Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Financial instruments carried at fair value on a recurring

	March 31, 2015		Quoted Prices in Active Markets		Significant Other Observable Inputs		Unobservable Inputs
Description	March 31, 2015		(Level 1)		(Level 2)		(Level 3)
Assets:
Marketable securities		993		-		993		-
Total assets	$	993	$	-	$	993	$	-

Liabilities:
Warrants potentially settleable in cash	$	13,456	$	-	$	-	$	13,456
Total liabilities	$	13,456	$	-	$	-	$	13,456

	December 31, 2014		Quoted Prices in Active Markets		Significant Other Observable Inputs		Unobservable Inputs
Description	December 31, 2014		(Level 1)		(Level 2)		(Level 3)
Assets:
Marketable securities		1,975		-		1,975		-
Total assets	$	1,975	$	-	$	1,975	$	-

Liabilities:
Warrants potentially settleable in cash	$	8,464	$	-	$	-	$	8,464
Total liabilities	$	8,464	$	-	$	-	$	8,464

Level 3 financial assets and liabilities

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	2015			2014
Balance , January 1,	$	8,464		$	23
Change in fair value of Teva option		-			(23	)
Estimated fair value of warrants assumed in merger on January 2, 2014		-			10,475
Estimated fair value of warrants issued in January 2014 common stock sale		-			3,696
Estimated fair value of warrants exchanged for common shares		(9,426	)		-
Change in fair value of warrants		14,418			(2,082	)
Balance at March 31, 2015 and 2014	$	13,456		$	12,089

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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