Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
OPERATING ACTIVITIES    
Loss for the period $ 11,075 $ 9,575
Add items not involving cash    
Depreciation and amortization 43 37
Stock-based compensation [note 5(c)] 1,029 554
Gain on warrants [notes 4 and 5] (214) (440)
Changes in non-cash items    
Amounts receivable (144) (274)
Prepaid expenses (7,154) 1,091
Accounts payable and accrued liabilities (334) 750
Restricted cash 63  
Lease obligation (376) (19)
Deferred collaboration revenue (2,899) (1,755)
Cash used in operating activities (21,061) (9,631)
FINANCING ACTIVITIES    
Proceeds from exercise of stock options 114 91
Proceeds from issuance of common shares, net of issuance costs 53,777   
Cash provided by financing activities 53,891 91
INVESTING ACTIVITIES    
Proceeds from sale of investments 26,905 51,259
Purchase of investments (74,302) (44,222)
Purchase of property and equipment (89) (68)
Cash provided by (used in) investing activities (47,486) 6,969
Effect of exchange rate changes on cash and cash equivalents (19) (86)
Decrease in cash and cash equivalents during the period (14,675) (2,657)
Cash and cash equivalents, beginning of the period 28,517 23,533
Cash and cash equivalents, end of the period 13,842 20,876
Supplemental cash flow information    
Property and equipment acquired under lease obligation    $ 90