Progenics Pharmaceuticals (PGNX) 10-Q 6 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	3 Months Ended
	Mar. 31, 2015	1-May-15	Jun. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	PROGENICS PHARMACEUTICALS INC
Entity Central Index Key	835887
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$165,112,553
Entity Common Stock, Shares Outstanding		69,644,949
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15

CONSOLIDATED_BALANCE_SHEETS_Un

CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$108,430	$119,302
Accounts receivable, net	152	109
Other current assets	3,006	2,515
Total current assets	111,588	121,926
Fixed assets, at cost, net of accumulated depreciation and amortization	2,473	2,552
Intangible assets, net (Note 5)	28,700	28,700
Goodwill	7,702	7,702
Other assets	157	157
Total assets	150,620	161,037
Current liabilities:
Accounts payable and accrued expenses	5,301	6,570
Other current liabilities	115	115
Total current liabilities	5,416	6,685
Contingent consideration liability	17,500	17,200
Deferred tax liability - long term	11,332	11,332
Other liabilities	899	911
Total liabilities	35,147	36,128
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock, $.001 par value; 20,000,000 shares authorized; issued and outstanding - none	0	0
Common stock, $.0013 par value; 160,000,000 shares authorized; issued - 69,844,949 in 2015 and 69,832,949 in 2014	91	91
Additional paid-in capital	590,644	589,826
Accumulated deficit	-472,521	-462,267
Treasury stock, at cost (200,000 shares in 2015 and 2014)	-2,741	-2,741
Total stockholders' equity	115,473	124,909
Total liabilities and stockholders' equity	$150,620	$161,037

CONSOLIDATED_BALANCE_SHEETS_Un1

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Stockholders' equity:
Preferred stock, par value	$0.00	$0.00
Preferred stock, authorized	20,000,000	20,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$0.00	$0.00
Common stock, authorized	160,000,000	160,000,000
Common stock, issued	69,844,949	69,832,949
Common stock, shares outstanding (in shares)	69,644,949	69,632,949
Treasury stock, shares	200,000	200,000

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Royalty income	$174	$735
Collaboration revenue	65	1,049
Other revenues	9	31
Total revenues	248	1,815
Expenses:
Research and development	6,463	6,919
License fees - research and development	-16	90
Royalty expense	42	82
General and administrative	3,593	3,405
Depreciation and amortization	132	144
Change in contingent consideration liability	300	500
Total expenses	10,514	11,140
Operating income (loss)	-10,266	-9,325
Other income:
Interest income	12	12
Total other income	12	12
Net income (loss)	($10,254)	($9,313)
Net loss per share - basic and diluted	($0.15)	($0.15)
Weighted-average shares - basic and diluted	69,637	63,958

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Comprehensive loss:
Comprehensive loss	($10,254)	($9,313)

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (USD $)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Total
In Thousands, except Share data
Balance, beginning at Dec. 31, 2013	$79	$548,510	($466,677)	($192)	($2,741)	$78,979
Balance, beginning (in shares) at Dec. 31, 2013	61,025,000				-200,000
Net loss			-9,313			-9,313
Compensation expenses for share-based payment arrangements		773				773
Sale of common stock in public offering, net of underwriting discounts and commissions and offering expenses	12	37,443				37,455
Public Offering shares issued	8,750,000					8,750,000
Balance, ending at Mar. 31, 2014	91	586,726	-475,990	-192	-2,741	107,894
Balance, ending (in shares) at Mar. 31, 2014	69,775,000				-200,000
Balance, beginning at Dec. 31, 2014	91	589,826	-462,267	0	-2,741	124,909
Balance, beginning (in shares) at Dec. 31, 2014	69,833,000				-200,000
Net loss			-10,254			-10,254
Compensation expenses for share-based payment arrangements		757				757
Exercise of stock options		61				61
Exercise of stock options (in shares)	12,000
Balance, ending at Mar. 31, 2015	$91	$590,644	($472,521)	$0	($2,741)	$115,473
Balance, ending (in shares) at Mar. 31, 2015	69,845,000				-200,000

CONSOLIDATED_STATEMENTS_OF_STO1

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Underwriting discounts and commissions	$2,415
Offering expenses	$380

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net loss	($10,254)	($9,313)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	132	144
Gains on sales of fixed assets	-2	-43
Change in contingent consideration liability	300	500
Expenses for share-based compensation awards	757	773
Changes in assets and liabilities:
(Increase) decrease in accounts receivable	-43	2,062
(Increase) in other current assets	-491	-905
(Increase) in other assets	0	-1
(Decrease) in accounts payable and accrued expenses	-1,269	-2,531
(Decrease) in other liabilities	-12	-1
Net cash used in operating activities	-10,882	-9,315
Cash flows from investing activities:
Capital expenditures	-53	-10
Proceeds from sales of fixed assets	2	46
Net cash (used in) provided by investing activities	-51	36
Cash flows from financing activities:
Proceeds from public offering of common stock, net of underwriting discounts and commissions and offering expenses	0	37,455
Proceeds from the exercise of stock options	61	0
Net cash provided by financing activities	61	37,455
Net (decrease) increase in cash and cash equivalents	-10,872	28,176
Cash and cash equivalents at beginning of period	119,302	65,860
Cash and cash equivalents at end of period	$108,430	$94,036

Interim_Financial_Statements

Interim Financial Statements	3 Months Ended
	Mar. 31, 2015
Interim Financial Statements [Abstract]
Interim Financial Statements	1.  Interim Financial Statements
	Progenics Pharmaceuticals, Inc. (the Company, Progenics, we or us) develops innovative medicines for oncology. Our clinical development efforts center on later-stage oncology assets. We have completed phase 2 clinical trials of our therapeutic candidate for prostate cancer, PSMA ADC, a fully human monoclonal antibody-drug conjugate (ADC), and 1404 (trofolastat), an imaging agent candidate also for prostate cancer. We resumed a pivotal phase 2 clinical trial of Azedra™, our ultra-orphan radiotherapy candidate for pheochromocytoma. We are moving forward with MIP-1095 into clinical development and plan to file an Investigational New Drug (IND) application in the U.S.
	On April 1, 2015, Valeant Pharmaceuticals International, Inc. acquired Salix Pharmaceuticals, Ltd., and Salix became a wholly-owned subsidiary of Valeant (references hereinafter to "Valeant" refer to Salix and Valeant as a consolidated entity as a result of the acquisition). We have licensed to Valeant our first commercial drug Relistor® (methylnaltrexone bromide) subcutaneous injection for the treatment of opioid induced constipation (OIC), which in September 2014 received an expanded approval from the U.S. Food and Drug Administration (FDA) for the treatment of OIC in patients taking opioids for chronic non-cancer pain, and we expect an upcoming U.S. New Drug Application (NDA) filing for the oral indication. Recently, Relistor received a positive opinion from the Committee for Medicinal Products for Human Use of the European Medicines Agency for the treatment of OIC in adults with chronic non-cancer pain. We have partnered other internally-developed or acquired compounds and technologies with third parties. We continue to consider opportunities for strategic collaborations, out-licenses and other arrangements with biopharmaceutical companies involving proprietary research, development and clinical programs, and may in the future also in-license or acquire additional oncology compounds and/or programs.
	Our current principal sources of revenue from operations are royalty, commercialization milestone and revenue-sharing payments from Valeant's Relistor operations. Royalty and milestone payments from Relistor depend on success in development and commercialization, which is dependent on many factors, such as Valeant's efforts, decisions by the FDA and other regulatory bodies, competition from drugs for the same or similar indications, and the outcome of clinical and other testing of Relistor.
	We fund our operations to a significant extent from capital-raising. In the first quarter of 2014, we raised $37.5 million in an underwritten public offering of 8.75 million shares of common stock at a public offering price of $4.60 per share, and entered into an agreement with an investment bank under which we may sell from time to time up to $50 million of our stock.
	Progenics commenced principal operations in 1988, became publicly traded in 1997 and throughout has been engaged primarily in research and development efforts, establishing corporate collaborations and related activities. Certain of our intellectual property rights are held by wholly owned subsidiaries. All of our operations are conducted at our facilities in Tarrytown, New York. We operate under a single research and development segment.
	Funding and Financial Matters. At March 31, 2015 we held $108.4 million in cash and cash equivalents, a decrease of $10.9 million from $119.3 million at 2014 year-end. We expect that this amount will be sufficient to fund operations as currently anticipated beyond one year. We expect to require additional funding in the future, the availability of which is never guaranteed and may be uncertain. We expect that we may continue to incur operating losses for the foreseeable future.
	Our interim Consolidated Financial Statements have been prepared in accordance with applicable presentation requirements, and accordingly do not include all information and disclosures necessary for a presentation of our financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America (GAAP). In the opinion of management, these financial statements reflect all adjustments, consisting primarily of normal recurring accruals necessary for a fair statement of results for the periods presented. The results of operations for interim periods are not necessarily indicative of the results for the full year. Our interim financial statements should be read in conjunction with the financial statements and notes thereto contained in our 2014 Annual Report on Form 10-K. The year-end consolidated balance sheet data in these financial statements were derived from audited financial statements but do not include all disclosures required by GAAP. Certain amounts have been reclassified in prior periods' financial statements to conform to the current year presentation. This includes the reclassification of (i) certain expenses for share-based compensation from research and development to general and administrative expenses and (ii) certain non-cash items from general and administrative expenses to change in contingent consideration liability, which reclassifications had no effect on total expenses as previously reported.

Revenue_Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2015
Revenue Recognition [Abstract]
Revenue Recognition	2.  Revenue Recognition
	The Company recognizes revenue from all sources based on the provisions of the SEC's Staff Accounting Bulletin (SAB) No. 104 (SAB 104) of the Securities and Exchange Commission (SEC) and ASC 605 Revenue Recognition. Under ASC 605, delivered items are separate units of accounting, provided (i) the delivered items have value to a collaborator on a stand-alone basis, and (ii) if the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered items is considered probable and substantially in our control. We recognize revenue for payments that are contingent upon performance solely by our collaborator immediately upon the achievement of the defined event if we have no related performance obligations. A separate update to ASC 605 provides guidance on the criteria that should be met when determining whether the milestone method of revenue recognition is appropriate.
	There have been no changes to our revenue recognition accounting policies in the first quarter of 2015. These policies are disclosed in Note 2 to the consolidated financial statements included in our 2014 Annual Report on Form 10-K.
	Under our 2012 agreement with FUJIFILM RI Pharma Co., Ltd. (Fuji) for the development of 1404 in Japan, we recognized as revenue a $1.0 million payment contingent on execution of the first contract by Fuji with an investigation site for a phase 1 trial in the first quarter of 2014.

Net_Loss_Per_Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2015
Net Loss Per Share [Abstract]
Net Loss Per Share	3.  Net Loss Per Share
	Our basic net loss per share amounts have been computed by dividing net loss by the weighted-average number of common shares outstanding during the period. For each of the periods presented below, we reported net losses and, accordingly, potential common shares were not included since such inclusion would have been anti-dilutive. The calculations of net loss per share, basic and diluted, are as follows:
		Net Loss			Weighted Average Common Shares		Per Share
		(Numerator)			(Denominator)		Amount
					(in thousands)
	Three months ended March 31, 2015
	Basic and diluted	$	(10,254	)		69,637	$	(0.15	)
	Three months ended March 31, 2014
	Basic and diluted	$	(9,313	)		63,958	$	(0.15	)
	For these periods, anti-dilutive common shares excluded from diluted per share amounts consist of the following:
		Three Months Ended March 31,
		2015					2014
		Weighted			Weighted		Weighted			Weighted
		Average			Average		Average			Average
		Number			Exercise Price		Number			Exercise Price
		(in thousands)					(in thousands)
	Options		6,259		$	10.06		5,868		$	10.74
	Contingent consideration liability		2,781					3,168
	Total		9,040					9,036

InProcess_Research_and_Develop

In-Process Research and Development and Goodwill	3 Months Ended
	Mar. 31, 2015
In-Process Research and Development and Goodwill [Abstract]
In-Process Research and Development and Goodwill [Text Block]	4.  In-Process Research and Development and Goodwill
	The fair values of in-process research and development (IPR&D) acquired in business combinations are capitalized. The Company utilizes the "income method," which applies a probability weighting that considers the risk of development and commercialization to the estimated future net cash flows that are derived from projected sales revenues and estimated costs. These projections are based on factors such as relevant market size, patent protection, historical pricing of similar products and expected industry trends. The estimated future net cash flows are then discounted to the present value using an appropriate discount rate. This analysis is performed for each project independently. These assets are treated as indefinite-lived intangible assets until completion or abandonment of the projects, at which time the assets are amortized over the remaining useful life or written off, as appropriate. IPR&D intangible assets which are determined to have a decline in their fair value are adjusted downward and an impairment loss is recognized in the Consolidated Statements of Operations. These are tested at least annually or when a triggering event occurs that could indicate a potential impairment.
	Goodwill represents excess consideration in a business combination over the fair value of identifiable net assets acquired. Goodwill is not amortized, but is subject to impairment testing at least annually or when a triggering event occurs that could indicate a potential impairment. The Company determines whether goodwill may be impaired by comparing the fair value of the reporting unit (the Company has determined that it has only one reporting unit for this purpose), calculated as the product of shares outstanding and the share price as of the end of a period, to its carrying value (for this purpose, the Company's total stockholders' equity). No goodwill impairment has been recognized as of March 31, 2015 or 2014.
	The following tables summarize the activity related to the Company's goodwill and indefinite lived IPR&D:
		Goodwill		IPR&D
	Balance at January 1, 2015	$	7,702	$	28,700
	Impairment		-		-
	Balance at March 31, 2015	$	7,702	$	28,700
		Goodwill		IPR&D
	Balance at January 1, 2014	$	7,702	$	31,360
	Impairment		-		-
	Balance at March 31, 2014	$	7,702	$	31,360

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
Fair Value Measurements [Abstract]
Fair Value Measurements	5.  Fair Value Measurements
	We record the contingent consideration liability resulting from the Molecular Insight Pharmaceuticals, Inc. (MIP) acquisition at fair value in accordance with ASC 820-10-50.
	The following tables present our money market funds and contingent consideration liability measured at fair value on a recurring basis as of the dates indicated, classified by valuation hierarchy:
					Fair Value Measurements at March 31, 2015
			Balance at		Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs			Significant Unobservable Inputs
			31-Mar-15		(Level 1)			(Level 2)			(Level 3)
	Assets:
	Money market funds		$	102,818	$	102,818		$	-		$	-
	Total Assets		$	102,818	$	102,818		$	-		$	-
	Liability:
	Contingent consideration		$	17,500	$	-		$	-		$	17,500
	Total Liability		$	17,500	$	-		$	-		$	17,500
					Fair Value Measurements at December 31, 2014
			Balance at		Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs			Significant Unobservable Inputs
			31-Dec-14		(Level 1)			(Level 2)			(Level 3)
	Assets:
	Money market funds		$	112,808	$	112,808		$	-		$	-
	Total Assets		$	112,808	$	112,808		$	-		$	-
	Liability:
	Contingent consideration		$	17,200	$	-		$	-		$	17,200
	Total Liability		$	17,200	$	-		$	-		$	17,200
	The estimated fair value of the contingent consideration liability of $17,500 as of March 31, 2015, represents future potential milestone payments to former MIP stockholders. The Company considers this liability a Level 3 instrument (one with significant unobservable inputs) in the fair value hierarchy. The estimated fair value was determined based on probability adjusted discounted cash flow and Monte Carlo simulation models that included significant estimates and assumptions pertaining to commercialization events and sales targets. The most significant unobservable inputs were the probabilities of achieving regulatory approval of the development projects and subsequent commercial success and discount rates.
	Significant changes in any of the probabilities of success would result in a significantly higher or lower fair value measurement, respectively. Significant changes in the probabilities as to the periods in which milestones will be achieved would result in a significantly lower or higher fair value measurement, respectively. The Company records the contingent consideration liability at fair value with changes in estimated fair values recorded in change in contingent consideration liability in the Consolidated Statements of Operations.
	The following table presents quantitative information pertaining to the March 31, 2015 fair value measurement of the Level 3 inputs. The assumptions remained unchanged since December 31, 2014:
			Fair Value as of		Fair Value as of December 31, 2014		Valuation Technique		Unobservable Input	Range
			31-Mar-15							(Weighted Average)
	Contingent consideration
	liability:
	Azedra commercialization		$	2,400	$	2,300	Probability adjusted discounted cash flow model		Probability of success		40%
									Period of milestone expected achievement		2018
									Discount rate		10%
	1404 commercialization		$	3,900	$	3,800	Probability adjusted discounted cash flow model		Probability of success		59%
									Period of milestone expected achievement		2019
									Discount rate		10%
	MIP-1095 commercialization		$	400	$	400	Probability adjusted discounted cash flow model		Probability of success		19%
									Period of milestone expected achievement		2023
									Discount rate		10%
	Net sales targets		$	10,800	$	10,700	Monte-Carlo simulation		Probability of success		19% - 59%
											-37.40%
									Period of milestone expected achievement		2019 - 2026
									Discount rates (1)		12%/3.5%
	-1	At March 31, 2015 and December 31, 2014, net sales targets contingent consideration liability was derived from a model under a risk neutral framework resulting in the application of 12% and 3.5% discount rates to estimated cash flows.
	For those financial instruments with significant Level 3 inputs, the following table summarizes the activities for the periods indicated:
			Liability – Contingent Consideration
			Fair Value Measurements Using Significant
			Unobservable Inputs
			(Level 3)
			For the Three Months Ended March 31,
	Description		2015		2014
	Balance at beginning of period		$	17,200	$	$15,700
	Fair value change to contingent consideration included in net loss			300		500
	Balance at end of period		$	17,500	$	16,200
	Changes in unrealized gains or losses for the period included in earnings (or changes in net assets) for liabilities held at the end of the reporting period		$	300	$	$500

Accounts_Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2015
Accounts Receivable [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	6.  Accounts Receivable
	Our accounts receivable represent amounts due to Progenics from collaborators, royalties and sales of research reagents, and at the below dates consisted of the following:
		31-Mar-15			31-Dec-14
	Collaborators	$	64		$	14
	Royalties		44			40
	Other		54			65
			162			119
	Less, allowance for doubtful accounts		(10	)		(10	)
	Total	$	152		$	109

Accounts_Payable_and_Accrued_E

Accounts Payable and Accrued Expenses	3 Months Ended
	Mar. 31, 2015
Accounts Payable and Accrued Expenses [Abstract]
Accounts Payable and Accrued Expenses	7.  Accounts Payable and Accrued Expenses
	The carrying value of our accounts payable and accrued expenses approximates fair value, as it represents amounts due to vendors and employees which will be satisfied within one year. Accounts payable and accrued expenses at the below dates consisted of the following:
		31-Mar-15		31-Dec-14
	Accrued consulting and clinical trial costs	$	1,992	$	2,662
	Accrued payroll and related costs		666		1,722
	Legal and professional fees		1,333		1,063
	Accounts payable and other		1,310		1,123
	Total	$	5,301	$	6,570

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies	8.  Commitments and Contingencies
	In the ordinary course of our business, we enter into agreements with third parties, such as business partners, clinical sites and suppliers, that include usual and customary indemnification provisions. We generally reciprocally agree to indemnify, hold harmless and reimburse indemnified parties for losses suffered or incurred with respect to products or product candidates, use of such products or other actions taken or omitted by the parties. The maximum potential amount of future payments we could be required to make under these indemnification provisions is frequently not limited. We have not incurred material costs to defend lawsuits or settle claims related to these provisions. As a result, the estimated fair value of liabilities relating to indemnification provisions is minimal. We have no liabilities recorded for these provisions as of March 31, 2015 and December 31, 2014.
	Progenics is a party to a proceeding brought by a former employee complaining that the Company violated the anti-retaliation provisions of the federal Sarbanes-Oxley law by terminating the former employee. The Company believes the former employee's claims are without merit and is contesting the matter vigorously. The federal District Court hearing the case issued in July 2013 an order denying our motion for summary judgment dismissing the former employee's complaint, making it likely that the proceeding will continue to trial. Given the uncertainty attendant to the proceeding, we have accrued amounts in connection with this matter which are not material to these Consolidated Financial Statements.

Net_Loss_Per_Share_Tables

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2015
Net Loss Per Share [Abstract]
Calculation of net loss per share, basic and diluted		Net Loss			Weighted Average Common Shares		Per Share
		(Numerator)			(Denominator)		Amount
					(in thousands)
	Three months ended March 31, 2015
	Basic and diluted	$	(10,254	)		69,637	$	(0.15	)
	Three months ended March 31, 2014
	Basic and diluted	$	(9,313	)		63,958	$	(0.15	)
Schedule of antidilutive common shares excluded from computation of diluted earnings per share	For these periods, anti-dilutive common shares excluded from diluted per share amounts consist of the following:
		Three Months Ended March 31,
		2015					2014
		Weighted			Weighted		Weighted			Weighted
		Average			Average		Average			Average
		Number			Exercise Price		Number			Exercise Price
		(in thousands)					(in thousands)
	Options		6,259		$	10.06		5,868		$	10.74
	Contingent consideration liability		2,781					3,168
	Total		9,040					9,036

InProcess_Research_and_Develop1

In-Process Research and Development and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2015
In-Process Research and Development and Goodwill [Abstract]
Activity related to goodwill and indefinite lived intangible assets [Text Block]	The following tables summarize the activity related to the Company's goodwill and indefinite lived IPR&D:
		Goodwill		IPR&D
	Balance at January 1, 2015	$	7,702	$	28,700
	Impairment		-		-
	Balance at March 31, 2015	$	7,702	$	28,700
		Goodwill		IPR&D
	Balance at January 1, 2014	$	7,702	$	31,360
	Impairment		-		-
	Balance at March 31, 2014	$	7,702	$	31,360

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Measurements [Abstract]
Assets and liabilities measured at fair value on recurring basis	The following tables present our money market funds and contingent consideration liability measured at fair value on a recurring basis as of the dates indicated, classified by valuation hierarchy:
					Fair Value Measurements at March 31, 2015
			Balance at		Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs			Significant Unobservable Inputs
			31-Mar-15		(Level 1)			(Level 2)			(Level 3)
	Assets:
	Money market funds		$	102,818	$	102,818		$	-		$	-
	Total Assets		$	102,818	$	102,818		$	-		$	-
	Liability:
	Contingent consideration		$	17,500	$	-		$	-		$	17,500
	Total Liability		$	17,500	$	-		$	-		$	17,500
					Fair Value Measurements at December 31, 2014
			Balance at		Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs			Significant Unobservable Inputs
			31-Dec-14		(Level 1)			(Level 2)			(Level 3)
	Assets:
	Money market funds		$	112,808	$	112,808		$	-		$	-
	Total Assets		$	112,808	$	112,808		$	-		$	-
	Liability:
	Contingent consideration		$	17,200	$	-		$	-		$	17,200
	Total Liability		$	17,200	$	-		$	-		$	17,200
Quantitative information for fair value measurement of Level 3	The following table presents quantitative information pertaining to the March 31, 2015 fair value measurement of the Level 3 inputs. The assumptions remained unchanged since December 31, 2014:
			Fair Value as of		Fair Value as of December 31, 2014		Valuation Technique		Unobservable Input	Range
			31-Mar-15							(Weighted Average)
	Contingent consideration
	liability:
	Azedra commercialization		$	2,400	$	2,300	Probability adjusted discounted cash flow model		Probability of success		40%
									Period of milestone expected achievement		2018
									Discount rate		10%
	1404 commercialization		$	3,900	$	3,800	Probability adjusted discounted cash flow model		Probability of success		59%
									Period of milestone expected achievement		2019
									Discount rate		10%
	MIP-1095 commercialization		$	400	$	400	Probability adjusted discounted cash flow model		Probability of success		19%
									Period of milestone expected achievement		2023
									Discount rate		10%
	Net sales targets		$	10,800	$	10,700	Monte-Carlo simulation		Probability of success		19% - 59%
											-37.40%
									Period of milestone expected achievement		2019 - 2026
									Discount rates (1)		12%/3.5%
	-1	At March 31, 2015 and December 31, 2014, net sales targets contingent consideration liability was derived from a model under a risk neutral framework resulting in the application of 12% and 3.5% discount rates to estimated cash flows.
Summary of activities in financial instruments with Level 3 inputs	For those financial instruments with significant Level 3 inputs, the following table summarizes the activities for the periods indicated:
			Liability – Contingent Consideration
			Fair Value Measurements Using Significant
			Unobservable Inputs
			(Level 3)
			For the Three Months Ended March 31,
	Description		2015		2014
	Balance at beginning of period		$	17,200	$	$15,700
	Fair value change to contingent consideration included in net loss			300		500
	Balance at end of period		$	17,500	$	16,200
	Changes in unrealized gains or losses for the period included in earnings (or changes in net assets) for liabilities held at the end of the reporting period		$	300	$	$500

Accounts_Receivable_Tables

Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2015
Accounts Receivable [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]		31-Mar-15			31-Dec-14
	Collaborators	$	64		$	14
	Royalties		44			40
	Other		54			65
			162			119
	Less, allowance for doubtful accounts		(10	)		(10	)
	Total	$	152		$	109

Accounts_Payable_and_Accrued_E1

Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2015
Accounts Payable and Accrued Expenses [Abstract]
Schedule of accounts payable and accrued expenses		31-Mar-15		31-Dec-14
	Accrued consulting and clinical trial costs	$	1,992	$	2,662
	Accrued payroll and related costs		666		1,722
	Legal and professional fees		1,333		1,063
	Accounts payable and other		1,310		1,123
	Total	$	5,301	$	6,570

Interim_Financial_Statements_D

Interim Financial Statements (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Public Offering [Abstract]
Proceeds		$37,455
Public Offering shares issued		8,750,000
Common stock offering price		$4.60
Proceeds from future sales of common stock under an agreement with investment bank	50,000
Funding and Financial Matters [Abstract]
Cash and cash equivalents at end of period	108,430	94,036	119,302	65,860
Increase (decrease) in cash and cash equivalents	($10,872)	$28,176
Minimum number of years cash will fund operations (in years)	1 year

Revenue_Recognition_Details

Revenue Recognition (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014
Revenue Recognition [Abstract]
Milestone Revenue from Fuji	$1

Net_Loss_Per_Share_Details

Net Loss Per Share (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Net Income (Loss) (Numerator) [Abstract]
Net loss basic and diluted	($10,254)	($9,313)
Weighted Average Common Shares (Denominator) Abstract
Shares outstanding, basic and diluted (in shares)	69,637	63,958
Per share amount [Abstract]
Net loss per share, basic and diluted (in dollars per share)	($0.15)	($0.15)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted Average Number (in shares)	9,040	9,036
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted Average Number (in shares)	6,259	5,868
Weighted Average Exercise Price (in dollars per share)	$10.06	$10.74
Contingent Consideration Liability [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted Average Number (in shares)	2,781	3,168

InProcess_Research_and_Develop2

In-Process Research and Development and Goodwill (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Goodwill and indefinite lived in-process research and development [Abstract]
Goodwill	$7,702	$7,702	$7,702	$7,702
Goodwill, Acquired During Period	0	0
Indefinite-Lived Intangible Assets (Excluding Goodwill)	28,700	31,360	28,700	31,360
Impairment of Indefinite Intangible Assets (Excluding Goodwill)	$0	$0

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	3 Months Ended	12 Months Ended	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Sep. 30, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	$17,500	$17,200
Azedra commercialization [Member]
Fair Value Measurements, Quantitative Information
Period of milestone expected achievement	2018	2018
Fair Value	2,400	2,300
Valuation technique	Probability adjusted discounted cash flow model	Probability adjusted discounted cash flow model
Discount Rate	10.00%	10.00%
Probability of success	40.00%	40.00%
MIP - 1404 commercialization [Member]
Fair Value Measurements, Quantitative Information
Period of milestone expected achievement	2019	2019
Fair Value	3,900	3,800
Valuation technique	Probability adjusted discounted cash flow model	Probability adjusted discounted cash flow model
Discount Rate	10.00%	10.00%
Probability of success	59.00%	59.00%
MIP-1095 commercialization [Member]
Fair Value Measurements, Quantitative Information
Period of milestone expected achievement	2023	2023
Fair Value	400	400
Valuation technique	Probability adjusted discounted cash flow model	Probability adjusted discounted cash flow model
Discount Rate	10.00%	10.00%
Probability of success	19.00%	19.00%
Net sales targets [Member]
Fair Value Measurements, Quantitative Information
Fair Value	10,800	10,700
Valuation technique	Monte-Carlo simulation	Monte-Carlo simulation
Net sales targets [Member] | Minimum [Member]
Fair Value Measurements, Quantitative Information
Period of milestone expected achievement	2019	2019
Discount Rate	3.50%	3.50%
Probability of success	19.00%	19.00%
Net sales targets [Member] | Maximum [Member]
Fair Value Measurements, Quantitative Information
Period of milestone expected achievement	2026	2026
Discount Rate	12.00%	12.00%
Probability of success	59.00%	59.00%
Net sales targets [Member] | Weighted average [Member]
Fair Value Measurements, Quantitative Information
Probability of success	37.40%	37.40%
Contingent Consideration Liability [Member]
Summary of activities in financial instruments with significant Level 3 inputs [Roll Forward]
Balance at beginning of period			17,200	15,700
Fair value change to contingent consideration included in net loss			300	500
Balance at end of period			17,500	16,200
Changes in unrealized gains or losses for the period included in earnings (or changes in net assets) for liabilities held at the end of the reporting period			300	500
Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	17,500	17,200
Money Market Funds	102,818	112,808
Asset, total	102,818	112,808
Liability, total	17,500	17,200
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	0	0
Money Market Funds	102,818	112,808
Asset, total	102,818	112,808
Liability, total	0	0
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	0	0
Money Market Funds	0	0
Asset, total	0	0
Liability, total	0	0
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	17,500	17,200
Money Market Funds	0	0
Asset, total	0	0
Liability, total	$17,500	$17,200

Accounts_Receivable_Details

Accounts Receivable (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$152	$109
Allowance for Doubtful Accounts Receivable	-10	-10
Collaborators [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	64	14
Royalties [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	44	40
Other Receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	54	65
Subtotal [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$162	$119

Accounts_Payable_and_Accrued_E2

Accounts Payable and Accrued Expenses (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Accounts Payable and Accrued Expenses [Abstract]
Accrued consulting and clinical trial costs	$1,992	$2,662
Accrued payroll and related costs	666	1,722
Legal and professional fees	1,333	1,063
Accounts payable	1,310	1,123
Total	$5,301	$6,570