
Accounting Policies [Abstract] | |||||||||||
Significant Accounting Policies [Text Block] | NOTE 3:- | SIGNIFICANT ACCOUNTING POLICIES | NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES | ||||||||
The significant accounting policies applied in the annual financial statements of the Company as of December 31, 2012 are applied consistently in these financial statements. For further information, refer to the consolidated financial statements as of December 31, 2012 | The consolidated financial statements were prepared in accordance with United States Generally Accepted Accounting Principles ("U.S. GAAP"). | ||||||||||
a. | Use of estimates: | a. | Use of estimates: | ||||||||
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company's management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. | The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company's management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||
b. | Financial statements in United States dollars: | b. | Financial statements in United States dollars: | ||||||||
Most of the Company's costs and financing are in U.S. dollars. The Company's management believes that the dollar is the currency of the primary economic environment in which the Company and its subsidiaries have operated and expect to continue to operate in the foreseeable future. Therefore, the functional currency of the Company and its subsidiaries is the Dollar. | Most of the Company's costs and financing are in U.S. dollars. The Company's management believes that the dollar is the currency of the primary economic environment in which the Company and its subsidiaries have operated and expect to continue to operate in the foreseeable future. Therefore, the functional currency of the Company and its subsidiaries is the Dollar. | ||||||||||
The Company and its subsidiaries' transactions and balances denominated in Dollars are presented at their original amounts. Non-Dollar transactions and balances have been remeasured to Dollars in accordance with ASC 830, "Foreign Currency Matters". All transaction gains and losses from remeasurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statements of income as financial income or expenses, as appropriate. | The Company and its subsidiaries' transactions and balances denominated in Dollars are presented at their original amounts. Non-Dollar transactions and balances have been remeasured to Dollars in accordance with ASC 830, "Foreign Currency Matters". All transaction gains and losses from remeasurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statements of income as financial income or expenses, as appropriate. | ||||||||||
c. | Principles of consolidation: | ||||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated upon consolidation | |||||||||||
d. | Cash equivalents: | ||||||||||
Cash equivalents are short-term unrestricted highly liquid investments that are readily convertible into cash, with original maturities of three months or less at acquisition. | |||||||||||
e. | Property and equipment, net: | ||||||||||
Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following annual rates: | |||||||||||
% | |||||||||||
Computers, peripheral and scientific equipment | 33 | ||||||||||
Office furniture and equipment | 25 | ||||||||||
f. | Impairment of long-lived assets: | ||||||||||
The Company's long-lived assets are reviewed for impairment in accordance with ASC 360, "Property, Plant, and Equipment," whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. During the years ended December 31, 2012, 2011 and 2010, no impairment losses have been identified. | |||||||||||
g. | Research and development costs: | ||||||||||
Research and development expenses, net of grants received, consist of independent research and development costs of third parties services and license fees to third parties. All such costs are expensed as incurred. There were no grants received during the years ended December 31, 2012, 2011 and 2010. | |||||||||||
h. | Income taxes: | ||||||||||
The Company accounts for income taxes in accordance with ASC 740, "Income Taxes". This topic prescribes the use of the liability method whereby deferred tax assets and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to the amount that is more likely than not to be realized. | |||||||||||
The Company implements a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% (cumulative basis) likely to be realized upon ultimate settlement. As of December 31, 2012, 2011 and 2010, the Company does not hold provision for uncertain tax positions. | |||||||||||
i. | Concentrations of credit risk: | ||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. | |||||||||||
The Company's cash and cash equivalents are invested in deposits mainly in U.S. dollars and British Pound with major international banks. Generally, these deposits may be redeemed upon demand and therefore bear minimal risk. | |||||||||||
j. | Basic and diluted net loss per share: | ||||||||||
Basic net loss per share is computed based on the weighted average number of Ordinary shares outstanding during each year. Diluted net loss per share is computed based on the weighted average number of Ordinary shares outstanding during each year plus dilutive potential equivalent Ordinary shares considered outstanding during the year, in accordance with ASC 260, "Earnings per Share." | |||||||||||
All outstanding stock options, deferred shares and warrants have been excluded from the calculation of the diluted net loss per share because all such securities are anti-dilutive for all periods presented. The total number of shares related to outstanding stock options excluded from the calculations of diluted net loss per share was 823,990, 411,002 and 426,002 for the years ended December 31, 2012, 2011 and 2010, respectively. The total number of shares related to conversion rights of the deferred shares excluded from the calculations of diluted net loss per share was 180,822, 479,166 and 1,033,333 for the years ended December 31, 2012, 2011 and 2010, respectively. As of June 13, 2012 all of the deferred shares were expired. The total number of shares related to warrants excluded from the calculations of diluted net loss per share was 2,053,817 for the year ended December 31, 2012. The total number of shares related to convertible notes excluded from the calculations of diluted net loss per share was 670,732 for the year ended December 31, 2012. | |||||||||||
k. | Accounting for stock-based compensation: | ||||||||||
The Company accounts for stock-based compensation in accordance with ASC 718, "Compensation - Stock Compensation," which requires the measurement and recognition of compensation expense based on estimated fair values for all share-based payment awards made to employees, directors and non-employees. ASC 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods in the Company's consolidated statement of comprehensive loss. | |||||||||||
The Company recognizes compensation expenses for the value of its awards granted based on the straight-line method over the requisite service period of each of the awards, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Estimated forfeitures are based on actual historical pre-vesting forfeitures. | |||||||||||
The Company selected the Black-Scholes-Merton ("Black-Scholes") option-pricing model as the most appropriate fair value method for the majority of its stock-options awards and values stock based on the market value of the underlying shares at the date of grant. For employees' awards, the option-pricing model requires a number of assumptions as noted below: | |||||||||||
December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Risk-free interest rate | 0.69%-0.74% | 1.85% | - | ||||||||
Expected volatility | 89.99% | 85.75% | - | ||||||||
Expected life (in years) | 5 | 2.97 | - | ||||||||
Expected dividend yield | 0% | 0% | - | ||||||||
For non - employees awards, the option-pricing model requires a number of assumptions as noted below: | |||||||||||
December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Risk-free interest rate | 0.70%-1.78% | 0.34%-3.52% | 0.46%-3.23% | ||||||||
Expected volatility | 78.9%-89.0% | 51.1%-87.7% | 44.6%-105.2% | ||||||||
Expected life (in years) | 4.5-10.0 | 0.5-8.1 | 0.3-8.4 | ||||||||
Expected dividend yield | 0% | 0% | 0% | ||||||||
The computation of expected volatility is based on realized historical stock price volatility of peer companies. The expected term of options granted is based on the "Simplified" method acceptable by ASC 718. For non-employees the expected term assumption is based on the contractual term. The risk free interest rate assumption is the implied yield currently available on British government bond and the U.S Treasury yield zero-coupon issues with a remaining term equal to the expected life of the Company's options. The dividend yield assumption is based on the Company's historical experience and expectation of no future dividend payouts. The Company has historically not paid cash dividends and has no foreseeable plans to pay cash dividends in the future. | |||||||||||
The fair value of the ordinary shares underlying the options, warrants and deferred shares until December 31, 2011, had been determined by the Company's management, based on the share price used in the equity financing rounds. Since December 31, 2011 the Company issued only units of shares and warrants to new investors (see also Note 9 and 14). In order to determine the fair value of the ordinary shares since December 31, 2011, management used the assistance of an independent valuation firm. The Company applied the market approach taking into account actual equity transactions. Since the equity transactions included warrant coverage, the Company isolated the value of the common share by subtracting the value of the warrants through performing a circular iteration in the Black Scholes option-pricing model. Because there has been no public market for the Company's ordinary shares, management has determined fair value of the ordinary shares at the time of grant of options by considering a number of objective and subjective factors, including valuation of warrants issued by the Company. The fair value of the underlying ordinary shares shall be determined by management until such time as the Company's ordinary share is traded on an established stock exchange or national market system. | |||||||||||
The Company applies ASC 718 and ASC 505-50, "Equity-Based Payments to Non-Employees" with respect to options, warrants and deferred shares issued to non-employees. ASC 718 requires the use of option valuation models to measure the fair value of the options, warrants and deferred shares at the measurement date. Therefore, since the exercise price of some of the options, warrants and deferred shares is denominated in a currency that is different from the Company's functional currency, the Company accounts for such options and warrants as a liability. | |||||||||||
l. | Fair value of financial instruments: | ||||||||||
The estimated fair value of financial instruments has been determined by the Company using available market information and valuation methodologies. Considerable judgment is required in estimating fair values. Accordingly, the estimates may not be indicative of the amounts the Company could realize in a current market exchange. | |||||||||||
The carrying amounts of cash and cash equivalents, accounts receivable and prepaid expenses, trade payables and other accounts payable approximate their fair value due to the short-term maturity of such instruments. | |||||||||||
Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, ASC 820, "Fair Value Measurements and Disclosures" establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: | |||||||||||
Level 1 - | quoted prices in active markets for identical assets or liabilities; | ||||||||||
Level 2 - | inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or | ||||||||||
Level 3 - | unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |||||||||||
m. | Derivative instruments: | ||||||||||
As of balance sheet date, none of the Company's derivatives qualify for hedge accounting under ASC 815, "Derivatives and Hedging" ("ASC 815"). As a result all derivatives are recognized on the balance sheet at their fair value, with changes in the fair value carried to the statement of comprehensive loss and included in financial income or expenses. | |||||||||||
During the years ended December 31, 2012, 2011 and 2010, the Company recorded a net gain from derivatives transactions in the amount of $ 419, $ 120 and $ 95, respectively. | |||||||||||
n. | Convertible notes: | ||||||||||
The Company applies ASC 470-20, "Debt with Conversion and Other Options" ("ASC 470-20"). In accordance with ASC 470-20, the Company first allocates the proceeds received to the detachable warrant, freestanding liability instrument that is measured at fair value at each reporting date, based on its fair value, with changes in the fair values being recognized in the Company's statement of comprehensive loss as financial income or expense. The remaining proceeds are allocated to the convertible note. The Company also recognized an embedded beneficial conversion feature on the commitment date. The beneficial conversion feature was measured by allocating a portion of the proceeds equal to the intrinsic value of the feature to additional paid-in-capital. The intrinsic value of the feature was calculated on the commitment date using the effective conversion price which had resulted subsequent to the allocation of the proceeds between the convertible notes and warrants. | |||||||||||
The discount on the convertible notes is amortized according to the effective interest rate method over the life of the convertible notes. | |||||||||||
o. | Recently issued accounting standards: | ||||||||||
In February 2013, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2013-02, Topic 350 - Comprehensive Income ("ASU 2013-02"), which amends Topic 220 to improve the reporting of reclassifications out of accumulated other comprehensive income to the respective line items in net income. ASU 2013-02 is effective for reporting periods beginning after December 15, 2012. The Company intends to adopt this standard in the first quarter of 2013 and does not expect the adoption will have a material impact on its consolidated results of operations or financial condition. | |||||||||||
PROPERTY_AND_EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended | |||||||
Dec. 31, 2012 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | NOTE 3:- PROPERTY AND EQUIPMENT | |||||||
December 31, | ||||||||
2012 | 2011 | |||||||
Cost: | ||||||||
Computers, peripheral and scientific equipment | $ | 12 | $ | 8 | ||||
Office furniture and equipment | 1 | 1 | ||||||
13 | 9 | |||||||
Accumulated depreciation: | ||||||||
Computers, peripheral and scientific equipment | -10 | -8 | ||||||
Office furniture and equipment | -1 | -1 | ||||||
Depreciated cost | $ | 2 | $ | - | ||||
The depreciation expense for the year ended December 31, 2012 was $ 2. There were no depreciation expenses for the years ended December 31, 2011 and 2010. | ||||||||
ACCOUNTS_RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended | |||||||
Dec. 31, 2012 | ||||||||
Receivables [Abstract] | ||||||||
Accounts Receivables Disclosure [Text Block] | NOTE 4:- ACCOUNTS RECEIVABLE | |||||||
December 31, | ||||||||
2012 | 2011 | |||||||
Institutions | $ | 12 | $ | 19 | ||||
Prepaid expenses | 2 | 2 | ||||||
$ | 14 | $ | 21 | |||||
OTHER_ACCOUNTS_PAYABLE
OTHER ACCOUNTS PAYABLE | 12 Months Ended | |||||||
Dec. 31, 2012 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | NOTE 5:- OTHER ACCOUNTs PAYABLE | |||||||
December 31, | ||||||||
2012 | 2011 | |||||||
Accrued expenses | $ | 896 | $ | 598 | ||||
Employees and institutions | 359 | 259 | ||||||
$ | 1,255 | $ | 857 | |||||
DEFERRED_SHARES
DEFERRED SHARES | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2013 | Dec. 31, 2012 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Deferred Shares Disclosure [Text Block] | NOTE 5:- | DEFERRED SHARES | NOTE 6:- DEFERRED SHARES |
In June 2007, the Company issued 400,000 Deferred C shares of £ 0.001 par value each to Capital Management LLP ("CSS"), for serving as broker for fund raisings. The Deferred C shares entitle CSS the right to purchase 400,000 Ordinary shares, of £ 0.01 par value each, of the Company in one of the following: (i) during a period of 5 years, (ii) as part of a sale event involving the sale of all the Company's shares or (iii) upon the listing of the Company's shares for trade. The exercise price for a Deferred C share is £ 0.79. | The holders of deferred shares shall not have any right other than the right to convert such shares into ordinary shares of £0.01 par value each upon the aforementioned events. | ||
As part of the issuance of Deferred C Shares, the Company repurchased 400,000 Deferred A shares of £0.001 par value each that were issued in 2005. The Deferred A shares were acquired at par value. | In February 2005, the Company received a bridge loan from Capital Managers LLP ("CSS") (that was repaid in the course of 2005) in an amount of £200 thousand. In exchange for the loan, the Company issued to CSS 800,000 Ordinary shares of £0.01 par value each at a price of £1 per share and 400,000 Deferred A shares. The Deferred A shares entitle CSS the right to purchase 400,000 Ordinary shares, of £0.01 par value each, of the Company in one of the following: (i) during a period of 5 years, (ii) as part of a sale event involving the sale of all the Company's shares or (iii) upon the listing of the Company's shares for trade. The exercise price for a Deferred A share is £0.249. | ||
The Company accounted for the deferred shares in accordance with ASC 718 and ASC 505-50. Since the exercise price of such deferred shares was denominated in a currency that is different from the Company's functional currency, the Company accounted for such deferred shares as a liability. The fair value of the deferred shares was estimated each cut-off date using the Black-Scholes options valuation model. The changes in fair value were recorded as financial expense (income). | In February 2006, the Company issued 633,333 Deferred B shares of £0.001 par value each to CSS, for serving as broker for funds raisings. The Deferred B shares give CSS the right to purchase 633,333 Ordinary shares, of £0.01 par value each, of the Company in one of the following: (i) during a period of 5.25 years, (ii) as part of a sale event involving the sale of all the Company's shares or (iii) upon the listing of the Company's shares for trade. The exercise price for a Deferred B share is £0.59. As of December 31, 2011, the Deferred B shares have expired. The fair value of the Deferred B shares on the date of expiration in the amount of $ 394 was recorded to additional paid-in capital. | ||
As of June 13, 2012, the Deferred C shares have expired. The fair value of the Deferred C shares on the date of expiration in the amount of $128 was reclassified to additional paid-in capital. | In June 2007, the Company issued 400,000 Deferred C shares of £ 0.001 par value each to Capital Management LLP ("CSS"), for serving as broker for fund raisings. The Deferred C shares entitle CSS the right to purchase 400,000 Ordinary shares, of £ 0.01 par value each, of the Company in one of the following: (i) during a period of 5 years, (ii) as part of a sale event involving the sale of all the Company's shares or (iii) upon the listing of the Company's shares for trade. The exercise price for a Deferred C share is £ 0.79. | ||
As part of the issuance of Deferred C Shares, the Company repurchased 400,000 Deferred A shares of £0.001 par value each that were issued in 2005. The Deferred A shares were acquired at par value. | |||
The Company accounted for the deferred shares in accordance with ASC 718 and ASC 505-50. Since the exercise price of such deferred shares was denominated in a currency that is different from the Company's functional currency, the Company accounted for such deferred shares as a liability. The fair value of the deferred shares was estimated each cut-off date using the Black-Scholes options valuation model. The changes in fair value were recorded as financial expense (income). | |||
During the years ended December 31, 2012, 2011 and 2010 the Company recorded financial income related to revaluation of deferred shares in the amount of $ 88, $ 120 and $ 102. | |||
As of June 13, 2012, the Deferred C shares have expired. The fair value of the Deferred C shares on the date of expiration in the amount of $ 128 was recorded to additional paid-in capital. | |||
SHORTTERM_CONVERTIBLE_NOTES
SHORT-TERM CONVERTIBLE NOTES | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||
Short-term Debt [Text Block] | NOTE 8:- | Short-term convertible notes | NOTE 7:- Short-term convertible notes | |||||||||||||||
On April 4, 2012, the Company completed a private placement under a Securities Purchase Agreement, dated April 3, 2012 (the "April 2012 purchase agreements"), by and among the Company and certain institutional accredited investors (the "Financing"). As part of the Financing, the Company sold an aggregate of $ 1,100 principal amount of convertible notes (the "Notes") and warrants to purchase an aggregate of 643,274 ordinary shares (the "Warrants"), for a total consideration of $ 1,000. The related issuance expenses were $ 110. | On April 4, 2012, the Company completed a private placement under a Securities Purchase Agreement, dated April 3, 2012 (the "Purchase Agreement"), by and among the Company and certain institutional accredited investors (the "Financing"). As part of the Financing, the Company sold an aggregate of $ 1,100 principal amount of convertible notes (the "Notes") and warrants to purchase an aggregate of 643,274 ordinary shares (the "Warrants"), for a total consideration of $ 1,000 . The related issuance expenses were $ 110. | |||||||||||||||||
Each Note was convertible into shares at an initial conversion price of $1.71 per ordinary share. The conversion price of each Note was subject to standard anti-dilution adjustments. The conversion price was also subject to "full ratchet" anti-dilution adjustment, which would decrease the conversion price to equal the price at which the Company issues ordinary shares, to the extent that the issuance price or the deemed issuance price was less than the then-effective conversion price. The convertibility of each Note would be limited if, upon conversion, the holder thereof would beneficially own more than 4.9% of the Company’s ordinary shares. The Notes had a maturity date of January 4, 2013 and did not bear interest and could be converted at anytime through the maturity date. The Notes were guaranteed by the subsidiaries and were secured on a first- priority basis by substantially all of the Company’s assets, including the license agreement with Yissum and the co-owned patents. | Each Note was convertible into shares at an initial conversion price of $ 1.71 per ordinary share. The conversion price of each Note is subject to standard anti-dilution adjustments. The conversion price is also subject to "full ratchet" anti-dilution adjustment, which would decrease the conversion price to equal the price at which the Company issues ordinary shares, to the extent that the issuance price or the deemed issuance price is less than the then-effective conversion price. The convertibility of each Note may be limited if, upon conversion, the holder thereof would beneficially own more than 4.9% of the Company's ordinary shares. The Notes have a maturity date of January 4, 2013 and do not bear interest and can be converted at anytime through the maturity date. The Notes are guaranteed by the subsidiaries and are secured on a first- priority basis by substantially all of the Company's assets, including the license agreement with Yissum and the co-owned patents. | |||||||||||||||||
The Notes contained various covenants, including covenants restricting the Company's ability to incur additional indebtedness, incur additional liens, make certain restricted payments or dividend payments, or transfer assets. | Under the Purchase Agreement, the Company was required to file a registration statement pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, on Form 20-F, no later than July 4, 2012 and have such Form 20-F declared effective no later than January 4, 2013 (the earlier of such date and the actual date on which the Form 20-F is declared effective, (the "Self Filing Effective Date"). As required, by July 4, 2012 the Form 20-F was filed and until January 4, 2013 was declared effective. | |||||||||||||||||
As part of the Financing, the Company issued to the investors warrants (the "Warrants") to purchase an aggregate of 643,274 ordinary shares. The Warrants have an initial exercise price of $1.71 per share, exercisable for a term of 5 years, subject to adjustment. On and after April 4, 2013, if a registration statement registering the ordinary shares underlying the Warrants was not effective, the holders of the Warrants might exercise their Warrants on a cashless basis. | In the Financing, the Company also entered into a registration rights agreement ("Registration Rights Agreement") with the investors pursuant to which the Company agrees to register the resale of up to 133% of the number of ordinary shares that may be acquired by the investors by converting the Notes and exercising their Warrants. | |||||||||||||||||
The exercise price of the Warrants is subject to standard anti-dilution adjustments. In addition, the exercise price is also subject to "full ratchet" anti-dilution adjustment, similar to the Notes. To the extent the Company enters into a fundamental transaction (as defined in the Warrants and which includes, without limitation, entering into a merger or consolidation with another entity, selling all or substantially all of the assets, or a person acquiring 50% of the Company's voting shares), the holders will have the option to require the Company to repurchase the Warrants from the investor at its Black-Scholes fair value. Consequently, the Company accounts for the Warrants as a liability according to the provisions of ASC 815, "Derivatives and Hedging - Contracts in Entity's Own Equity" ("ASC 815"). | The Notes contain various covenants, including covenants restricting the Company's ability to incur additional indebtedness, incur additional liens, make certain restricted payments or dividend payments, or transfer assets. As of December 31, 2012 the Company did not default any of the covenants. | |||||||||||||||||
In connection with the August Financing (as defined in Note 9b), the conversion price of the Notes and the exercise price of the Warrants was reduced to $ 1.64 and the number of Warrants was increased to 670,732 pursuant to the anti-dilution adjustments. | As part of the Financing, the Company issued to the investors warrants (the "Warrants") to purchase an aggregate of 643,274 ordinary shares. The Warrants had an initial exercise price of $ 1.71 per share, exercisable for a term of 5 years, subject to adjustment. On and after April 4, 2013, if a registration statement registering the ordinary shares underlying the Warrants is not effective, the holders of the Warrants may exercise their Warrants on a cashless basis. | |||||||||||||||||
The Company applied ASC 470-20, “Debt with Conversion and Other Options” (“ASC 470-20”). In accordance with ASC 470-20, the Company first allocated the proceeds received to the detachable warrant, freestanding liability instrument that is measured at fair value at each reporting date, based on its fair value, with changes in the fair values being recognized in the Company's statement of operations as financial income or expense. The fair value of Warrants granted was valued by using the Black-Scholes call option pricing model. The anti-dilution rights of the Warrants were calculated by using Black-Scholes put option model using the same parameters as the warrants call option. Fair values were estimated using the following assumptions (annualized percentages): | The exercise price of the Warrants is subject to standard anti-dilution adjustments. In addition, the exercise price is also subject to "full ratchet" anti-dilution adjustment, similar to the Notes. To the extent the Company enters into a fundamental transaction (as defined in the Warrants and which includes, without limitation, entering into a merger or consolidation with another entity, selling all or substantially all of the assets, or a person acquiring 50% of the Company's voting shares), the holders will have the option to require the Company to repurchase the Warrants from the investor at its Black-Scholes fair value. Consequently, the Company accounts for the Warrants as a liability according to the provisions of ASC 815, "Derivatives and Hedging - Contracts in Entity's Own Equity" ("ASC 815"). | |||||||||||||||||
June 30, | In connection with the August Financing (as defined in Note 9b), the conversion price of the Notes and the exercise price of the Warrants was reduced to $ 1.64 and the number of Warrants was increased to 670,732 pursuant to the anti-dilution adjustments. | |||||||||||||||||
2013 | 2012 | |||||||||||||||||
Unaudited | The Company applies ASC 470-20, "Debt with Conversion and Other Options" ("ASC 470-20"). In accordance with ASC 470-20, the Company first allocated the proceeds received to the detachable warrant, freestanding liability instrument that is measured at fair value at each reporting date, based on its fair value, with changes in the fair values being recognized in the Company's statement of comprehensive loss as financial income or expense. The fair value of Warrants granted was valued by using the Black-Scholes call option pricing model. The anti-dilution rights of the Warrants were calculated by using Black-Scholes put option model using the same parameters as the warrants call option. Fair values were estimated using the following assumptions (annualized percentages): | |||||||||||||||||
Dividend yield | 0 | % | 0 | % | December 31, | April 4, | ||||||||||||
Expected volatility | 76.2 | % | 77.5 | % | 2012 | 2012 | ||||||||||||
Risk-free interest | 0.22 | % | 0.27 | % | ||||||||||||||
Expected life | 1.59 years | 1.5 years | Dividend yield | 0 | % | 0 | % | |||||||||||
Forfeiture rate | 0 | % | 0 | % | Expected volatility | 79.61 | % | 70.4 | % | |||||||||
Risk-free interest | 0.16 | % | 0.31 | % | ||||||||||||||
The initial fair value of the detachable warrant on April 4, 2012 was $ 750. On December 31, 2012 and June 30, 2013, the fair value of the detachable warrant was $ 402 and $ 597 (unaudited), respectively. The change in fair value during the six months ended June 30, 2013 in the amount of $ 195 (unaudited) was recognized as financial expense in the Company’s statement of operations. | Expected life | 1.08 years | 1.7 years | |||||||||||||||
Forfeiture rate | 0 | % | 0 | % | ||||||||||||||
The conversion feature was not defined as a derivative instrument according to ASC 815, since the Company's shares were not traded on the commitment date. The Company recognized the embedded beneficial conversion feature on the commitment date, in accordance with the guidelines of ASC 470-20. The beneficial conversion feature was measured by allocating a portion of the proceeds equal to the intrinsic value of the feature to additional paid-in-capital. The intrinsic value of the feature was calculated on the commitment date using the effective conversion price which had resulted subsequent to the allocation of the proceeds between the Notes and warrants. On the commitment date, the Company recorded a beneficial conversion feature, in accordance with Statement of Accounting Standard Codification No. 470-20, in the amount of $ 250. | ||||||||||||||||||
The initial fair value of the detachable warrant on April 4, 2012 was $ 750. On December 31, 2012, the fair value of the detachable warrant was $ 402. The change in fair value in the amount of $ 348 was recorded as financial income in the Company's statement of comprehensive loss. | ||||||||||||||||||
The discount on the Notes was amortized according to the effective interest rate method over the life of the Notes. During the period ended June 30, 2013, the amortization expenses in respect to the discount of the Notes was $202. | ||||||||||||||||||
The conversion feature is not defined as a derivative instrument according to ASC 815, since the Company's shares were not traded on the commitment date. The Company recorded the embedded beneficial conversion feature on the commitment date, in accordance with the guidelines of ASC 470-20. The beneficial conversion feature was measured by allocating a portion of the proceeds equal to the intrinsic value of the feature to additional paid-in-capital. The intrinsic value of the feature was calculated on the commitment date using the effective conversion price which had resulted subsequent to the allocation of the proceeds between the Notes and warrants. On the commitment date, the Company recorded a beneficial conversion feature, in accordance with Statement of Accounting Standard Codification No. 470-20, in the amount of $ 250. | ||||||||||||||||||
The issuance expenses that were allocated to the Warrants were recorded as financial expenses and the issuance expenses that were allocated to the Notes were capitalized and reported as deferred financing costs. The deferred financing cost were amortized over the life of the Notes using the effective interest rate. Since the issuance expenses that were allocated to the Notes were insignificant, all of the issuance expenses in the amount of $110 were recorded as financial expenses. | ||||||||||||||||||
The discount on the Notes is amortized according to the effective interest rate method over the life of the Notes. During the year ended December 31, 2012, the Company recorded $ 898 financial expenses in respect to the amortization of the discount of the Notes. | ||||||||||||||||||
In connection with the September 2013 Financing, the exercise price of the Warrants was reduced pursuant to the anti-dilution adjustments. See also Note 10b. | ||||||||||||||||||
The issuance expenses that are allocated to the Warrants are recorded as financial expenses and the issuance expenses that are allocated to the Notes are capitalized and reported as deferred financing costs. The deferred financing cost is amortized over the life of the Notes using the effective interest rate. Since the issuance expenses that were allocated to the Notes were insignificant, all of the issuance expenses in the amount of $ 110 were recorded as financial expenses. | ||||||||||||||||||
The composition of the short term convertible notes as of December 31, 2012 is as follows: | ||||||||||||||||||
December 31, | ||||||||||||||||||
2012 | ||||||||||||||||||
Unaudited | ||||||||||||||||||
Principal | 1,100 | |||||||||||||||||
Discount | -202 | |||||||||||||||||
Short-term convertible notes | 898 | |||||||||||||||||
On January 2, 2013, the Company repaid the Notes in the amount of $ 1,100. | ||||||||||||||||||
COMMITMENTS_AND_CONTINGENT_LIA
COMMITMENTS AND CONTINGENT LIABILITIES | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||
Commitments and Contingencies Disclosure [Abstract] | ||||||
Commitments and Contingencies Disclosure [Text Block] | NOTE 6:- | COMMITMENTS AND CONTINGENT LIABILITIES | NOTE 8:- COMMITMENTS AND CONTINGENT LIABILITIES | |||
a. | Agreement with Yissum | a. | Agreement with Yissum: | |||
On November 27, 2002, the Subsidiary executed a license agreement with Yissum, pursuant to which the Subsidiary was granted a global, exclusive license, including the right to grant sublicenses, subject to receipt of the prior written approval of Yissum which shall not be unreasonably withheld. The full intellectual property rights concerning the technology subject to the license are and will remain fully owned by Yissum for the licensed technology developed by Yissum. | On November 27, 2002, the Subsidiary executed a license agreement with Yissum, pursuant to which the Subsidiary was granted a global, exclusive license, including the right to grant sublicenses, subject to receipt of the prior written approval of Yissum which shall not be unreasonably withheld. The full intellectual property rights concerning the technology subject to the license are and will remain fully owned by Yissum for the licensed technology developed by Yissum. | |||||
This technology underlies part of the Company's research and development projects. The license includes the exclusive rights to produce, sell, market, import, distribute, and make any use of the technology, by both the Subsidiary and the holders of rights by virtue of the sublicenses. The agreement is valid for 20 years. In exchange for granting the said license to the Subsidiary, Yissum will be entitled to royalties as elaborated below: | This technology underlies part of the Company's research and development projects. The license includes the exclusive rights to produce, sell, market, import, distribute, and make any use of the technology, by both the Subsidiary and the holders of rights by virtue of the sublicenses. The agreement is valid for 20 years or until the last to expire patent. In exchange for granting the said license to the Subsidiary, Yissum will be entitled to royalties as elaborated below: | |||||
1 | 4% of the total sales that the Subsidiary or a related company thereof (as this term is defined in the agreement) will make; | 1 | 4% of the total sales that the Subsidiary or a related company thereof (as this term is defined in the agreement) will make; | |||
2 | 18% of the total payments or royalties that Subsidiary will be entitled to receive from third parties to whom sublicenses have been granted. | 2 | 18% of the total payments or royalties that Subsidiary will be entitled to receive from third parties to whom sublicenses have been granted. | |||
On June 20, 2005, the Company executed with Yissum an agreement for providing research and development services, whereby Yissum grants the Company compound development services. It has been agreed that the intellectual property and the knowledge that will accumulate during the provision of the services will be owned by Yissum. Yissum has granted the Company a license to use the results of the service provision agreement, and the permission to grant a sublicense. The service agreement was renewed several times prior to 2011. On February 28, 2011, the service provision agreement was renewed again. In consideration for the performance of services the Company agreed to pay Yissum $ 70 plus overhead per year, depending on the work requested by the Company to be done at the sole and exclusive option of the Company during each year of the following five years. The additional services fees shall be payable in semi-annual payments. | On June 20, 2005, the Company executed with Yissum an agreement for providing research and development services, whereby Yissum grants the Company compound development services. It has been agreed that the intellectual property and the knowledge that will accumulate during the provision of the services will be owned by Yissum. Yissum has granted the Company a license to use the results of the service provision agreement, and the permission to grant a sublicense. The service agreement was renewed several times prior to 2011. On February 28, 2011, the service provision agreement was renewed again. In consideration for the performance of services the Company agreed to pay Yissum $ 70 plus overhead per year, depending on the work requested by the Company to be done at the sole and exclusive option of the Company during each year of the following five years. The additional services fees shall be payable in semi-annual payments. | |||||
b. | Office lease commitment: | b. | Office lease commitment: | |||
The Company's registered address is located in Great Britain with minimum rental commitments of $ 0.5 plus VAT for each month. The Agreement commenced on February 1, 2010, and shall continue until it is terminated by either party giving the other three months' prior written notice. The Company's future minimum commitment as of June 30, 2013 is approximately $ 1.5 to be paid in 2013. | The Company's registered address is located in Great Britain with minimum rental commitments of $ 0.5 plus VAT for each month. The Agreement commenced on February 1, 2010, and shall continue until it is terminated by either party giving the other three months' prior written notice. The Company's liability as of December 31, 2012 is approximately $ 1.5, to be paid during 2013. | |||||
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | NOTE 7:- | SHAREHOLDERS' EQUITY | NOTE 9:- SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||
a. | Share and warrants issuances: | a. | Composition of share capital: | |||||||||||||||||||||||||
In the months January through August 2012, the Company issued 242,500 of ordinary shares, £ 0.01 par value each, at a price of $ 2.00 per share, for total gross proceeds of approximately $ 485, net of $ 75 included in receipt on the account of shares as of January 1, 2012. The investors were also granted with warrants to purchase 261,731 ordinary shares, at an exercise price of $ 2.00. In June 2012, the Company issued 10,000 of ordinary shares, £ 0.01 par value each, at a price of $ 2.25 per share, for total gross proceeds of approximately $ 23. This financing round was furnished with 50% warrant coverage, to purchase 5,000 ordinary shares of the Company, at an exercise price of $ 2.25. | December 31, 2012 | December 31, 2011 | ||||||||||||||||||||||||||
Authorized | Issued and | Authorized | Issued and | |||||||||||||||||||||||||
In April 2012, the Company modified 39,500 warrants that were issued to investors in January 2012 with an exercise price of $ 1 to a total of 79,000 warrants with an exercise price of $ 2. The Company accounted for these changes as modifications in accordance with ASC 718. The Company calculated the incremental value of these modifications and recorded deemed dividend in a total amount of $ 33 to additional paid-in capital. | outstanding | outstanding | ||||||||||||||||||||||||||
In August 2012, the Company issued 232,558 ordinary shares, £ 0.01 par value each, at a price of $ 1.72 per share, for total gross proceeds of $ 400. This financing round was furnished with 100% warrant coverage, to purchase 232,558 ordinary shares of the Company, at an exercise price of $ 1.72 and contractual life of five years (the "August 2012 Financing"). In addition, in August and September 2012, the Company issued 18,375 of ordinary shares, £0.01 par value each, at a price of $ 2.00 per share, for total gross proceeds of $ 37. This financing round was furnished with 100% warrant coverage, to purchase 18,375 ordinary shares of the Company, at an exercise price of $ 2.00 per share and contractual life of five years. If the Company contemplates a private placement of ordinary shares and warrants with an aggregate offering amount which is no greater than $ 20,000 or in any other private placement that occurs prior to December 1, 2012 (the "Private Placement"), in which the equity price and equity linked pricing terms are more favorable to the investors, the Company will modify the terms to reflect any more favorable pricing terms provided to the other investors in the Private Placement on a $ 1 for $ 1 basis, in lieu of cash consideration. (the "Most Favored Nation"). | Ordinary shares of £0.01 par value each | 49,800,000 | 13,369,809 | 49,800,000 | 12,098,597 | |||||||||||||||||||||||
Deferred A shares of £0.001 par value | 800,000 | - | 800,000 | - | ||||||||||||||||||||||||
On November 30, 2012, the Company completed a private placement under the November Purchase Agreement (the " November 2012 Purchase Agreement"), by and among the Company and certain investors (the "November 2012 Financing"). As part of the November 2012 Financing, the Company sold an aggregate of 751,500 Ordinary Shares at $ 2.00 per share for gross proceeds of $ 1,503 (the "November 2012 Shares") and 375,750 warrants to purchase an aggregate of 375,750 Ordinary Shares (the "November's 2012 Warrants"). | Deferred B shares of £0.001 par value | 1,200,000 | - | 1,200,000 | - | |||||||||||||||||||||||
Deferred C shares of £0.001 par value | 400,000 | - | 400,000 | 400,000 | ||||||||||||||||||||||||
Under the November 2012 Financing, the Company also entered into the November Registration Rights Agreement with the investors pursuant to which the Company is required to file a registration statement to register the resale of up to 133% of the number of Ordinary Shares issued in the November Financing and that may be issued upon exercise of the November's 2012 Warrants. The Company agreed to file a registration statement no later than 30 days after January 3, 2013 and to have the registration statement declared effective no later than the earlier of (a) the 90th day after the Self Filing Effective Date (or 120 days if the registration statement is reviewed by the SEC) or (b) the third day after the Company is notified that the registration statement will not be reviewed or is no longer subject to review. In February 2013, the registration statement was declared effective. | ||||||||||||||||||||||||||||
The Ordinary shares confer upon their holders the right to participate and vote in general shareholders meetings of the Company and to share in the distribution of dividends, if any, declared by the Company. | ||||||||||||||||||||||||||||
As part of the November 2012 Financing, the Company issued to the investors the November's 2012 Warrants to purchase Ordinary Shares at an initial exercise price of $ 2.00 per share, exercisable for a term of five years. The exercise price is subject to standard anti-dilution adjustments. | ||||||||||||||||||||||||||||
As for the deferred shares see Note 6. | ||||||||||||||||||||||||||||
In addition, under the terms of the November 2012 Purchase Agreement, from the date each investor entered into the November 2012 Purchase Agreement until the earlier of (i) the six month anniversary of the effective date of a registration statement or (ii) the date immediately following the 20 consecutive trading days wherein the trading volume for the Ordinary Shares or ADSs exceeds $ 100 per trading day, each investor may elect to exchange all of its shares and warrants for any such additional securities issued by the Company in a subsequent financing (as defined in the November Purchase Agreement), on the same terms and conditions as provided to the investors in a subsequent financing on a $ 1 for $ 1 basis, in lieu of cash consideration (the "November Most Favored Nation"). | ||||||||||||||||||||||||||||
b. | Shares and warrants issuances: | |||||||||||||||||||||||||||
Due to the December 2012 Most Favored Nation terms, the most favored nation terms for the investors in the November 2012 Financing were extended to 2 years and the investors also received warrants with a January Down Round Protection in January 2013. | ||||||||||||||||||||||||||||
Since inception through December 31, 2008, the Company issued 10,950,696 ordinary shares of £0.01 par value each. The total proceeds amounted to $ 6,753 (unaudited). | ||||||||||||||||||||||||||||
On January 17, 2013, the Company issued 67,500 of ordinary shares, £ 0.01 par value each, at a price of $ 2.00 per share, for total gross proceeds of $ 135 that were paid in December 2012. The investors were also granted with warrants to purchase 33,750 ordinary shares, at an exercise price of $ 2.00 (the "December 2012 Financing"). | ||||||||||||||||||||||||||||
During January to October 2009, the Company issued 410,097 ordinary shares of £0.01 par value each at £0.8 per share. The proceeds amounted to $ 522. The related issuance costs amounted to $ 23. | ||||||||||||||||||||||||||||
Under the terms of the purchase agreement, from the date each investor entered into the purchase agreement until the earlier of (i) the six month anniversary of the effective date of a registration statement or (ii) the date immediately following the 20 consecutive trading days wherein the trading volume for the Ordinary Shares or ADSs exceeds $ 100 per trading day, each investor may elect to exchange all of its shares and warrants for any such additional securities issued by the Company in a subsequent financing on the same terms and conditions as provided to the investors in a subsequent financing (the " December Most Favored Nation"). | ||||||||||||||||||||||||||||
During May to August 2010, the Company issued 200,778 Ordinary shares of £0.01 par value each at £1 per share. The proceeds amounted to $ 312. | ||||||||||||||||||||||||||||
On January 17, 2013, the Company completed a private placement under the January 2013 Purchase Agreement (the "January 2013 Purchase Agreement"), by and among the Company and certain investors (the "January 2013 Financing"). As part of the January 2013 Financing, the Company sold an aggregate of 405,500 ordinary shares at $ 2.00 per share (the "January 2013 Shares") and 202,750 Series A warrants, 375,000 Series B warrants and 187,500 Series C warrants to purchase an aggregate of 765,250 ordinary Shares (the "January 2013 Warrants"), for gross proceed of $ 811. Under the terms of the Agent Agreement, the Company issued 43,035 Series A warrants with an exercise price of $ 2.00 per share and a contractual life of five years. The fair value of the warrants at the commitment date was $ 21. The Company also paid $ 70 in cash, for advisory and legal services in relation with the January 2013 Financing. | ||||||||||||||||||||||||||||
During March to August 2011, the Company issued 522,026 Ordinary shares of £0.01 par value each, in consideration for $ 951, at prices of $ 1.63-$ 1.95 per share, net of $ 60 included in receipt on account of shares as of January 1, 2011. The related issuance costs amounted to $ 21. | ||||||||||||||||||||||||||||
The exercise price of the January 2013 Warrants is $ 2.00. The Series A warrants and Series C warrants are exercisable for a term of five years and the Series B warrants are exercisable until the earlier of (i) the one-year anniversary of the date when the registration of the Series B warrants becomes effective, or (ii) the 18 month anniversary of the issuance date. The vesting of the Series C warrants is dependent upon exercise of the Series B warrants. The Series C warrants shall vest in proportion to the holder's exercise of the Series B warrant as compared with the total Series B warrants issued to such holder. | ||||||||||||||||||||||||||||
In the months January through August 2012, the Company issued 242,500 of ordinary shares, £ 0.01 par value each, at a price of $ 2.00 per share, for total gross proceeds of approximately $ 485, net of $ 75 included in receipt on the account of shares as of January 1, 2012. The investors were also granted with warrants to purchase 261,731 ordinary shares, at an exercise price of $ 2.00. In June 2012, the Company issued 10,000 of ordinary shares, £ 0.01 par value each, at a price of $ 2.25 per share, for total gross proceeds of approximately $ 23. This financing round was furnished with 50% warrant coverage, to purchase 5,000 ordinary shares of the Company, at an exercise price of $ 2.25. | ||||||||||||||||||||||||||||
Under the January 2013 Financing, the Company also entered into the January 2013 Registration Rights Agreement with the investors pursuant to which the Company is required to file a registration statement to register the resale of up to 133% of the number of ordinary shares issued in the January 2013 Financing and that may be issued upon exercise of the January 2013 Warrants. The Company agreed to file a registration statement no later than 30 days after February 28, 2013, provided the filing date shall be 60 days if the Company is required to include audited financial statements for fiscal year 2012 and to have the registration statement declared effective no later than the earlier of (a) the 90th day after the Self Filing Effective Date (135 days if the registration statement is reviewed by the SEC or 165 days if the Company is required to include audited financial statements for fiscal year 2012) or (b) the third day after the Company is notified that the registration statement will not be reviewed or is no longer subject to review. | ||||||||||||||||||||||||||||
In April 2012, the Company modified 39,500 warrants that were issued to investors in January 2012 with an exercise price of $ 1 to a total of 79,000 warrants with an exercise price of $ 2. The Company accounted for these changes as modifications in accordance with ASC 718. The Company calculated the incremental value of these modifications and recorded deemed dividend in a total amount of $ 33 to additional paid-in capital. | ||||||||||||||||||||||||||||
Subject to certain limitations, the Series B warrants may be cancelled for consideration equal to $ 0.001 per warrant share by the Company in the event that the closing sale price of the ordinary shares for each 20 consecutive trading days exceeds $ 3.75 (subject to adjustment for forward and reverse stock splits, recapitalizations, stock dividends, etc.) and (ii) the average daily volume for such 20 day period exceeds 75,000 ordinary shares or ADSs (subject to adjustment for forward and reverse stock splits, recapitalizations, stock dividends, etc.). | ||||||||||||||||||||||||||||
In August 2012, the Company issued 232,558 ordinary shares, £ 0.01 par value each, at a price of $ 1.72 per share, for total gross proceeds of $ 400. This financing round was furnished with 100% warrant coverage, to purchase 232,558 ordinary shares of the Company, at an exercise price of $ 1.72 and contractual life of five years (the "August Financing"). In addition, in August and September, the Company issued 18,375 of ordinary shares, £0.01 par value each, at a price of $ 2.00 per share, for total gross proceeds of $ 37. This financing round was furnished with 100% warrant coverage, to purchase 18,375 ordinary shares of the Company, at an exercise price of $ 2.00 per share and contractual life of five years. If the Company contemplates a private placement of ordinary shares and warrants with an aggregate offering amount which is no greater than $ 20,000 or in any other private placement that occurs prior to December 1, 2012 (the "Private Placement"), in which the equity price and equity linked pricing terms are more favorable to the investors, the Company will modify the terms to reflect any more favorable pricing terms provided to the other investors in the Private Placement on a $ 1 for $ 1 basis, in lieu of cash consideration. (the "Most Favored Nation"). | ||||||||||||||||||||||||||||
The exercise price of the January 2013 Warrants is subject to standard anti-dilution adjustments. In addition, under the terms of the January 2013 Purchase Agreement, from the date each investor entered into the January 2013 Purchase Agreement until the later of (i) the two year anniversary of the effective date of a registration statement or (ii) the date immediately following the 20 consecutive trading days wherein the trading volume for the ordinary shares or ADSs exceeds $ 100 per trading day (the "Expiration Date"), each investor may elect to exchange all of its shares and January 2013 Warrants for any such additional securities issued by the Company in a subsequent financing (as defined in the January Purchase Agreement), on the same terms and conditions as provided to the investors in a subsequent financing on a $ 1 for $ 1 basis, in lieu of cash consideration (the "January 2013 Most Favored Nation"). | ||||||||||||||||||||||||||||
On November 30, 2012, the Company completed a private placement under the November Purchase Agreement (the " November Purchase Agreement"), by and among the Company and certain investors (the "November Financing"). As part of the November Financing, the Company sold an aggregate of 751,500 Ordinary Shares at $ 2.00 per share for gross proceeds of $ 1,503 (the "November Shares") and 375,750 warrants to purchase an aggregate of 375,750 Ordinary Shares (the "November's Warrants"). | ||||||||||||||||||||||||||||
In addition, while the January 2013 Warrants are outstanding if the Company will issue warrants at an effective price per share which is lower than the exercise price of the January 2013 Warrants, the exercise price of the January 2013 Warrants shall be reduced to the lower share price in the subsequent financing ( the "January 2013 Down Round Protection"). In addition, until the Expiration Date, the shares and the Series A warrants are also entitled to a price protection. | ||||||||||||||||||||||||||||
Under the November Financing, the Company also entered into the November Registration Rights Agreement with the investors pursuant to which the Company is required to file a registration statement to register the resale of up to 133% of the number of Ordinary Shares issued in the November Financing and that may be issued upon exercise of the November's Warrants. The Company agreed to file a registration statement no later than 30 days after January 3, 2013 and to have the registration statement declared effective no later than the earlier of (a) the 90th day after the Self Filing Effective Date (or 120 days if the registration statement is reviewed by the SEC) or (b) the third day after the Company is notified that the registration statement will not be reviewed or is no longer subject to review. In February 2013, the registration statement was declared effective. | ||||||||||||||||||||||||||||
From January 31, 2013 through May 13, 2013, the Company completed several private placements by and among the Company and certain investors. As part of the financings, the Company sold an aggregate of 335,000 ordinary shares at $ 2.00 per share and 167,500 Series A warrants, for gross proceeds of $ 670. The warrants and the shares are eligible to most favored nation terms and also to a price protection. Under the terms of the Agent Agreement, the Company issued 10,800 warrants with an exercise price of $ 2.00 per share and a contractual life of five years. The fair value of the warrants at the commitment date was $ 5. The value of the warrants as of June 30, 2013 was $ 11 and the change in value was recorded as financial expense. | ||||||||||||||||||||||||||||
As part of the November Financing, the Company issued to the investors the November's Warrants to purchase Ordinary Shares at an initial exercise price of $ 2.00 per share, exercisable for a term of five years. The exercise price is subject to standard anti-dilution adjustments. | ||||||||||||||||||||||||||||
In relation to the issuances of August 2012 Financing through May 2013 financings, the Company first allocated the proceeds to the detachable warrant, that due to the most favored nation terms and in accordance with ASC 815 is being considered a freestanding liability instrument that is measured at fair value at each reporting date, based on its fair value, with changes in the fair values being recognized in the Company's statement of comprehensive loss as financial income or expense. The remaining proceeds were allocated to the shares and were recorded to equity. The issuance costs were allocated between the warrants and the shares in proportion to the allocation of the proceeds. The portion of the issuance costs that were allocated to the warrants was recorded as financial expense in the Company's statement of comprehensive loss. The portion of the issuance costs that were allocated to the shares was recorded to additional paid in capital. | ||||||||||||||||||||||||||||
In addition, under the terms of the November Purchase Agreement, from the date each investor entered into the November Purchase Agreement until the earlier of (i) the six month anniversary of the effective date of a registration statement or (ii) the date immediately following the 20 consecutive trading days wherein the trading volume for the Ordinary Shares or ADSs exceeds $ 100 per trading day, each investor may elect to exchange all of its shares and warrants for any such additional securities issued by the Company in a subsequent financing (as defined in the November Purchase Agreement), on the same terms and conditions as provided to the investors in a subsequent financing on a $ 1 for $ 1 basis, in lieu of cash consideration (the "November Most Favored Nation"). | ||||||||||||||||||||||||||||
The fair value of warrants granted was valued by using the Black-Scholes call option pricing model. The anti-dilution adjustments of August 2012 Most Favored Nation and the November 2012 Most Favored Nation were calculated by using Black-Scholes put option model since its similar to put options by providing a guaranteed price for an underlying instrument and offer insurance against dilution. The Company used different parameters for the warrants call option and the warrants put option since the expected life of the most favored nation terms was shorter than the expected life of the warrants. Fair values were estimated using the following assumptions for the warrants call option (range of annualized percentages): | ||||||||||||||||||||||||||||
Due to the November Most Favored Nation terms, the most favored nation terms for the investors in the November Financing were extended to 2 years and the investors also received warrants with a January Down Round Protection (as defined in note 14b) in January 2013. (See Note 14b) | ||||||||||||||||||||||||||||
Year ended | Period ended | |||||||||||||||||||||||||||
December 31, | June 30, | In relation to the issuances of August Financing through November Financing, the Company first allocated the proceeds to the detachable warrant, that due to the most favored nation terms and in accordance with ASC 815 is being considered a freestanding liability instrument that is measured at fair value at each reporting date, based on its fair value, with changes in the fair values being recognized in the Company's statement of comprehensive loss as financial income or expense. The remaining proceeds were allocated to the shares and were recorded to equity. The issuance costs in relation to the November Financing in the amount of $ 190 (the "2012 Issuance Costs") were allocated between the warrants and the shares in proportion to the allocation of the proceeds. The portion of the 2012 Issuance Costs that were allocated to the warrants in the amount of $ 27 was recorded as financial expense in the Company's statement of comprehensive loss. The portion of the 2012 Issuance Costs that were allocated to the shares in the amount of $ 163 was recorded to additional paid in capital. | ||||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||||||
Unaudited | The fair value of warrants granted was valued by using the Black-Scholes call option pricing model. The anti-dilution adjustments of August Most Favored Nation and the November Most Favored Nation were calculated by using Black-Scholes put option model since its similar to put options by providing a guaranteed price for an underlying instrument and offer insurance against dilution. The Company used different parameters for the warrants call option and the warrants put option since the expected life of the most favored nation terms was shorter than the expected life of the warrants. Fair values were estimated during 2012 using the following assumptions for the warrants call option (range of annualized percentages): | |||||||||||||||||||||||||||
Dividend yield | 0% | 0% | Year ended | |||||||||||||||||||||||||
Expected volatility | 79.61%-86.31% | 76.83%-86.09% | December 31, | |||||||||||||||||||||||||
Risk-free interest | 0.12%-0.21% | 0.12%-0.67% | 2012 | |||||||||||||||||||||||||
Expected life | 0.92-1.42 years | 0.75-2.39 years | ||||||||||||||||||||||||||
Dividend yield | 0 | % | ||||||||||||||||||||||||||
Fair values were estimated during 2012 using the following assumptions for the warrants put option (range of annualized percentages): | Expected volatility | 79.61%-86.31 | % | |||||||||||||||||||||||||
Risk-free interest | 0.12%-0.21 | % | ||||||||||||||||||||||||||
Year ended | Period ended | Expected life | 0.92-1.42 years | |||||||||||||||||||||||||
December 31, | June 30, | |||||||||||||||||||||||||||
2012 | 2013 | Fair values were estimated during 2012 using the following assumptions for the warrants put option (range of annualized percentages): | ||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||
Year ended | ||||||||||||||||||||||||||||
Dividend yield | 0% | 0% | December 31, | |||||||||||||||||||||||||
Expected volatility | 67%-83% | 73.33%-86.09% | 2012 | |||||||||||||||||||||||||
Risk-free interest | 0.11%-0.28% | 0.13%-0.32% | ||||||||||||||||||||||||||
Expected life | 0.25-1.04 years | 0.58-1.83 years | Dividend yield | 0 | % | |||||||||||||||||||||||
Expected volatility | 67%-83 | % | ||||||||||||||||||||||||||
The initial fair value of the detachable warrant granted on August 29, August 29, September 28 and November 30, 2012 (the "Detachable Warrants") was $ 93, $ 4, $ 4 and $ 210, respectively. | Risk-free interest | 0.11%-0.28 | % | |||||||||||||||||||||||||
Expected life | 0.25-1.04 years | |||||||||||||||||||||||||||
On December 1, 2012, the fair value of the detachable warrant related to the issuances of August 2012 through September 2012 was $ 141. The change in fair value in the amount of $ 40 was recorded as financial expense in the Company's statement of comprehensive loss. Upon the lapse of the Most Favored Nation period on December 1, 2012, the detachable warrant was reclassified to additional paid in capital. | ||||||||||||||||||||||||||||
The initial fair value of the detachable warrant granted on August 29, August 29, September 28 and November 30 (the "Detachable Warrants") was $ 93, $ 4, $ 4 and $ 210, respectively. | ||||||||||||||||||||||||||||
On December 31, 2012 and June 30, 2013, the fair value of the detachable warrant related to the November 2012 Financing was $ 188 and $ 402 respectively. The change in fair value was recognized as financial income in the Company's statement of comprehensive loss. | ||||||||||||||||||||||||||||
On December 1, 2012, the fair value of the detachable warrant related to the issuances of August 2012 through September 2012 was $ 141. The change in fair value in the amount of $ 40 was recorded as financial expense in the Company's statement of comprehensive loss. Upon the lapse of the Most Favored Nation period on December 1, 2012, the detachable warrant was reclassified to additional paid in capital. | ||||||||||||||||||||||||||||
The initial fair value of the detachable warrant related to the December 2012 Financing, January 2013 Financing and other subsequent financings through May 2013 was $ 17, $ 383 and $ 76, respectively. | ||||||||||||||||||||||||||||
On December 31, 2012, the fair value of the detachable warrant related to the November Financing was $ 188. The change in fair value in the amount of $ 22 was recognized as financial income in the Company's statement of comprehensive loss. | ||||||||||||||||||||||||||||
On June 30, 2013, the fair value of the detachable warrant related to December 2012 Financing, January 2013 Financing and other subsequent financings through May 2013 was $ 36, $ 583 and $ 179, respectively. | ||||||||||||||||||||||||||||
c. | Share option plan: | |||||||||||||||||||||||||||
b. | Share option plan: | |||||||||||||||||||||||||||
In August 2007, the Company adopted the share option plan (the "Plan"). The number of shares that may be issued upon exercise of options under the plan shall not exceed 1,365,000 shares. As of December 31, 2012, 541,010 ordinary shares are available for future issuance under the Plan. | ||||||||||||||||||||||||||||
In August 2007, the Company adopted the share option plan (the "Plan"). The number of shares that may be issued upon exercise of options under the Plan shall not exceed 1,365,000 shares. In June 2013, the Plan was amended increasing the number of shares that may be issued by 2,500,000 to a total of 3,865,000. As of June 30, 2013, 3,096,010 ordinary shares are available for future issuance under the Plan. | ||||||||||||||||||||||||||||
The weighted-average estimated fair value of stock options granted and vested during the year ended December 31, 2012 was $ 1.09 and $ 1.08 per share, respectively, using the Black-Scholes option pricing. The weighted-average estimated fair value of non-vested stock options as of December 31, 2012 was $ 1.10 and per share, using the Black-Scholes option pricing. No options were granted in the year ended December 31, 2011 and 2010. There are no unvested options as of December 31, 2011. The following is a summary of the Company's stock option activity related to employees and directors and related information for the period ended December 31, 2012: | ||||||||||||||||||||||||||||
The weighted-average estimated fair value of stock options granted during the six months ended June 30, 2012 was $ 1.09 per share using the Black-Scholes option pricing. No grants were made during the six months ended June 30, 2013. Fair value was estimated using the following weighted-average assumptions (annualized percentages): | ||||||||||||||||||||||||||||
Amount | Weighted | Weighted | Aggregate | |||||||||||||||||||||||||
Six months ended | of options | average | average | intrinsic | ||||||||||||||||||||||||
June 30, 2012 | exercise | remaining | value | |||||||||||||||||||||||||
(Unaudited) | price | contractual | ||||||||||||||||||||||||||
term (in | ||||||||||||||||||||||||||||
Dividend yield | 0% | years) | ||||||||||||||||||||||||||
Expected volatility | 90% | |||||||||||||||||||||||||||
Risk-free interest | 0.69%-0.74% | Outstanding at beginning of the period | 360,527 | $ | 1.29 | |||||||||||||||||||||||
Expected life | 5.00% | Changes during the period: | ||||||||||||||||||||||||||
Forfeiture rate | 0% | Granted | 410,000 | $ | 1.58 | |||||||||||||||||||||||
The following is a summary of the Company's stock option activity related to employees and directors and related information for the period ended June 30, 2013: | Options outstanding at end of the period | 770,527 | $ | 1.44 | 7.2 | $ | 169 | |||||||||||||||||||||
Number | Weighted | Weighted | Aggregate | Vested and expected to vest | 770,527 | $ | 1.44 | 7.2 | $ | 169 | ||||||||||||||||||
of options | average | average | intrinsic | |||||||||||||||||||||||||
exercise | remaining | value | Options exercisable at end of the period | 540,527 | $ | 1.38 | 6.3 | $ | 152 | |||||||||||||||||||
price | contractual | |||||||||||||||||||||||||||
term (in | The aggregate intrinsic value in the table above represents the total intrinsic value (the difference between the Company's stock price on December 31, 2012 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last trading day of the fiscal year. This amount changes based on the fair market value of the Company's shares. | |||||||||||||||||||||||||||
years) | ||||||||||||||||||||||||||||
Unaudited | During the year ended December 31, 2012, the Company recorded $ 389 in share based compensation expenses. As of December 31, 2012, total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Company's stock option plans was $ 57. That cost is expected to be recognized over a weighted-average period of 2.5 months. | |||||||||||||||||||||||||||
Outstanding at beginning of the period | 770,527 | $ | 1.44 | d. | On January 18, 2005 and March 12, 2007, the chairman of the Company's board received warrants from the principle shareholder to purchase from it 50,700 and 152,000 Ordinary shares in consideration for par value of £0.01 and $ 1.55 per share, respectively. The options were fully vested and valid for 10 years from grant date. The benefit in respect of the options totaling $ 246 (unaudited) was included in the financial statements at grant date. | |||||||||||||||||||||||
Changes during the period: | ||||||||||||||||||||||||||||
Forfeited | -55,000 | $ | 1.56 | On March 1, 2011 the exercise price of 152,000 options granted on March 12, 2007 was adjusted to £0.01. The value of the benefit from the change in option terms (the difference between the options' value before the reduction in exercise price and the options' value after the reduction in exercise price) totaling $ 95, was recorded as an expense in 2011. The options' fair value as of March 1, 2011 was determined based on $ 1.63 share price, expected volatility of 86%, risk-free interest rate of 1.85%, expected dividend rate of 0%, and an expected life of 3 years. | ||||||||||||||||||||||||
Options outstanding at end of the period | 715,527 | $ | 1.39 | 6.5 | $ | 197 | e. | Options and warrants to service providers: | ||||||||||||||||||||
Vested and expected to vest | 715,527 | $ | 1.39 | 6.5 | $ | 197 | The options and warrants outstanding as of December 31, 2012 that were granted to the Company's service providers are as follows: | |||||||||||||||||||||
Options exercisable at end of the period | 715,527 | $ | 1.39 | 6.5 | $ | 197 | Grant date | Number of | Exercise | Expiration date | ||||||||||||||||||
options | price | |||||||||||||||||||||||||||
During the six months ended June 30, 2013, the Company recorded additional $ 57 (unaudited) in share based compensation expenses. As of June 30, 2013, there was no unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Company's stock option plans. | ||||||||||||||||||||||||||||
August 28, 2007 (2) | 20,475 | 1.29 | 28-Aug-17 | |||||||||||||||||||||||||
c. | Warrants and options to service providers: | May 27, 2009 (2) | 30,000 | 1.56 | 27-May-19 | |||||||||||||||||||||||
February 12, 2012 (4) | 309,492 | 2 | 12-Feb-17 | |||||||||||||||||||||||||
The options and warrants outstanding as of June 30, 2013 that were granted to the Company's service providers are as follows: | April 26, 2012 (3) | 90,000 | 2 | 19-Mar-17 | ||||||||||||||||||||||||
June 27, 2012 (5) | 2,988 | 1.75 | 21-Jun-22 | |||||||||||||||||||||||||
Grant date | Number of | Exercise | Expiration date | November 30, 2012 (6) | 90,180 | 2 | 30-Nov-17 | |||||||||||||||||||||
options | Price | |||||||||||||||||||||||||||
543,135 | ||||||||||||||||||||||||||||
August 28, 2007 (1) | 20,475 | 1.29 | 28-Aug-17 | |||||||||||||||||||||||||
May 27, 2009 (1) | 30,000 | 1.56 | 27-May-19 | 1 | In February 2005, Yissum was granted 300,000 options. Each option is exercisable into one Ordinary share of £0.01 par value. The options are exercisable over 5 years, according to their compliance with the agreed milestones, as defined in the option grant agreement, over a period of three years until February 3, 2008. | |||||||||||||||||||||||
February 12, 2012 (3) | 309,492 | 2 | 12-Feb-17 | |||||||||||||||||||||||||
April 26, 2012 (2) | 90,000 | 2 | 19-Mar-17 | The Company recorded compensation cost as a liability related to stock based compensation in a total amount of $ 2 and $ 3 in 2010 and 2011, respectively. 285,000 options expired in 2008 and 15,000 options were exercised in 2011. | ||||||||||||||||||||||||
June 27, 2012 (4) | 2,988 | 1.75 | 21-Jun-22 | |||||||||||||||||||||||||
November 30, 2012 (5) | 90,180 | 2 | 30-Nov-17 | 2 | In August 2007 and May 2009, the Company granted 20,475 and 30,000 fully vested options, respectively, to the pre-clinical development consultant. The fair value of the options was $ 29 (unaudited) and $ 33, respectively. Since the exercise price of such options is denominated in a currency that is different from the Company's functional currency, the Company accounts for such options as a liability. The fair value of the options was estimated each cut-off date using the Black-Scholes options valuation model. | |||||||||||||||||||||||
January 17, 2013 (5) | 43,035 | 2 | 17-Jan-18 | |||||||||||||||||||||||||
January 31, 2013 (5) | 7,200 | 2 | 31-Jan-18 | The changes in fair value were recorded as financial expense (income). The Company recorded financial income in the amount of $ 3 for each of the years ended December 31, 2012 and 2011. The Company also recorded financial expense in the amount of $ 5 for the year ended 2010. | ||||||||||||||||||||||||
February 8, 2013 (5) | 3,600 | 2 | 28-Feb-18 | |||||||||||||||||||||||||
In June 2012, the Company increased and changed the denominated currency of the exercise price of the options that were issued in May 2009 from £ 0.8 to $ 1.56 resulting in the options being reclassified from a liability to equity. The Company accounted for this change as a modification in accordance with ASC 718. The Company calculated the incremental value of this modification. Since there was no incremental value, the Company only reclassified the related liability in the amount of $ 35 to additional paid-in capital. | ||||||||||||||||||||||||||||
596,970 | ||||||||||||||||||||||||||||
3 | In 2011, the Company granted 35,000 fully vested warrants to the Finder (as defined below) under a consulting agreement that was signed in 2011 ("2011 Consulting Agreement"). The exercise price was $ 1 and the contractual life is five years. The fair value of the warrants in the amount of $ 45 was recorded to additional paid-in capital. In the months January and February 2012, the Company granted additional 10,000 fully vested warrants to the Finder under the 2011 Consulting Agreement. The exercise price was $ 1 per share and the contractual life is five years. The fair value of the warrants in the amount of $ 12 was recorded to additional paid-in capital. | |||||||||||||||||||||||||||
1 | In August 2007 and May 2009, the Company granted 20,475 and 30,000 fully vested options, respectively, to the pre-clinical development consultant. The fair value of the options was $ 29 (unaudited) and $ 33, respectively. Since the exercise price of such options is denominated in a currency that is different from the Company's functional currency, the Company accounts for such options as a liability. The fair value of the options was estimated each cut-off date using the Black-Scholes options valuation model. | |||||||||||||||||||||||||||
In April 2012, the Company modified the amount of warrants that were granted to the Finder from a total of 45,000 warrants to 90,000 warrants and also modified the exercise price from $ 1 to $ 2. The Company accounted for these changes as modifications in accordance with ASC 718. The Company calculated the incremental value of these modifications and recorded compensation cost in a total amount of $ 38 to additional paid-in capital | ||||||||||||||||||||||||||||
In June 2012, the Company increased and changed the denominated currency of the exercise price of the options that were issued in May 2009 from £ 0.8 to $ 1.56 resulting in the options being reclassified from a liability to equity. The Company accounted for this change as a modification in accordance with ASC 718. The Company calculated the incremental value of this modification. Since there was no incremental value, the Company only reclassified the related liability in the amount of $ 35 to additional paid-in capital. | ||||||||||||||||||||||||||||
On February 29, 2012, the Company entered into an agreement with an independent contractor (the "Finder"), for the purpose of introducing the Company to potential investors ("Finder's Agreement"). In the event that during the term of this agreement, an approved investor will consummate a cash investment, then the Finder shall be entitled to (i) a cash payment in an amount equal to 7% of the amount invested; and (ii) that number of ordinary shares of the Company issuable for a cash investment equal to 7% of the investment amount based upon the price per share pursuant to which the approved investor participated; less consulting consideration otherwise paid or payable to the Finder pursuant to a new consulting agreement that was signed in 2012 (the "2012 Consulting Agreement"). | ||||||||||||||||||||||||||||
The changes in fair value of the outstanding liability was recorded as financial expense (income). The Company recorded financial income in the amount of $ 3 for each of the years ended December 31, 2012 and 2011. The Company also recorded insignificant financial income for the period ended June 30, 2013. | ||||||||||||||||||||||||||||
Between March through June 2012, the Company committed to grant an additional 20,000 fully vested warrants to the Finder under the 2012 Consulting Agreement (the "Finder's Warrants"). The exercise price was $ 2 per share and the contractual life is five years. The board of directors did not ratify the grant of the Finder's Warrants. Pursuant to the terms of the Finder's Agreement, the Company only issued, in September 2012, 16,279 ordinary shares, £0.01 par value each, and is obligated to pay $ 28 in cash, in relation with the August Financing (the "August Finder's Fee"), since the consulting fees pursuant to 2012 Consulting Agreement were lower than August Finder's Fee. The Company recorded an amount of $ 52 of stock-based compensation expenses in the statement of comprehensive loss during the year ended December 31, 2012. After the August Financing, the Consulting Agreement was terminated. | ||||||||||||||||||||||||||||
2 | In 2011, the Company granted 35,000 fully vested warrants to the Finder (as defined below) under a consulting agreement that was signed in 2011 ("2011 Consulting Agreement"). The exercise price was $ 1 and the contractual life is five years. The fair value of the warrants in the amount of $ 45 was recorded to additional paid-in capital. In the months January and February 2012, the Company granted additional 10,000 fully vested warrants to the Finder under the 2011 Consulting Agreement. The exercise price was $ 1 per share and the contractual life is five years. The fair value of the warrants in the amount of $ 12 was recorded to additional paid-in capital. | |||||||||||||||||||||||||||
4 | On February 12, 2012, the Company settled part of an outstanding debt to a related party by issuance of fully vested warrants to purchase 309,492 ordinary shares, £ 0.01 par value each. See also Note 12. | |||||||||||||||||||||||||||
In April 2012, the Company modified the amount of warrants that were granted to the Finder from a total of 45,000 warrants to 90,000 warrants and also modified the exercise price from $ 1 to $ 2. The Company accounted for these changes as modifications in accordance with ASC 718. The Company calculated the incremental value of these modifications and recorded compensation cost in a total amount of $ 38 to additional paid-in capital | ||||||||||||||||||||||||||||
5 | On June 27, 2012, the Company granted 2,988 options which shall vest on December 27, 2012. The Company recorded compensation expense in the amount of $ 2 in the statement of comprehensive loss during the year ended December 31, 2012. | |||||||||||||||||||||||||||
On February 29, 2012, the Company entered into an agreement with an independent contractor (the "Finder"), for the purpose of introducing the Company to potential investors ("Finder's Agreement"). In the event that during the term of this agreement, an approved investor will consummate a cash investment, then the Finder shall be entitled to (i) a cash payment in an amount equal to 7% of the amount invested; and (ii) that number of ordinary shares of the Company issuable for a cash investment equal to 7% of the investment amount based upon the price per share pursuant to which the approved investor participated; less consulting consideration otherwise paid or payable to the Finder pursuant to a new consulting agreement that was signed in 2012 (the "2012 Consulting Agreement"). | ||||||||||||||||||||||||||||
6 | On August 23, 2012, the Company entered into an agreement with an agent (the "Agent") to advise the Company on a private placement offering and as a contact with potential financing sources for the Company (the "Agent Agreement"). The Company agreed to pay the Agent a cash transaction fee in the amount of between 7% - 8% of the amount of the financing; and warrants equal to 7% - 8% of the stock and warrants issued in the financing at an exercise price equal to the investor's warrant exercise price. If the Agent raises at least $ 5,000, then he is entitled to receive a total of 10% warrants, retroactively. The consideration that is paid to the Agent is treated as issuance expenses. Pursuant to the terms of the Agent Agreement, the Company issued 90,180 warrants and paid $ 120 in cash, for advisory services in relation with the November 2012 Financing. | |||||||||||||||||||||||||||
Between March through June 2012, the Company committed to grant an additional 20,000 fully vested warrants to the Finder under the 2012 Consulting Agreement (the "Finder's Warrants"). The exercise price was $ 2 per share and the contractual life is five years. The board of directors did not ratify the grant of the Finder's Warrants. Pursuant to the terms of the Finder's Agreement, the Company only issued, in September 2012, 16,279 ordinary shares, £0.01 par value each, and is obligated to pay $ 28 in cash, in relation with the August Financing (the "August Finder's Fee"), since the consulting fees pursuant to 2012 Consulting Agreement were lower than August Finder's Fee. The Company recorded an amount of $ 52 of stock-based compensation expenses in the statement of comprehensive loss during the year ended December 31, 2012. After the August Financing, the Consulting Agreement was terminated. | ||||||||||||||||||||||||||||
f. | Share-based payment: | |||||||||||||||||||||||||||
3 | On February 12, 2012, the Company settled part of an outstanding debt to a related party by issuance of fully vested warrants to purchase 309,492 ordinary shares, £ 0.01 par value each. See also Note 12. | |||||||||||||||||||||||||||
The share based expense recognized in the financial statements for services received from employees and non-employees is shown in the following table: | ||||||||||||||||||||||||||||
4 | On June 27, 2012, the Company granted 2,988 options that vested on December 27, 2012. The Company recorded compensation expense in the amount of $ 2 in the statement of comprehensive loss during the year ended December 31, 2012. | |||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||
5 | On August 23, 2012, the Company entered into an agreement with an agent (the "Agent") to advise the Company on a private placement offering and as a contact with potential financing sources for the Company (the "Agent Agreement"). The Company agreed to pay the Agent a cash transaction fee in the amount of between 7% - 8% of the amount of the financing; and warrants equal to 7% - 8% of the stock and warrants issued in the financing at an exercise price equal to the investor's warrant exercise price. If the Agent raises at least $ 5,000, then he is entitled to receive a total of 10% warrants, retroactively. The consideration that is paid to the Agent is treated as issuance expenses. Pursuant to the terms of the Agent Agreement, the Company issued 90,180 warrants and paid $ 120 in cash, for advisory services in relation with the November 2012 Financing and 53,835 warrants and paid $84 in cash, for advisory services in relation with the 2013 financings. | 2012 | 2011 | 2010 | ||||||||||||||||||||||||
In January 2013, the Company agreed that provided that the Agent raises an aggregate of at least $ 3,500 for the Company (the "Goal"), the agreement that was signed with the agent on November 30, 2012 shall be amended such that the warrants granted to the Agent in relation to the November Financing, will be eligible to a down-round anti-dilution protection. The Company will reclassify the warrants granted to the Agent in relation to the November 2012 Financing to a liability upon the achievement of the Goal. As of June 30, 2013, the Goal was not achieved. | Research and development, net | $ | -2 | $ | - | $ | 7 | |||||||||||||||||||||
General and administrative expenses | 469 | 140 | - | |||||||||||||||||||||||||
Financial (income), net | -82 | -120 | -102 | |||||||||||||||||||||||||
$ | 385 | $ | 20 | $ | -95 | |||||||||||||||||||||||
TAXES_ON_INCOME
TAXES ON INCOME | 12 Months Ended | ||
Dec. 31, 2012 | |||
Income Tax Disclosure [Abstract] | |||
Income Tax Disclosure [Text Block] | NOTE 10:- TAXES ON INCOME | ||
a. | Tax rates: | ||
The Company is incorporated in Great Britain. The corporate tax rate applying to a company that is incorporated in Great Britain is at 31 December 2012 is 24%, reduced from 26% from 1 April 2012. For companies with taxable income of less than £300,000 and having no related companies the corporate tax rate is 20%. | |||
The Subsidiary is incorporated in the United States. The corporate tax applying to a company that is incorporated in the United States consists of a progressive corporate tax at a rate of up to 34% plus state tax and local tax at rates depending on the state and the city in which the company manages its business. In the Company's estimation, it is subject to approximately a 40% tax rate. | |||
b. | Tax assessment: | ||
The Company has final tax assessment in Great Britain through 2010. The Subsidiary has not been issued final tax assessments since its establishment. | |||
c. | Net operating losses carryforward: | ||
As of December 31, 2012, the Company's net operating losses carryforward for tax purposes in Great Britain amounted to approximately $11,944. These net operating losses may be carried forward indefinitely and may be offset against future taxable income. The Company expects that during the period in which these tax losses are utilized its income will be substantially tax-exempt. | |||
The Subsidiary is subject to U.S. income taxes. As of December 31, 2012, the Subsidiary has net operating loss carry-forward for federal income tax purposes of approximately $ 59 which expires in the years 2018-2028. The Subsidiary also has net operating loss carry-forward for state income tax purposes of approximately $ 59 which expires in the years 2018-2028. Utilization of the U.S. net operating losses may be subject to substantial annual limitation due to the "change in ownership" provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitation may result in the expiration of net operating losses before utilization. | |||
d. | Deferred taxes: | ||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Management currently believes that since the Company has a history of losses, it is more likely than not that the deferred tax assets relating to the loss carryforwards and other temporary differences will not be realized in the foreseeable future. Therefore, the Company provided a full valuation allowance to reduce the deferred tax assets. | |||
e. | The main reconciling item between the statutory tax rate of the Company and the effective tax rate is the recognition of valuation allowances in respect of deferred taxes relating to accumulated net operating losses carried forward due to the uncertainty of the realization of such deferred taxes. | ||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended | 12 Months Ended | |||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||
Fair Value Disclosures [Text Block] | NOTE 4:- | FAIR VALUE MEASURMENTS | NOTE 11:- FAIR VALUE MEASUREMENTS | ||||||||||||||||
In accordance with ASC No. 820, "Fair Value Measurements and Disclosures", the Company measures its liability related to stock based compensation and warrants at fair value. Investments in foreign currency derivative instruments are classified within Level 3 value hierarchy. This is because these assets are valued using alternative pricing sources and models utilizing market observable inputs. The liability related to stock based compensation and warrants is classified within Level 3 value hierarchy because the liability is based on present value calculations and external valuation models whose inputs include market interest rates, estimated operational capitalization rates, volatilities and illiquidity. Unobservable inputs used in these models are significant. | In accordance with ASC No. 820, "Fair Value Measurements and Disclosures", the Company measures its liability related to stock based compensation and warrants at fair value. Investments in foreign currency derivative instruments are classified within Level 3 value hierarchy. This is because these assets are valued using alternative pricing sources and models utilizing market observable inputs. The liability related to stock based compensation and warrants is classified within Level 3 value hierarchy because the liability is based on present value calculations and external valuation models whose inputs include market interest rates, estimated operational capitalization rates, volatilities and illiquidity. Unobservable inputs used in these models are significant. | ||||||||||||||||||
The Company's financial assets and liabilities measured at fair value on a recurring basis, consisted of the following types of instruments as of the following dates: | The Company's financial assets and liabilities measured at fair value on a recurring basis, consisted of the following types of instruments as of the following dates: | ||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||
2013 | 2012 | 2012 | December 31, | December 31, | |||||||||||||||
Unaudited | 2011 | 2012 | |||||||||||||||||
Fair value measurements using input type | Fair value | Fair value | |||||||||||||||||
Level 3 | measurements | measurements | |||||||||||||||||
using input type | using input type | ||||||||||||||||||
Liability related to stock options and warrants | $ | 1,831 | $ | 923 | $ | 630 | Level 3 | Level 3 | |||||||||||
Fair value measurements using significant unobservable inputs (Level 3): | Liability related to stock options and warrants | $ | 60 | $ | 630 | ||||||||||||||
Deferred shares | 216 | $ | - | ||||||||||||||||
Unaudited | |||||||||||||||||||
Total financial liabilities | $ | 276 | $ | 630 | |||||||||||||||
Balance at December 31, 2012 | $ | -630 | |||||||||||||||||
Fair value measurements using significant unobservable inputs (Level 3): | |||||||||||||||||||
Changes in values of liability related to stock option and warrants | -737 | ||||||||||||||||||
Balance at December 31, 2011 | $ | -276 | |||||||||||||||||
Issuance of liability related to warrants | -464 | ||||||||||||||||||
Changes in values of deferred shares and liability related to stock option and warrants | 418 | ||||||||||||||||||
Balance at June 30, 2013 | -1,831 | Expiration of deferred shares | 128 | ||||||||||||||||
Issuance of liability related to warrants | -1,076 | ||||||||||||||||||
Classification of liability award to equity as a result of expiration of the Most Favored Nation | 141 | ||||||||||||||||||
Classification of liability award to equity as a result of modification | 35 | ||||||||||||||||||
Balance at December 31, 2012 | $ | -630 | |||||||||||||||||
RELATED_PARTIES
RELATED PARTIES | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||
Related Party Transactions Disclosure [Text Block] | NOTE 9:- | RELATED PARTIES | NOTE 12: - RELATED PARTIES | |||||||||||||||||||
a. | The Chairman of the Company's board of directors is a senior partner in the law firm which represents the Company in intellectual property and commercial matters (the "Service Provider"). The service provider charges the Company for services he renders on an hourly basis. The balances and transactions with service provider were as follows: | a. | The Chairman of the Company's board of directors is a senior partner in the law firm which represents the Company in intellectual property and commercial matters (the "Service Provider"). The service provider charges the Company for services it renders on an hourly basis. The balances and transactions with service provider were as follows: | |||||||||||||||||||
Balances: | Balances: | |||||||||||||||||||||
June 30, | December 31, | December 31, | ||||||||||||||||||||
2013 | 2012 | 2012 | 2012 | 2011 | ||||||||||||||||||
Unaudited | ||||||||||||||||||||||
Trade payables *) | $ | 718 | $ | 817 | ||||||||||||||||||
Trade payables (*) | $ | 925 | $ | 566 | $ | 718 | ||||||||||||||||
*) | On February 12, 2012, $ 309 out of the total outstanding balance owed to the Service Provider, who is also a related party, for services rendered until December 2011, was settled by the grant of fully vested warrants to purchase 309,492 ordinary shares, £ 0.01 par value each, of the Company at an exercise price of $ 2 per share and a life of five years. | |||||||||||||||||||||
*) | On February 12, 2012, $ 309 out of the total outstanding balance owed to the Service Provider, who is also a related party, for services rendered until December 2011, was settled by the grant of fully vested warrants to purchase 309,492 ordinary shares, £ 0.01 par value each, of the Company at an exercise price of $ 2 per share and a life of five years. | |||||||||||||||||||||
Transactions: | ||||||||||||||||||||||
Transactions: | ||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||
Six months ended | 2012 | 2011 | 2010 | |||||||||||||||||||
June 30, | ||||||||||||||||||||||
2013 | 2012 | Amounts charged to general and administrative expense | $ | 365 | $ | 413 | $ | 262 | ||||||||||||||
Unaudited | ||||||||||||||||||||||
b. | On February 13, 2011, the members of the board of directors unconditionally waived any accrued and unpaid director's compensation (other than for rights granted in respect of options) as of that date. A related amount of $ 73 was classified from other accounts payable to additional paid in capital. | |||||||||||||||||||||
Amounts charged to general and administrative expense | $ | 222 | $ | 127 | ||||||||||||||||||
In March 2012, the members of the board of directors unconditionally waived any director's cash compensation for their service from March 2012 and until the Company will receive an aggregate financing of at least $ 15,000 in the private placement issuances from March 20, 2013 onward. | ||||||||||||||||||||||
b. | According to an agreement signed in 2004, a retainer fee of $ 2.4 per quarter should be paid to one of the Company's directors for financial advisory services. As of June 30, 2013 and December 31, 2012, the Company had outstanding liability in the amount of $ 52 (unaudited) and $ 49, respectively, for such services. | |||||||||||||||||||||
c. | According to an agreement signed in 2004, a retainer fee of £ 1.5 per quarter should be paid to one of the Company's directors for financial advisory services (the "Advisory Agreement"). As of December 31, 2012 and 2011, the Company has outstanding liability in the amount of $ 49 for such services. During 2012, there were no any financial advisory services that were provided to the Company in relation to the Advisory Agreement. | |||||||||||||||||||||
FINANCIAL_EXPENSES_INCOME_NET
FINANCIAL EXPENSES (INCOME), NET | 12 Months Ended | ||||||||||
Dec. 31, 2012 | |||||||||||
Financial Expenses and Income [Abstract] | |||||||||||
Interest and Other Income [Text Block] | NOTE 13:- FINANCIAL EXPENSES (INCOME), NET | ||||||||||
Year ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Financial expenses: | |||||||||||
Interest expense due to amortization of convertible notes | $ | 898 | $ | - | $ | - | |||||
Issuance expenses | 137 | - | - | ||||||||
Other | 6 | 9 | 5 | ||||||||
1,041 | 9 | 5 | |||||||||
Financial income: | |||||||||||
Changes in values of deferred shares and liability related to warrants | -418 | -120 | -102 | ||||||||
Exchange rate | -22 | -17 | -20 | ||||||||
-440 | -137 | -122 | |||||||||
$ | 601 | $ | -128 | $ | -117 | ||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||
Subsequent Events [Abstract] | ||||||
Subsequent Events [Text Block] | NOTE 10:- | SUBSEQUNT EVENTS | NOTE 14: - SUBSEQUENT EVENTS | |||
a. | In September 2013, the Company completed a private placement by and among the Company and a certain investor. As part of the financing, the Company sold an aggregate of 45,150 ordinary shares at $ 2.00 per share and 22,575 Series A warrants, for gross proceeds of $ 90. The warrants and the shares are eligible to most favored nation terms and also to a price protection. | a. | On January 17, 2013, the Company issued 67,500 of ordinary shares, £ 0.01 par value each, at a price of $ 2.00 per share, for total gross proceeds of $ 135 that were paid in December 2012. The investors were also granted with warrants to purchase 33,750 ordinary shares, at an exercise price of $ 2.00 (the "December 2012 Financing"). | |||
In relation to this financing, the Company will first allocate the proceeds received in the amount of $ 7 to the detachable warrant, that due to the most favored nation terms and in accordance with ASC 815 is being considered a freestanding liability instrument that is measured at fair value at each reporting date, based on its fair value, with changes in the fair values being recognized in the Company's statement of comprehensive loss as financial income or expense. The remaining proceeds amounted to $ 83 will be allocated to the shares and will be recorded to additional paid in capital. | Under the terms of the purchase agreement, from the date each investor entered into the purchase agreement until the earlier of (i) the six month anniversary of the effective date of a registration statement or (ii) the date immediately following the 20 consecutive trading days wherein the trading volume for the Ordinary Shares or ADSs exceeds $ 100 per trading day, each investor may elect to exchange all of its shares and warrants for any such additional securities issued by the Company in a subsequent financing on the same terms and conditions as provided to the investors in a subsequent financing (the " December Most Favored Nation"). | |||||
b. | On September 19, 2013, the Company entered into a Securities Purchase Agreement (the “September 2013 Financing”) with certain institutional accredited investors, pursuant to which it agreed to sell, in a private placement, an aggregate of 21,958,302 ordinary shares for an aggregate purchase price of $12,516 (the “Offering”). The closing of the Offering occurred on September 24, 2013 (the “Closing Date”). The issuance costs in relation to the September 2013 Financing were $ 613. | In relation to the December 2012 Financing, the Company first allocated the proceeds received in the amount of $ 17 to the detachable warrant, freestanding liability instrument that is measured at fair value at each reporting date, based on its fair value, with changes in the fair values being recognized in the Company's statement of comprehensive loss as financial income or expense, in accordance with ASC 815. The remaining proceeds amounted to $ 118 were allocated to the shares and were recorded to receipt on account of shares. | ||||
As a result of price protection provisions from investment agreements with previous investors, (i) an aggregate of 4,046,692 additional ordinary shares were issued to previous investors in connection with this Offering and (ii) there will be an additional 1,259,092 ordinary shares issuable upon exercise of outstanding warrants. | Due to the December Most Favored Nation terms, the most favored nation terms for the investors in the November Financing were extended to 2 years and the investors also received warrants with a January Down Round Protection (as defined in note 14b), in January 2013. (See Note 14b). | |||||
In addition, the exercise price of the Warrants issued in the April 2012 purchase agreements with the convertible note was reduced to $0.57 per share, in accordance with the anti-dilution provisions contained in the April 2012 purchase agreements. | b. | On January 17, 2013, the Company completed a private placement under the January 2013 Purchase Agreement (the "January Purchase Agreement"), by and among the Company and certain investors (the "January 2013 Financing"). As part of the January 2013 Financing, the Company sold an aggregate of 405,500 ordinary shares at $ 2.00 per share (the "January Shares") and 202,750 Series A warrants, 375,000 Series B warrants and 187,500 Series C warrants to purchase an aggregate of 765,250 ordinary Shares (the "January Warrants"), for gross proceed of $ 811. Under the terms of the Agent Agreement, the Company issued 43,035 Series A warrants with an exercise price of $ 2.00 per share and a contractual life of five years. The fair value of the warrants at the commitment date was $ 21. The Company also paid $ 70 in cash, for advisory and legal services in relation with the January 2013 Financing. | ||||
The Company also entered into a registration rights agreement with the investors pursuant to which it agreed to file a registration statement to register the resale of the ordinary shares issued in the private placement no later than 30 days after the Closing Date. | The exercise price of the January Warrants is $ 2.00. The Series A warrants and Series C warrants are exercisable for a term of five years and the Series B warrants are exercisable until the earlier of (i) the one-year anniversary of the date when the registration of the Series B warrants becomes effective, or (ii) the 18 month anniversary of the issuance date. The vesting of the Series C warrants is dependent upon exercise of the Series B warrants. The Series C warrants shall vest in proportion to the holder's exercise of the Series B warrant as compared with the total Series B warrants issued to such holder. | |||||
The Company agreed to cause the registration statement to be declared effective within 60 calendar days after the Closing Date, or within 120 calendar days after the Closing Date in the event the Registration Statement is reviewed by the SEC. To the extent the registration statement is not filed by the filing deadline or declared effective by the agreed upon effectiveness deadline, the Company agreed to pay to each investor holding registrable securities an amount in cash equal to one and one half percent (1.5%) of such investor’s original investment amount on the date of such failure and on every 30-day anniversary of such failure until such failure has been cured, pro rated for periods totaling less than 30 days. In the event the Company fails to make such payments in a timely manner, such payments will bear interest at the rate of 1.0% per month (prorated for partial months) until paid in full. | Under the January 2013 Financing, the Company also entered into the January Registration Rights Agreement with the investors pursuant to which the Company is required to file a registration statement to register the resale of up to 133% of the number of ordinary shares issued in the January 2013 Financing and that may be issued upon exercise of the January Warrants. The Company agreed to file a registration statement no later than 30 days after February 28, 2013, provided the filing date shall be 60 days if the Company is required to include audited financial statements for fiscal year 2012 and to have the registration statement declared effective no later than the earlier of (a) the 90th day after the Self Filing Effective Date (135 days if the registration statement is reviewed by the SEC or 165 days if the Company is required to include audited financial statements for fiscal year 2012) or (b) the third day after the Company is notified that the registration statement will not be reviewed or is no longer subject to review. To the extent the registration statement is not declared effective by the agreed upon effectiveness deadline, the Company agreed to pay to each investor holding registrable securities an amount in cash equal to one percent (1%) of such investor's original invested amount on the closing date of the financing, on the date of such failure and on every 30-day anniversary of such failure until such failure has been cured, pro rated for periods totaling less than 30 days. In the event the Company fails to make such payments in a timely manner, such payments will bear interest at the rate of 1.5% per month (prorated for partial months) until paid in full. | |||||
c. | On September 24, 2013 and October 23, 2013, the Company granted 760,000 and 200,000 stock options, respectively, to employees at an exercise price of $2.00 per share. In addition, on September 24, 2013 and October 2, 2013, the Company granted 510,000 and 100,000 stock options, respectively, to members of the board of directors at an exercise price of $2.00 per share. | Subject to certain limitations, the Series B warrants may be cancelled for consideration equal to $ 0.001 per warrant share by the Company in the event that the closing sale price of the ordinary shares for each 20 consecutive trading days exceeds $ 3.75 (subject to adjustment for forward and reverse stock splits, recapitalizations, stock dividends, etc.) and (ii) the average daily volume for such 20 day period exceeds 75,000 ordinary shares or ADSs (subject to adjustment for forward and reverse stock splits, recapitalizations, stock dividends, etc.). | ||||
On and after January 18, 2014, if a registration statement registering the ordinary shares underlying the warrants is not effective, the holders of such warrants may exercise their warrants on a cashless basis. The exercisability of the warrants may be limited if, upon exercise, the holder thereof would beneficially own more than 4.9% of the Company's ordinary shares. | ||||||
The exercise price of the January Warrants is subject to standard anti-dilution adjustments. In addition, under the terms of the January Purchase Agreement, from the date each investor entered into the January Purchase Agreement until the later of (i) the two year anniversary of the effective date of a registration statement or (ii) the date immediately following the 20 consecutive trading days wherein the trading volume for the ordinary shares or ADSs exceeds $ 100 per trading day (the "Expiration Date"), each investor may elect to exchange all of its shares and January Warrants for any such additional securities issued by the Company in a subsequent financing (as defined in the January Purchase Agreement), on the same terms and conditions as provided to the investors in a subsequent financing on a $ 1 for $ 1 basis, in lieu of cash consideration (the "January Most Favored Nation"). | ||||||
In addition, while the January Warrants are outstanding if the Company will issue shares or warrants at an effective price per share which is lower than the exercise price of the January Warrants, the exercise price of the January Warrants shall be reduced to the lower share price in the subsequent financing ( the "January Down Round Protection"). In addition, until the Expiration Date, the shares and the Series A warrants are also entitled to a price protection. | ||||||
In relation to the January 2013 Financing, the Company will first allocate the proceeds received in the amount of $ 382 to the detachable warrant, that due to the most favored nation terms and in accordance with ASC 815 is being considered a freestanding liability instrument that is measured at fair value at each reporting date, based on its fair value, with changes in the fair values being recognized in the Company's statement of comprehensive loss as financial income or expense. The remaining proceeds amounted to $ 429 will be allocated to the shares and will be recorded to additional paid in capital. The issuance costs in relation to the January 2013 Financing in the amount of $ 91 will be allocated between the warrants and the shares in proportion to the allocation of the proceeds. | ||||||
The portion of the issuance costs that will be allocated to the warrants in the amount of $ 43 were recognized as financial expense in the Company's statement of comprehensive loss. The portion of the issuance costs that were allocated to the shares in the amount of $ 48 will be recorded to additional paid in capital. | ||||||
c. | In January 2013, the Company agreed that provided that the Agent raises an aggregate of at least $ 3,500 for the Company (the "Goal"), the agreement that was signed with the agent on November 30, 2012 shall be amended such that the warrants granted to the Agent in relation to the November Financing, will be eligible to a down-round anti-dilution protection. The Company will reclassify the warrants granted to the Agent in relation to the November Financing to a liability upon the achievement of the Goal. See also note 9e. | |||||
d. | In January, February and March 2013, the Company completed a private placement by and among the Company and certain investors. As part of the financing, the Company sold an aggregate of 165,500 ordinary shares at $ 2.00 per share and 82,750 Series A warrants, for gross proceed of $ 331. The warrants and the shares are eligible to most favored nation terms and also to a price protection. Under the terms of the Agent Agreement, the Company issued 10,800 warrants with an exercise price of $ 2.00 per share and a contractual life of five years. The fair value of the warrants at the commitment date was $ 5. The Company also paid $ 14 in cash for advisory services in relation to the financings rounds. | |||||
In relation to the January 2013 Financing, the Company will first allocate the proceeds received in the amount of $ 41 to the detachable warrant, that due to the most favored nation terms and in accordance with ASC 815 is being considered a freestanding liability instrument that is measured at fair value at each reporting date, based on its fair value, with changes in the fair values being recognized in the Company's statement of comprehensive loss as financial income or expense. The remaining proceeds amounted to $ 290 will be allocated to the shares and will be recorded to additional paid in capital. The issuance costs in relation to financings in the amount of $ 20 were allocated between the warrants and the shares in proportion to the allocation of the proceeds. The portion of the issuance costs that were allocated to the warrants in the amount of $ 2 were recognized as financial expense in the Company's statement of comprehensive loss. The portion of the issuance costs that were allocated to the shares in the amount of $ 18 were recorded to additional paid in capital. | ||||||
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2013 | Dec. 31, 2012 | ||||||||||
Accounting Policies [Abstract] | |||||||||||
Use of Estimates, Policy [Policy Text Block] | a. | Use of estimates: | a. | Use of estimates: | |||||||
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company's management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. | The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company's management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||
Financial Statements In United States Dollars [Policy Text Block] | b. | Financial statements in United States dollars: | b. | Financial statements in United States dollars: | |||||||
Most of the Company's costs and financing are in U.S. dollars. The Company's management believes that the dollar is the currency of the primary economic environment in which the Company and its subsidiaries have operated and expect to continue to operate in the foreseeable future. Therefore, the functional currency of the Company and its subsidiaries is the Dollar. | Most of the Company's costs and financing are in U.S. dollars. The Company's management believes that the dollar is the currency of the primary economic environment in which the Company and its subsidiaries have operated and expect to continue to operate in the foreseeable future. Therefore, the functional currency of the Company and its subsidiaries is the Dollar. | ||||||||||
The Company and its subsidiaries' transactions and balances denominated in Dollars are presented at their original amounts. Non-Dollar transactions and balances have been remeasured to Dollars in accordance with ASC 830, "Foreign Currency Matters". All transaction gains and losses from remeasurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statements of income as financial income or expenses, as appropriate. | The Company and its subsidiaries' transactions and balances denominated in Dollars are presented at their original amounts. Non-Dollar transactions and balances have been remeasured to Dollars in accordance with ASC 830, "Foreign Currency Matters". All transaction gains and losses from remeasurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statements of income as financial income or expenses, as appropriate. | ||||||||||
Consolidation, Policy [Policy Text Block] | c. | Principles of consolidation: | |||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated upon consolidation | |||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | d. | Cash equivalents: | |||||||||
Cash equivalents are short-term unrestricted highly liquid investments that are readily convertible into cash, with original maturities of three months or less at acquisition. | |||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | e. | Property and equipment, net: | |||||||||
Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following annual rates: | |||||||||||
% | |||||||||||
Computers, peripheral and scientific equipment | 33 | ||||||||||
Office furniture and equipment | 25 | ||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | f. | Impairment of long-lived assets: | |||||||||
The Company's long-lived assets are reviewed for impairment in accordance with ASC 360, "Property, Plant, and Equipment," whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. During the years ended December 31, 2012, 2011 and 2010, no impairment losses have been identified. | |||||||||||
Research and Development Expense, Policy [Policy Text Block] | g. | Research and development costs: | |||||||||
Research and development expenses, net of grants received, consist of independent research and development costs of third parties services and license fees to third parties. All such costs are expensed as incurred. There were no grants received during the years ended December 31, 2012, 2011 and 2010. | |||||||||||
Income Tax, Policy [Policy Text Block] | h. | Income taxes: | |||||||||
The Company accounts for income taxes in accordance with ASC 740, "Income Taxes". This topic prescribes the use of the liability method whereby deferred tax assets and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to the amount that is more likely than not to be realized. | |||||||||||
The Company implements a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% (cumulative basis) likely to be realized upon ultimate settlement. As of December 31, 2012, 2011 and 2010, the Company does not hold provision for uncertain tax positions. | |||||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | i. | Concentrations of credit risk: | |||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. | |||||||||||
The Company's cash and cash equivalents are invested in deposits mainly in U.S. dollars and British Pound with major international banks. Generally, these deposits may be redeemed upon demand and therefore bear minimal risk. | |||||||||||
Earnings Per Share, Policy [Policy Text Block] | j. | Basic and diluted net loss per share: | |||||||||
Basic net loss per share is computed based on the weighted average number of Ordinary shares outstanding during each year. Diluted net loss per share is computed based on the weighted average number of Ordinary shares outstanding during each year plus dilutive potential equivalent Ordinary shares considered outstanding during the year, in accordance with ASC 260, "Earnings per Share." | |||||||||||
All outstanding stock options, deferred shares and warrants have been excluded from the calculation of the diluted net loss per share because all such securities are anti-dilutive for all periods presented. The total number of shares related to outstanding stock options excluded from the calculations of diluted net loss per share was 823,990, 411,002 and 426,002 for the years ended December 31, 2012, 2011 and 2010, respectively. The total number of shares related to conversion rights of the deferred shares excluded from the calculations of diluted net loss per share was 180,822, 479,166 and 1,033,333 for the years ended December 31, 2012, 2011 and 2010, respectively. As of June 13, 2012 all of the deferred shares were expired. The total number of shares related to warrants excluded from the calculations of diluted net loss per share was 2,053,817 for the year ended December 31, 2012. The total number of shares related to convertible notes excluded from the calculations of diluted net loss per share was 670,732 for the year ended December 31, 2012. | |||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | k. | Accounting for stock-based compensation: | |||||||||
The Company accounts for stock-based compensation in accordance with ASC 718, "Compensation - Stock Compensation," which requires the measurement and recognition of compensation expense based on estimated fair values for all share-based payment awards made to employees, directors and non-employees. ASC 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods in the Company's consolidated statement of comprehensive loss. | |||||||||||
The Company recognizes compensation expenses for the value of its awards granted based on the straight-line method over the requisite service period of each of the awards, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Estimated forfeitures are based on actual historical pre-vesting forfeitures. | |||||||||||
The Company selected the Black-Scholes-Merton ("Black-Scholes") option-pricing model as the most appropriate fair value method for the majority of its stock-options awards and values stock based on the market value of the underlying shares at the date of grant. For employees' awards, the option-pricing model requires a number of assumptions as noted below: | |||||||||||
December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Risk-free interest rate | 0.69%-0.74% | 1.85% | - | ||||||||
Expected volatility | 89.99% | 85.75% | - | ||||||||
Expected life (in years) | 5 | 2.97 | - | ||||||||
Expected dividend yield | 0% | 0% | - | ||||||||
For non - employees awards, the option-pricing model requires a number of assumptions as noted below: | |||||||||||
December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Risk-free interest rate | 0.70%-1.78% | 0.34%-3.52% | 0.46%-3.23% | ||||||||
Expected volatility | 78.9%-89.0% | 51.1%-87.7% | 44.6%-105.2% | ||||||||
Expected life (in years) | 4.5-10.0 | 0.5-8.1 | 0.3-8.4 | ||||||||
Expected dividend yield | 0% | 0% | 0% | ||||||||
The computation of expected volatility is based on realized historical stock price volatility of peer companies. The expected term of options granted is based on the "Simplified" method acceptable by ASC 718. For non-employees the expected term assumption is based on the contractual term. The risk free interest rate assumption is the implied yield currently available on British government bond and the U.S Treasury yield zero-coupon issues with a remaining term equal to the expected life of the Company's options. The dividend yield assumption is based on the Company's historical experience and expectation of no future dividend payouts. The Company has historically not paid cash dividends and has no foreseeable plans to pay cash dividends in the future. | |||||||||||
The fair value of the ordinary shares underlying the options, warrants and deferred shares until December 31, 2011, had been determined by the Company's management, based on the share price used in the equity financing rounds. Since December 31, 2011 the Company issued only units of shares and warrants to new investors (see also Note 9 and 14). In order to determine the fair value of the ordinary shares since December 31, 2011, management used the assistance of an independent valuation firm. The Company applied the market approach taking into account actual equity transactions. Since the equity transactions included warrant coverage, the Company isolated the value of the common share by subtracting the value of the warrants through performing a circular iteration in the Black Scholes option-pricing model. Because there has been no public market for the Company's ordinary shares, management has determined fair value of the ordinary shares at the time of grant of options by considering a number of objective and subjective factors, including valuation of warrants issued by the Company. The fair value of the underlying ordinary shares shall be determined by management until such time as the Company's ordinary share is traded on an established stock exchange or national market system. | |||||||||||
The Company applies ASC 718 and ASC 505-50, "Equity-Based Payments to Non-Employees" with respect to options, warrants and deferred shares issued to non-employees. ASC 718 requires the use of option valuation models to measure the fair value of the options, warrants and deferred shares at the measurement date. Therefore, since the exercise price of some of the options, warrants and deferred shares is denominated in a currency that is different from the Company's functional currency, the Company accounts for such options and warrants as a liability. | |||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | l. | Fair value of financial instruments: | |||||||||
The estimated fair value of financial instruments has been determined by the Company using available market information and valuation methodologies. Considerable judgment is required in estimating fair values. Accordingly, the estimates may not be indicative of the amounts the Company could realize in a current market exchange. | |||||||||||
The carrying amounts of cash and cash equivalents, accounts receivable and prepaid expenses, trade payables and other accounts payable approximate their fair value due to the short-term maturity of such instruments. | |||||||||||
Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, ASC 820, "Fair Value Measurements and Disclosures" establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: | |||||||||||
Level 1 - | quoted prices in active markets for identical assets or liabilities; | ||||||||||
Level 2 - | inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or | ||||||||||
Level 3 - | unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |||||||||||
Derivatives, Policy [Policy Text Block] | m. | Derivative instruments: | |||||||||
As of balance sheet date, none of the Company's derivatives qualify for hedge accounting under ASC 815, "Derivatives and Hedging" ("ASC 815"). As a result all derivatives are recognized on the balance sheet at their fair value, with changes in the fair value carried to the statement of comprehensive loss and included in financial income or expenses. | |||||||||||
During the years ended December 31, 2012, 2011 and 2010, the Company recorded a net gain from derivatives transactions in the amount of $ 419, $ 120 and $ 95, respectively. | |||||||||||
Debt, Policy [Policy Text Block] | n. | Convertible notes: | |||||||||
The Company applies ASC 470-20, "Debt with Conversion and Other Options" ("ASC 470-20"). In accordance with ASC 470-20, the Company first allocates the proceeds received to the detachable warrant, freestanding liability instrument that is measured at fair value at each reporting date, based on its fair value, with changes in the fair values being recognized in the Company's statement of comprehensive loss as financial income or expense. The remaining proceeds are allocated to the convertible note. The Company also recognized an embedded beneficial conversion feature on the commitment date. The beneficial conversion feature was measured by allocating a portion of the proceeds equal to the intrinsic value of the feature to additional paid-in-capital. The intrinsic value of the feature was calculated on the commitment date using the effective conversion price which had resulted subsequent to the allocation of the proceeds between the convertible notes and warrants. | |||||||||||
The discount on the convertible notes is amortized according to the effective interest rate method over the life of the convertible notes. | |||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | o. | Recently issued accounting standards: | |||||||||
In February 2013, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2013-02, Topic 350 - Comprehensive Income ("ASU 2013-02"), which amends Topic 220 to improve the reporting of reclassifications out of accumulated other comprehensive income to the respective line items in net income. ASU 2013-02 is effective for reporting periods beginning after December 15, 2012. The Company intends to adopt this standard in the first quarter of 2013 and does not expect the adoption will have a material impact on its consolidated results of operations or financial condition. | |||||||||||
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2012 | ||||||||
Schedule of Rate of Depreciation of Property, Plant and Equipment [Table Text Block] | Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following annual rates: | |||||||
% | ||||||||
Computers, peripheral and scientific equipment | 33 | |||||||
Office furniture and equipment | 25 | |||||||
Non Employee Stock Awards [Member] | ||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For non - employees awards, the option-pricing model requires a number of assumptions as noted below: | |||||||
December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
Risk-free interest rate | 0.70%-1.78% | 0.34%-3.52% | 0.46%-3.23% | |||||
Expected volatility | 78.9%-89.0% | 51.1%-87.7% | 44.6%-105.2% | |||||
Expected life (in years) | 4.5-10.0 | 0.5-8.1 | 0.3-8.4 | |||||
Expected dividend yield | 0% | 0% | 0% | |||||
Employee Stock Awards [Member] | ||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For employees' awards, the option-pricing model requires a number of assumptions as noted below: | |||||||
December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
Risk-free interest rate | 0.69%-0.74% | 1.85% | - | |||||
Expected volatility | 89.99% | 85.75% | - | |||||
Expected life (in years) | 5 | 2.97 | - | |||||
Expected dividend yield | 0% | 0% | - | |||||
PROPERTY_AND_EQUIPMENT_Tables
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended | |||||||
Dec. 31, 2012 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | December 31, | |||||||
2012 | 2011 | |||||||
Cost: | ||||||||
Computers, peripheral and scientific equipment | $ | 12 | $ | 8 | ||||
Office furniture and equipment | 1 | 1 | ||||||
13 | 9 | |||||||
Accumulated depreciation: | ||||||||
Computers, peripheral and scientific equipment | -10 | -8 | ||||||
Office furniture and equipment | -1 | -1 | ||||||
Depreciated cost | $ | 2 | $ | - | ||||
ACCOUNTS_RECEIVABLE_Tables
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended | |||||||
Dec. 31, 2012 | ||||||||
Receivables [Abstract] | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, | |||||||
2012 | 2011 | |||||||
Institutions | $ | 12 | $ | 19 | ||||
Prepaid expenses | 2 | 2 | ||||||
$ | 14 | $ | 21 | |||||
OTHER_ACCOUNTS_PAYABLE_Tables
OTHER ACCOUNTS PAYABLE (Tables) | 12 Months Ended | |||||||
Dec. 31, 2012 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, | |||||||
2012 | 2011 | |||||||
Accrued expenses | $ | 896 | $ | 598 | ||||
Employees and institutions | 359 | 259 | ||||||
$ | 1,255 | $ | 857 | |||||
SHORTTERM_CONVERTIBLE_NOTES_Ta
SHORT-TERM CONVERTIBLE NOTES (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||
Schedule of Warrants Estimated Fair Values Assumptions [Table Text Block] | Fair values were estimated using the following assumptions (annualized percentages): | Fair values were estimated using the following assumptions (annualized percentages): | ||||||||||||||||
June 30, | December 31, | April 4, | ||||||||||||||||
2013 | 2012 | 2012 | 2012 | |||||||||||||||
Unaudited | ||||||||||||||||||
Dividend yield | 0 | % | 0 | % | ||||||||||||||
Dividend yield | 0 | % | 0 | % | Expected volatility | 79.61 | % | 70.4 | % | |||||||||
Expected volatility | 76.2 | % | 77.5 | % | Risk-free interest | 0.16 | % | 0.31 | % | |||||||||
Risk-free interest | 0.22 | % | 0.27 | % | Expected life | 1.08 years | 1.7 years | |||||||||||
Expected life | 1.59 years | 1.5 years | Forfeiture rate | 0 | % | 0 | % | |||||||||||
Forfeiture rate | 0 | % | 0 | % | ||||||||||||||
Schedule of Short-term Debt [Table Text Block] | The composition of the short term convertible notes as of December 31, 2012 is as follows: | |||||||||||||||||
December 31, | ||||||||||||||||||
2012 | ||||||||||||||||||
Unaudited | ||||||||||||||||||
Principal | 1,100 | |||||||||||||||||
Discount | -202 | |||||||||||||||||
Short-term convertible notes | 898 | |||||||||||||||||
SHAREHOLDERS_EQUITY_Tables
SHAREHOLDERS' EQUITY (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||
Schedule of Stock by Class [Table Text Block] | Composition of share capital: | |||||||||||||||||||||||||||
December 31, 2012 | December 31, 2011 | |||||||||||||||||||||||||||
Authorized | Issued and | Authorized | Issued and | |||||||||||||||||||||||||
outstanding | outstanding | |||||||||||||||||||||||||||
Ordinary shares of £0.01 par value each | 49,800,000 | 13,369,809 | 49,800,000 | 12,098,597 | ||||||||||||||||||||||||
Deferred A shares of £0.001 par value | 800,000 | - | 800,000 | - | ||||||||||||||||||||||||
Deferred B shares of £0.001 par value | 1,200,000 | - | 1,200,000 | - | ||||||||||||||||||||||||
Deferred C shares of £0.001 par value | 400,000 | - | 400,000 | 400,000 | ||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following is a summary of the Company's stock option activity related to employees and directors and related information for the period ended June 30, 2013: | The following is a summary of the Company's stock option activity related to employees and directors and related information for the period ended December 31, 2012: | ||||||||||||||||||||||||||
Number | Weighted | Weighted | Aggregate | Amount | Weighted | Weighted | Aggregate | |||||||||||||||||||||
of options | average | average | intrinsic | of options | average | average | intrinsic | |||||||||||||||||||||
exercise | remaining | value | exercise | remaining | value | |||||||||||||||||||||||
price | contractual | price | contractual | |||||||||||||||||||||||||
term (in | term (in | |||||||||||||||||||||||||||
years) | years) | |||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||
Outstanding at beginning of the period | 360,527 | $ | 1.29 | |||||||||||||||||||||||||
Outstanding at beginning of the period | 770,527 | $ | 1.44 | Changes during the period: | ||||||||||||||||||||||||
Changes during the period: | Granted | 410,000 | $ | 1.58 | ||||||||||||||||||||||||
Forfeited | -55,000 | $ | 1.56 | |||||||||||||||||||||||||
Options outstanding at end of the period | 770,527 | $ | 1.44 | 7.2 | $ | 169 | ||||||||||||||||||||||
Options outstanding at end of the period | 715,527 | $ | 1.39 | 6.5 | $ | 197 | ||||||||||||||||||||||
Vested and expected to vest | 770,527 | $ | 1.44 | 7.2 | $ | 169 | ||||||||||||||||||||||
Vested and expected to vest | 715,527 | $ | 1.39 | 6.5 | $ | 197 | ||||||||||||||||||||||
Options exercisable at end of the period | 540,527 | $ | 1.38 | 6.3 | $ | 152 | ||||||||||||||||||||||
Options exercisable at end of the period | 715,527 | $ | 1.39 | 6.5 | $ | 197 | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment, Award, Options and Warrants [Table Text Block] | The options and warrants outstanding as of June 30, 2013 that were granted to the Company's service providers are as follows: | The options and warrants outstanding as of December 31, 2012 that were granted to the Company's service providers are as follows: | ||||||||||||||||||||||||||
Grant date | Number of | Exercise | Expiration date | Grant date | Number of | Exercise | Expiration date | |||||||||||||||||||||
options | Price | options | price | |||||||||||||||||||||||||
August 28, 2007 (1) | 20,475 | 1.29 | 28-Aug-17 | August 28, 2007 (2) | 20,475 | 1.29 | 28-Aug-17 | |||||||||||||||||||||
May 27, 2009 (1) | 30,000 | 1.56 | 27-May-19 | May 27, 2009 (2) | 30,000 | 1.56 | 27-May-19 | |||||||||||||||||||||
February 12, 2012 (3) | 309,492 | 2 | 12-Feb-17 | February 12, 2012 (4) | 309,492 | 2 | 12-Feb-17 | |||||||||||||||||||||
April 26, 2012 (2) | 90,000 | 2 | 19-Mar-17 | April 26, 2012 (3) | 90,000 | 2 | 19-Mar-17 | |||||||||||||||||||||
June 27, 2012 (4) | 2,988 | 1.75 | 21-Jun-22 | June 27, 2012 (5) | 2,988 | 1.75 | 21-Jun-22 | |||||||||||||||||||||
November 30, 2012 (5) | 90,180 | 2 | 30-Nov-17 | November 30, 2012 (6) | 90,180 | 2 | 30-Nov-17 | |||||||||||||||||||||
January 17, 2013 (5) | 43,035 | 2 | 17-Jan-18 | |||||||||||||||||||||||||
January 31, 2013 (5) | 7,200 | 2 | 31-Jan-18 | 543,135 | ||||||||||||||||||||||||
February 8, 2013 (5) | 3,600 | 2 | 28-Feb-18 | |||||||||||||||||||||||||
596,970 | ||||||||||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The share based expense recognized in the financial statements for services received from employees and non-employees is shown in the following table: | |||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||
Research and development, net | $ | -2 | $ | - | $ | 7 | ||||||||||||||||||||||
General and administrative expenses | 469 | 140 | - | |||||||||||||||||||||||||
Financial (income), net | -82 | -120 | -102 | |||||||||||||||||||||||||
$ | 385 | $ | 20 | $ | -95 | |||||||||||||||||||||||
Call Option [Member] | ||||||||||||||||||||||||||||
Schedule Of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Fair values were estimated using the following assumptions for the warrants call option (range of annualized percentages): | Fair values were estimated during 2012 using the following assumptions for the warrants call option (range of annualized percentages): | ||||||||||||||||||||||||||
Year ended | Period ended | Year ended | ||||||||||||||||||||||||||
December 31, | June 30, | December 31, | ||||||||||||||||||||||||||
2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||
Dividend yield | 0 | % | ||||||||||||||||||||||||||
Dividend yield | 0% | 0% | Expected volatility | 79.61%-86.31 | % | |||||||||||||||||||||||
Expected volatility | 79.61%-86.31% | 76.83%-86.09% | Risk-free interest | 0.12%-0.21 | % | |||||||||||||||||||||||
Risk-free interest | 0.12%-0.21% | 0.12%-0.67% | Expected life | 0.92-1.42 years | ||||||||||||||||||||||||
Expected life | 0.92-1.42 years | 0.75-2.39 years | ||||||||||||||||||||||||||
Put Option [Member] | ||||||||||||||||||||||||||||
Schedule Of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Fair values were estimated during 2012 using the following assumptions for the warrants put option (range of annualized percentages): | Fair values were estimated during 2012 using the following assumptions for the warrants put option (range of annualized percentages): | ||||||||||||||||||||||||||
Year ended | Period ended | Year ended | ||||||||||||||||||||||||||
December 31, | June 30, | December 31, | ||||||||||||||||||||||||||
2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||
Dividend yield | 0 | % | ||||||||||||||||||||||||||
Dividend yield | 0% | 0% | Expected volatility | 67%-83 | % | |||||||||||||||||||||||
Expected volatility | 67%-83% | 73.33%-86.09% | Risk-free interest | 0.11%-0.28 | % | |||||||||||||||||||||||
Risk-free interest | 0.11%-0.28% | 0.13%-0.32% | Expected life | 0.25-1.04 years | ||||||||||||||||||||||||
Expected life | 0.25-1.04 years | 0.58-1.83 years | ||||||||||||||||||||||||||
Employee Stock Option [Member] | ||||||||||||||||||||||||||||
Schedule Of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Fair value was estimated using the following weighted-average assumptions (annualized percentages): | |||||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||||||
June 30, 2012 | ||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Dividend yield | 0% | |||||||||||||||||||||||||||
Expected volatility | 90% | |||||||||||||||||||||||||||
Risk-free interest | 0.69%-0.74% | |||||||||||||||||||||||||||
Expected life | 5.00% | |||||||||||||||||||||||||||
Forfeiture rate | 0% | |||||||||||||||||||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended | 12 Months Ended | |||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The Company's financial assets and liabilities measured at fair value on a recurring basis, consisted of the following types of instruments as of the following dates: | The Company's financial assets and liabilities measured at fair value on a recurring basis, consisted of the following types of instruments as of the following dates: | |||||||||||||||||
June 30, | December 31, | December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2012 | 2011 | 2012 | |||||||||||||||
Unaudited | Fair value | Fair value | |||||||||||||||||
Fair value measurements using input type | measurements | measurements | |||||||||||||||||
Level 3 | using input type | using input type | |||||||||||||||||
Level 3 | Level 3 | ||||||||||||||||||
Liability related to stock options and warrants | $ | 1,831 | $ | 923 | $ | 630 | |||||||||||||
Liability related to stock options and warrants | $ | 60 | $ | 630 | |||||||||||||||
Deferred shares | 216 | $ | - | ||||||||||||||||
Total financial liabilities | $ | 276 | $ | 630 | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Fair value measurements using significant unobservable inputs (Level 3): | Fair value measurements using significant unobservable inputs (Level 3): | |||||||||||||||||
Unaudited | Balance at December 31, 2011 | $ | -276 | ||||||||||||||||
Balance at December 31, 2012 | $ | -630 | Changes in values of deferred shares and liability related to stock option and warrants | 418 | |||||||||||||||
Expiration of deferred shares | 128 | ||||||||||||||||||
Changes in values of liability related to stock option and warrants | -737 | Issuance of liability related to warrants | -1,076 | ||||||||||||||||
Classification of liability award to equity as a result of expiration of the Most Favored Nation | 141 | ||||||||||||||||||
Issuance of liability related to warrants | -464 | Classification of liability award to equity as a result of modification | 35 | ||||||||||||||||
Balance at June 30, 2013 | -1,831 | Balance at December 31, 2012 | $ | -630 | |||||||||||||||
RELATED_PARTIES_Tables
RELATED PARTIES (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||
Schedule of Related Party Transactions [Table Text Block] | The balances and transactions with service provider were as follows: | The balances and transactions with service provider were as follows: | ||||||||||||||||||||
Balances: | Balances: | |||||||||||||||||||||
June 30, | December 31, | December 31, | ||||||||||||||||||||
2013 | 2012 | 2012 | 2012 | 2011 | ||||||||||||||||||
Unaudited | ||||||||||||||||||||||
Trade payables *) | $ | 718 | $ | 817 | ||||||||||||||||||
Trade payables (*) | $ | 925 | $ | 566 | $ | 718 | ||||||||||||||||
*) | On February 12, 2012, $ 309 out of the total outstanding balance owed to the Service Provider, who is also a related party, for services rendered until December 2011, was settled by the grant of fully vested warrants to purchase 309,492 ordinary shares, £ 0.01 par value each, of the Company at an exercise price of $ 2 per share and a life of five years. | |||||||||||||||||||||
*) | On February 12, 2012, $ 309 out of the total outstanding balance owed to the Service Provider, who is also a related party, for services rendered until December 2011, was settled by the grant of fully vested warrants to purchase 309,492 ordinary shares, £ 0.01 par value each, of the Company at an exercise price of $ 2 per share and a life of five years. | |||||||||||||||||||||
Schedule of Related Party Transactions, General and Administrative Expenses [Table Text Block] | Transactions: | Transactions: | ||||||||||||||||||||
Six months ended | Year ended December 31, | |||||||||||||||||||||
June 30, | 2012 | 2011 | 2010 | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Unaudited | Amounts charged to general and administrative expense | $ | 365 | $ | 413 | $ | 262 | |||||||||||||||
Amounts charged to general and administrative expense | $ | 222 | $ | 127 | ||||||||||||||||||
FINANCIAL_EXPENSES_INCOME_NET_
FINANCIAL EXPENSES (INCOME), NET (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2012 | |||||||||||
Financial Expenses and Income [Abstract] | |||||||||||
Schedule of Other Nonoperating Expense, by Component [Table Text Block] | Year ended December 31, | ||||||||||
2012 | 2011 | 2010 | |||||||||
Financial expenses: | |||||||||||
Interest expense due to amortization of convertible notes | $ | 898 | $ | - | $ | - | |||||
Issuance expenses | 137 | - | - | ||||||||
Other | 6 | 9 | 5 | ||||||||
1,041 | 9 | 5 | |||||||||
Financial income: | |||||||||||
Changes in values of deferred shares and liability related to warrants | -418 | -120 | -102 | ||||||||
Exchange rate | -22 | -17 | -20 | ||||||||
-440 | -137 | -122 | |||||||||
$ | 601 | $ | -128 | $ | -117 | ||||||
GENERAL_Details_Textual
GENERAL (Details Textual) (USD $) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 8 Months Ended | 10 Months Ended | 12 Months Ended | 15 Months Ended | 99 Months Ended | 105 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Nov. 30, 2012 | Aug. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2008 | Jun. 30, 2012 | Aug. 31, 2010 | Jun. 30, 2013 | Jun. 30, 2012 | Aug. 31, 2011 | Aug. 31, 2012 | Oct. 31, 2009 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2006 | Dec. 31, 2005 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||||||||||||||||||
September 2013 Financing [Member] | ||||||||||||||||||||||||||
Net loss | $2,696 | $1,375 | $4,268 | $2,119 | $675 | $1,012 | $1,435 | $3,132 | $1,769 | $2,479 | $16,889 | $19,585 | $19,585 | |||||||||||||
Net Cash Provided By (Used In) Operating Activities | 1,399 | 775 | 2,134 | 1,008 | 366 | 10,748 | 12,147 | |||||||||||||||||||
Retained Earnings (Accumulated Deficit) | 14,029 | 19,618 | 14,029 | 16,922 | 12,621 | 16,922 | 19,618 | 19,618 | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 751,500 | 232,558 | 18,375 | 10,950,696 | 10,000 | 200,778 | 522,026 | 242,500 | 410,097 | 45,150 | 22,003,452 | 21,958,302 | ||||||||||||||
Proceeds From Issuance Of Common Stock | 1,503 | 37 | 6,753 | 23 | 312 | 0 | 0 | 951 | 400 | 522 | 118 | 75 | 60 | 253 | 253 | 1,277 | 11,993 | |||||||||
Stock Issued During Period, Value, New Issues | $972 | $1,937 | $930 | $312 | $499 | $69 | $3,091 | $3,593 | $12,516 |
SIGNIFICANT_ACCOUNTING_POLICIE3
SIGNIFICANT ACCOUNTING POLICIES (Details) | Dec. 31, 2012 |
Technology Equipment [Member] | |
Property, Plant and Equipment, Rate Of Depreciation | 33.00% |
Office Equipment [Member] | |
Property, Plant and Equipment, Rate Of Depreciation | 25.00% |
SIGNIFICANT_ACCOUNTING_POLICIE4
SIGNIFICANT ACCOUNTING POLICIES (Details 1) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2011 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Employee Stock Awards [Member] | Employee Stock Awards [Member] | Employee Stock Awards [Member] | |||
Risk-free interest rate, Minimum | 0.69% | 0.69% | |||
Risk-free interest rate, Maximum | 0.74% | 0.74% | |||
Risk-free interest rate | 1.85% | 0.00% | |||
Expected volatility | 90.00% | 89.99% | 85.75% | 0.00% | |
Expected life (in years) | 3 years | 5 years | 5 years | 2 years 11 months 19 days | 0 years |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
SIGNIFICANT_ACCOUNTING_POLICIE5
SIGNIFICANT ACCOUNTING POLICIES (Details 2) (Non Employee Stock Awards [Member]) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Maximum [Member] | |||
Risk-free interest rate | 1.78% | 3.52% | 3.23% |
Expected volatility | 89.00% | 87.70% | 105.20% |
Expected life (in years) | 10 years | 8 years 1 month 6 days | 8 years 4 months 24 days |
Minimum [Member] | |||
Risk-free interest rate | 0.70% | 0.34% | 0.46% |
Expected volatility | 78.90% | 51.10% | 44.60% |
Expected life (in years) | 4 years 6 months | 6 months | 3 months 18 days |
SIGNIFICANT_ACCOUNTING_POLICIE6
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Gain (Loss) on Sale of Derivatives | $419 | $120 | $95 |
Cumulative Basis For Measurement Of Tax Benefits | 50.00% | ||
Convertible Notes Payable [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 670,732 | ||
Warrant [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 2,053,817 | ||
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 823,990 | 411,002 | 426,002 |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 180,822 | 479,166 | 1,033,333 |
PROPERTY_AND_EQUIPMENT_Details
PROPERTY AND EQUIPMENT (Details) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Cost | $13 | $9 | ||
Depreciated cost | 2 | 2 | 0 | 0 |
Computers Peripheral and Scientific Equipment [Member] | ||||
Cost | 12 | 8 | ||
Accumulated depreciation | -10 | -8 | ||
Office Furniture and Equipment [Member] | ||||
Cost | 1 | 1 | ||
Accumulated depreciation | ($1) | ($1) |
PROPERTY_AND_EQUIPMENT_Details1
PROPERTY AND EQUIPMENT (Details Textual) (USD $) | 6 Months Ended | 12 Months Ended | 99 Months Ended | 105 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Jun. 30, 2013 | |
Depreciation | $0 | [1] | $0 | $2 | $0 | $0 | $11 | $11 |
[1] | Represents an amount lower than $ 1. |
ACCOUNTS_RECEIVABLE_Details
ACCOUNTS RECEIVABLE (Details) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Institutions | $12 | $19 | ||
Prepaid expenses | 2 | 2 | ||
Accounts Receivable and Prepaid Expenses Net Current | $61 | $14 | $11 | $21 |
OTHER_ACCOUNTS_PAYABLE_Details
OTHER ACCOUNTS PAYABLE (Details) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Accrued expenses | $896 | $598 | ||
Employees and institutions | 359 | 259 | ||
Accounts Payable, Other, Current | $1,175 | $1,255 | $1,111 | $857 |
DEFERRED_SHARES_Details_Textua
DEFERRED SHARES (Details Textual) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 8 Months Ended | 10 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, except Share data, unless otherwise specified | Nov. 30, 2012 | Aug. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2008 | Jun. 30, 2012 | Aug. 31, 2010 | Aug. 31, 2011 | Aug. 31, 2012 | Oct. 31, 2009 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2007 | Jun. 30, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2005 | Dec. 31, 2006 | Dec. 31, 2011 | Dec. 31, 2007 | Jun. 13, 2012 | Dec. 31, 2005 | Dec. 31, 2005 | Dec. 31, 2006 | Dec. 31, 2007 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | GBP (£) | GBP (£) | GBP (£) | GBP (£) | Deferred A Shares [Member] | Deferred B Shares [Member] | Deferred B Shares [Member] | Deferred C Shares [Member] | Deferred C Shares [Member] | Capital Managers Llp [Member] | Capital Managers Llp [Member] | Capital Managers Llp [Member] | Capital Managers Llp [Member] | |||||
GBP (£) | GBP (£) | USD ($) | GBP (£) | USD ($) | GBP (£) | Deferred A Shares [Member] | Deferred B Shares [Member] | Deferred C Shares [Member] | |||||||||||||||||||
GBP (£) | GBP (£) | ||||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | £ 0.01 | £ 0.01 | £ 0.01 | £ 0.01 | £ 0.01 | £ 0.01 | £ 0.01 | £ 0.01 | £ 0.001 | £ 0.001 | |||||||||||||||||
Bridge Loan | £ 200 | ||||||||||||||||||||||||||
Stock Repurchased During Period, Shares (in shares) | 400,000 | 400,000 | |||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 751,500 | 232,558 | 18,375 | 10,950,696 | 10,000 | 200,778 | 522,026 | 242,500 | 410,097 | 633,333 | 800,000 | 400,000 | 400,000 | ||||||||||||||
Equity Issuance, Per Share Amount (in dollars per share) | $2 | $1.72 | $2 | $2.25 | $1.72 | $1.58 | £ 0.01 | £ 1 | £ 0.001 | ||||||||||||||||||
Exercise Price Of Deferred Share (in dollars per share) | £ 0.249 | £ 0.59 | £ 0.79 | ||||||||||||||||||||||||
Additional Paid In Capital | 394 | 128 | |||||||||||||||||||||||||
Financial Income Of Revaluation Of Deferred Shares | $88 | $120 | $102 | ||||||||||||||||||||||||
Deferred Shares Entitles Description | (i) during a period of 5 years, (ii) as part of a sale event involving the sale of all the Company's shares or (iii) upon the listing of the Company's shares for trade. | (i) during a period of 5.25 years, (ii) as part of a sale event involving the sale of all the Company's shares or (iii) upon the listing of the Company's shares for trade | (i) during a period of 5 years, (ii) as part of a sale event involving the sale of all the Company's shares or (iii) upon the listing of the Company's shares for trade |
SHORTTERM_CONVERTIBLE_NOTES_De
SHORT-TERM CONVERTIBLE NOTES (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Apr. 04, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Expected volatility | 70.40% | 76.20% | 77.50% | 79.61% |
Risk-free interest | 0.31% | 0.22% | 0.27% | 0.16% |
Expected life | 1 year 8 months 12 days | 1 year 7 months 2 days | 1 year 6 months | 1 year 29 days |
Forfeiture rate | 0.00% | 0.00% | 0.00% | 0.00% |
SHORTTERM_CONVERTIBLE_NOTES_De1
SHORT-TERM CONVERTIBLE NOTES (Details 1) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | |
In Thousands, unless otherwise specified | |||||
Principal | $1,100 | ||||
Discount | -202 | -202 | |||
Short-term convertible notes | $0 | $898 | $0 | [1] | $0 |
[1] | Represents an amount lower than $ 1. |
SHORTTERM_CONVERTIBLE_NOTES_De2
SHORT-TERM CONVERTIBLE NOTES (Details Textual) (USD $) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 99 Months Ended | 105 Months Ended | 1 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2013 | Nov. 30, 2012 | Sep. 30, 2012 | Apr. 04, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Jun. 30, 2013 | Jan. 31, 2013 | Jan. 02, 2013 |
Subsequent Event [Member] | Subsequent Event [Member] | ||||||||||||
Proceeds from issuance of convertible notes and warrants, net | $1,100 | $0 | $890 | $890 | $0 | $0 | $890 | $890 | |||||
Warrants Issued During Period, Number Of Warrants (in shares) | 643,274 | ||||||||||||
Warrants Issued During Period, Value | 1,000 | ||||||||||||
Debt and Stock Issuance Costs | 110 | 110 | |||||||||||
Minimum Percentage Of Benefit On Note Conversion | 4.90% | ||||||||||||
Resale Agreement, Percentage Of Ordinary Shares | 133.00% | 133.00% | 133.00% | 133.00% | |||||||||
Warrants Exercisable Term | 5 years | ||||||||||||
Description Of Warrants | as defined in the Warrants and which includes, without limitation, entering into a merger or consolidation with another entity, selling all or substantially all of the assets, or a person acquiring 50% of the Company's voting shares | ||||||||||||
Warrants Outstanding To Anti Dilution Adjustments (in shares) | 670,732 | ||||||||||||
Fair Value Of Detachable Warrant | 750 | 597 | 402 | 402 | 597 | ||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | 250 | 250 | |||||||||||
Interest expense due to amortization of convertible notes | 898 | 0 | 0 | ||||||||||
Payment of convertible notes | 1,100 | 0 | 0 | 1,100 | 1,100 | ||||||||
Debt Instrument, Convertible, Conversion Price | $1.71 | $1.71 | $1.71 | ||||||||||
Warrants Exercise Price Amended | $1.64 | ||||||||||||
Change In Fair Value Of Detachable Warrant | 40 | 348 | |||||||||||
Description Of Option To Redeem Notes In Case Of Default | greater of (i) 110% of the unconverted principal amount or (ii) 110% of the greatest closing sale price of the ordinary shares from the date immediately prior to the date on which the event of default occurs until the redemption is completed. The holders of the Notes may also require the Company to redeem their Notes upon the occurrence of a fundamental transaction such as a merger of the Company, acquisition of substaintially all the Company's assets or change of control, as defined in the Notes. As of June 30, 2013 the Company did not default any of the covenants. | ||||||||||||
Fair Value Adjustment of Warrants | 21 | 195 | 21 | ||||||||||
Debt Instrument, Unamortized Discount | $202 | $202 | $202 | $202 |
COMMITMENTS_AND_CONTINGENT_LIA1
COMMITMENTS AND CONTINGENT LIABILITIES (Details Textual) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2013 | Dec. 31, 2012 | |
Minimum Rental Commitments | $500 | |
Operating Leases, Future Minimum Payments Due | 1,500 | 1,500 |
Monthly Rental Commitments Minimum | 500 | |
Operating Leases, Future Minimum Payments Due | 1,500 | 1,500 |
Yissum [Member] | ||
Long-term Purchase Commitment, Time Period | 20 years | 20 years |
Licenses Revenue Percentage | 4.00% | 4.00% |
Royalty Revenue Percentage | 18.00% | 18.00% |
Litigation Settlement, Amount | $70,000 | $70,000 |
SHAREHOLDERS_EQUITY_Details
SHAREHOLDERS' EQUITY (Details) | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
Common Stock, Shares Authorized | 49,800,000 | 49,800,000 | 49,800,000 | |
Common Stock, Shares, Issued | 14,177,809 | 13,369,809 | 12,098,597 | |
Common Stock, Shares, Outstanding | 14,177,809 | 13,369,809 | 12,098,597 | |
Common Stock [Member] | ||||
Common Stock, Shares Authorized | 49,800,000 | 49,800,000 | ||
Common Stock, Shares, Issued | 13,369,809 | 12,098,597 | ||
Common Stock, Shares, Outstanding | 13,369,809 | 12,098,597 | ||
Deferred A Shares [Member] | ||||
Common Stock, Shares Authorized | 800,000 | 800,000 | ||
Common Stock, Shares, Issued | 0 | 0 | ||
Common Stock, Shares, Outstanding | 0 | 0 | ||
Deferred B Shares [Member] | ||||
Common Stock, Shares Authorized | 1,200,000 | 1,200,000 | ||
Common Stock, Shares, Issued | 0 | 0 | ||
Common Stock, Shares, Outstanding | 0 | 0 | ||
Deferred C Shares [Member] | ||||
Common Stock, Shares Authorized | 400,000 | 400,000 | ||
Common Stock, Shares, Issued | 0 | 400,000 | ||
Common Stock, Shares, Outstanding | 0 | 400,000 |
SHAREHOLDERS_EQUITY_Details_1
SHAREHOLDERS' EQUITY (Details 1) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Apr. 04, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Expected volatility | 70.40% | 76.20% | 77.50% | 79.61% |
Risk-free interest | 0.31% | 0.22% | 0.27% | 0.16% |
Expected life | 1 year 8 months 12 days | 1 year 7 months 2 days | 1 year 6 months | 1 year 29 days |
Call Option [Member] | ||||
Dividend yield | 0.00% | 0.00% | ||
Call Option [Member] | Minimum [Member] | ||||
Expected volatility | 76.83% | 79.61% | ||
Risk-free interest | 0.12% | 0.12% | ||
Expected life | 9 months | 11 months 1 day | ||
Call Option [Member] | Maximum [Member] | ||||
Expected volatility | 86.09% | 86.31% | ||
Risk-free interest | 0.67% | 0.21% | ||
Expected life | 2 years 4 months 20 days | 1 year 5 months 1 day |
SHAREHOLDERS_EQUITY_Details_2
SHAREHOLDERS' EQUITY (Details 2) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Apr. 04, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Expected volatility | 70.40% | 76.20% | 77.50% | 79.61% |
Risk-free interest | 0.31% | 0.22% | 0.27% | 0.16% |
Expected life | 1 year 8 months 12 days | 1 year 7 months 2 days | 1 year 6 months | 1 year 29 days |
Put Option [Member] | ||||
Dividend yield | 0.00% | 0.00% | ||
Put Option [Member] | Minimum [Member] | ||||
Expected volatility | 73.33% | 67.00% | ||
Risk-free interest | 0.13% | 0.11% | ||
Expected life | 6 months 29 days | 3 months | ||
Put Option [Member] | Maximum [Member] | ||||
Expected volatility | 86.09% | 83.00% | ||
Risk-free interest | 0.32% | 0.28% | ||
Expected life | 1 year 9 months 29 days | 1 year 14 days |
SHAREHOLDERS_EQUITY_Details_3
SHAREHOLDERS' EQUITY (Details 3) (USD $) | 1 Months Ended | 4 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | 31-May-09 | Aug. 31, 2007 | Feb. 28, 2005 | Jun. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2007 |
Amount of options, Outstanding at beginning of the period | 770,527 | 360,527 | |||||
Amount of options, Granted | 30,000 | 20,475 | 300,000 | 2,988 | 410,000 | 152,000 | |
Amount of options, Forfeited | -55,000 | ||||||
Amount of options, Options outstanding at end of the period | 715,527 | 770,527 | |||||
Amount of options, Vested and expected to vest | 715,527 | 770,527 | |||||
Amount of options, Options exercisable at end of the period | 715,527 | 540,527 | |||||
Weighted average exercise price, Outstanding at beginning of the period | $1.44 | $1.29 | |||||
Weighted average exercise price, Granted | $1.58 | ||||||
Weighted average exercise price, Forfeited | $1.56 | ||||||
Weighted average exercise price, Options outstanding at end of the period | $1.39 | $1.44 | |||||
Weighted average exercise price, Vested and expected to vest | $1.39 | $1.44 | |||||
Options exercisable at end of the period, Weighted average exercise price | $1.39 | $1.38 | |||||
Weighted average remaining contractual term, Options outstanding at end of the period | 6 years 6 months | 7 years 2 months 12 days | |||||
Weighted average remaining contractual term, Vested and expected to vest | 6 years 6 months | 7 years 2 months 12 days | |||||
Weighted average remaining contractual term, Options exercisable at end of the period | 5 years | 6 years 6 months | 6 years 3 months 18 days | ||||
Aggregate intrinsic value, Options outstanding at end of the period | $197 | $169 | |||||
Aggregate intrinsic value, Vested and expected to vest | 197 | 169 | |||||
Aggregate intrinsic value, Options exercisable at end of the period | $197 | $152 |
SHAREHOLDERS_EQUITY_Details_4
SHAREHOLDERS' EQUITY (Details 4) (USD $) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2013 | Dec. 31, 2012 | Feb. 12, 2012 | |||
Number of options | 596,970 | 543,135 | |||
Grant Date 1 [Member] | |||||
Grant date | 28-Aug-07 | [1] | 28-Aug-07 | [2] | |
Number of options | 20,475 | [1] | 20,475 | [2] | |
Exercise price | $1.29 | [1] | $1.29 | [2] | |
Expiration date | 28-Aug-17 | [1] | 28-Aug-17 | [2] | |
Grant Date 2 [Member] | |||||
Grant date | 27-May-09 | [1] | 27-May-09 | [2] | |
Number of options | 30,000 | [1] | 30,000 | [2] | |
Exercise price | $1.56 | [1] | $1.56 | [2] | |
Expiration date | 27-May-19 | [1] | 27-May-19 | [2] | |
Grant Date 3 [Member] | |||||
Grant date | 12-Feb-12 | [3] | 12-Feb-12 | [3] | |
Number of options | 309,492 | [3] | 309,492 | [3] | 309,492 |
Exercise price | $2 | [3] | $2 | [3] | |
Expiration date | 12-Feb-17 | [3] | 12-Feb-17 | [3] | |
Grant Date 4 [Member] | |||||
Grant date | 26-Apr-12 | [4] | 26-Apr-12 | [4] | |
Number of options | 90,000 | [4] | 90,000 | [4] | |
Exercise price | $2 | [4] | $2 | [4] | |
Expiration date | 19-Mar-17 | [4] | 19-Mar-17 | [4] | |
Grant Date 5 [Member] | |||||
Grant date | 27-Jun-12 | [5] | 27-Jun-12 | [6] | |
Number of options | 2,988 | [5] | 2,988 | [6] | |
Exercise price | $1.75 | [5] | $1.75 | [6] | |
Expiration date | 21-Jun-22 | [5] | 21-Jun-22 | [6] | |
Grant Date 6 [Member] | |||||
Grant date | 30-Nov-12 | [7] | 30-Nov-12 | [8] | |
Number of options | 90,180 | [7] | 90,180 | [8] | |
Exercise price | $2 | [7] | $2 | [8] | |
Expiration date | 30-Nov-17 | [7] | 30-Nov-17 | [8] | |
Grant Date 7 [Member] | |||||
Grant date | 17-Jan-13 | [7] | |||
Number of options | 43,035 | [7] | |||
Exercise price | $2 | [7] | |||
Expiration date | 17-Jan-18 | [7] | |||
Grant Date 8 [Member] | |||||
Grant date | 31-Jan-13 | [7] | |||
Number of options | 7,200 | [7] | |||
Exercise price | $2 | [7] | |||
Expiration date | 31-Jan-18 | [7] | |||
Grant Date 9 [Member] | |||||
Grant date | 8-Feb-13 | [7] | |||
Number of options | 3,600 | [7] | |||
Exercise price | $2 | [7] | |||
Expiration date | 28-Feb-18 | [7] | |||
[1] | In August 2007 and May 2009, the Company granted 20,475 and 30,000 fully vested options, respectively, to the pre-clinical development consultant. The fair value of the options was $ 29 (unaudited) and $ 33, respectively. Since the exercise price of such options is denominated in a currency that is different from the Company's functional currency, the Company accounts for such options as a liability. The fair value of the options was estimated each cut-off date using the Black-Scholes options valuation model. In June 2012, the Company increased and changed the denominated currency of the exercise price of the options that were issued in May 2009 from £ 0.8 to $ 1.56 resulting in the options being reclassified from a liability to equity. The Company accounted for this change as a modification in accordance with ASC 718. The Company calculated the incremental value of this modification. Since there was no incremental value, the Company only reclassified the related liability in the amount of $ 35 to additional paid-in capital. The changes in fair value of the outstanding liability was recorded as financial expense (income). The Company recorded financial income in the amount of $ 3 for each of the years ended December 31, 2012 and 2011. The Company also recorded insignificant financial income for the period ended June 30, 2013. | ||||
[2] | In August 2007 and May 2009, the Company granted 20,475 and 30,000 fully vested options, respectively, to the pre-clinical development consultant. The fair value of the options was $ 29 (unaudited) and $ 33, respectively. Since the exercise price of such options is denominated in a currency that is different from the Company's functional currency, the Company accounts for such options as a liability. The fair value of the options was estimated each cut-off date using the Black-Scholes options valuation model. The changes in fair value were recorded as financial expense (income). The Company recorded financial income in the amount of $ 3 for each of the years ended December 31, 2012 and 2011. The Company also recorded financial expense in the amount of $ 5 for the year ended 2010. In June 2012, the Company increased and changed the denominated currency of the exercise price of the options that were issued in May 2009 from £ 0.8 to $ 1.56 resulting in the options being reclassified from a liability to equity. The Company accounted for this change as a modification in accordance with ASC 718. The Company calculated the incremental value of this modification. Since there was no incremental value, the Company only reclassified the related liability in the amount of $ 35 to additional paid-in capital. | ||||
[3] | On February 12, 2012, the Company settled part of an outstanding debt to a related party by issuance of fully vested warrants to purchase 309,492 ordinary shares, £ 0.01 par value each. See also Note 12. | ||||
[4] | In 2011, the Company granted 35,000 fully vested warrants to the Finder (as defined below) under a consulting agreement that was signed in 2011 ("2011 Consulting Agreement"). The exercise price was $ 1 and the contractual life is five years. The fair value of the warrants in the amount of $ 45 was recorded to additional paid-in capital. In the months January and February 2012, the Company granted additional 10,000 fully vested warrants to the Finder under the 2011 Consulting Agreement. The exercise price was $ 1 per share and the contractual life is five years. The fair value of the warrants in the amount of $ 12 was recorded to additional paid-in capital. In April 2012, the Company modified the amount of warrants that were granted to the Finder from a total of 45,000 warrants to 90,000 warrants and also modified the exercise price from $ 1 to $ 2. The Company accounted for these changes as modifications in accordance with ASC 718. The Company calculated the incremental value of these modifications and recorded compensation cost in a total amount of $ 38 to additional paid-in capital On February 29, 2012, the Company entered into an agreement with an independent contractor (the "Finder"), for the purpose of introducing the Company to potential investors ("Finder's Agreement"). In the event that during the term of this agreement, an approved investor will consummate a cash investment, then the Finder shall be entitled to (i) a cash payment in an amount equal to 7% of the amount invested; and (ii) that number of ordinary shares of the Company issuable for a cash investment equal to 7% of the investment amount based upon the price per share pursuant to which the approved investor participated; less consulting consideration otherwise paid or payable to the Finder pursuant to a new consulting agreement that was signed in 2012 (the "2012 Consulting Agreement"). Between March through June 2012, the Company committed to grant an additional 20,000 fully vested warrants to the Finder under the 2012 Consulting Agreement (the "Finder's Warrants"). The exercise price was $ 2 per share and the contractual life is five years. The board of directors did not ratify the grant of the Finder's Warrants. Pursuant to the terms of the Finder's Agreement, the Company only issued, in September 2012, 16,279 ordinary shares, £0.01 par value each, and is obligated to pay $ 28 in cash, in relation with the August Financing (the "August Finder's Fee"), since the consulting fees pursuant to 2012 Consulting Agreement were lower than August Finder's Fee. The Company recorded an amount of $ 52 of stock-based compensation expenses in the statement of comprehensive loss during the year ended December 31, 2012. After the August Financing, the Consulting Agreement was terminated. | ||||
[5] | On June 27, 2012, the Company granted 2,988 options that vested on December 27, 2012. The Company recorded compensation expense in the amount of $ 2 in the statement of comprehensive loss during the year ended December 31, 2012. | ||||
[6] | On June 27, 2012, the Company granted 2,988 options which shall vest on December 27, 2012. The Company recorded compensation expense in the amount of $ 2 in the statement of comprehensive loss during the year ended December 31, 2012. | ||||
[7] | On August 23, 2012, the Company entered into an agreement with an agent (the "Agent") to advise the Company on a private placement offering and as a contact with potential financing sources for the Company (the "Agent Agreement"). The Company agreed to pay the Agent a cash transaction fee in the amount of between 7% - 8% of the amount of the financing; and warrants equal to 7% - 8% of the stock and warrants issued in the financing at an exercise price equal to the investor's warrant exercise price. If the Agent raises at least $ 5,000, then he is entitled to receive a total of 10% warrants, retroactively. The consideration that is paid to the Agent is treated as issuance expenses. Pursuant to the terms of the Agent Agreement, the Company issued 90,180 warrants and paid $ 120 in cash, for advisory services in relation with the November 2012 Financing and 53,835 warrants and paid $84 in cash, for advisory services in relation with the 2013 financings. In January 2013, the Company agreed that provided that the Agent raises an aggregate of at least $ 3,500 for the Company (the "Goal"), the agreement that was signed with the agent on November 30, 2012 shall be amended such that the warrants granted to the Agent in relation to the November Financing, will be eligible to a down-round anti-dilution protection. The Company will reclassify the warrants granted to the Agent in relation to the November 2012 Financing to a liability upon the achievement of the Goal. As of June 30, 2013, the Goal was not achieved. | ||||
[8] | On August 23, 2012, the Company entered into an agreement with an agent (the "Agent") to advise the Company on a private placement offering and as a contact with potential financing sources for the Company (the "Agent Agreement"). The Company agreed to pay the Agent a cash transaction fee in the amount of between 7% - 8% of the amount of the financing; and warrants equal to 7% - 8% of the stock and warrants issued in the financing at an exercise price equal to the investor's warrant exercise price. If the Agent raises at least $ 5,000, then he is entitled to receive a total of 10% warrants, retroactively. The consideration that is paid to the Agent is treated as issuance expenses. Pursuant to the terms of the Agent Agreement, the Company issued 90,180 warrants and paid $ 120 in cash, for advisory services in relation with the November 2012 Financing. |
SHAREHOLDERS_EQUITY_Details_5
SHAREHOLDERS' EQUITY (Details 5) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Allocated Share-based Compensation Expense | $385 | $20 | ($95) |
Research and Development Expense [Member] | |||
Allocated Share-based Compensation Expense | -2 | 0 | 7 |
General and Administrative Expense [Member] | |||
Allocated Share-based Compensation Expense | 469 | 140 | 0 |
Financial Income Net [Member] | |||
Allocated Share-based Compensation Expense | ($82) | ($120) | ($102) |
SHAREHOLDERS_EQUITY_Details_6
SHAREHOLDERS' EQUITY (Details 6) | 1 Months Ended | 6 Months Ended |
Mar. 31, 2011 | Jun. 30, 2012 | |
Dividend yield | 0.00% | |
Expected volatility | 90.00% | |
Risk-free interest rate, Minimum | 0.69% | |
Risk-free interest rate, Maximum | 0.74% | |
Expected life | 3 years | 5 years |
Forfeiture rate | 0 |
SHAREHOLDERS_EQUITY_Details_Te
SHAREHOLDERS' EQUITY (Details Textual) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 8 Months Ended | 10 Months Ended | 12 Months Ended | 15 Months Ended | 99 Months Ended | 105 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 15 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 15 Months Ended | 4 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
Jan. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | Apr. 30, 2012 | Feb. 29, 2012 | Mar. 31, 2011 | 31-May-09 | 31-May-09 | Aug. 31, 2007 | Feb. 28, 2005 | Sep. 30, 2012 | Feb. 29, 2012 | Jun. 30, 2013 | Dec. 31, 2008 | Jun. 30, 2012 | Jun. 30, 2012 | Aug. 31, 2010 | Jun. 30, 2013 | Jun. 30, 2012 | Aug. 31, 2011 | Aug. 31, 2012 | Oct. 31, 2009 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2005 | Dec. 31, 2005 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 28, 2012 | Aug. 31, 2012 | Aug. 29, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | Apr. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2005 | Aug. 31, 2012 | Apr. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2005 | Jun. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Jan. 31, 2013 | Jun. 30, 2013 | Jan. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | GBP (£) | USD ($) | GBP (£) | USD ($) | GBP (£) | Share Option Plan 2007 [Member] | Private Placement [Member] | Private Placement [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Consulting Agreement [Member] | November Financing [Member] | November Financing [Member] | December 2012 Financing [Member] | December 2012 Financing [Member] | December 2012 Financing [Member] | December 2012 Financing [Member] | January 2013 Financing [Member] | January 2013 Financing [Member] | January 2013 Financing [Member] | January 2013 Financing [Member] | Series A Warrant [Member] | Series B Warrants [Member] | Series C Warrants [Member] | Agent Agreement In January 2013 Financing [Member] | May 2012 Financing [Member] | May 2012 Financing [Member] | ||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 751,500 | 232,558 | 18,375 | 10,950,696 | 10,000 | 10,000 | 200,778 | 522,026 | 242,500 | 410,097 | 335,000 | 67,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | £ 0.01 | £ 0.01 | £ 0.01 | £ 0.01 | £ 0.01 | £ 0.01 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds From Issuance Of Common Stock | $1,503,000 | $37,000 | $6,753,000 | $23,000 | $312,000 | $0 | $0 | $951,000 | $400,000 | $522,000 | $118,000 | $75,000 | $60,000 | $253,000 | $253,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Issuance, Per Share Amount (in dollars per share) | $2 | $1.72 | $2 | $2.25 | $1.72 | $1.58 | $1.67 | $1.32 | $1.63 | $1.43 | $1.16 | $1.58 | $0.02 | $1.73 | $1.94 | $1.95 | $1.57 | $1.32 | $1.59 | $1.13 | $2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments of Stock Issuance Costs | 48,000 | 163,000 | 12,000 | 21,000 | 23,000 | 33,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted To Purchase Ordinary Shares (in shares) | 375,750 | 79,000 | 5,000 | 5,000 | 261,731 | 167,500 | 10,800 | 33,750 | 202,750 | 375,000 | 187,500 | 43,035 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted Exercise Price To Purchase Ordinary Shares (in dollar per share) | $2 | $2.25 | $2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage Of Warrant Coverage | 100.00% | 50.00% | 50.00% | 100.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Issued To Investors | 39,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Issued To Investors Per Share | $1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deemed Dividend | 33,000 | 0 | 33,000 | 33,000 | 0 | 0 | 33,000 | 33,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description Of Purchase Agreement From Each Investor | the six month anniversary of the effective date of a registration statement or (ii) the date immediately following the 20 consecutive trading days wherein the trading volume for the Ordinary Shares or ADSs exceeds $ 100 per trading day, each investor may elect to exchange all of its shares and warrants for any such additional securities issued by the Company in a subsequent financing (as defined in the November Purchase Agreement), on the same terms and conditions as provided to the investors in a subsequent financing on a $ 1 for $ 1 basis, in lieu of cash consideration (the "November Most Favored Nation"). | If the Company contemplates a private placement of ordinary shares and warrants with an aggregate offering amount which is no greater than $ 20,000 or in any other private placement that occurs prior to December 1, 2012 (the "Private Placement"), in which the equity price and equity linked pricing terms are more favorable to the investors, the Company will modify the terms to reflect any more favorable pricing terms provided to the other investors in the Private Placement on a $ 1 for $ 1 basis, in lieu of cash consideration. | (i) the six month anniversary of the effective date of a registration statement or (ii) the date immediately following the 20 consecutive trading days wherein the trading volume for the Ordinary Shares or ADSs exceeds $ 100 per trading day, each investor may elect to exchange all of its shares and warrants for any such additional securities issued by the Company in a subsequent financing on the same terms and conditions as provided to the investors in a subsequent financing (the " December Most Favored Nation"). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Resale Agreement, Percentage Of Ordinary Shares | 133.00% | 133.00% | 133.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds From Issuance Of Stock and Warrants | 190,000 | 670,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Issuance Costs | 27,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Fair Value Of Detachable Warrant Granted | 210,000 | 541,010 | 541,010 | 4,000 | 93,000 | 188,000 | 402,000 | 36,000 | 17,000 | 583,000 | 583,000 | 383,000 | 179,000 | 76,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Detachable Warrant Issued | 141,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change In Fair Value Of Detachable Warrant | 40,000 | 348,000 | 22,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercises In Period | 1,365,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $1.09 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Options, Vested Weighted Average Grant Date Fair Value | $1.08 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Non Vested Stock Options, Weighted Average Grant Date Fair Value | $1.10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated Share-based Compensation Expense | 385,000 | 20,000 | -95,000 | 52,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 57,000 | 57,000 | 57,000 | 57,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Received Warrants From Principle Shareholder | 152,000 | 50,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Received Warrants From Principle Shareholder Par Value | $1.55 | £ 0.01 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vested and Valid Period From Date Of Grant | 10 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit In Options Outstanding | 246,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 30,000 | 30,000 | 20,475 | 300,000 | 2,988 | 2,988 | 410,000 | 152,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 95,000 | 33,000 | 29,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 86.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Expected Term | 3 years | 5 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average remaining contractual term, Options exercisable at end of the period | 5 years | 6 years 6 months | 6 years 3 months 18 days | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock or Unit Option Plan Expense | 3,000 | 2,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 15,000 | 285,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Income | 3,000 | 3,000 | 5,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise Price Per Share Options | £ 0.8 | $1.56 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassified Related Liability In Additional Paid In Capital | 35,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted | 10,000 | 35,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted Exercise Price Per Share | $1 | $2 | $1 | $1 | $2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted Contractual Term | 5 years | 5 years | 5 years | 5 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted Value | 38,000 | 12,000 | 45,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted To Finder | 20,000 | 20,000 | 45,000 | 90,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage Of Amount Invested On Cash Payment | 7.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period Shares To Finder | 16,279 | 16,279 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period Price Per Share To Finder | £ 0.01 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period Value Share To Finder | 28,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Vested To Purchase Ordinary Shares | 309,492 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Vested To Purchase Ordinary Shares Per Share | £ 0.01 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage Of Cash Transaction Fee | 7.00% | 8.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum Amount Of Agent Raises On Financing | 5,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage Of Warrants For Agent Raises | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Issued To Agent | 90,180 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Issued To Agent Value | 120,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation, Total | 2,000 | 57,000 | 293,000 | 514,000 | 140,000 | 0 | 1,528,000 | 1,585,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | 972,000 | 1,937,000 | 930,000 | 312,000 | 499,000 | 69,000 | 3,091,000 | 3,593,000 | 135,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant Cancelled Per Share | $0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Closing Price Of Ordinary Shares | $3.75 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Daily Volume Of Ordinary Shares | 75,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds From Detachable Warrant | 77,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock and Warrants Issuance Cost | 70,000 | 14,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Expense Of Warrants | 2,000 | 37,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted To Purchase Ordinary Shares Value | 5,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,865,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 2,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average remaining contractual term, Options exercisable at end of the period | 3,096,010 | 3,096,010 | 3,096,010 | 3,096,010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Issued to Agent Agreement | 53,835 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agent Agreement, Cash for Advisory Services | 84,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Adjustment of Warrants | 21,000 | 195,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise Price of Warrant | $2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum Amount To Be Raised By Agents Under November Financing | $0 |
TAXES_ON_INCOME_Details_Textua
TAXES ON INCOME (Details Textual) | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 |
GBP (£) | Great Britain [Member] | Great Britain [Member] | Domestic Tax Authority [Member] | State and Local Jurisdiction [Member] | |
USD ($) | USD ($) | USD ($) | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential | 20.00% | 24.00% | 26.00% | ||
Taxable Income Maximum | £ 300,000 | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 34.00% | ||||
Estimated Tax Rate | 40.00% | ||||
Operating Loss Carryforwards | $11,944 | $59 | $59 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Liability related to stock options and warrants | $1,831 | $630 | $923 | $60 |
Deferred shares | 0 | 216 | ||
Total long-term liabilities | 1,831 | 630 | 923 | 276 |
Fair Value, Inputs, Level 3 [Member] | ||||
Liability related to stock options and warrants | 1,831 | 630 | 923 | 60 |
Deferred shares | 0 | 216 | ||
Total long-term liabilities | ($1,831) | ($630) | $276 |
FAIR_VALUE_MEASUREMENTS_Detail1
FAIR VALUE MEASUREMENTS (Details 1) (USD $) | 6 Months Ended | 12 Months Ended | 99 Months Ended | 105 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Jun. 30, 2013 |
Balance | $630 | $276 | $276 | ||||
Changes in values of liability related to stock option and warrants | -737 | 58 | 418 | 120 | 95 | -278 | -1,015 |
Classification of liability award to equity as a result of expiration of the Most Favored Nation | 141 | ||||||
Classification of warrants from liability to equity as a result of modification | 35 | ||||||
Balance | 1,831 | 923 | 630 | 276 | 630 | 1,831 | |
Fair Value, Inputs, Level 3 [Member] | |||||||
Balance | -630 | 276 | 276 | ||||
Changes in values of liability related to stock option and warrants | -737 | 418 | |||||
Expiration of deferred shares | 128 | ||||||
Issuance of liability related to warrants | -464 | -1,076 | |||||
Classification of liability award to equity as a result of expiration of the Most Favored Nation | 141 | ||||||
Classification of warrants from liability to equity as a result of modification | 35 | ||||||
Balance | ($1,831) | ($630) | ($630) | ($1,831) |
RELATED_PARTIES_Details
RELATED PARTIES (Details) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | |
In Thousands, unless otherwise specified | |||||
Trade payables | $925 | $718 | $566 | $817 | [1] |
[1] | On February 12, 2012, $ 309 out of the total outstanding balance owed to the Service Provider, who is also a related party, for services rendered until December 2011, was settled by the grant of fully vested warrants to purchase 309,492 ordinary shares, £ 0.01 par value each, of the Company at an exercise price of $ 2 per share and a life of five years. |
RELATED_PARTIES_Details_1
RELATED PARTIES (Details 1) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Amounts charged to general and administrative expense | $222 | $127 | $365 | $413 | $262 |
RELATED_PARTIES_Details_Textua
RELATED PARTIES (Details Textual) | Jun. 30, 2013 | Jun. 30, 2013 | Mar. 20, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Aug. 31, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Feb. 13, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Feb. 12, 2012 | ||||||||||
USD ($) | GBP (£) | USD ($) | USD ($) | GBP (£) | GBP (£) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | Advisory Agreement [Member] | Advisory Agreement [Member] | Grant Date 3 [Member] | Grant Date 3 [Member] | Grant Date 3 [Member] | Grant Date 3 [Member] | Grant Date 3 [Member] | |||||||||||
USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | GBP (£) | |||||||||||||||||||||||
Accounts Payable, Related Parties, Current | $925,000 | $718,000 | $566,000 | $817,000 | [1] | $309,000 | $309,000 | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options and Warrants Outstanding Number (in shares) | 596,970 | 596,970 | 543,135 | 543,135 | 309,492 | [2] | 309,492 | [2] | 309,492 | [2] | 309,492 | [2] | 309,492 | |||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | £ 0.01 | £ 0.01 | £ 0.01 | £ 0.01 | £ 0.01 | £ 0.01 | £ 0.01 | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options and Warrants Outstanding Exercise Price (in dollars per share) | $2 | [2] | $2 | [2] | ||||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options and Warrants Outstanding Weighted Average Remaining Contractual Term1 | 5 years | 5 years | 5 years | 5 years | ||||||||||||||||||||||||
Retainer Fee Payable | 2,400 | [3] | 1,500 | |||||||||||||||||||||||||
Due to Other Related Parties | 52,000 | [3] | 49,000 | [3] | 49,000 | [1] | ||||||||||||||||||||||
Director Fee Waiver | $15,000,000 | [4] | $73,000 | [1] | ||||||||||||||||||||||||
[1] | On February 12, 2012, $ 309 out of the total outstanding balance owed to the Service Provider, who is also a related party, for services rendered until December 2011, was settled by the grant of fully vested warrants to purchase 309,492 ordinary shares, £ 0.01 par value each, of the Company at an exercise price of $ 2 per share and a life of five years. | |||||||||||||||||||||||||||
[2] | On February 12, 2012, the Company settled part of an outstanding debt to a related party by issuance of fully vested warrants to purchase 309,492 ordinary shares, £ 0.01 par value each. See also Note 12. | |||||||||||||||||||||||||||
[3] | On February 12, 2012, $ 309 (unaudited) out of the total outstanding balance owed to the Service Provider, who is also a related party, for services rendered until December 2011, was settled by the grant of fully vested warrants to purchase 309,492 ordinary shares, £ 0.01 par value each, of the Company at an exercise price of $ 2 per share and a life of five years. | |||||||||||||||||||||||||||
[4] | Represents an amount lower than $ 1. |
FINANCIAL_EXPENSES_INCOME_NET_1
FINANCIAL EXPENSES (INCOME), NET (Details) (USD $) | 6 Months Ended | 12 Months Ended | 99 Months Ended | 105 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 |
Financial expenses: | ||||||||
Interest expense due to amortization of convertible notes | $898 | $0 | $0 | |||||
Issuance expenses | 137 | 0 | 0 | |||||
Other | 6 | 9 | 5 | |||||
Other Nonoperating Expense | 1,041 | 9 | 5 | |||||
Financial income: | ||||||||
Changes in values of deferred shares and liability related to stock options and warrants | 737 | -58 | -418 | -120 | -95 | 278 | 1,015 | |
Exchange rate | -22 | -17 | -20 | |||||
Other Nonoperating Income | -440 | -137 | -122 | |||||
Financial expense (income), net | $995 | $118 | $601 | ($128) | ($117) | $3,210 | $4,205 |
SUBSEQUENT_EVENTS_Details_Text
SUBSEQUENT EVENTS (Details Textual) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 8 Months Ended | 10 Months Ended | 12 Months Ended | 15 Months Ended | 99 Months Ended | 105 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | Apr. 30, 2012 | 31-May-09 | Aug. 31, 2007 | Feb. 28, 2005 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2008 | Jun. 30, 2012 | Aug. 31, 2010 | Jun. 30, 2013 | Jun. 30, 2012 | Aug. 31, 2011 | Aug. 31, 2012 | Oct. 31, 2009 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2005 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Jan. 31, 2013 | Jun. 30, 2013 | Apr. 30, 2012 | Oct. 31, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Jan. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2013 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | GBP (£) | GBP (£) | GBP (£) | GBP (£) | December 2012 Financing [Member] | December 2012 Financing [Member] | January 2013 Financing [Member] | January 2013 Financing [Member] | January 2013 Financing [Member] | Series B Warrants [Member] | Series C Warrants [Member] | Agent Agreement In January 2013 Financing [Member] | Private Placement [Member] | Private Placement [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||
USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Warrant [Member] | Management [Member] | Management [Member] | Director [Member] | Director [Member] | December 2012 Financing [Member] | December 2012 Financing [Member] | January 2013 Financing [Member] | January 2013 Financing [Member] | January 2013 Financing [Member] | Series Warrants [Member] | Series Warrants [Member] | Series B Warrants [Member] | Series C Warrants [Member] | January Warrants [Member] | Agent Agreement In January 2013 Financing [Member] | September 2013 Financing [Member] | Private Placement [Member] | Private Placement [Member] | ||||||||||||||||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Series Warrants [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 751,500 | 232,558 | 18,375 | 10,950,696 | 10,000 | 200,778 | 522,026 | 242,500 | 410,097 | 67,500 | 335,000 | 45,150 | 22,003,452 | 67,500 | 405,500 | 765,250 | 21,958,302 | 165,500 | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | £ 0.01 | £ 0.01 | £ 0.01 | £ 0.01 | £ 0.01 | £ 0.01 | £ 0.01 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Issuance, Per Share Amount (in dollars per share) | $2 | $1.72 | $2 | $2.25 | $1.72 | $1.58 | $2 | $2 | $2 | $2 | $2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $972 | $1,937 | $930 | $312 | $499 | $69 | $3,091 | $3,593 | $135 | $135 | $12,516 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted To Purchase Ordinary Shares (in shares) | 375,750 | 79,000 | 5,000 | 261,731 | 33,750 | 375,000 | 187,500 | 43,035 | 167,500 | 10,800 | 21 | 33,750 | 22,575 | 202,750 | 375,000 | 187,500 | 10,800 | 82,750 | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted Exercise Price To Purchase Ordinary Shares (in dollar per share) | $2 | $2.25 | $2 | $2 | $2 | $2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description Of Purchase Agreement From Each Investor | the six month anniversary of the effective date of a registration statement or (ii) the date immediately following the 20 consecutive trading days wherein the trading volume for the Ordinary Shares or ADSs exceeds $ 100 per trading day, each investor may elect to exchange all of its shares and warrants for any such additional securities issued by the Company in a subsequent financing (as defined in the November Purchase Agreement), on the same terms and conditions as provided to the investors in a subsequent financing on a $ 1 for $ 1 basis, in lieu of cash consideration (the "November Most Favored Nation"). | If the Company contemplates a private placement of ordinary shares and warrants with an aggregate offering amount which is no greater than $ 20,000 or in any other private placement that occurs prior to December 1, 2012 (the "Private Placement"), in which the equity price and equity linked pricing terms are more favorable to the investors, the Company will modify the terms to reflect any more favorable pricing terms provided to the other investors in the Private Placement on a $ 1 for $ 1 basis, in lieu of cash consideration. | (i) the six month anniversary of the effective date of a registration statement or (ii) the date immediately following the 20 consecutive trading days wherein the trading volume for the Ordinary Shares or ADSs exceeds $ 100 per trading day, each investor may elect to exchange all of its shares and warrants for any such additional securities issued by the Company in a subsequent financing on the same terms and conditions as provided to the investors in a subsequent financing (the " December Most Favored Nation"). | (i) the six month anniversary of the effective date of a registration statement or (ii) the date immediately following the 20 consecutive trading days wherein the trading volume for the Ordinary Shares or ADSs exceeds $ 100 per trading day, each investor may elect to exchange all of its shares and warrants for any such additional securities issued by the Company in a subsequent financing on the same terms and conditions as provided to the investors in a subsequent financing (the " December Most Favored Nation"). | (i) the two year anniversary of the effective date of a registration statement or (ii) the date immediately following the 20 consecutive trading days wherein the trading volume for the ordinary shares or ADSs exceeds $ 100 per trading day (the "Expiration Date"), each investor may elect to exchange all of its shares and January Warrants for any such additional securities issued by the Company in a subsequent financing (as defined in the January Purchase Agreement), on the same terms and conditions as provided to the investors in a subsequent financing on a $ 1 for $ 1 basis, in lieu of cash consideration (the "January Most Favored Nation"). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds From Issuance Of Detachable Warrant and Freestanding Liability Instrument | 17 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds From Issuance Of Common Stock | 1,503 | 37 | 6,753 | 23 | 312 | 0 | 0 | 951 | 400 | 522 | 118 | 75 | 60 | 253 | 253 | 1,277 | 11,993 | 118 | 429 | 290 | |||||||||||||||||||||||||||||||||||||||||||||
Proceeds From Issuance Of Stock and Warrants | 190 | 670 | 811 | 90 | 331 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted To Purchase Ordinary Shares Value | 5 | 43,035 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advisory and Legal Services Expenses | 70 | 14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Resale Agreement, Percentage Of Ordinary Shares | 133.00% | 133.00% | 133.00% | 133.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage Of Original Invested Amount To Pay For Each Investor | 1.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage Of Interest Rate Per Month | 1.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant Cancelled Per Share (in dollars per share) | $0.00 | $0.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Closing Price Of Ordinary Shares (in dollars per share) | $3.75 | $3.75 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Daily Volume Of Ordinary Shares (in shares) | 75,000 | 75,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum Percentage Of Beneficial Owned Of Ordinary Shares | 4.90% | 4.90% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds From Detachable Warrant | 77 | 382 | 41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock and Warrants Issuance Cost | 70 | 14 | 613 | 91 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Expense Of Warrants | 2 | 37 | 43 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments of Stock Issuance Costs | 48 | 163 | 12 | 21 | 23 | 33 | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event, Amount Inestimable | 3,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted To Purchase Ordinary Shares Contractual Life | 5 years | 5 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Stock Issued To Previous Investors | 4,046,692 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Stock Issuable On Exercise Of Warrants | 1,259,092 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage Of Principal To Be Paid To Investors | 1.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate In Case Of Failure | 1.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 30,000 | 20,475 | 300,000 | 2,988 | 410,000 | 152,000 | 200,000 | 760,000 | 100,000 | 510,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Option Exercise Price | $2 | $2 | $2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Adjustment of Warrants | 21 | 195 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassified Related Liability In Additional Paid In Capital | $35 | $83 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise Price of Warrant | $2 | $0.57 |