Vericel (VCEL) 10-Q 14 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	8-May-15
Document and Entity Information
Entity Registrant Name	Vericel Corp
Entity Central Index Key	887359
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		23,785,653
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets:
Cash	$25,903	$30,343
Accounts receivable (net of allowance for doubtful accounts of $86 and $40, respectively)	9,166	8,191
Inventory	2,005	1,920
Other current assets	845	1,036
Total current assets	37,919	41,490
Property and equipment, net	3,446	2,892
Intangible assets	3,127	3,197
Total assets	44,492	47,579
Current liabilities:
Accounts payable	6,726	5,824
Accounts Payable and Accrued Liabilities, Current	4,320	4,714
Warrant liabilities	1,398	1,081
Other	180	210
Total current liabilities	12,624	11,829
Long term debt	100	109
Other long-term liabilities	66	0
Total liabilities	12,790	11,938
COMMITMENTS AND CONTINGENCIES (Note 13)
Shareholders' equity:
Series B-2 voting convertible preferred stock, no par value: shares authorized and reserved — 39, shares issued and outstanding — 12	38,389	38,389
Common stock, no par value; shares authorized — 75,000; shares issued and outstanding — 23,786	305,931	305,008
Other comprehensive loss	-71	-71
Accumulated deficit	-312,547	-307,685
Total shareholders’ equity	31,702	35,641
Total liabilities and shareholders’ equity	$44,492	$47,579

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Per Share data, unless otherwise specified
Allowance for doubtful accounts	$86	$40
Par value of common stock (in dollars per share)	$0	$0
Common Stock, shares authorized	75,000	75,000
Common Stock, shares issued	23,786	23,786
Common Stock, shares outstanding	23,786	23,786
Convertible Preferred Stock
Par value of convertible preferred stock (in dollars per share)	$0	$0
Convertible preferred stock, shares authorized	39	39
Convertible preferred stock, shares reserved	39	39
Convertible preferred stock, shares issued	12	12
Convertible preferred stock, shares outstanding	12	12

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Product sales	$10,849	$0
Total revenues	10,849	0
Costs and expenses:
Cost of product sales	5,568	0
Gross profit	5,281	0
Research and development	4,377	3,271
Selling, general and administrative	5,476	1,374
Total operating expenses	9,853	4,645
Loss from operations	-4,572	-4,645
Other income (expense):
Increase in fair value of warrants	-317	-1,352
Foreign currency translation gain	16	0
Interest income	13	4
Interest expense	-2	-2
Total other income (expense)	-290	-1,350
Net loss	($4,862)	($5,995)
Net loss per share attributable to common shareholders (Basic and Diluted) (see note 10)	($0.27)	($1.26)
Weighted average number of common shares outstanding (Basic and Diluted)	23,786	5,868

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net loss	($4,862)	($5,995)
Other comprehensive loss
Foreign currency translation	-71	0
Comprehensive loss	($4,933)	($5,995)

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Operating activities:
Net loss	($4,862)	($5,995)
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation and amortization	328	97
Stock compensation expense	922	270
Change in fair value of warrants	317	1,352
Foreign currency translation gain	-16	0
Gain on sales of fixed assets	-35	0
Changes in operating assets and liabilities:
Inventory	-85	0
Accounts receivable	-975	0
Other current assets	191	17
Accounts payable	460	-201
Accrued expenses	-394	-214
Other non-current assets and liabilities, net	36	0
Net cash used for operating activities	-4,113	-4,674
Investing activities:
Expenditures for property, plant and equipment	-353	0
Other	35	0
Net cash used for investing activities	-318	0
Financing activities:
Net proceeds from issuance of common stock and warrants	0	5,455
Payments on long-term debt	-9	-4
Net cash provided by financing activities	-9	5,451
Net increase (decrease) in cash	-4,440	777
Cash at beginning of period	30,343	8,059
Cash at end of period	25,903	8,836
Supplemental cash flow information (non-cash):
Additions to equipment in process included in accounts payable	458	0
Warrants exchanged for common stock	$0	$145

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	Organization
	Vericel Corporation a Michigan corporation, which was formerly known as Aastrom Biosciences, Inc., (the Company, Vericel, we, us or our) was incorporated in March 1989 and began employee-based operations in 1991. On May 30, 2014, Vericel completed the acquisition of certain assets and assumed certain liabilities of Sanofi, a French société anonyme (Sanofi), including all of the outstanding equity interests of Genzyme Biosurgery ApS (Genzyme Denmark or the Danish subsidiary) (now known as Åström BIOSCIENCES DK ApS), a wholly-owned subsidiary of Sanofi, and over 250 patents and patent applications of Sanofi and certain of its subsidiaries for purposes of acquiring the portion of the cell therapy and regenerative medicine business (the CTRM Business), which researches, develops, manufactures, markets and sells the Carticel®, MACI™, and Epicel® products. The Company is a fully integrated, commercial-stage biopharmaceutical company dedicated to the identification, development and commercialization of innovative therapies that enable the body to repair and regenerate damaged tissues and organs to restore normal structure and function. Vericel has marketed products as well as developmental stage product candidates and the Company’s goal is to become the leader in cell therapy and regenerative medicine by developing, manufacturing and marketing best-in-class therapies for patients with significant unmet medical needs.
	The Company operates its business primarily in the U.S. in one reportable segment — the research, product development, manufacture and distribution of patient-specific, expanded cellular therapies for use in the treatment of specific diseases.
	Successful future operations are subject to several technical hurdles and risk factors, including satisfactory product development, timely initiation and completion of clinical trials, regulatory approval and market acceptance of the Company’s products, and the successful integration and profitability of the CTRM Business.

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2015
BASIS OF PRESENTATION
BASIS OF PRESENTATION	Basis of Presentation
	The condensed consolidated financial statements included herein have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC).  The preparation of condensed consolidated financial statements in conformity with generally accepted accounting principles in the United States of America (U.S. GAAP) requires management to make estimates, judgments, and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues and expenses. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. The financial statements reflect, in the opinion of management, all adjustments (consisting only of normal, recurring adjustments) necessary to state fairly the financial position and results of operations as of and for the periods indicated.  The results of operations for the three months ended March 31, 2015, are not necessarily indicative of the results to be expected for the full year or for any other period.  The December 31, 2014 condensed consolidated balance sheet data was derived from the Company’s audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP.
	These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the period ended December 31, 2014, as filed with the SEC on March 25, 2015 (Annual Report).
	The condensed consolidated financial statements include the accounts of Vericel and its wholly-owned subsidiaries, Marrow Donation, LLC, located in San Diego, California, and Åström BIOSCIENCES DK ApS, in Kastrup, Demark (collectively, the Company).  All inter-company transactions and accounts have been eliminated in consolidation.  Aastrom Biosciences GmbH ceased operations in 2014.

RECENT_ACCOUNTING_PRONOUNCEMEN

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	Accounting Pronouncements
	Revenue Recognition
	In May 2014, the Financial Accounting Standards Board (FASB) issued authoritative guidance requiring entities to apply a new model for recognizing revenue from contracts with customers. The guidance will supersede the current revenue recognition guidance and require entities to evaluate their revenue recognition arrangements using a five step model to determine when a customer obtains control of a transferred good or service. The guidance is currently effective for annual reporting periods beginning after December 15, 2016 and may be adopted using a full or modified retrospective application. The Company is currently in the process of evaluating its revenue arrangements under the issued guidance and has not yet determined the impact to its consolidated financial statements.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2015
Business Combinations [Abstract]
ACQUISITIONS	Acquisitions
	CTRM Business acquisition
	On May 30, 2014, Vericel completed its acquisition of certain assets of Sanofi, including all of the outstanding equity interests of Genzyme Denmark, a wholly-owned subsidiary of Sanofi, and over 250 patents and patent applications and assumed certain liabilities for purposes of acquiring portions of the CTRM Business.  Vericel is a leader in developing patient-specific expanded cellular therapies for use in the treatment of patients with severe diseases and conditions.  The CTRM Business, also a leader in developing patient-specific expanded cellular therapies, expands the Company’s portfolio of cellular therapies to include products which treat severe burns and as well as cartilage defects.  The CTRM Business is a commercial business, with manufacturing, marketing and sales capabilities.  Pursuant to the terms of the asset purchase agreement, the Company paid a total purchase price of $6.5 million, including $4.0 million in cash and a $2.5 million promissory note which was repaid on July 30, 2014.
	The total purchase price consideration was as follows:
	Acquisition consideration (In thousands):	Fair Value
	Cash payment	$	4,000
	Promissory note	2,500
	Total acquisition consideration	$	6,500
	The Company recognized tangible and intangible assets and liabilities acquired based upon their respective estimated fair values as of the acquisition date. The table below shows the fair values assigned to the assets acquired and liabilities assumed. Based on this analysis, the transaction resulted in a bargain purchase gain.
	The final purchase price allocation is as follows:
	Purchase price allocation (In thousands):	Fair Value
	Cash	$	5,050
	Accounts receivable	53
	Inventory	2,039
	Other current assets	192
	Accounts payable and accrued expenses	(939		)
	Asset retirement obligation	(1,600		)
	Property and equipment	1,818
	Intangible assets	3,360
	Bargain purchase gain	(3,473		)
	Total consideration	$	6,500
	As part of the acquisition, $5.0 million in cash was received from Sanofi in order to fund the restructuring of the Denmark operations and close the facility.  In 2014, we implemented our restructuring plans for the Danish subsidiary after the consummation of the acquisition of the CTRM Business and recorded restructuring charges in the US and Denmark of $3.0 million and do not expect to incur additional costs.
	The intangible assets acquired represent commercial use rights for certain products acquired in the transaction. This fair value of $3.4 million was determined using the income approach based on projected cash flows attributed to the commercial rights. The calculated value of the commercial rights intangible assets are amortized using the straight line method over an estimated useful life of 12 years.

SELECTED_BALANCE_SHEET_COMPONE

SELECTED BALANCE SHEET COMPONENTS	3 Months Ended
	Mar. 31, 2015
Balance Sheet Related Disclosures [Abstract]
SELECTED BALANCE SHEET COMPONENTS	Selected Balance Sheet Components
	Inventory as of March 31, 2015 and December 31, 2014:
	(In thousands)	31-Mar-15			31-Dec-14
	Raw materials	$	798		$	1,078
	Work-in-process	800			458
	Finished goods	407			384
	Inventory	$	2,005		$	1,920
	Property and equipment, net as of March 31, 2015 and December 31, 2014:
	(In thousands)	31-Mar-15			31-Dec-14
	Machinery and equipment	$	3,137		$	3,135
	Furniture, fixtures and office equipment	705			777
	Computer equipment and software	787			667
	Leasehold improvements	1,711			1,691
	Construction in process	1,690			1,019
	Total property and equipment, gross	8,030			7,289
	Less: Accumulated depreciation	(4,584		)	(4,397		)
		$	3,446		$	2,892
	Depreciation expense for the three months ended March 31, 2015 and 2014 were $0.3 million and $0.1 million, respectively.
	Intangible assets, net as of March 31, 2015 and December 31, 2014:
	(In thousands)	31-Mar-15			31-Dec-14
	Commercial rights	$	3,360		$	3,360
	Less accumulated amortization	$	(233	)	$	(163	)
		$	3,127		$	3,197
	Amortization expense was $0.1 million for the three months ended March 31, 2015. There was no amortization expense in the three month period ending March 31, 2014.
	Estimated future amortization expense is as follows:
	Calendar Years Ending December 31, (In thousands)
	2015	$	210
	2016	280
	2017	280
	2018	280
	2019	280
	Thereafter	1,797
	Total	$	3,127
	Accrued expenses as of March 31, 2015 and December 31, 2014:
	(In thousands)	31-Mar-15			31-Dec-14
	Bonus	$	2,585		$	2,044
	Employee related accruals	1,219			1,281
	Accrued expenses	154			605
	Asset retirement obligation	309			348
	Other	53			436
		$	4,320		$	4,714
	Accumulated other comprehensive loss in 2014 consisted entirely of foreign currency translation activity. Foreign currency translation loss recorded in 2014 was mainly the result of the weakening U.S. dollar and its impact on intercompany balances with the Denmark subsidiary. No changes related to unrealized gains or losses in foreign currency translation were recorded during the three months ended March 31, 2015 due to a change in the functional currency of the Denmark subsidiary from the Danish Krone to the U.S. dollar.

STOCKBASED_COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION	Stock-based Compensation
	The Company can issue nonqualified and incentive stock options as well as other equity awards pursuant to its Amended and Restated 2009 Omnibus Incentive Plan, (Option Plan).  Such awards pursuant to the Option Plan may be granted by the Company’s Board of Directors to certain of the Company’s employees, directors and consultants.
	During the three months ended March 31, 2015, the Company granted 1,949,100 service-based options to purchase common stock.  The options were granted with exercise prices equal to the fair market value of the Company’s stock at the grant date, and other than those granted to non-employee directors, generally vest over four years, under a graded-vesting methodology, following the date of grant, and expire after ten years. The Company issues new shares upon the exercise of stock options. The weighted average grant-date fair value of service-based options granted under the Option Plan during the three month periods ended March 31, 2015 and 2014 was $2.22 and $2.55, respectively.
	The net compensation expense recorded for the service-based stock options related to employees and directors was $0.9 million and $0.3 million for the three months ended March 31, 2015 and 2014, respectively.  The compensation cost includes forfeiture adjustments.
	The fair value of each service-based stock option grant for the reported periods is estimated on the date of the grant using the Black-Scholes option-pricing model using the weighted average assumptions noted in the following table.
		Three Months Ended March 31,
	Service-Based Stock Options	2015		2014
	Expected dividend rate	—	%	—	%
	Expected stock price volatility	80.3 – 88.1%		82.4 – 83.3%
	Risk-free interest rate	1.5 – 1.9%		2.1 – 2.2%
	Expected life (years)	5.5 – 6.3		6.1 – 6.3
	The following table summarizes the activity for service-based stock options for the indicated periods:
	Service-Based Stock Options	Options		Weighted		Weighted Average	Aggregate
				Average		Remaining	Intrinsic Value
				Exercise Price		Contractual Term
						(Years)
	Outstanding at December 31, 2014	477,530		$	21.74	8	$	—
	Granted	1,949,100		$	2.22
	Exercised	—		$	—		$	—
	Expired	4,392		$	48.27
	Forfeited	29,250		$	3.02
	Outstanding at March 31, 2015	2,392,988		$	6.73	9.41	$	1,188,678
	Exercisable at March 31, 2015	249,627		$	31.57	7.23	$	3,448
	As of March 31, 2015 there was approximately $4.2 million of total unrecognized compensation cost related to non-vested service-based stock options granted under the Option Plan.  That cost is expected to be recognized over a weighted-average period of 3.5 years.
	The total fair value of options vested during the three months ended March 31, 2015 and 2014 was $0.3 million and $0.7 million, respectively.

STOCK_PURCHASE_WARRANTS

STOCK PURCHASE WARRANTS	3 Months Ended
	Mar. 31, 2015
Warrants and Rights Note Disclosure [Abstract]
STOCK PURCHASE WARRANTS	Stock Purchase Warrants
	The Company has historically issued warrants to purchase shares of the Company’s common stock in connection with certain of its common stock offerings.  The following warrants were outstanding at March 31, 2015, and include provisions that could require cash settlement of the warrants or have anti-dilution price protection provisions requiring each to be recorded as liabilities of the Company at the estimated fair value at the date of issuance, with changes in estimated fair value recorded as other income or expense (non-cash) in the Company’s statement of operations in each subsequent period:
		January 2010 Class			December 2010			August 2013
		A Warrants			Warrants			Warrants
	Exercise price	$	7.86		$	2.55		$	4.8
	Expiration date	July 21, 2015			December 15, 2015			August 16, 2018
	Total shares issuable on exercise	226,299			15,405			724,950
	The fair values of the warrants are measured using the Black-Scholes valuation model. Inherent in the Black-Scholes valuation model are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its common stock based on historical volatility that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates to remain at zero.
	The assumptions used by the Company are summarized in the following tables:
	January 2010 Class A Warrants	31-Mar-15			December 31, 2014
	Closing stock price	$	3.7		$	3.04
	Expected dividend rate	—			—
	Expected stock price volatility	26.3		%	45.1		%
	Risk-free interest rate	0.1		%	0.1		%
	Expected life (years)	0.31			0.55
	December 2010 Warrants	31-Mar-15			December 31, 2014
	Closing stock price	$	3.7		$	3.04
	Expected dividend rate	—			—
	Expected stock price volatility	39.8		%	99.7		%
	Risk-free interest rate	0.1		%	0.2		%
	Expected life (years)	0.71			0.96
	August 2013 Warrants	31-Mar-15			December 31, 2014
	Closing stock price	$	3.7		$	3.04
	Expected dividend rate	—			—
	Expected stock price volatility	85		%	83.2		%
	Risk-free interest rate	0.9		%	1.2		%
	Expected life (years)	3.38			3.63

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	Fair Value Measurements
	The Company’s fair value measurements are classified and disclosed in one of the following three categories:
	•	Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
	•	Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and
	•	Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
	The following table summarizes the valuation of the Company’s investments and financial instruments that are measured at fair value on a recurring basis:
			31-Mar-15								December 31, 2014
					Fair value measurement category								Fair value measurement category
	(In thousands)		Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
	Liabilities:
	Warrant liabilities		$	1,398	$	—	$	1,379	$	19	$	1,081	$	—	$	1,061	$	20
	The following table summarizes the change in the estimated fair value of the Company’s warrant liabilities:
	Warrant Liabilities (In thousands)
	Balance at December 31, 2014	$	1,081
	Warrant exercise	—
	Increase in fair value	317
	Balance at March 31, 2015	$	1,398
	A reconciliation of beginning and ending balances for the Company’s fair value measurements using Level 3 inputs is as follows:
	(In thousands)	31-Mar-15
	Beginning balance	$	20
	Decrease in fair value	(1		)
	Ending balance	$	19

PREFERRED_STOCK

PREFERRED STOCK	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
PREFERRED STOCK	Preferred Stock
	On March 9, 2012, the Company completed the sale of 12,308 shares of Series B-1 Non-Voting Convertible Preferred Stock (Series B-1 preferred stock) at an offering price of $3,250 per share.  In addition to the Series B-1 preferred stock, which was issued at the closing, the Company also authorized Series B-2 Voting Convertible Preferred Stock (Series B-2 preferred stock).  The Series B-1 preferred stock and Series B-2 preferred stock collectively are referred to as the Series B preferred stock.  The Series B preferred stock is convertible, at the option of the holder thereof at any time after the 5 years anniversary of the closing of the offering, (the Conversion date) into shares of common stock at a conversion price of $3.25 per share of common stock.  At any time after the Conversion date, the Company may elect to convert any or all outstanding shares of Series B preferred stock into shares of common stock, subject to certain limitations.  Stock dividends on the Series B preferred stock will be cumulative and compound daily, at a rate of 11.5% per annum, payable upon conversion, liquidation, redemption or other similar events, and payable in cash or Series B-1 preferred stock until the Conversion date.  As of March 31, 2015, there are approximately 259,534 shares of accumulated but undeclared Series B-1 Stock dividends.  Unless prohibited by Michigan law governing distributions to shareholders, the Series B-1 preferred stock shall be redeemable at the option of holder of the Series B-1 preferred stock commencing at any time after the Conversion date, liquidation, winding up, dissolution or other similar events, subject to certain terms and limitations.
	The Series B preferred stock does not, in its entirety, require liability classification and was evaluated for embedded features to determine if those features require bifurcation and separate classification as derivative liabilities.  The Series B preferred stock host contract was evaluated for equity or mezzanine classification based upon the nature of the redemption and conversion features.  Generally, any feature that could require cash redemption for matters not within the Company’s control, irrespective of probability of the event occurring, requires classification outside of shareholders’ equity.  The Series B preferred stock was initially recorded as mezzanine in the Condensed Consolidated Balance Sheets and was accreted to its redemption value through charges to accumulated deficit using the effective interest method.
	On August 12, 2013, the Company amended the Series B preferred stock agreement to remove the cash redemption provision, modify the liquidation preferences for the Series B-2 preferred stock and to increase the redemption price for the Series B-1 preferred stock.  The redemption price, prior to the five years anniversary, is now equal to $7,430 multiplied by the number of Series B-1 preferred shares redeemed minus the Company’s closing stock price multiplied by the number of common shares into which the outstanding Series B-2 preferred stock are convertible.  The redemption price, after the five years anniversary, is the amount equal to the greater of the Series B offering price plus accrued dividends or the conversion value in common stock.  As a result of the amendment to the agreement, the total amount of $38.4 million Series B preferred stock was reclassified from mezzanine into shareholders’ equity.

NET_LOSS_PER_COMMON_SHARE

NET LOSS PER COMMON SHARE	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
NET LOSS PER COMMON SHARE	Net Loss Per Common Share
	Basic earnings (loss) per share is calculated using the two-class method, which is an earnings allocation formula that determines earnings (loss) per share for the holders of the Company’s common shares and holders of the Series B preferred stock.  The Series B preferred stock shares contain participation rights in undistributed earnings, but do not share in the losses of the Company.  The dividends on the Series B preferred stock are treated as a reduction of earnings attributable to common shareholders.
	The following reflects the net loss attributable to common shareholders and share data used in the basic and diluted earnings per share computations using the two class method:
		Three Months Ended March 31,
	(Amounts In thousands except per share amounts)	2015			2014
	Numerator:
	Net loss	$	(4,862	)	$	(5,995	)
	Less: dividends accumulated on convertible preferred stock	1,590			1,418
	Numerator of basic and diluted EPS	$	(6,452	)	$	(7,413	)
	Denominator:
	Denominator for basic and diluted EPS:
	Weighted-average common shares outstanding	23,786			5,868
	Net loss per share attributable to common shareholders (basic and diluted)	$	(0.27	)	$	(1.26	)
	Common equivalent shares are not included in the diluted per share calculation where the effect of their inclusion would be anti-dilutive.  The aggregate number of common equivalent shares (related to options, warrants and preferred stock) that have been excluded from the computations of diluted net loss per common share at March 31, 2015 and 2014 were 4.2 million and 2.5 million respectively.

SHAREHOLDERS_EQUITY

SHAREHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	Shareholders' Equity
	On January 21, 2014, the Company entered into a purchase agreement (Purchase Agreement), together with a registration rights agreement, for the sale of up to $15.0 million of shares of its common stock to Lincoln Park, subject to certain limitations, from time to time over a 30 months period, which began on April 3, 2014 and ends on October 3, 2016.
	The Company may direct Lincoln Park, at its sole discretion, to purchase up to 50,000 shares of common stock in regular purchases, increasing to amounts of up to 100,000 shares depending upon the closing sale price of the common stock.  In addition, the Company may direct Lincoln Park to purchase additional amounts as accelerated purchases if on the date of a regular purchase the closing sale price of the common stock equals or exceeds $3.00 per share.  The purchase price of shares of common stock related to the future funding will be based on the prevailing market prices of such shares at the time of sales (or over a period of up to 10 business days leading up to such time), but in no event will shares be sold to Lincoln Park on a day the common stock closing price is less than the floor price of $2.50, subject to adjustment.  The Company controls the timing and amount of any sales of common stock to Lincoln Park. The Company’s sales of shares of common stock to Lincoln Park under the Purchase Agreement are limited to no more than the number of shares that would result in the beneficial ownership by Lincoln Park and its affiliates, at any single point in time, of more than 9.99% of the then outstanding shares of the common stock. The remaining capacity under this agreement is $11.3 million.
	At March 31, 2015 there was approximately $7.8 million of net capacity remaining on the At-the-Market Sales Agreement with MLV & Co. LLC (formerly McNicoll, Lewis & Vlak).

CONCENTRATION_OF_CREDIT_RISK

CONCENTRATION OF CREDIT RISK	3 Months Ended
	Mar. 31, 2015
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	Concentration of Credit Risk
	Revenue from one customer, a distributor in the U.S., represented approximately 63% of total revenue during the three months ended March 31, 2015.  The next largest customer represented approximately 16% of revenue for the three month period ended March 31, 2015 and no other customer accounted for more than 10% of revenue reported. Revenue primarily reflects sales related to the acquisition of the CTRM Business from Sanofi since May 30, 2014.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Commitments and Contingencies
	The Company leases facilities in Ann Arbor, Michigan; Cambridge, Massachusetts and Kastrup, Denmark. In March 2015, the Company amended a portion of the property lease in Ann Arbor which is reflected in the future minimum payments below. In addition to the property leases, the Company also leases various vehicles and computer equipment.
	As of March 31, 2015, future minimum payments related to leases are as follows:
	(In thousands)	Total		2015		2016		2017		2018		More than 5 Years
	Operating leases	$	8,761	$	3,111	$	4,047	$	1,350	$	253	$	—
	Capital leases	150		32		43		43		32		—
	Total	$	8,911	$	3,143	$	4,090	$	1,393	$	285	$	—
	Rent expense for the three months ended March 31, 2015 and 2014 was $1.2 million and $0.3 million, respectively.

RECENT_ACCOUNTING_PRONOUNCEMEN1

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Revenue Recognition	Revenue Recognition
	In May 2014, the Financial Accounting Standards Board (FASB) issued authoritative guidance requiring entities to apply a new model for recognizing revenue from contracts with customers. The guidance will supersede the current revenue recognition guidance and require entities to evaluate their revenue recognition arrangements using a five step model to determine when a customer obtains control of a transferred good or service. The guidance is currently effective for annual reporting periods beginning after December 15, 2016 and may be adopted using a full or modified retrospective application. The Company is currently in the process of evaluating its revenue arrangements under the issued guidance and has not yet determined the impact to its consolidated financial statements.

ACQUISITIONS_Tables

ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2015
Business Combinations [Abstract]
Schedule of total purchase price allocation	The total purchase price consideration was as follows:
	Acquisition consideration (In thousands):	Fair Value
	Cash payment	$	4,000
	Promissory note	2,500
	Total acquisition consideration	$	6,500
Schedule of preliminary purchase price allocation	The final purchase price allocation is as follows:
	Purchase price allocation (In thousands):	Fair Value
	Cash	$	5,050
	Accounts receivable	53
	Inventory	2,039
	Other current assets	192
	Accounts payable and accrued expenses	(939		)
	Asset retirement obligation	(1,600		)
	Property and equipment	1,818
	Intangible assets	3,360
	Bargain purchase gain	(3,473		)
	Total consideration	$	6,500

SELECTED_BALANCE_SHEET_COMPONE1

SELECTED BALANCE SHEET COMPONENTS (Tables)	3 Months Ended
	Mar. 31, 2015
Balance Sheet Related Disclosures [Abstract]
Schedule of inventory	Inventory as of March 31, 2015 and December 31, 2014:
	(In thousands)	31-Mar-15			31-Dec-14
	Raw materials	$	798		$	1,078
	Work-in-process	800			458
	Finished goods	407			384
	Inventory	$	2,005		$	1,920
Schedule of property and equipment, net	Property and equipment, net as of March 31, 2015 and December 31, 2014:
	(In thousands)	31-Mar-15			31-Dec-14
	Machinery and equipment	$	3,137		$	3,135
	Furniture, fixtures and office equipment	705			777
	Computer equipment and software	787			667
	Leasehold improvements	1,711			1,691
	Construction in process	1,690			1,019
	Total property and equipment, gross	8,030			7,289
	Less: Accumulated depreciation	(4,584		)	(4,397		)
		$	3,446		$	2,892
Schedule of intangible assets, net	Intangible assets, net as of March 31, 2015 and December 31, 2014:
	(In thousands)	31-Mar-15			31-Dec-14
	Commercial rights	$	3,360		$	3,360
	Less accumulated amortization	$	(233	)	$	(163	)
		$	3,127		$	3,197
Schedule of estimated future amortization expense	Estimated future amortization expense is as follows:
	Calendar Years Ending December 31, (In thousands)
	2015	$	210
	2016	280
	2017	280
	2018	280
	2019	280
	Thereafter	1,797
	Total	$	3,127
Schedule of accounts payable and accrued expenses	Accrued expenses as of March 31, 2015 and December 31, 2014:
	(In thousands)	31-Mar-15			31-Dec-14
	Bonus	$	2,585		$	2,044
	Employee related accruals	1,219			1,281
	Accrued expenses	154			605
	Asset retirement obligation	309			348
	Other	53			436
		$	4,320		$	4,714

STOCKBASED_COMPENSATION_Tables

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of weighted average assumptions used to estimate fair value of each service-based stock option grant	The fair value of each service-based stock option grant for the reported periods is estimated on the date of the grant using the Black-Scholes option-pricing model using the weighted average assumptions noted in the following table.
		Three Months Ended March 31,
	Service-Based Stock Options	2015		2014
	Expected dividend rate	—	%	—	%
	Expected stock price volatility	80.3 – 88.1%		82.4 – 83.3%
	Risk-free interest rate	1.5 – 1.9%		2.1 – 2.2%
	Expected life (years)	5.5 – 6.3		6.1 – 6.3
Summary of activity for service-based stock options	The following table summarizes the activity for service-based stock options for the indicated periods:
	Service-Based Stock Options	Options		Weighted		Weighted Average	Aggregate
				Average		Remaining	Intrinsic Value
				Exercise Price		Contractual Term
						(Years)
	Outstanding at December 31, 2014	477,530		$	21.74	8	$	—
	Granted	1,949,100		$	2.22
	Exercised	—		$	—		$	—
	Expired	4,392		$	48.27
	Forfeited	29,250		$	3.02
	Outstanding at March 31, 2015	2,392,988		$	6.73	9.41	$	1,188,678
	Exercisable at March 31, 2015	249,627		$	31.57	7.23	$	3,448

STOCK_PURCHASE_WARRANTS_Tables

STOCK PURCHASE WARRANTS (Tables)	3 Months Ended
	Mar. 31, 2015
Warrants and Rights Note Disclosure [Abstract]
Schedule of warrants outstanding	The following warrants were outstanding at March 31, 2015, and include provisions that could require cash settlement of the warrants or have anti-dilution price protection provisions requiring each to be recorded as liabilities of the Company at the estimated fair value at the date of issuance, with changes in estimated fair value recorded as other income or expense (non-cash) in the Company’s statement of operations in each subsequent period:
		January 2010 Class			December 2010			August 2013
		A Warrants			Warrants			Warrants
	Exercise price	$	7.86		$	2.55		$	4.8
	Expiration date	July 21, 2015			December 15, 2015			August 16, 2018
	Total shares issuable on exercise	226,299			15,405			724,950
Schedule of assumptions used in calculating estimated fair value of warrants	The assumptions used by the Company are summarized in the following tables:
	January 2010 Class A Warrants	31-Mar-15			December 31, 2014
	Closing stock price	$	3.7		$	3.04
	Expected dividend rate	—			—
	Expected stock price volatility	26.3		%	45.1		%
	Risk-free interest rate	0.1		%	0.1		%
	Expected life (years)	0.31			0.55
	December 2010 Warrants	31-Mar-15			December 31, 2014
	Closing stock price	$	3.7		$	3.04
	Expected dividend rate	—			—
	Expected stock price volatility	39.8		%	99.7		%
	Risk-free interest rate	0.1		%	0.2		%
	Expected life (years)	0.71			0.96
	August 2013 Warrants	31-Mar-15			December 31, 2014
	Closing stock price	$	3.7		$	3.04
	Expected dividend rate	—			—
	Expected stock price volatility	85		%	83.2		%
	Risk-free interest rate	0.9		%	1.2		%
	Expected life (years)	3.38			3.63

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Summary of valuation of the Company's investments and financial instruments that are measured at fair value on a recurring basis	The following table summarizes the valuation of the Company’s investments and financial instruments that are measured at fair value on a recurring basis:
			31-Mar-15								December 31, 2014
					Fair value measurement category								Fair value measurement category
	(In thousands)		Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
	Liabilities:
	Warrant liabilities		$	1,398	$	—	$	1,379	$	19	$	1,081	$	—	$	1,061	$	20
Summary of change in estimated fair value of warrant liabilities	The following table summarizes the change in the estimated fair value of the Company’s warrant liabilities:
	Warrant Liabilities (In thousands)
	Balance at December 31, 2014	$	1,081
	Warrant exercise	—
	Increase in fair value	317
	Balance at March 31, 2015	$	1,398
Schedule of reconciliation of beginning and ending balances for the Company's fair value measurements using Level 3 inputs	A reconciliation of beginning and ending balances for the Company’s fair value measurements using Level 3 inputs is as follows:
	(In thousands)	31-Mar-15
	Beginning balance	$	20
	Decrease in fair value	(1		)
	Ending balance	$	19

NET_LOSS_PER_COMMON_SHARE_Tabl

NET LOSS PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Schedule of net loss attributable to common shareholders and share data used in the basic and diluted earnings per share computations using the two class method	The following reflects the net loss attributable to common shareholders and share data used in the basic and diluted earnings per share computations using the two class method:
		Three Months Ended March 31,
	(Amounts In thousands except per share amounts)	2015			2014
	Numerator:
	Net loss	$	(4,862	)	$	(5,995	)
	Less: dividends accumulated on convertible preferred stock	1,590			1,418
	Numerator of basic and diluted EPS	$	(6,452	)	$	(7,413	)
	Denominator:
	Denominator for basic and diluted EPS:
	Weighted-average common shares outstanding	23,786			5,868
	Net loss per share attributable to common shareholders (basic and diluted)	$	(0.27	)	$	(1.26	)

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum payments related to leases	As of March 31, 2015, future minimum payments related to leases are as follows:
	(In thousands)	Total		2015		2016		2017		2018		More than 5 Years
	Operating leases	$	8,761	$	3,111	$	4,047	$	1,350	$	253	$	—
	Capital leases	150		32		43		43		32		—
	Total	$	8,911	$	3,143	$	4,090	$	1,393	$	285	$	—

ORGANIZATION_Details

ORGANIZATION (Details)	3 Months Ended
	Mar. 31, 2015	30-May-14
	segment	patent
Organization
Number of reportable segments	1
CTRM Business
Organization
Number of patents and patents applications acquired		250

ACQUISITIONS_Details

ACQUISITIONS (Details) (USD $)	12 Months Ended	0 Months Ended
	Dec. 31, 2014	30-May-14	Mar. 31, 2015
Total purchase price allocation
Asset retirement obligation	($348,000)		($309,000)
Intangible assets		3,400,000
Identifiable intangible assets acquired and their estimated useful lives
Restructuring expenses	3,000,000
CTRM Business
Acquisitions
Number of patents and patents applications acquired		250
Total purchase price consideration
Cash payment		4,000,000
Promissory note		2,500,000
Total acquisition consideration		6,500,000
Total purchase price allocation
Cash		5,050,000
Accounts receivable		53,000
Inventory		2,039,000
Other current assets		192,000
Accounts payable and accrued expenses		-939,000
Asset retirement obligation		-1,600,000
Property and equipment		1,818,000
Intangible assets		3,360,000
Bargain purchase gain		-3,473,000
Total consideration		6,500,000
CTRM Business | Sanofi | Denmark
Identifiable intangible assets acquired and their estimated useful lives
Cash received in order to fund the restructuring of the Denmark operations and close the facility		$5,000,000
CTRM Business | Commercial rights
Identifiable intangible assets acquired and their estimated useful lives
Useful Life		12 years

SELECTED_BALANCE_SHEET_COMPONE2

SELECTED BALANCE SHEET COMPONENTS - INVENTORY (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Inventory:
Raw materials	$798	$1,078
Work-in-process	800	458
Finished goods	407	384
Inventory	$2,005	$1,920

SELECTED_BALANCE_SHEET_COMPONE3

SELECTED BALANCE SHEET COMPONENTS - PROPERTY PLANT AND EQUIPMENT (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Property and equipment, net:
Total property and equipment, gross	$8,030		$7,289
Less: Accumulated depreciation	-4,584		-4,397
Total, net	3,446		2,892
Depreciation and amortization	328	97
Equipment and computers
Property and equipment, net:
Total property and equipment, gross	3,137		3,135
Furniture and fixtures
Property and equipment, net:
Total property and equipment, gross	705		777
Computer Equipment
Property and equipment, net:
Total property and equipment, gross	787		667
Building improvements and leasehold improvements
Property and equipment, net:
Total property and equipment, gross	1,711		1,691
Construction in progress
Property and equipment, net:
Total property and equipment, gross	$1,690		$1,019

SELECTED_BALANCE_SHEET_COMPONE4

SELECTED BALANCE SHEET COMPONENTS - INTANGIBLE ASSETS (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Balance Sheet Related Disclosures [Abstract]
Amortization of Intangible Assets	$100,000
Intangible assets, net
Total	3,127,000
Estimated future amortization expense
2015	210,000
2016	280,000
2017	280,000
2018	280,000
2019	280,000
Thereafter	1,797,000
Total	3,127,000
Commercial rights
Intangible assets, net
Commercial rights	3,360,000	3,360,000
Less accumulated amortization	-233,000	-163,000
Total	3,127,000	3,197,000
Estimated future amortization expense
Total	$3,127,000	$3,197,000

SELECTED_BALANCE_SHEET_COMPONE5

SELECTED BALANCE SHEET COMPONENTS - ACCRUED EXPENSES (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Accounts payable and accrued expenses:
Bonus	$2,585	$2,044
Employee related accruals	1,219	1,281
Accrued expenses	154	605
Asset retirement obligation	309	348
Other	53	436
Total	$4,320	$4,714

STOCKBASED_COMPENSATION_Detail

STOCK-BASED COMPENSATION (Details) (USD $)	0 Months Ended		3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Aggregate Intrinsic Value
Outstanding at the end of the period	$1,188,678,000		$1,188,678,000
Exercisable at end of period	3,448,000		3,448,000
Service-based stock options
Stock-Based Compensation
Vesting period			4 years
Expiration period			10 years
Grant date fair value				$2.55
Net compensation expense related to employees and directors (in dollars)			900,000	300,000
Weighted average assumptions used to estimate fair value of each service-based stock option grant
Expected dividend rate (as a percent)			0.00%
Options
Outstanding at the beginning of the period (in shares)	2,392,988	477,530	477,530
Granted (in shares)			1,949,100
Exercised (in shares)			0
Expired (in shares)			-4,392
Forfeited (in shares)			-29,250
Outstanding at the end of the period (in shares)	2,392,988		2,392,988
Exercisable at the end of the period (in shares)	249,627		249,627
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$6.73	$21.74	$21.74
Granted (in dollars per share)			$2.22
Exercised (in dollars per share)			$0
Expired (in dollars per share)			$48.27
Forfeited (in dollars per share)			$3.02
Outstanding at the end of the period (in dollars per share)	$6.73		$6.73
Exercisable at the end of the period (in dollars per share)	$31.57		$31.57
Weighted Average Remaining Contractual Term (Years)
Outstanding at the beginning of the period	9 years 4 months 28 days	8 years 0 months 15 days
Outstanding at the end of the period	9 years 4 months 28 days	8 years 0 months 15 days
Exercisable at the end of the period	7 years 2 months 23 days
Additional disclosures
Total unrecognized compensation cost (in dollars)	4,200,000		4,200,000
Weighted average period over which unrecognized compensation is expected to be recognized (in years)			3 years 6 months
Total fair value of options vested (in dollars)			$300,000	$700,000
Service-based stock options | Minimum
Weighted average assumptions used to estimate fair value of each service-based stock option grant
Expected stock price volatility (as a percent)			80.30%	82.40%
Risk-free interest rate (as a percent)			1.50%	2.10%
Expected life (in years)			5 years 6 months	6 years 1 month 5 days
Service-based stock options | Maximum
Weighted average assumptions used to estimate fair value of each service-based stock option grant
Expected stock price volatility (as a percent)			88.10%	83.30%
Risk-free interest rate (as a percent)			1.90%	2.20%
Expected life (in years)			6 years 3 months 18 days	6 years 3 months 18 days

STOCK_PURCHASE_WARRANTS_Detail

STOCK PURCHASE WARRANTS (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
January 2010 Class A Warrants
Stock Purchase Warrants
Exercise price per share (in dollars per share)	$7.86
Total shares issuable on exercise	226,299
Assumptions used in calculating the estimated fair value of the warrants
Closing stock price (in dollars per share)	$3.70	$3.04
Expected dividend rate (as a percent)	0.00%	0.00%
Expected stock price volatility (as a percent)	26.30%	45.10%
Risk-free interest rate (as a percent)	0.10%	0.10%
Expected life (in years)	3 months 22 days	6 months 18 days
December 2010 Warrants
Stock Purchase Warrants
Exercise price per share (in dollars per share)	$2.55
Total shares issuable on exercise	15,405
Assumptions used in calculating the estimated fair value of the warrants
Closing stock price (in dollars per share)	$3.70	$3.04
Expected dividend rate (as a percent)	0.00%	0.00%
Expected stock price volatility (as a percent)	39.80%	99.70%
Risk-free interest rate (as a percent)	0.10%	0.20%
Expected life (in years)	8 months 16 days	11 months 16 days
August 2013 warrants
Stock Purchase Warrants
Exercise price per share (in dollars per share)	$4.80
Total shares issuable on exercise	724,950
Assumptions used in calculating the estimated fair value of the warrants
Closing stock price (in dollars per share)	$3.70	$3.04
Expected dividend rate (as a percent)	0.00%	0.00%
Expected stock price volatility (as a percent)	85.00%	83.20%
Risk-free interest rate (as a percent)	0.90%	1.20%
Expected life (in years)	3 years 4 months 17 days	3 years 7 months 17 days

FAIR_VALUE_MEASUREMENTS_RECURR

FAIR VALUE MEASUREMENTS - RECURRING BASIS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Liabilities that are measured at fair value on a recurring basis
Warrant liabilities	$1,398
Change in the estimated fair value of warrant liabilities
Balance at December 31, 2014	1,081
Warrant exercise	0
Increase in fair value	317	1,352
Balance at March 31, 2015	1,398
Recurring
Liabilities that are measured at fair value on a recurring basis
Warrant liabilities	1,398		1,081
Change in the estimated fair value of warrant liabilities
Balance at December 31, 2014			1,081
Balance at March 31, 2015	1,398		1,081
Recurring | Level 2
Liabilities that are measured at fair value on a recurring basis
Warrant liabilities	1,379		1,061
Change in the estimated fair value of warrant liabilities
Balance at December 31, 2014			1,061
Balance at March 31, 2015	1,379		1,061
Recurring | Level 3
Liabilities that are measured at fair value on a recurring basis
Warrant liabilities	19		20
Change in the estimated fair value of warrant liabilities
Balance at December 31, 2014			20
Balance at March 31, 2015	$19		$20

FAIR_VALUE_MEASUREMENTS_LEVEL_

FAIR VALUE MEASUREMENTS - LEVEL 3 INPUTS (Details) (Warrants, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Warrants
Reconciliation of beginning and ending balances for the company's fair value measurements using Level 3 inputs
Beginning balance	$20
Decrease in fair value	-1
Ending balance	$19

PREFERRED_STOCK_Details

PREFERRED STOCK (Details) (USD $)	3 Months Ended	0 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Aug. 12, 2013	Mar. 09, 2012
Series B Convertible Preferred Stock
Conversion period	5 years
Series B-1 non-voting convertible preferred stock
Series B Convertible Preferred Stock
Number of shares sold			12,308
Offering price per share (in dollars per share)			$3,250
Period of closing of offering after which shares are convertible		5 years
Accumulated but undeclared dividends (in shares)	259,534
Redemption price (in dollars per share)		$7,430
Series B voting convertible preferred stock
Series B Convertible Preferred Stock
Conversion price per share (in dollars per share)	3.25
Period of closing of offering after which shares are convertible		5 years
Percentage of cumulative dividend rate	11.50%
Reclassification of Series B preferred stock		$38.40

NET_LOSS_PER_COMMON_SHARE_Deta

NET LOSS PER COMMON SHARE (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Numerator:
Net loss	($4,862)	($5,995)
Less: dividends accumulated on convertible preferred stock	1,590	1,418
Numerator of basic and diluted EPS	($6,452)	($7,413)
Denominator:
Weighted-average common shares outstanding	23,786,000	5,868,000
Net loss per share attributable to common shareholders (basic and diluted)	($0.27)	($1.26)
Aggregate number of common equivalent shares (related to options, warrants and preferred stock) that have been excluded from computations of diluted net loss per common share	4,200,000	2,500,000

SHAREHOLDERS_EQUITY_Details

SHAREHOLDERS' EQUITY (Details) (USD $)	12 Months Ended	0 Months Ended	3 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2013	Jan. 21, 2014	Mar. 31, 2015
Shareholders' Equity
Amount of net capacity remaining on the ATM			7.8
Lincoln Park
Shareholders' Equity
Period over which shares of common stock to be purchased (in months)	30 months
Floor price for sale of shares of common stock (in dollars per share)		$2.50
Value of remaining shares of common stock to be sold		11.3
Lincoln Park | Minimum
Shareholders' Equity
Threshold closing sale price of the common stock on the date of a regular purchase to trigger purchase of additional amounts as accelerated purchases (in dollars per share)		$3
Lincoln Park | Maximum
Shareholders' Equity
Value of shares of common stock to be sold		$15
Number of shares of common stock to be purchased in regular purchases		50,000
Number of shares of common stock to be purchased depending upon the closing sale price of the common stock		100,000
Period of business days over which purchase price of shares of common stock will be determined		10 days
Threshold on percentage of outstanding shares of the common stock that can be beneficially owned by counterparty			9.99%

CONCENTRATION_OF_CREDIT_RISK_D

CONCENTRATION OF CREDIT RISK (Details) (Revenue, Customer concentration)	3 Months Ended
	Mar. 31, 2015
CONCENTRATION
Concentration risk (as a percent)	16.00%
One distributor in the U.S
CONCENTRATION
Number of Distributors	1
Concentration risk (as a percent)	63.00%

COMMITMENTS_AND_CONTINGENCIES_1

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating Leases
Total	$8,761,000
2015	3,111,000
2016	4,047,000
2017	1,350,000
2018	253,000
More than five years	0
Capital Leases
Total	150,000
2015	32,000
2016	43,000
2017	43,000
2018	32,000
More than five years	0
Total
Total	8,911,000
2015	3,143,000
2016	4,090,000
2017	1,393,000
2018	285,000
More than five years	0
Rent expense	$1,200,000	$300,000