View Filing Data

Balance, shares at Jun. 30, 2010

1,385

Balance at Jun. 30, 2010

33,041

$ 19

250,796

(218,295)

521

18,531,392

Comprehensive income:

Net income

(8,628)

^[1]

(8,628)

Foreign currency translation adjustments

919

Net unrealized gain on marketable securities

(11)

Total comprehensive income

(7,720)

Issuance of stock, net of issue costs (in shares)

2,210,000

Issuance of stock, net of issue costs

10,043

$ 2

10,041

Exercise of stock options

Exercise of stock options,Shares

7,250

Balance, shares at Jun. 30, 2011

2,052

Balance at Jun. 30, 2011

$ 37,433

$ 21

262,906

(226,923)

1,429

20,748,642

Comprehensive income:

Net income

$ (24,835)

^[2],[3]

(24,835)

Foreign currency translation adjustments

(492)

Net unrealized gain on marketable securities

Total comprehensive income

(25,322)

Exercise of stock options

114

Exercise of stock options,Shares

53,950

Balance, shares at Jun. 30, 2012

1,411

Balance at Jun. 30, 2012

$ 13,636

$ 21

$ 264,431

$ (251,758)

$ 942

20,802,592

[1]	Results for the fourth quarter of fiscal 2011 included $3.3 million of revenue related to a material modification of the Pfizer collaborative research and license agreement in June 2011 (see Note 3).
[2]	Results for the first quarter of fiscal 2012 included $1.1 million of revenue related to the termination of a field-of-use license by Intrinsiq (see Note 3)
[3]	Results for the second quarter of fiscal 2012 included a $14.8 million impairment write-down of finite-lived intangible assets (see Note 4).

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

12 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2010

Cash flows from operating activities:

Net (loss) income

$ (24,835)

^[1],[2]

$ (8,628)

^[3]

$ 8,753

Adjustments to reconcile net (loss) income to cash flows (used in) provided by operating activities:

Impairment of intangible assets

14,830

Amortization of intangible assets

2,037

3,302

3,289

Depreciation of property and equipment

190

Change in fair value of derivatives

(170)

(1,140)

339

Amortization of bond premium on marketable securities

264

189

Deferred income tax benefit

1,411

2,052

1,495

(13)

(209)

Changes in operating assets and liabilities:

Accounts and other receivables

(128)

285

(290)

Prepaid expenses and other current assets

(44)

(36)

Accounts payable

(64)

110

Accrued expenses

(712)

146

(360)

Deferred revenue

(1,895)

880

(3,527)

Net cash (used in) provided by operating activities

(9,001)

(3,170)

9,899

Cash flows from investing activities:

Purchases of marketable securities

(15,392)

(15,963)

(2,054)

Maturities of marketable securities

15,299

6,598

Proceeds from sales of marketable securities

1,104

Purchases of property and equipment

(405)

(133)

(15)

Net cash provided by (used in) investing activities

606

(9,498)

(2,069)

Cash flows from financing activities:

Proceeds from issuance of stock, net of issuance costs

10,043

Proceeds from exercise of stock options and warrants

114

802

Net cash provided by financing activities

114

10,060

802

Effect of foreign exchange rate changes on cash and cash equivalents

(6)

(17)

Net (decrease) increase in cash and cash equivalents

(8,287)

(2,602)

8,615

Cash and cash equivalents at beginning of year

12,912

15,514

6,899

Cash and cash equivalents at end of year

$ 4,625

12,912

15,514

Supplemental disclosure of cash flow information:

Cash paid for income taxes

$ 56

$ 266

[1]	Results for the first quarter of fiscal 2012 included $1.1 million of revenue related to the termination of a field-of-use license by Intrinsiq (see Note 3)
[2]	Results for the second quarter of fiscal 2012 included a $14.8 million impairment write-down of finite-lived intangible assets (see Note 4).
[3]	Results for the fourth quarter of fiscal 2011 included $3.3 million of revenue related to a material modification of the Pfizer collaborative research and license agreement in June 2011 (see Note 3).

Operations

12 Months Ended

Jun. 30, 2012

Operations

1.	Operations

pSivida Corp. (together with its subsidiaries, the “Company”), incorporated in Delaware, develops tiny, sustained release, drug delivery products that are administered by implantation, injection or insertion and designed to deliver drug at a controlled and steady rate for months or years. The Company is currently focused on the treatment of chronic eye diseases utilizing its core technology systems, Durasert™ and BioSilicon™. The Company’s most recently approved product, ILUVIEN^®, is an injectable, sustained-release micro-insert delivering the corticosteroid fluocinolone acetonide (“FAc”) for up to 3 years for the treatment of vision impairment associated with chronic diabetic macular edema (“DME”) considered insufficiently responsive to available therapies. The Company has two sustained-release drug delivery products approved by the U.S. Food and Drug Administration (“FDA”) to treat other back-of-the-eye diseases. The FDA recently cleared the Company’s Investigational New Drug (“IND”) application to study the same micro-insert used in ILUVIEN for the treatment of posterior uveitis and an investigator-sponsored trial is ongoing for an injectable bioerodible insert delivering latanoprost designed to treat glaucoma.

ILUVIEN, licensed to Alimera Sciences, Inc. (“Alimera”), has received marketing authorization in the United Kingdom (“U.K.”), Austria, France, Germany and Portugal, and has been recommended for marketing authorization in Italy and Spain following completion of the Decentralized Procedure (“DCP”) involving all seven of these countries in the European Union (“EU”). Subject to determination of pricing and reimbursement, Alimera has announced its intention to directly commercialize ILUVIEN in Germany, the U.K. and France in 2013. Following a meeting with the FDA in June 2012 in response to receipt of the FDA’s November 2011 Complete Response Letter (“2011 CRL”), Alimera reported that it intends to resubmit its New Drug Application (“NDA”) for ILUVIEN for DME to the FDA in early 2013. Alimera further reported that it intends to include additional analysis of the benefits and risks of ILUVIEN based upon the clinical data from its two previously completed pivotal Phase III clinical trials (the “FAME™ Study”) and to focus on the same indication for which regulatory approval has been granted in the various EU countries.

In June 2011, the Company amended and restated its 2007 collaborative research and license agreement with Pfizer, Inc.(“Pfizer”) to focus solely on the development of an injectable bioerodible sustained-release Durasert implant to deliver latanoprost for the treatment of patients with ocular hypertension and glaucoma (the “Latanoprost Product”). The Company granted Pfizer an exclusive option, under various circumstances, to license the development and commercialization of the Latanoprost Product worldwide. The Company is currently developing a prototype of this implant that contains BioSilicon to assist in the delivery of latanoprost.

The Company’s two FDA-approved products utilizing earlier generations of the Durasert technology system, second-generation Retisert^® for the treatment of posterior uveitis and first-generation Vitrasert^® for the treatment of AIDS-related cytomegalovirus (“CMV”) retinitis, have been licensed to Bausch & Lomb Incorporated (“Bausch & Lomb”).

BioSilicon, the Company’s other principal technology system, is a fully-erodible, nanostructured, porous silicon designed to provide sustained delivery of various therapeutics, including small drug molecules, proteins and peptides. Based on results of its preliminary studies, the Company is currently targeting BioSilicon as a second key drug delivery technology.

The Company is subject to risks, including, but not limited to, the ability of Alimera to successfully complete pricing and reimbursement discussions and to successfully finance and execute the direct commercialization of ILUVIEN for DME in the applicable EU countries, from which the Company is entitled to a share of net profits, as defined; the ability of Alimera to achieve FDA approval of ILUVIEN for DME

following its planned NDA resubmission and if so, to successfully commercialize the product in the U.S.; the Company’s ability, and that of its collaboration partners, to obtain adequate financing to fund its and their respective operations through collaborations, sales of securities or otherwise, to successfully advance research, pre-clinical and clinical development of, and obtain regulatory approvals for, product candidates utilizing the Company’s technologies and to successfully commercialize them, to protect proprietary technologies, to comply with FDA and other governmental regulations and approval requirements and to execute on business strategies; competitive products and new disease treatments; and dependence on key personnel.

The Company has a history of operating losses and has financed its operations in recent years primarily from license fees, research and development funding and contingent cash payments from its collaboration partners, and from sales of equity securities. The Company’s future operating results are expected to depend, among other things, upon the success of, consideration received from, and revenue recognition associated with, and costs of, product research, development and commercialization by the Company and its current and any potential future collaborative partners. The Company believes that its cash, cash equivalents and marketable securities of $14.6 million at June 30, 2012, together with $4.7 million of net proceeds from a registered direct offering of common shares and warrants consummated in August 2012 and expected royalty income, should enable the Company to maintain its current and planned operations through calendar year 2013. The Company’s ability to fund its planned operations internally beyond then, including completion of planned Phase III trials of the posterior uveitis micro-insert, may be substantially dependent upon whether Alimera successfully commercializes ILUVIEN for DME in the EU and if and when ILUVIEN for DME is approved by the FDA and successfully commercialized in the U.S., although even so, the amount and timing of the Company’s receipt of any revenues from such activities is uncertain.

Significant Accounting Policies

12 Months Ended

Jun. 30, 2012

Significant Accounting Policies

2.	Significant Accounting Policies

Basis of Presentation

The consolidated financial statements are presented in U.S. dollars in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and include the accounts of pSivida Corp. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. The Company’s fiscal year ends on June 30 of each year. The years ended June 30, 2012, 2011 and 2010 may be referred to herein as fiscal 2012, fiscal 2011 and fiscal 2010, respectively. Throughout these financial statements, references to “US$” and “$” are to U.S. dollars and references to “A$” are to Australian dollars.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the consolidated financial statements and the reported amounts and disclosure of revenues and expenses during the reporting periods. Significant management estimates and assumptions include, among others, those related to revenue recognition for multiple-deliverable arrangements, recoverability of intangible assets, realization of deferred tax assets and the valuation of stock option awards. Actual results could differ from these estimates.

Foreign Currency

The functional currency of each entity is the currency of the primary economic environment in which that entity operates - the U.S. dollar or the Pound Sterling.

Assets and liabilities of the Company’s foreign subsidiary are translated at period-end exchange rates. Amounts included in the statements of operations are translated at the weighted average exchange rates for the period. Gains and losses from currency translation are included in accumulated other comprehensive income as a separate component of stockholders’ equity in the consolidated balance sheets. The balance of accumulated other comprehensive income attributable to foreign currency translation was $950,000 at June 30, 2012 and $1.4 million at June 30, 2011. Foreign currency gains or losses arising from transactions denominated in foreign currencies, whether realized or unrealized, are recorded in other income, net in the consolidated statements of operations and were not significant for all periods presented.

Cash Equivalents

Cash equivalents represent highly liquid investments with maturities of three months or less at the date of purchase, principally consisting of institutional money market funds.

Marketable Securities

Marketable securities consist of investments with an original or remaining maturity of greater than ninety days at the date of purchase. The Company has classified its marketable securities as available-for-sale and, accordingly, records these investments at fair value, with unrealized gains and temporary losses excluded from earnings and reported, net of tax, in accumulated other comprehensive income, which is a component of stockholders’ equity. If it is determined that a decline of any investment is other-than-temporary, the investment would be written down to fair value. As of June 30, 2012 and 2011, there were no investments in a significant unrealized loss position. The fair value of marketable securities is determined based on quoted market prices at the balance sheet dates of the same or similar instruments. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts through to the earlier of sale or maturity. Such amortization and accretion amounts are included in interest income, net in the consolidated statements of operations. The cost of marketable securities sold is determined by the specific identification method.

Concentrations of Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and marketable securities. At June 30, 2012, substantially all of the Company’s interest-bearing cash equivalent balances, aggregating approximately $4.3 million, were concentrated in one institutional money market fund that has investments consisting primarily of certificates of deposit, commercial paper, time deposits, U.S. government agency securities, treasury bills and treasury repurchase agreements. Generally, these deposits may be redeemed upon demand and, therefore, bear minimal risk. Marketable securities at June 30, 2012 consist of investment-grade corporate bonds, commercial paper and certificates of deposit. The Company’s investment policy, approved by the Board of Directors, includes guidelines relative to diversification and maturities designed to preserve principal and liquidity.

Pfizer accounted for $754,000, or 21%, of total revenues in fiscal 2012 and $3.3 million, or 67%, of total revenues in fiscal 2011. Bausch & Lomb accounted for $1.4 million, or 41%, of total revenues in fiscal 2012 and $1.4 million, or 27%, of total revenues in fiscal 2011. Alimera accounted for approximately $22.3 million, or 97%, of total revenues in fiscal 2010.

Fair Value of Financial Instruments

The carrying amounts of cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of their short-term maturity.

Accounts and Other Receivables

Receivables consist primarily of (i) quarterly royalties earned; (ii) accrued interest on marketable securities; and (iii) U.K. research and development tax credits.

Debt and Equity Instruments

Debt and equity instruments are classified as either liabilities or equity in accordance with the substance of the contractual arrangement. Warrants issued in connection with share issues that are denominated in a currency

(A$) other than the Company’s functional currency (US$) are treated as derivative liabilities, reflecting the variable amount of functional currency to be received upon potential exercise. After initial recognition, subsequent changes in the fair value of the derivative liabilities are recorded in the consolidated statements of operations in each reporting period. Fair value is determined using a Black-Scholes valuation model.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation, which is computed using the straight-line method over the estimated useful lives of the assets (generally three years). Leasehold improvements are amortized on a straight-line basis over the shorter of the remaining non-cancellable lease term or the useful lives of the assets. Repairs and maintenance costs are expensed as incurred.

Leases

Leases are classified at their inception as either operating or capital leases based on the economic substance of the agreement. Lease payments made under operating leases are recognized as an expense on a straight-line basis over the lease term. Contingent rentals are recognized as an expense in the financial year in which they are incurred.

Impairment of Intangible Assets

The Company’s finite life intangible assets include its acquired Durasert and BioSilicon patented technologies, which are being amortized on a straight-line basis over twelve years. The intangible asset lives were determined based upon the anticipated period that the Company will derive future cash flows from the intangible assets, considering the effects of legal, regulatory, contractual, competitive and other economic factors. The Company continually monitors whether events or circumstances have occurred that indicate that the remaining estimated useful life of its intangible assets may warrant revision. The Company assesses potential impairments to its intangible assets when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognized when the future undiscounted net cash flows expected to result from the use of an asset is less than its carrying value. If an asset is considered to be impaired, the impairment charge to be recognized is measured by the amount by which the carrying value of the asset exceeds its estimated fair value. During the quarter ended December 31, 2011, the Company recorded a $14.8 million intangible asset impairment charge related to its Durasert and BioSilicon technologies (see Note 4).

Revenue Recognition

Collaborative Research and Development and Multiple-Deliverable Arrangements

The Company enters into collaborative arrangements with strategic partners for the development and commercialization of product candidates utilizing the Company’s technologies. The terms of these agreements have typically included multiple deliverables by the Company (for example, license rights, research and development services and manufacturing of clinical materials) in exchange for consideration to the Company of some combination of non-refundable license fees, research and development funding, payments based upon achievement of clinical development or other milestones and royalties in the form of a designated percentage of product sales or profits.

Revenue is recognized when there is persuasive evidence that an arrangement exists, delivery has occurred, the price is fixed and determinable and collection is reasonably assured. Multiple-deliverable arrangements, such as license and development agreements, are analyzed to determine whether the deliverables can be separated or whether they must be accounted for as a single unit of accounting. When deliverables are separable, consideration received is allocated to the separate units of accounting based on the relative selling price method and the appropriate revenue recognition principles are applied to each unit. When the Company determines that

an arrangement should be accounted for as a single unit of accounting, it must determine the period over which the performance obligations will be performed and revenue will be recognized.

The Company estimates its performance period used for revenue recognition based on the specific terms of each agreement, and adjusts the performance periods, if appropriate, based on the applicable facts and circumstances. Significant management judgment may be required to determine the level of effort required under an arrangement and the period over which the Company is expected to complete its performance obligations under the arrangement. If the Company cannot reasonably estimate when its performance obligations either are completed or become inconsequential, then revenue recognition is deferred until the Company can reasonably make such estimates. Revenue is then recognized over the remaining estimated period of performance using the cumulative catch-up method.

The Company prospectively adopted the provisions of Accounting Standards Update No. 2009-13, Revenue Recognition (Topic 605); Multiple-Deliverable Revenue Arrangements (“ASU 2009-13”) for new and materially modified arrangements originating on or after July 1, 2010. ASU 2009-13 provides updated guidance on how the deliverables in an arrangement should be separated, and how consideration should be allocated, and it changes the level of evidence of standalone selling price required to separate deliverables by allowing a vendor to make its best estimate of the standalone selling price of deliverables when vendor-specific objective evidence or third-party evidence of selling price is not available.

In June 2011, the Company materially modified its 2007 Collaborative Research and License Agreement with Pfizer, and the Company applied the provisions of ASU 2009-13 to this arrangement. The accounting for all the Company’s other existing arrangements will continue under the prior accounting standards unless an arrangement is materially modified. The adoption of ASU 2009-13 had a material impact on the Company’s financial results, increasing collaborative research and development revenues by $3.3 million for the year ended June 30, 2011, compared to what would have been recognized had the Company continued to apply prior revenue recognition guidance.

Royalties

Royalty income is recognized upon the sale of the related products, provided that the royalty amounts are fixed and determinable, collection of the related receivable is reasonably assured and the Company has no remaining performance obligations under the arrangement. Such revenues are included as royalty income.

If royalties are received when the Company has remaining performance obligations, the royalty payments would be attributed to the services being provided under the arrangement and therefore revenue would be recognized as such performance obligations are performed. Such revenues are included as collaborative research and development revenues.

Reimbursement of Costs

The Company may provide research and development services under collaboration arrangements to assist in advancing the development of licensed products. The Company acts primarily as a principal in these transactions, and, accordingly, amounts received are classified as a component of revenue to be recognized consistent with the revenue recognition policy summarized above. The Company records the expenses incurred and reimbursed on a gross basis.

Deferred Revenue

Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized within one year following the balance sheet date are classified as non-current deferred revenue.

Research and Development

Research and development costs are charged to operations as incurred. These costs include all direct costs, including cash compensation, stock-based compensation and benefits for research and development personnel, amortization of intangible assets, supplies and materials, direct external costs including costs of clinical trials, clinical materials, pre-clinical programs, regulatory affairs, external consultants, and other operational costs related to the Company’s research and development of its product candidates.

Stock-Based Compensation

The Company may award stock options and other equity-based instruments to its employees, directors and consultants pursuant to stockholder-approved plans. Compensation cost related to such awards is based on the fair value of the instrument on the grant date and is recognized, net of estimated forfeitures, on a graded vesting basis over the requisite service period for each separately vesting tranche of the awards. The Company estimates the fair value of stock option awards using the Black-Scholes option valuation model.

Net (Loss) Income per Share

Basic net (loss) income per share is computed by dividing net (loss) income by the weighted average number of common shares outstanding during the period. For periods in which the Company reports net income, diluted net income per share is determined by adding to the weighted average number of common shares outstanding the average number of dilutive common equivalent shares using the treasury stock method, unless the effect is anti-dilutive.

The calculation of shares used to compute basic and diluted net (loss) income per share is as follows:


	Year Ended June 30,
	2012		2011		2010
Number of common shares—basic		20,791,202		19,489,154		18,404,823
Effect of dilutive securities:
Stock options		—		—		489,783

Number of common shares—diluted		20,791,202		19,489,154		18,894,606

The following potentially dilutive securities outstanding, prior to the application of the treasury stock method, have been excluded from the computation of diluted weighted-average shares outstanding for the years ended June 30, 2012, 2011 and 2010, as they would be anti-dilutive:


	June 30,
	2012		2011		2010
Options		3,165,855		2,740,895		907,219
Warrants		2,270,189		7,820,227		10,997,681

		5,436,044		10,561,122		11,904,900

Comprehensive (Loss) Income

Comprehensive (loss) income is comprised of net (loss) income, foreign currency translation adjustments and unrealized gains and losses on available-for-sale marketable securities.

Income Tax

The Company accounts for income taxes under the asset and liability method. Deferred income tax assets and liabilities are computed for the expected future impact of differences between the financial reporting and income tax bases of assets and liabilities and for the expected future benefit to be derived from tax credits and

loss carry forwards. Such deferred income tax computations are measured based on enacted tax laws and rates applicable to the years in which these temporary differences are expected to be recovered or settled. A valuation allowance is provided against net deferred tax assets if, based on the available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized.

The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely than not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more likely than not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the contingency. The Company accounts for interest and penalties related to uncertain tax positions as part of its income tax (expense) benefit.

Recently Adopted and Recently Issued Accounting Pronouncements

New accounting pronouncements are issued periodically by the Financial Accounting Standards Board (“FASB”) and are adopted by the Company as of the specified effective dates. Unless otherwise disclosed below, the Company believes that the impact of recently issued and adopted pronouncements will not have a material impact on the Company’s financial position, results of operations and cash flows or do not apply to the Company’s operations.

In June 2011, the FASB issued new guidance on the presentation of comprehensive income that will require a company to present components of net income (loss) and other comprehensive income in one continuous statement or in two separate, but consecutive statements. There are no changes to the components that are recognized in net income (loss) or other comprehensive income under current GAAP. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2011, with early adoption permitted. The Company will adopt this standard in fiscal quarter beginning July 1, 2012. The Company has not yet determined which method it will elect to present comprehensive income under the new standard. Other than a change in presentation, the adoption of this guidance will not have a material impact on the Company’s consolidated financial statements.

License and Collaboration Agreements

12 Months Ended

Jun. 30, 2012

License and Collaboration Agreements

3.	License and Collaboration Agreements

Alimera

Under a collaboration agreement with Alimera, as amended in March 2008, (the “Alimera Agreement”), the Company licensed to Alimera the rights to develop, market and sell certain product candidates, including ILUVIEN.

In connection with the March 2008 amendment, the Company received $12.0 million in cash and a $15.0 million conditional, interest-bearing note, Alimera cancelled $5.7 million of accrued development cost liabilities then owed by the Company, Alimera agreed that it would pay a $25.0 million milestone payment upon FDA approval of ILUVIEN for DME and would assume all financial responsibility for the development of licensed products under the Alimera Agreement, which had previously been shared equally. In exchange, the Company decreased its share in any future net profits, as defined, on sales of ILUVIEN by Alimera from 50% to 20%, measured quarterly on a country-by-country basis, subject to an offset of 20% of pre-profitability net losses, as defined, previously incurred by Alimera on a country-by-country basis. In the event that Alimera sublicenses commercialization, the Company is entitled to 20% of royalties and 33% of non-royalty consideration received by Alimera, less certain permitted deductions.

The Company considered the Alimera Agreement to be a revenue arrangement with multiple deliverables and, having determined that its deliverables did not have stand-alone value, concluded that the deliverables represented a single unit of accounting. The terms of the collaboration agreement specifically defined the end period of the Company’s performance obligations as December 31, 2009 and, accordingly, the total initial

consideration of $18.3 million was deferred and recognized as revenue on a straight-line basis over the 21.5 month performance period ended December 31, 2009. Additional cash consideration received from Alimera during the performance period, which consisted of conditional note interest payments and development cost reimbursements, was recognized as revenue during the performance period using the cumulative catch-up method. As a conditional payment obligation, the $15.0 million Alimera note was not recorded as an asset but instead treated by the Company as contingent future revenue consideration. Amounts received from Alimera subsequent to December 31, 2009, including payment in full of the conditional note in April 2010, have been, and any future milestone and profit share payments will be, recognized as revenue upon receipt or at such earlier date, if applicable, on which any such amount is both fixed and determinable and reasonably assured of collectability.

Revenue related to the Alimera Agreement totaled $111,000 for fiscal 2012, $192,000 for fiscal 2011 and $22.3 million for fiscal 2010. These revenues represented substantially all of the Company’s collaborative research and development revenue for fiscal 2010.

Pfizer

In April 2007, the Company entered into a worldwide Collaborative Research and License Agreement (the “Original Pfizer Agreement”) with Pfizer for the use of certain of its technologies in ophthalmic applications that were not licensed to others. Commencing in calendar 2008, Pfizer paid the Company a minimum of $500,000 quarterly in consideration of the Company’s costs in performing the research program.

In June 2011, the Company and Pfizer entered into an Amended and Restated Collaborative Research and License agreement (the “Restated Pfizer Agreement”) to focus solely on the development of a sustained-release bioerodible micro-insert designed to deliver latanoprost for human ophthalmic disease or conditions other than uveitis (the “Latanoprost Product”). The Original Pfizer Agreement was effectively terminated, including the cessation of Pfizer’s $500,000 quarterly funding of the research program. Upon execution of the Restated Pfizer Agreement, Pfizer made an upfront payment of $2.3 million and the Company agreed to use commercially reasonable efforts to fund development of the Latanoprost Product, with technical assistance from Pfizer, for at least one year and, thereafter, at the Company’s option, through completion of Phase II clinical trials, designated as Proof-of-Concept (“POC”). An investigator-sponsored Phase I/II dose-escalation study is ongoing to assess the safety and efficacy of this insert for patients with ocular hypertension and glaucoma. Within 90 days following receipt of the Company’s final report demonstrating POC, Pfizer may exercise its option for an exclusive, worldwide license to develop and commercialize the Latanoprost Product in return for a $20.0 million payment, double-digit sales-based royalties and additional development, regulatory and sales performance milestone payments of up to $146.5 million. If the Company elects to cease development of the Latanoprost Product after one year, but prior to completion of Phase II clinical trials, Pfizer would still have the right to exercise an option for an exclusive worldwide license to develop and commercialize the Latanoprost Product upon payment of a lesser option fee, with comparable reductions in future sales-based royalties and other designated milestones. If Pfizer does not exercise its option, the Restated Pfizer Agreement will automatically terminate provided, however, that the Company will retain the right to develop and commercialize the Latanoprost Product on its own or with a partner.

Based upon the significant changes to the terms of the Original Pfizer Agreement, which included (i) changes in the consideration payable by Pfizer; (ii) changes in the deliverables; and (iii) changes in the research program, which now is solely related to the Latanoprost Product, the Company considered the June 2011 Restated Pfizer Agreement a material modification and applied the guidance of ASU 2009-13 to this arrangement.

The Company’s deliverables under the Restated Pfizer Agreement include conducting the research and development program for the Latanoprost Product through completion of Phase II (the “R&D program”) and participation on a Joint Steering Committee (“JSC”). Having determined that the JSC does not have standalone value from the R&D program, the Company combined these deliverables into a single unit of accounting. The

performance period is the expected period over which the services of the combined unit are performed, which the Company currently expects will extend through approximately December 2014.

The Company concluded that the Pfizer exercise option for the worldwide exclusive license is not a deliverable of the arrangement, because it is a substantive option and is not priced at a significant and incremental discount.

The total arrangement consideration of the Restated Pfizer Agreement totaled $10.05 million, which consisted of the $7.75 million of deferred revenue on the Company’s balance sheet at the effective date plus the $2.3 million upfront payment. The difference between the total arrangement consideration and the estimated selling price of the combined deliverables, or $3.3 million, was recognized as collaborative research and development revenue in the quarter ended June 30, 2011, the period of the modification. To determine the estimated selling price of the combined deliverable, the Company applied an estimated margin to its cost projections for the combined deliverable. The estimated selling price of $6.7 million is being recognized as collaborative research and development revenue over the expected performance period of 3.5 years using the proportional performance method. The Company recorded collaborative research and development revenue related to the Restated Pfizer Agreement of $754,000 in fiscal 2012 and $3.3 million in fiscal 2011. Costs associated with conducting the R&D program are reflected in operating expenses in the period in which they are incurred.

Intrinsiq

In January 2008, the Company and Intrinsiq Materials Cayman Limited (“Intrinsiq”) entered into an agreement pursuant to which Intrinsiq acquired an exclusive field-of-use license to develop and commercialize nutraceutical and food science applications of BioSilicon, and certain related assets, for $1.2 million. Provided the license agreement remained in effect, Intrinsiq was obligated to pay the Company aggregate minimum royalties of $3.55 million through April 2014, of which the first $450,000 was paid in July 2009.

The Company determined the performance period of the license arrangement to be 17 years, coinciding with the last to expire of the patents licensed to Intrinsiq, and recognized collaborative research and development revenue using the cumulative catch-up method.

In July 2011, the Company consummated an asset purchase agreement, under which it acquired BioSilicon-related capital equipment assets of Intrinsiq for $223,000, and employed four former Intrinsiq employees. The fair value of the tangible assets acquired approximated the total acquisition consideration. Coincident with the transaction, Intrinsiq terminated the agreements underlying its original 2008 license. The license termination resulted in the recognition of collaborative research and development revenue of $1.1 million in the quarter ended September 30, 2011, representing the total Intrinsiq deferred revenue balance at June 30, 2011, which had been classified as a current liability. The Company recognized collaborative research and development revenue under the license agreement of $83,000 in fiscal 2011 and $121,000 in fiscal 2010.

Bausch & Lomb

The Company’s Retisert and Vitrasert products have been commercialized under a licensing and development agreement with Bausch & Lomb. Pursuant to the agreement as amended, Bausch & Lomb has a worldwide exclusive license to make and sell Vitrasert and the Company’s first-generation products (as defined in the agreement, including Retisert) in return for royalties based on sales.

Royalty income totaled $1.4 million in fiscal 2012, $1.4 million in fiscal 2011 and $483,000 in fiscal 2010. An additional $1.2 million of Retisert royalty income otherwise payable in fiscal 2010 was retained by Bausch & Lomb pursuant to the completion of a 2005 royalty advance agreement. Accounts receivable from Bausch & Lomb totaled $442,000 at June 30, 2012 and $290,000 at June 30, 2011.

Intangible Assets

12 Months Ended

Jun. 30, 2012

Intangible Assets

4.	Intangible Assets

The reconciliation of intangible assets for the years ended June 30, 2012 and 2011 is as follows:


	June 30,
	2012			2011
Patented technologies
Gross carrying amount at beginning of year	$	55,422		$	53,275
Asset impairment write-down		(14,830	)		—
Foreign currency translation adjustments		(1,036	)		2,147

Gross carrying amount at end of year		39,556			55,422

Accumulated amortization at beginning of year		(33,858	)		(29,398	)
Amortization expense		(2,037	)		(3,302	)
Foreign currency translation adjustments		565			(1,158	)

Accumulated amortization at end of year		(35,330	)		(33,858	)

Net book value at end of year	$	4,226		$	21,564

In the 2011 CRL, the FDA did not grant marketing approval for ILUVIEN for DME and, as a result, the Company did not receive a $25.0 million milestone payment from Alimera and Alimera was unable to market ILUVIEN for DME in the U.S. Following the public announcement of the 2011 CRL, there was a significant decline in the Company’s share price, resulting in a decrease of the Company’s market capitalization from $82.0 million to $23.1 million at December 31, 2011. The combination of the 2011 CRL and the decline in the Company’s share price were determined to be impairment indicators of the Company’s finite-lived intangible assets.

As of December 31, 2011, the forecasted probability-weighted undiscounted cash flows for the intangible assets were not expected to be sufficient to recover the aggregate carrying value of $19.4 million, which consisted of $6.3 million for the Durasert technology and $13.1 million for the BioSilicon technology. To assess the recoverability of the combined intangible assets, management used a combination of market-based and income-based valuation methodologies. Using the market-based approach as the primary indicator of fair value, an enterprise value of $4.4 million (market capitalization less existing capital resources) was adjusted for an estimated control premium and for other working capital items to derive an implied fair value of the intangible assets of $4.6 million. Under the income-based approach, the forecasted cash flows expected for the intangible assets were discounted using after-tax cost of capital rates taking into account Company-specific risks. The resulting fair value under this approach supported the fair value determined under the market-based approach. Based on the above analyses, the fair value of the combined intangible assets was allocated to each intangible based on the values determined under the income-based approach, as follows:


	Pre-impairment Carrying Value at December 31, 2011		Impairment Charge			Post-impairment Carrying Value at December 31, 2011
Durasert	$	6,318	$	(3,141	)	$	3,177
BioSilicon		13,108		(11,689	)		1,419

	$	19,426	$	(14,830	)	$	4,596

The net book value of the Company’s intangible assets at June 30, 2012 and 2011 is summarized as follows:


	June 30,				Estimated Remaining Useful Life at June 30, 2012
	2012		2011		(Years)
Patented technologies
Durasert	$	2,912	$	6,845		5.5
BioSilicon		1,314		14,719		5.5

	$	4,226	$	21,564

The Company amortizes its intangible assets with finite lives on a straight-line basis over their respective estimated useful lives. Amortization expense for intangible assets totaled $2.0 million in fiscal 2012 and $3.3 million in each of fiscal 2011 and fiscal 2010. The carrying value of intangible assets at June 30, 2012 of $4.2 million is expected to be amortized on a straight-line basis over the remaining estimated life of 5.5 years, or approximately $770,000 per year.

Marketable Securities

12 Months Ended

Jun. 30, 2012

Marketable Securities

5.	Marketable Securities

The amortized cost, unrealized (loss) gain and fair value of the Company’s available-for-sale marketable securities at June 30, 2012 and 2011 were as follows:


	June 30, 2012
	Amortized Cost		Unrealized (Loss)			Fair Value
Corporate bonds	$	5,958	$	(8	)	$	5,950
Commercial paper		3,046		—			3,046
Certificates of deposit		950		—			950

Total marketable securities	$	9,954	$	(8	)	$	9,946


	June 30, 2011
	Amortized Cost		Unrealized (Loss) Gain			Fair Value
Corporate bonds	$	7,326	$	(14	)	$	7,312
U.S. Government obligations		1,204		1			1,205
Commercial Paper		2,699		—			2,699

Total marketable securities	$	11,229	$	(13	)	$	11,216

During fiscal 2012, $15.4 million of marketable securities were purchased and $16.4 million matured or were sold (called by the issuers) prior to scheduled maturity. At June 30, 2012, the marketable securities had maturities ranging between zero and nine months, with a weighted average maturity of 4.1 months.

The entire disclosure for investments in certain debt and equity securities.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6509901

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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 3, 19, 20, 21, 22, 137
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Property and Equipment, Net

Property and Equipment, Net

12 Months Ended

Jun. 30, 2012

6.	Property and Equipment, Net


	June 30,
	2012			2011
Property and equipment	$	1,937		$	3,755
Leasehold improvements		321			194

Gross property and equipment		2,258			3,949
Accumulated depreciation and amortization		(1,923	)		(3,826	)

	$	335		$	123

Depreciation expense was $190,000 for fiscal 2012, $53,000 for fiscal 2011 and $37,000 for fiscal 2010.

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

Fair Value Measurements

12 Months Ended

Jun. 30, 2012

Fair Value Measurements

7.	Fair Value Measurements

The Company accounts for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. The Company categorizes each of its fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are:

•

Level 1—Inputs are quoted prices in active markets that are accessible at the measurement date for identical assets and liabilities.

•

Level 2—Inputs are directly or indirectly observable in the marketplace, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities with insufficient volume or infrequent transaction (less active markets).

•

Level 3—Inputs are unobservable estimates that are supported by little or no market activity and require the Company to develop its own assumptions about how market participants would price the assets or liabilities.

The Company’s cash equivalents and marketable securities are classified within Level 1 or Level 2 on the basis of valuations using quoted market prices or alternative pricing sources and models utilizing market observable inputs, respectively. Certain of the Company’s corporate debt securities were valued based on quoted prices for the specific securities in an active market and were therefore classified as Level 1. The remaining marketable securities have been valued on the basis of valuations provided by third-party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security, and have been classified as Level 2. The Company’s derivative liabilities are classified as Level 3 and valued using the Black-Scholes model.

The following table summarizes the Company’s assets and liabilities carried at fair value measured on a recurring basis at June 30, 2012 and 2011 by valuation hierarchy:


	June 30, 2012
Description	Total Carrying Value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:
Cash equivalents	$	4,292	$	4,042	$	250	$	—
Marketable securities:
Corporate bonds		5,950		3,684		2,266		—
Commercial paper		3,046		—		3,046		—
Certificates of Deposit		950		—		950		—

	$	14,238	$	7,726	$	6,512	$	—

Liabilities:
Derivative liabilities	$	—	$	—	$	—	$	—

	June 30, 2011
Description	Total Carrying Value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:
Cash equivalents	$	8,678	$	8,678	$	—	$	—
Marketable securities:
Corporate bonds		7,312		5,792		1,520		—
U.S. Government obligations		1,205		—		1,205		—
Commercial paper		2,699		—		2,699		—

	$	19,894	$	14,470	$	5,424	$	—

Liabilities:
Derivative liabilities	$	170	$	—	$	—	$	170

The Company’s derivative liabilities were classified as Level 3 and valued using the Black-Scholes model. At June 30, 2012 and 2011, the fair values were derived by applying the following assumptions:


	June 30,
	2012	2011
Expected term (in years)	0.05	1.05
Stock volatility	90%	95%
Risk-free interest rate	0.03%	0.19%
Expected dividends	0%	0%

The reconciliation of the Company’s liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows:


	June 30,
	2012		2011
Balance at beginning of year	$	170	$	1,310
Change in fair value of derivatives—other income		170		1,140

Balance at end of year	$	—	$	170

At December 31, 2011, the Company recorded a $14.8 million intangible asset impairment charge related to its Durasert and BioSilicon technologies (see Note 4). These fair value measurements were determined using a combination of market-based and income-based valuation methodologies, which incorporate unobservable inputs, thereby classifying the fair value as a Level 3 measurement within the fair value hierarchy. The primary input used in the market-based approach was a 15% control premium that the Company estimated would be used by a market participant in valuing these assets. The primary inputs used in the income-based approach included after-tax weighted average cost of capital rates ranging from 10% to 20% that the Company estimated would be used by a market participant.

The following table summarizes the Company’s assets carried at fair value measured on a nonrecurring basis at December 31, 2011 and the losses recorded for the six month period then ended:


	December 31, 2011
	Total Carrying Value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total Losses
	(In thousands)
Finite-lived intangible assets	$	4,596	$	—	$	—	$	4,596	$	14,830

There was no fair value measurement on a non-recurring basis at March 31, 2012 or at June 30, 2012.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Accrued Expenses

12 Months Ended

Jun. 30, 2012

Accrued Expenses

8.	Accrued Expenses


	June 30,
	2012		2011
Personnel costs	$	149	$	711
Professional fees		262		434
Clinical		181		140
Other		16		37

	$	608	$	1,322

Stockholders' Equity

12 Months Ended

Jun. 30, 2012

Stockholders' Equity

9.	Stockholders’ Equity

Sales of Common Stock and Warrants

In August 2012, the Company completed a registered direct offering of 2,494,419 shares of its common stock and warrants to purchase 623,605 shares of its common stock to institutional investors for gross proceeds of $5.4 million. The shares and warrants were sold in units, each unit consisting of one share together with 0.25 of one warrant, at a negotiated price of $2.15 per unit. Each whole warrant has an exercise price of $2.50 per share and a five-year term, provided, however, that the warrants are not exercisable for a period of six months from date of issuance. Placement agent fees and other share issue costs approximated $700,000.

In January 2011, the Company completed a registered direct offering of 2,210,000 shares of its common stock and warrants to purchase 552,500 shares of its common stock to institutional investors for gross proceeds of $11.05 million. The shares and warrants were sold in units, each unit consisting of one share together with 0.25 of one warrant, at a negotiated price of $5.00 per unit. Each whole warrant has an exercise price of $5.00 per share and a five-year term. Placement agent fees and other share issue costs totaled $1.0 million.

Warrants to Purchase Common Shares

The following table provides a reconciliation of all US$ warrants for the years ended June 30, 2012 and 2011:


	Year Ended June 30,
	2012					2011
	Number of Warrants			Weighted Average Exercise Price		Number of Warrants		Weighted Average Exercise Price
Balance at beginning of year		7,614,748		$	7.35		7,062,248	$	7.53
Issued		—			—		552,500		5.00
Expired		(5,550,038	)		7.79		—		—

Balance and exercisable at end of year		2,064,710		$	6.17		7,614,748	$	7.35

At June 30, 2012, the remaining lives of these outstanding warrants ranged from one week to 3.6 years, representing a weighted average term of 1.0 year.

The following table provides a reconciliation of all A$ warrants for the years ended June 30, 2012 and 2011:


	Year Ended June 30,
	2012				2011
	Number of Warrants		Weighted Average Exercise Price A$		Number of Warrants			Weighted Average Exercise Price A$
Balance at beginning of year		205,479		7.68		3,935,433			9.54
Expired		—		—		(3,729,954	)		9.65

Balance and exercisable at end of year		205,479		7.68		205,479			7.68

The weighted average exercise price of these warrants translated to US$ was $7.80 at June 30, 2012 and $8.14 at June 30, 2011. These outstanding warrants expired on July 19, 2012.

Because the potential exercise of the A$-denominated warrants would result in a variable amount of proceeds in the Company’s functional currency, the fair value of the warrants was recorded as a derivative liability, subject to revaluation of the liability on a recurring basis through the statement of operations. As of June 30, 2012, the Company had no liability recorded.

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 2
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
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-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Section B
-Paragraph 7, 11A
-Chapter 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 23: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Stock-Based Compensation

12 Months Ended

Jun. 30, 2012

Stock-Based Compensation

10.

Stock-Based Compensation

2008 Incentive Plan

The pSivida Corp. 2008 Incentive Plan (the “2008 Plan”) permits the issuance of stock-based awards to directors, executives, employees and consultants. Awards may include stock options, stock appreciation rights, restricted and unrestricted stock, deferred stock, performance awards, convertible securities and cash grants. At June 30, 2012, the number of shares reserved for issuance under the 2008 Plan was 4,091,255, of which 807,653 shares were available for grant under the 2008 Plan. The 2008 Plan includes an “evergreen provision” that allows for an annual increase in the number of shares of common stock available for issuance under the 2008 Plan. On the first day of each fiscal year until July 1, 2017, the number of shares reserved for issuance under the 2008 Plan will be increased by the least of (i) 750,000 shares; (ii) 4% of the then outstanding shares of common stock; and (iii) any such lesser amount of shares of common stock as is determined by the Compensation Committee of the Board of Directors. The number of shares reserved for issuance increased by 750,000 shares on July 1, 2012.

Options to purchase a total of 768,350 shares were granted during fiscal 2012 at exercise prices equal to the closing market price of the Company’s common stock on the NASDAQ Global Market (“NASDAQ”) on the respective option grant dates. Of this total, options to purchase 533,350 shares were issued to employees with ratable annual vesting over 4 years, options to purchase 135,000 shares were issued to non-employee directors with 1-year cliff vesting and options to purchase 100,000 shares were issued subject to both performance and service condition vesting. All options have a 10-year life.

The Company measures the fair value of options on their grant date using the Black-Scholes option-pricing model. Based upon limited option exercise history, the Company has generally used the “simplified” method outlined in SEC Staff Accounting Bulletin No. 107 to estimate the expected life of stock option grants. Management believes that the historical volatility of the Company’s stock price on NASDAQ, for which there has been trading history for approximately 7.5 years, best represents the expected volatility over the estimated life of the option. The risk-free interest rate is based upon published U.S. Treasury yield curve rates at the date of grant corresponding to the expected life of the stock option. An assumed dividend yield of zero reflects the fact that the Company has never paid cash dividends and has no intentions to pay dividends in the foreseeable future.

The key assumptions used to apply the option pricing model for options granted under the 2008 Plan during the years ended June 30, 2012, 2011 and 2010 were as follows:


	2012	2011	2010
Option life (in years)	3.50 - 6.25	3.50 - 6.25	5.50 - 6.25
Stock volatility	88% - 97%	95%	95%
Risk-free interest rate	0.53% - 2.02%	1.13% - 2.35%	2.36% - 2.62%
Expected dividends	0.0%	0.0%	0.0%

The Company recognizes compensation expense for only the portion of options that are expected to vest. Based on historical trends, the Company applies estimated forfeiture rates to determine the numbers of awards that are expected to vest. Additional expense is recorded if the actual forfeiture rate for each tranche of option grants is lower than estimated, and a recovery of prior expense is recorded if the actual forfeiture rate is higher than estimated. The Company assesses the forfeiture rate at the end of each reporting period. The Company begins to record stock-based compensation expense for performance-based options at the time it becomes probable that the respective performance conditions will be achieved. The Company will continue to recognize the grant date fair value of performance-based options through the vesting date of the respective awards so long as it remains probable that the related performance conditions will be satisfied. In fiscal 2012, the Company recorded a reversal of $121,000 of expense for performance-based option awards forfeited during fiscal 2012.

The following table summarizes information about stock options for the years ended June 30, 2012, 2011 and 2010:


	2012		2011		2010
Weighted-average grant date fair value, per share	$	2.41	$	3.24	$	3.10
Total cash received from exercise of stock options (in thousands)		114		17		318
Total intrinsic value of stock options exercised (in thousands)		119		12		78

At June 30, 2012, there was approximately $1.2 million of unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized as expense over a weighted average period of 1.8 years.

The following table provides a reconciliation of stock option activity under the 2008 Plan for fiscal 2012:


	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)
Outstanding at July 1, 2011		2,605,895		$	2.63
Granted		768,350			4.93
Exercised		(53,950	)		2.12
Forfeited		(266,940	)		4.05

Outstanding at June 30, 2012		3,053,355		$	3.10		7.44	$	915

Outstanding at June 30, 2012—vested or unvested and expected to vest		2,977,909		$	3.08		7.42	$	910

Exercisable at June 30, 2012		1,668,034		$	2.40		6.84	$	781

Employee Share Option Plan

The Company’s Employee Share Option Plan (the “Plan”) provided for the issuance of non-qualified stock options to eligible employees and directors. As of June 30, 2008, no further options could be granted under the Plan. Options outstanding under the Plan, denominated in A$, had vesting periods ranging from immediate vesting to 3-year graded vesting and a contractual life of five years.

The following table provides a reconciliation of stock option activity under the Plan for fiscal 2012:


	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
				A$		(in years)		A$
Outstanding at July 1, 2011		135,000			6.75
Cancelled		(22,500	)		13.00

Outstanding and exercisable at June 30, 2012		112,500			5.50		0.25		—

At June 30, 2012 the weighted average exercise price of outstanding and exercisable options translated into US$ was $5.59.

Stock-Based Compensation Expense

The Company’s statements of operations included total compensation expense from stock-based payment awards as follows:


	Year ended June 30,
	2012		2011		2010
Compensation expense from:
Stock options	$	1,411	$	2,052	$	1,385
Issuance of fully vested shares		—		—		110

	$	1,411	$	2,052	$	1,495

Compensation expense included in:
Research and development	$	597	$	400	$	306
General and administrative		814		1,652		1,189

	$	1,411	$	2,052	$	1,495

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
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-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Retirement Plans

12 Months Ended

Jun. 30, 2012

Retirement Plans

11.

Retirement Plans

The Company operates a defined contribution plan intended to qualify under Section 401(k) of the U.S. Internal Revenue Code. Participating U.S. employees may contribute up to 15% of their pre-tax compensation, as defined, subject to statutory maximums. The Company matches employee contributions up to 5% of eligible compensation, subject to a stated calendar year Internal Revenue Service maximum.

The Company operates a defined contribution pension plan for U.K. employees pursuant to which the Company makes contributions on behalf of employees plus a matching percentage of elective employee contributions.

The Company contributed a total of $181,000 for fiscal 2012, $160,000 for fiscal 2011 and $153,000 for fiscal 2010 in connection with these retirement plans.

The entire disclosure for pension and other postretirement benefits.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-2
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph q
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 8
-Subparagraph m
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7, 21, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS106-2
-Paragraph 20, 21, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 30
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Income Taxes

12 Months Ended

Jun. 30, 2012

Income Taxes

12.

Income Taxes

The components of income tax (benefit) expense are as follows:


	Year Ended June 30,
	2012			2011			2010
U.S. operations:
Current income tax provision	$	—		$	96		$	156
Deferred income tax benefit		(13	)		(209	)		—

		(13	)		(113	)		156

Non-U.S. operations:
Current income tax benefit		(156	)		(105	)		(133	)
Deferred income tax benefit		—			—			—

		(156	)		(105	)		(133	)

Income tax (benefit) provision	$	(169	)	$	(218	)	$	23

The components of (loss) income before income taxes are as follows:


	Year Ended June 30,
	2012			2011			2010
U.S. operations	$	(11,215	)	$	(5,519	)	$	12,353
Non-U.S. operations		(13,789	)		(3,327	)		(3,577	)

(Loss) income before income taxes	$	(25,004	)	$	(8,846	)	$	8,776

The difference between Company’s expected income tax (benefit) expense, as computed by applying the statutory U.S. federal tax rate of 34% to (loss) income before income taxes, and actual tax is reconciled in the following table:


	Year Ended June 30,
	2012			2011			2010
Income tax (benefit) provision at statutory rate	$	(8,501	)	$	(3,008	)	$	2,984
State income taxes, net of federal benefit		(599	)		(350	)		953
Non-U.S. income tax rate differential		1,163			228			180
Research and development tax credits		(156	)		(106	)		(132	)
Changes in valuation allowance		7,500			3,045			(4,219	)
Other, net		424			(27	)		257

Income tax (benefit) provision	$	(169	)	$	(218	)	$	23

The components of deferred income taxes are as follows:


	June 30,
	2012		2011
Deferred tax assets:
Net operating loss carryforwards	$	24,021	$	23,799
Deferred revenue		2,341		555
Stock-based compensation		2,119		1,608
Provision for losses on note receivable		511		511
Other		572		620

Total deferred tax assets		29,564		27,093

Deferred tax liabilities:
Intangible assets		1,472		6,516

Deferred tax assets, net		28,092		20,577
Valuation allowance		28,092		20,590

Net deferred tax liability	$	—	$	13

The valuation allowances generally reflect limitations on the Company’s ability to use the tax attributes and reduce the value of such attributes to the more-likely-than-not realizable amount. The valuation allowance increased by $7.5 million during fiscal 2012 and $3.0 million during fiscal 2011.

The Company has tax loss carry forwards in its individual tax jurisdictions. At June 30, 2012, the Company had U.S. federal net operating loss carry forwards of approximately $46.6 million which expire at various dates between calendar years 2023 and 2032. The utilization of certain of these loss carry forwards may be limited by Section 382 of the Internal Revenue Code as a result of historical or future changes in the Company’s ownership. At June 30, 2012, the Company had state net operating loss carry forwards of approximately $22.1 million, of which $13.4 million expires in 2012, $3.1 million expires in 2013 and $5.6 million expires in 2031 and 2032. Additionally, at June 30, 2012 the Company had loss carry forwards in the U.K. of £18.0 million (approximately $28.1 million). During fiscal 2012, the Company recognized a current income tax benefit of $156,000 related to foreign research and development tax credits earned by its U.K. subsidiary.

The Company’s U.S. federal income tax returns for calendar years 2002 through 2011 remain subject to examination by the Internal Revenue Service. The Company’s U.K. tax returns for fiscal 2006 to 2011 remain subject to examination. The Australian tax returns for the former parent company for fiscal 2004 through 2008 remain subject to examination.

Through June 30, 2012, the Company had no unrecognized tax benefits in its consolidated statements of operations and no unrecognized tax benefits in its consolidated balance sheets as of June 30, 2012 or 2011.

As of June 30, 2012 and 2011, the Company had no accrued penalties or interest related to uncertain tax positions.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Commitments and Contingencies

Commitments and Contingencies

12 Months Ended

Jun. 30, 2012

13.

Commitments and Contingencies

Operating Leases

The Company leases its office and research laboratory space in Watertown, Massachusetts through April 6, 2014. In addition to base rent, the lease agreement requires the Company to pay for utilities, taxes, insurance, maintenance and other operating expenses. The Company leases laboratory and office space in Malvern, U.K. through August 2016, subject to a 6-month advance notice of cancellation at September 2014. The Company also leases certain office equipment under operating lease agreements that expire through calendar year 2016.

At June 30, 2012, the Company’s total future minimum lease payments under non-cancellable operating leases were as follows:


Fiscal Year:
2013	$	450
2014		360
2015		18
Thereafter		2

	$	830

Rent expense related to operating leases charged to operations was approximately $466,000 for fiscal 2012, $449,000 for fiscal 2011 and $449,000 for fiscal 2010.

Litigation

The Company is subject to various routine legal proceedings and claims incidental to its business, which management believes will not have a material effect on the Company’s financial position, results of operations or cash flows.

The entire disclosure for commitments and contingencies.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Segment and Geographic Area Information

Segment and Geographic Area Information

12 Months Ended

Jun. 30, 2012

14.

Segment and Geographic Area Information

(a)

Business Segment

The Company operates in only one business segment, being the biotechnology sector. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. The chief operating decision maker made such decisions and assessed performance at the company level, as one segment.

(b)

Geographic Area Information

The following table summarizes the Company’s revenues and long-lived assets by geographic area:


	Revenues						Long-lived assets
	2012		2011		2010		2012		2011
United States	$	2,385	$	4,882	$	22,932	$	57	$	62
United Kingdom		1,141		83		121		278		61

Consolidated	$	3,526	$	4,965	$	23,053	$	335	$	123

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Related Party Transactions

Related Party Transactions

12 Months Ended

Jun. 30, 2012

15.

Related Party Transactions

As of June 30, 2012, Pfizer owned approximately 9.0% of the Company’s outstanding shares. The Company received research and development program payments from Pfizer under the Original Pfizer Agreement of $2.0 million during fiscal 2011 and $2.0 million during fiscal 2010. In addition, in connection with consummation of the Restated Pfizer Agreement in June 2011, the Company received an upfront license fee of $2.3 million.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph b
-Article 3A

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Article 4

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Quarterly Financial Data

12 Months Ended

Jun. 30, 2012

Quarterly Financial Data

16.

Quarterly Financial Data (unaudited)

The following table summarizes the quarterly results of operations for the years ended June 30, 2012 and 2011:


	Fiscal Year 2012
	First Quarter Ended September 30, 2011 (1)			Second Quarter Ended December 31, 2011 (2)			Third Quarter Ended March 31, 2012			Fourth Quarter Ended June 30, 2012			Year Ended June 30, 2012 (1, 2)
Total revenues	$	1,659		$	630		$	538		$	699		$	3,526
Operating loss		(2,531	)		(17,643	)		(2,727	)		(2,310	)		(25,211	)
Net loss		(2,427	)		(17,460	)		(2,686	)		(2,262	)		(24,835	)

Net loss per share:
Basic and diluted	$	(0.12	)	$	(0.84	)	$	(0.13	)	$	(0.11	)	$	(1.19	)

Weighted average common shares:
Basic and diluted		20,757			20,803			20,803			20,803			20,791


	Fiscal Year 2011
	First Quarter Ended September 30, 2010			Second Quarter Ended December 31, 2010			Third Quarter Ended March 31, 2011			Fourth Quarter Ended June 30, 2011 (3)			Year Ended June 30, 2011 (3)
Total revenues	$	476		$	414		$	360		$	3,715		$	4,965
Operating loss		(3,435	)		(3,121	)		(3,139	)		(308	)		(10,003	)
Net loss		(3,108	)		(2,695	)		(2,685	)		(140	)		(8,628	)

Net loss per share:
Basic and diluted	$	(0.17	)	$	(0.15	)	$	(0.13	)	$	(0.01	)	$	(0.44	)

Weighted average common shares:
Basic and diluted		18,531			18,531			20,177			20,745			19,489

(1)	Results for the first quarter of fiscal 2012 included $1.1 million of revenue related to the termination of a field-of-use license by Intrinsiq (see Note 3)

(2)	Results for the second quarter of fiscal 2012 included a $14.8 million impairment write-down of finite-lived intangible assets (see Note 4).

(3)	Results for the fourth quarter of fiscal 2011 included $3.3 million of revenue related to a material modification of the Pfizer collaborative research and license agreement in June 2011 (see Note 3).

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

Fair Value of Financial Instruments

Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2012

Basis of Presentation

Basis of Presentation

Use of Estimates

Use of Estimates

Foreign Currency

Foreign Currency

The functional currency of each entity is the currency of the primary economic environment in which that entity operates - the U.S. dollar or the Pound Sterling.

Cash Equivalents

Cash Equivalents

Cash equivalents represent highly liquid investments with maturities of three months or less at the date of purchase, principally consisting of institutional money market funds.

Marketable Securities

Marketable Securities

Concentrations of Risk

Concentrations of Risk

Fair Value of Financial Instruments

The carrying amounts of cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of their short-term maturity.

Accounts and Other Receivables

Accounts and Other Receivables

Receivables consist primarily of (i) quarterly royalties earned; (ii) accrued interest on marketable securities; and (iii) U.K. research and development tax credits.

Debt and Equity Instruments

Debt and Equity Instruments

Property and Equipment

Property and Equipment

Leases

Leases

Impairment of Intangible Assets

Impairment of Intangible Assets

Revenue Recognition

Revenue Recognition

Collaborative Research and Development and Multiple-Deliverable Arrangements

an arrangement should be accounted for as a single unit of accounting, it must determine the period over which the performance obligations will be performed and revenue will be recognized.

Royalties

Reimbursement of Costs

Deferred Revenue

Research and Development

Research and Development

Stock-Based Compensation

Stock-Based Compensation

Net (Loss) Income per Share

Net (Loss) Income per Share

The calculation of shares used to compute basic and diluted net (loss) income per share is as follows:


	Year Ended June 30,
	2012		2011		2010
Number of common shares—basic		20,791,202		19,489,154		18,404,823
Effect of dilutive securities:
Stock options		—		—		489,783

Number of common shares—diluted		20,791,202		19,489,154		18,894,606


	June 30,
	2012		2011		2010
Options		3,165,855		2,740,895		907,219
Warrants		2,270,189		7,820,227		10,997,681

		5,436,044		10,561,122		11,904,900

Comprehensive (Loss) Income

Comprehensive (Loss) Income

Comprehensive (loss) income is comprised of net (loss) income, foreign currency translation adjustments and unrealized gains and losses on available-for-sale marketable securities.

Income Tax

Income Tax

Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2012

Calculation of Shares Used to Compute Basic and Diluted Net (Loss) Income Per Share

The calculation of shares used to compute basic and diluted net (loss) income per share is as follows:


	Year Ended June 30,
	2012		2011		2010
Number of common shares—basic		20,791,202		19,489,154		18,404,823
Effect of dilutive securities:
Stock options		—		—		489,783

Number of common shares—diluted		20,791,202		19,489,154		18,894,606

Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares


	June 30,
	2012		2011		2010
Options		3,165,855		2,740,895		907,219
Warrants		2,270,189		7,820,227		10,997,681

		5,436,044		10,561,122		11,904,900

Intangible Assets (Tables)

12 Months Ended

Jun. 30, 2012

Reconciliation of Intangible Assets

The reconciliation of intangible assets for the years ended June 30, 2012 and 2011 is as follows:


	June 30,
	2012			2011
Patented technologies
Gross carrying amount at beginning of year	$	55,422		$	53,275
Asset impairment write-down		(14,830	)		—
Foreign currency translation adjustments		(1,036	)		2,147

Gross carrying amount at end of year		39,556			55,422

Accumulated amortization at beginning of year		(33,858	)		(29,398	)
Amortization expense		(2,037	)		(3,302	)
Foreign currency translation adjustments		565			(1,158	)

Accumulated amortization at end of year		(35,330	)		(33,858	)

Net book value at end of year	$	4,226		$	21,564

Schedule of Fair Value of Combined Intangible Assets

Based on the above analyses, the fair value of the combined intangible assets was allocated to each intangible based on the values determined under the income-based approach, as follows:


	Pre-impairment Carrying Value at December 31, 2011		Impairment Charge			Post-impairment Carrying Value at December 31, 2011
Durasert	$	6,318	$	(3,141	)	$	3,177
BioSilicon		13,108		(11,689	)		1,419

	$	19,426	$	(14,830	)	$	4,596

Schedule of Net Book Value of Intangible Assets

The net book value of the Company’s intangible assets at June 30, 2012 and 2011 is summarized as follows:


	June 30,				Estimated Remaining Useful Life at June 30, 2012
	2012		2011		(Years)
Patented technologies
Durasert	$	2,912	$	6,845		5.5
BioSilicon		1,314		14,719		5.5

	$	4,226	$	21,564

Marketable Securities (Tables)

12 Months Ended

Jun. 30, 2012

Schedule of Amortized Cost, Unrealized (Loss) Gain and Fair Value of Available-for-Sale Marketable Securities

The amortized cost, unrealized (loss) gain and fair value of the Company’s available-for-sale marketable securities at June 30, 2012 and 2011 were as follows:


	June 30, 2012
	Amortized Cost		Unrealized (Loss)			Fair Value
Corporate bonds	$	5,958	$	(8	)	$	5,950
Commercial paper		3,046		—			3,046
Certificates of deposit		950		—			950

Total marketable securities	$	9,954	$	(8	)	$	9,946


	June 30, 2011
	Amortized Cost		Unrealized (Loss) Gain			Fair Value
Corporate bonds	$	7,326	$	(14	)	$	7,312
U.S. Government obligations		1,204		1			1,205
Commercial Paper		2,699		—			2,699

Total marketable securities	$	11,229	$	(13	)	$	11,216

Property and Equipment, Net (Tables)

12 Months Ended

Jun. 30, 2012

Schedule of Property and Equipment


	June 30,
	2012			2011
Property and equipment	$	1,937		$	3,755
Leasehold improvements		321			194

Gross property and equipment		2,258			3,949
Accumulated depreciation and amortization		(1,923	)		(3,826	)

	$	335		$	123

Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2012

Assets and Liabilities Carried at Fair Value Measured on Recurring Basis

The following table summarizes the Company’s assets and liabilities carried at fair value measured on a recurring basis at June 30, 2012 and 2011 by valuation hierarchy:


	June 30, 2012
Description	Total Carrying Value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:
Cash equivalents	$	4,292	$	4,042	$	250	$	—
Marketable securities:
Corporate bonds		5,950		3,684		2,266		—
Commercial paper		3,046		—		3,046		—
Certificates of Deposit		950		—		950		—

	$	14,238	$	7,726	$	6,512	$	—

Liabilities:
Derivative liabilities	$	—	$	—	$	—	$	—

	June 30, 2011
Description	Total Carrying Value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:
Cash equivalents	$	8,678	$	8,678	$	—	$	—
Marketable securities:
Corporate bonds		7,312		5,792		1,520		—
U.S. Government obligations		1,205		—		1,205		—
Commercial paper		2,699		—		2,699		—

	$	19,894	$	14,470	$	5,424	$	—

Liabilities:
Derivative liabilities	$	170	$	—	$	—	$	170

Fair Value Valuation Assumptions


	June 30,
	2012	2011
Expected term (in years)	0.05	1.05
Stock volatility	90%	95%
Risk-free interest rate	0.03%	0.19%
Expected dividends	0%	0%

Liabilities Measured at Fair Value on Recurring Basis

The reconciliation of the Company’s liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows:


	June 30,
	2012		2011
Balance at beginning of year	$	170	$	1,310
Change in fair value of derivatives—other income		170		1,140

Balance at end of year	$	—	$	170

Summary of Assets Carried at Fair Value Measured on Nonrecurring Basis

The following table summarizes the Company’s assets carried at fair value measured on a nonrecurring basis at December 31, 2011 and the losses recorded for the six month period then ended:


	December 31, 2011
	Total Carrying Value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total Losses
	(In thousands)
Finite-lived intangible assets	$	4,596	$	—	$	—	$	4,596	$	14,830

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

Shedule of Accrued Expenses

Accrued Expenses (Tables)

12 Months Ended

Jun. 30, 2012


	June 30,
	2012		2011
Personnel costs	$	149	$	711
Professional fees		262		434
Clinical		181		140
Other		16		37

	$	608	$	1,322

Stockholders' Equity (Tables)

12 Months Ended

Jun. 30, 2012

Warrants to Purchase Common Shares

The following table provides a reconciliation of all US$ warrants for the years ended June 30, 2012 and 2011:


	Year Ended June 30,
	2012					2011
	Number of Warrants			Weighted Average Exercise Price		Number of Warrants		Weighted Average Exercise Price
Balance at beginning of year		7,614,748		$	7.35		7,062,248	$	7.53
Issued		—			—		552,500		5.00
Expired		(5,550,038	)		7.79		—		—

Balance and exercisable at end of year		2,064,710		$	6.17		7,614,748	$	7.35

The following table provides a reconciliation of all A$ warrants for the years ended June 30, 2012 and 2011:


	Year Ended June 30,
	2012				2011
	Number of Warrants		Weighted Average Exercise Price A$		Number of Warrants			Weighted Average Exercise Price A$
Balance at beginning of year		205,479		7.68		3,935,433			9.54
Expired		—		—		(3,729,954	)		9.65

Balance and exercisable at end of year		205,479		7.68		205,479			7.68

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

Key Assumptions Used to Apply Option Pricing Model for Options Granted

Stock-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2012

The key assumptions used to apply the option pricing model for options granted under the 2008 Plan during the years ended June 30, 2012, 2011 and 2010 were as follows:


	2012	2011	2010
Option life (in years)	3.50 - 6.25	3.50 - 6.25	5.50 - 6.25
Stock volatility	88% - 97%	95%	95%
Risk-free interest rate	0.53% - 2.02%	1.13% - 2.35%	2.36% - 2.62%
Expected dividends	0.0%	0.0%	0.0%

Summary of Information about Stock Options

The following table summarizes information about stock options for the years ended June 30, 2012, 2011 and 2010:


	2012		2011		2010
Weighted-average grant date fair value, per share	$	2.41	$	3.24	$	3.10
Total cash received from exercise of stock options (in thousands)		114		17		318
Total intrinsic value of stock options exercised (in thousands)		119		12		78

Compensation Expense from Stock-Based Payment Awards

The Company’s statements of operations included total compensation expense from stock-based payment awards as follows:


	Year ended June 30,
	2012		2011		2010
Compensation expense from:
Stock options	$	1,411	$	2,052	$	1,385
Issuance of fully vested shares		—		—		110

	$	1,411	$	2,052	$	1,495

Compensation expense included in:
Research and development	$	597	$	400	$	306
General and administrative		814		1,652		1,189

	$	1,411	$	2,052	$	1,495

2008 Incentive Plan

Stock Option Activity Under Plan

The following table provides a reconciliation of stock option activity under the 2008 Plan for fiscal 2012:


	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)
Outstanding at July 1, 2011		2,605,895		$	2.63
Granted		768,350			4.93
Exercised		(53,950	)		2.12
Forfeited		(266,940	)		4.05

Outstanding at June 30, 2012		3,053,355		$	3.10		7.44	$	915

Outstanding at June 30, 2012—vested or unvested and expected to vest		2,977,909		$	3.08		7.42	$	910

Exercisable at June 30, 2012		1,668,034		$	2.40		6.84	$	781

Employee Share Option Plan

Stock Option Activity Under Plan

The following table provides a reconciliation of stock option activity under the Plan for fiscal 2012:


	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
				A$		(in years)		A$
Outstanding at July 1, 2011		135,000			6.75
Cancelled		(22,500	)		13.00

Outstanding and exercisable at June 30, 2012		112,500			5.50		0.25		—

Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

Components of Income Tax (Benefit) Expense

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2012

The components of income tax (benefit) expense are as follows:


	Year Ended June 30,
	2012			2011			2010
U.S. operations:
Current income tax provision	$	—		$	96		$	156
Deferred income tax benefit		(13	)		(209	)		—

		(13	)		(113	)		156

Non-U.S. operations:
Current income tax benefit		(156	)		(105	)		(133	)
Deferred income tax benefit		—			—			—

		(156	)		(105	)		(133	)

Income tax (benefit) provision	$	(169	)	$	(218	)	$	23

Components of (Loss) Income Before Income Taxes

The components of (loss) income before income taxes are as follows:


	Year Ended June 30,
	2012			2011			2010
U.S. operations	$	(11,215	)	$	(5,519	)	$	12,353
Non-U.S. operations		(13,789	)		(3,327	)		(3,577	)

(Loss) income before income taxes	$	(25,004	)	$	(8,846	)	$	8,776

Difference Between Expected Income Tax (Benefit) Expense and Actual Tax


	Year Ended June 30,
	2012			2011			2010
Income tax (benefit) provision at statutory rate	$	(8,501	)	$	(3,008	)	$	2,984
State income taxes, net of federal benefit		(599	)		(350	)		953
Non-U.S. income tax rate differential		1,163			228			180
Research and development tax credits		(156	)		(106	)		(132	)
Changes in valuation allowance		7,500			3,045			(4,219	)
Other, net		424			(27	)		257

Income tax (benefit) provision	$	(169	)	$	(218	)	$	23

Components of Deferred Income Taxes

The components of deferred income taxes are as follows:


	June 30,
	2012		2011
Deferred tax assets:
Net operating loss carryforwards	$	24,021	$	23,799
Deferred revenue		2,341		555
Stock-based compensation		2,119		1,608
Provision for losses on note receivable		511		511
Other		572		620

Total deferred tax assets		29,564		27,093

Deferred tax liabilities:
Intangible assets		1,472		6,516

Deferred tax assets, net		28,092		20,577
Valuation allowance		28,092		20,590

Net deferred tax liability	$	—	$	13

Commitments and Contingencies (Tables)

12 Months Ended

Jun. 30, 2012

Total Future Minimum Lease Payments Under Non-Cancellable Operating Leases

At June 30, 2012, the Company’s total future minimum lease payments under non-cancellable operating leases were as follows:


Fiscal Year:
2013	$	450
2014		360
2015		18
Thereafter		2

	$	830

Segment and Geographic Area Information (Tables)

12 Months Ended

Jun. 30, 2012

Summary of the Company's Revenues and Long-Lived Assets by Geographic Area

The following table summarizes the Company’s revenues and long-lived assets by geographic area:


	Revenues						Long-lived assets
	2012		2011		2010		2012		2011
United States	$	2,385	$	4,882	$	22,932	$	57	$	62
United Kingdom		1,141		83		121		278		61

Consolidated	$	3,526	$	4,965	$	23,053	$	335	$	123

Quarterly Financial Data (Tables)

12 Months Ended

Jun. 30, 2012

Summary of Quarterly Results of Operations

The following table summarizes the quarterly results of operations for the years ended June 30, 2012 and 2011:


	Fiscal Year 2012
	First Quarter Ended September 30, 2011 (1)			Second Quarter Ended December 31, 2011 (2)			Third Quarter Ended March 31, 2012			Fourth Quarter Ended June 30, 2012			Year Ended June 30, 2012 (1, 2)
Total revenues	$	1,659		$	630		$	538		$	699		$	3,526
Operating loss		(2,531	)		(17,643	)		(2,727	)		(2,310	)		(25,211	)
Net loss		(2,427	)		(17,460	)		(2,686	)		(2,262	)		(24,835	)

Net loss per share:
Basic and diluted	$	(0.12	)	$	(0.84	)	$	(0.13	)	$	(0.11	)	$	(1.19	)

Weighted average common shares:
Basic and diluted		20,757			20,803			20,803			20,803			20,791


	Fiscal Year 2011
	First Quarter Ended September 30, 2010			Second Quarter Ended December 31, 2010			Third Quarter Ended March 31, 2011			Fourth Quarter Ended June 30, 2011 (3)			Year Ended June 30, 2011 (3)
Total revenues	$	476		$	414		$	360		$	3,715		$	4,965
Operating loss		(3,435	)		(3,121	)		(3,139	)		(308	)		(10,003	)
Net loss		(3,108	)		(2,695	)		(2,685	)		(140	)		(8,628	)

Net loss per share:
Basic and diluted	$	(0.17	)	$	(0.15	)	$	(0.13	)	$	(0.01	)	$	(0.44	)

Weighted average common shares:
Basic and diluted		18,531			18,531			20,177			20,745			19,489

(1)	Results for the first quarter of fiscal 2012 included $1.1 million of revenue related to the termination of a field-of-use license by Intrinsiq (see Note 3)

(2)	Results for the second quarter of fiscal 2012 included a $14.8 million impairment write-down of finite-lived intangible assets (see Note 4).

(3)	Results for the fourth quarter of fiscal 2011 included $3.3 million of revenue related to a material modification of the Pfizer collaborative research and license agreement in June 2011 (see Note 3).

Operations (Narrative) (Detail) $ in Millions	12 Months Ended
Operations (Narrative) (Detail) $ in Millions	Jun. 30, 2012 USD ($)
Operations [Line Items]
Cash equivalents and marketable securities	$ 14.6
Net proceeds from a registered direct offering of common shares	$ 4.7

Significant Accounting Policies (Narrative) (Detail) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2011

Sep. 30, 2011

^[2]

Jun. 30, 2011

Mar. 31, 2011

Dec. 31, 2010

Sep. 30, 2010

Dec. 31, 2011

Jun. 30, 2012

Dec. 31, 2011

Jun. 30, 2011

Jun. 30, 2010

Schedule Of Significant Accounting Policies [Line Items]

Accumulated other comprehensive income attributable to foreign currency translation

$ 950,000

$ 1,400,000

$ 950,000

$ 1,400,000

Interest-bearing cash equivalent

4,300,000

Estimated useful lives of assets

$ 699,000

$ 538,000

$ 630,000

^[1]

$ 1,659,000

$ 3,715,000

^[3]

$ 360,000

$ 414,000

$ 476,000

$ 3,526,000

^[1],[2]

4,965,000

^[3]

$ 23,053,000

3 years

Impairment of intangible assets

$ 14,800,000

$ (14,830,000)

$ 14,830,000

$ 14,800,000

Collaborative research and development revenues

3,300,000

Tax benefit to be recognized for any tax position

50.00%

Durasert And BioSilicon

Schedule Of Significant Accounting Policies [Line Items]

Finite life intangible assets amortization period

12 years

Pfizer | Customer Concentrations of Risk

Schedule Of Significant Accounting Policies [Line Items]

Percentage of total revenues

$ 754,000.0

$ 3.3

21.00%

67.00%

Bausch and Lomb | Customer Concentrations of Risk

Schedule Of Significant Accounting Policies [Line Items]

Percentage of total revenues

$ 1.4

41.00%

27.00%

Alimera | Customer Concentrations of Risk

Schedule Of Significant Accounting Policies [Line Items]

Percentage of total revenues

$ 22.3

97.00%

[1]	Results for the second quarter of fiscal 2012 included a $14.8 million impairment write-down of finite-lived intangible assets (see Note 4).
[2]	Results for the first quarter of fiscal 2012 included $1.1 million of revenue related to the termination of a field-of-use license by Intrinsiq (see Note 3)
[3]	Results for the fourth quarter of fiscal 2011 included $3.3 million of revenue related to a material modification of the Pfizer collaborative research and license agreement in June 2011 (see Note 3).

Significant Accounting Policies (Calculation of Shares Used to Compute Basic and Diluted Net (Loss) Income Per Share) (Detail) - shares	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2010
Reconciliation Of Basic Weighted Average Common Shares Outstanding To Diluted Weighted Average Common Shares Outstanding [Line Items]
Number of common shares-basic	20,791,000	19,489,000	18,405,000
Effect of dilutive securities:
Stock options			489,783
Number of common shares-diluted	20,791,000	19,489,000	18,895,000

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Weighted-Average Number of Common Shares Outstanding
-URI http://asc.fasb.org/extlink&oid=6528421

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Significant Accounting Policies (Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares) (Detail) - shares	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2010
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities outstanding	5,436,044	10,561,122	11,904,900
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities outstanding	3,165,855	2,740,895	907,219
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities outstanding	2,270,189	7,820,227	10,997,681

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

License and Collaboration Agreements (Narrative) (Detail)	1 Months Ended			3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2012 USD ($)	Jul. 31, 2011 USD ($)	Jul. 31, 2009 USD ($)	Sep. 30, 2011 USD ($)	Jun. 30, 2011 USD ($)	Dec. 31, 2009 USD ($) Month	Jun. 30, 2012 USD ($) Year	Jun. 30, 2011 USD ($)	Jun. 30, 2010 USD ($)	Jun. 30, 2008 USD ($)	Jan. 31, 2008 USD ($)
Collaborative Agreements And Contracts [Line Items]
Milestone payment upon FDA approval							$ 25,000,000
Collaborative research and development revenue								$ 3,300,000
Royalties							$ 1,446,000	1,353,000	$ 483,000
Period of revenue recognized from the effective date of agreement \| Year							17
Capital equipment assets							$ 405,000	133,000	15,000
Alimera
Collaborative Agreements And Contracts [Line Items]
Consideration received in cash	$ 12,000,000						12,000,000				$ 1,200,000.0
Accrued development cost liabilities	5,700,000						$ 5,700,000
Conditional note received	15,000,000
Milestone payment upon FDA approval	25,000,000
Share in future profits							50.00%
Percentage of decrease in share of future profits							20.00%
Pre-profitability net losses percentage							20.00%
Percentage of royalties							20.00%
Percentage of non-royalty consideration received							33.00%
Deferred revenue						$ 18,300,000
Period of revenue recognized from the effective date of agreement \| Month						21.5
Revenue related to agreement							$ 111,000.0	192,000.0	22,300,000
Pfizer Collaboration Agreement
Collaborative Agreements And Contracts [Line Items]
Research Funding					$ 500,000			500,000		$ 500,000
Upfront payment								2,300,000
License option right								20,000,000
Development and sales performance milestone maximum								146,500,000
Collaborative research and development revenue							754,000.0	3.3
Collaborative research and development revenue								$ 6,700,000
Collaborative research and development revenue over the expected performance period								3 years 6 months
Pfizer Collaboration Agreement Restated
Collaborative Agreements And Contracts [Line Items]
Consideration received in cash					10,050,000			$ 10,050,000
Deferred revenue					7,750,000			7,750,000
Upfront payment								2,300,000
Collaborative research and development revenue					3,300,000
Intrinsiq Materials Cayman Limited
Collaborative Agreements And Contracts [Line Items]
Collaborative research and development revenue				$ 1,100,000				83,000	121,000
Obligated aggregate minimum royalties to be paid											$ 3,550,000
Royalties			$ 450,000
Capital equipment assets		$ 223,000
Bausch and Lomb
Collaborative Agreements And Contracts [Line Items]
Royalties							1,446,000	1,353,000	483,000
Additional royalty income									$ 1,200,000
Accounts receivable	$ 442,000				$ 290,000		$ 442,000	$ 290,000

Intangible Assets (Reconciliation of Intangible Assets) (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2011	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2011	Jun. 30, 2010
Finite-Lived Intangible Assets [Line Items]
Asset impairment write-down	$ (14,800)	$ 14,830	$ (14,830)	$ (14,800)
Amortization expense			(2,037)		$ (3,302)	$ (3,289)
Net book value at end of year	$ 4,596	4,596	4,226	$ 4,596	21,564
Patented technologies
Finite-Lived Intangible Assets [Line Items]
Patented technologies Gross carrying amount at beginning of year		55,422	55,422		53,275
Asset impairment write-down			(14,830)
Foreign currency translation adjustments			(1,036)		2,147
Gross carrying amount at end of year			39,556		55,422	53,275
Accumulated amortization at beginning of year		$ (33,858)	(33,858)		(29,398)
Amortization expense			(2,037)		(3,302)
Foreign currency translation adjustments			565		(1,158)
Accumulated amortization at end of year			(35,330)		(33,858)	$ (29,398)
Net book value at end of year			$ 4,226		$ 21,564

Intangible Assets (Narrative) (Detail)	12 Months Ended
Intangible Assets (Narrative) (Detail)	Jun. 30, 2012 USD ($) Year	Jun. 30, 2011 USD ($)	Jun. 30, 2010 USD ($)	Dec. 31, 2011 USD ($)
Intangible Assets [Line Items]
Milestone payment from Alimera	$ 25,000,000
Intangible assets, before impairment				$ 19,426,000
Enterprise value				4,400,000
Fair value of intangible assets				4,600,000
Amortization expense	2,037,000	$ 3,302,000	$ 3,289,000
Intangible assets, net	4,226,000	$ 21,564,000		4,596,000
Amortization expense per year	$ 770,000
Estimated remaining useful life \| Year	5.5
Maximum
Intangible Assets [Line Items]
Market capitalization				82,000,000
Minimum
Intangible Assets [Line Items]
Market capitalization				23,100,000
Durasert
Intangible Assets [Line Items]
Intangible assets, before impairment				6,318,000
Intangible assets, net				3,177,000
BioSilicon
Intangible Assets [Line Items]
Intangible assets, before impairment				13,108,000
Intangible assets, net				$ 1,419,000

Intangible Assets (Schedule of Fair Value of Combined Intangible Assets) (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2011	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2011
Intangible Assets [Line Items]
Pre-impairment Carrying Value at December 31, 2011	$ 19,426	$ 19,426		$ 19,426
Impairment Charge	14,800	(14,830)	$ 14,830	14,800
Post-impairment Carrying Value at December 31, 2011	4,596	4,596	$ 4,226	4,596	$ 21,564
Durasert
Intangible Assets [Line Items]
Pre-impairment Carrying Value at December 31, 2011	6,318	6,318		6,318
Impairment Charge		(3,141)
Post-impairment Carrying Value at December 31, 2011	3,177	3,177		3,177
BioSilicon
Intangible Assets [Line Items]
Pre-impairment Carrying Value at December 31, 2011	13,108	13,108		13,108
Impairment Charge		(11,689)
Post-impairment Carrying Value at December 31, 2011	$ 1,419	$ 1,419		$ 1,419

Intangible Assets (Schedule of Net Book Value of Intangible Assets) (Detail) $ in Thousands	Jun. 30, 2012 USD ($) Year	Dec. 31, 2011 USD ($)	Jun. 30, 2011 USD ($)
Intangible Assets [Line Items]
Net book value of intangible assets \| $	$ 4,226	$ 4,596	$ 21,564
Estimated remaining useful life \| Year	5.5
Durasert
Intangible Assets [Line Items]
Net book value of intangible assets \| $	$ 2,912		6,845
Estimated remaining useful life \| Year	5.5
BioSilicon
Intangible Assets [Line Items]
Net book value of intangible assets \| $	$ 1,314		$ 14,719
Estimated remaining useful life \| Year	5.5

Marketable Securities (Schedule of Amortized Cost, Unrealized (Loss) Gain and Fair Value of Available-for-Sale Marketable Securities) (Detail) - USD ($) $ in Thousands	Jun. 30, 2012	Jun. 30, 2011
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 9,954	$ 11,229
Unrealized (Loss)Gain	(8)	(13)
Fair Value	9,946	11,216
Corporate bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	5,958	7,326
Unrealized (Loss)Gain	(8)	(14)
Fair Value	5,950	7,312
Commercial paper
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	3,046	2,699
Fair Value	3,046	2,699
Certificates of deposit
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	950
Fair Value	$ 950
U.S. Government obligations
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		1,204
Unrealized (Loss)Gain		1
Fair Value		$ 1,205

This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents Available-for-sale Securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities which are categorized as Available-for-sale.

Marketable Securities (Narrative) (Detail) $ in Thousands	12 Months Ended
Marketable Securities (Narrative) (Detail) $ in Thousands	Jun. 30, 2012 USD ($) Month	Jun. 30, 2011 USD ($)	Jun. 30, 2010 USD ($)
Schedule of Available-for-sale Securities [Line Items]
Marketable securities purchased \| $	$ 15,392	$ 15,963	$ 2,054
Marketable securities matured and sold \| $	$ 16,400
Weighted average maturity \| Month	4.1
Minimum
Schedule of Available-for-sale Securities [Line Items]
Marketable securities maturity period \| Month	0

The cash outflow from purchases of trading, available-for-sale securities and held-to-maturity securities.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26853-111562

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Investing Activities
-URI http://asc.fasb.org/extlink&oid=6516133

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 13
-Subparagraph (a),(b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3213-108585

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 17
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 17
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Property and Equipment, Net (Schedule of Property and Equipment) (Detail) - USD ($) $ in Thousands	Jun. 30, 2012	Jun. 30, 2011
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 2,258	$ 3,949
Accumulated depreciation and amortization	(1,923)	(3,826)
Property and equipment, net	335	123
Property and equipment
Property, Plant and Equipment [Line Items]
Gross property and equipment	1,937	3,755
Leasehold improvements
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 321	$ 194

The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.

Property and Equipment, Net (Narrative) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2010
Property, Plant and Equipment [Line Items]
Depreciation of property and equipment	$ 190	$ 53	$ 37

Fair Value Measurements (Assets and Liabilities Carried at Fair Value Measured on Recurring Basis) (Detail) - USD ($) $ in Thousands	Jun. 30, 2012	Jun. 30, 2011
Assets:
Cash equivalents	$ 4,292	$ 8,678
Marketable securities:
Marketable securities	14,238	19,894
Liabilities:
Derivative liabilities		170
Corporate bonds
Marketable securities:
Marketable securities	5,950	7,312
Commercial paper
Marketable securities:
Marketable securities	3,046	2,699
Certificates of deposit
Marketable securities:
Marketable securities	950
U.S. Government obligations
Marketable securities:
Marketable securities		1,205
Quoted prices in active markets (Level 1)
Assets:
Cash equivalents	4,042	8,678
Marketable securities:
Marketable securities	7,726	14,470
Quoted prices in active markets (Level 1) \| Corporate bonds
Marketable securities:
Marketable securities	3,684	5,792
Significant other observable inputs (Level 2)
Assets:
Cash equivalents	250
Marketable securities:
Marketable securities	6,512	5,424
Significant other observable inputs (Level 2) \| Corporate bonds
Marketable securities:
Marketable securities	2,266	1,520
Significant other observable inputs (Level 2) \| Commercial paper
Marketable securities:
Marketable securities	3,046	2,699
Significant other observable inputs (Level 2) \| Certificates of deposit
Marketable securities:
Marketable securities	$ 950
Significant other observable inputs (Level 2) \| U.S. Government obligations
Marketable securities:
Marketable securities		1,205
Significant unobservable inputs (Level 3)
Liabilities:
Derivative liabilities		$ 170

Fair Value Measurements (Fair Value Valuation Assumptions) (Detail)	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Expected term (in years)	18 days	1 year 18 days
Stock volatility	90.00%	95.00%
Risk-free interest rate	0.03%	0.19%
Expected dividends	0.00%	0.00%

Fair Value Measurements (Liabilities Measured at Fair Value on Recurring Basis) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2010
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value of derivatives-other income	$ 170	$ 1,140	$ (339)
Significant unobservable inputs (Level 3)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of year	170	1,310
Change in fair value of derivatives-other income	$ 170	1,140
Balance at end of year		$ 170	$ 1,310

Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2011	Jun. 30, 2012	Dec. 31, 2011
Intangible asset impairment charge	$ 14,800	$ (14,830)	$ 14,830	$ 14,800
Precentage of control premium for valuing assets				15.00%
Minimum
Percentage of weighted average cost of capital rates after tax				10.00%
Maximum
Percentage of weighted average cost of capital rates after tax				20.00%

Fair Value Measurements (Fair Value Measurements Summary of Assets Carried at Fair Value Measured on Nonrecurring Basis) (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2011	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2011
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Finite-lived intangible assets	$ 4,596	$ 4,596	$ 4,226	$ 4,596	$ 21,564
Finite-lived intangible assets, Total Losses	(14,800)	14,830	$ (14,830)	(14,800)
Significant unobservable inputs (Level 3)
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Finite-lived intangible assets	$ 4,596	$ 4,596		$ 4,596

Accrued Expenses (Schedule of Accrued Expenses) (Detail) - USD ($) $ in Thousands	Jun. 30, 2012	Jun. 30, 2011
Schedule Of Accrued Liabilities [Line Items]
Accrued expenses	$ 608	$ 1,322
Personnel costs
Schedule Of Accrued Liabilities [Line Items]
Accrued expenses	149	711
Professional fees
Schedule Of Accrued Liabilities [Line Items]
Accrued expenses	262	434
Clinical
Schedule Of Accrued Liabilities [Line Items]
Accrued expenses	181	140
Other
Schedule Of Accrued Liabilities [Line Items]
Accrued expenses	$ 16	$ 37

Stockholders' Equity (Narrative) (Detail) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Aug. 31, 2012 USD ($) $ / shares Year shares	Jan. 31, 2011 USD ($) $ / shares Year shares	Jun. 30, 2012 $ / shares	Jun. 30, 2011 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued to institutional investors \| shares		2,210,000
Number of warrants to purchase shares of common stock issued \| shares		552,500
Proceeds from issuance of common stock and warrants \| $		$ 11,050
Issue price per unit		$ 5.00
Percentage of warrants on common stock		25.00%
Warrant exercise price		$ 5.00
Term of warrants \| Year		5
Stock issuance costs \| $		$ 1,000
Weighted average exercise price of warrants			$ 7.80	$ 8.14
Outstanding warrants expiration date			July 19, 2012
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued to institutional investors \| shares	2,494,419
Number of warrants to purchase shares of common stock issued \| shares	623,605
Proceeds from issuance of common stock and warrants \| $	$ 5,400
Issue price per unit	$ 2.15
Percentage of warrants on common stock	25.00%
Warrant exercise price	$ 2.50
Term of warrants \| Year	5
Stock issuance costs \| $	$ 7,000

Stockholders' Equity (Warrants to Purchase Common Shares) (Detail) - Warrants - $ / shares	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
US$ Warrants
Schedule Of Outstanding Options And Warrants [Line Items]
Number of Warrants, Balance at beginning of year	7,614,748	7,062,248
Number of Warrants, Issued		552,500
Number of Warrants, Expired	(5,550,038)
Number of Warrants, Balance and exercisable at end of year	2,064,710	7,614,748
Weighted Average Exercise Price, Balance at beginning of year	$ 7.35	$ 7.53
Weighted Average Exercise Price, Issued		5.00
Weighted Average Exercise Price, Expired	7.79
Weighted Average Exercise Price, Balance and exercisable at end of year	$ 6.17	$ 7.35
A$ warrants
Schedule Of Outstanding Options And Warrants [Line Items]
Number of Warrants, Balance at beginning of year	205,479	3,935,433
Number of Warrants, Expired		(3,729,954)
Number of Warrants, Balance and exercisable at end of year	205,479	205,479
Weighted Average Exercise Price, Balance at beginning of year	$ 7.68	$ 9.54
Weighted Average Exercise Price, Expired		9.65
Weighted Average Exercise Price, Balance and exercisable at end of year	$ 7.68	$ 7.68

Stock-Based Compensation (Narrative) (Detail)	12 Months Ended
Stock-Based Compensation (Narrative) (Detail)	Jun. 30, 2012 USD ($) Year $ / shares shares	Jun. 30, 2008
2008 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance	4,091,255
Shares available for grant	807,653
Percentage increase on outstanding shares	4.00%
Number of shares reserved for issuance, increased	750,000
Option grants	768,350
Trading history	7 years 6 months
Assumed dividend yield	0.00%
Prior year stock-based compensation expense \| $	$ 121,000
Unrecognized compensation expense \| $	$ 1,200,000
Unrecognized compensation expense weighted average period	1 year 9 months 18 days
2008 Incentive Plan \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option grants	533,350
Options vesting period	4 years
2008 Incentive Plan \| Non-Employee Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option grants	135,000
Cliff vesting period \| Year	1
2008 Incentive Plan \| Performance And Service Condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option grants	100,000
Contractual life of option grants	10-year
Employee Share Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life of option grants		Five years
Australian dollar denomination stock option outstanding equivalent to Us dollar \| $ / shares	$ 5.59
Employee Share Option Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options vesting period		3 years

Stock-Based Compensation (Key Assumptions Used to Apply Option Pricing Model for Options Granted) (Detail) - 2008 Incentive Plan	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock volatility, minimum	88.00%
Stock volatility, maximum	97.00%	0.00%	0.00%
Risk-free interest rate, Minimum	0.53%	1.13%	2.36%
Risk-free interest rate, Maximum	2.02%	2.35%	2.62%
Expected dividends	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	3 years 6 months	3 years 6 months	3 years 6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	6 years 3 months	6 years 3 months	6 years 3 months
Stock volatility		95.00%	95.00%

Stock-Based Compensation (Summary of Information About Stock Options) (Detail) - 2008 Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value, per share	$ 2.41	$ 3.24	$ 3.10
Total cash received from exercise of stock options (in thousands)	$ 114	$ 17	$ 318
Total intrinsic value of stock options exercised (in thousands)	$ 119	$ 12	$ 78

Stock-Based Compensation (Stock Option Activity) (Detail) - 2008 Incentive Plan	12 Months Ended
	Jun. 30, 2012 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, Beginning balance \| shares	2,605,895
Number of Options, Granted \| shares	768,350
Number of Options, Exercised \| shares	(53,950)
Number of Options, Forfeited \| shares	(266,940)
Number of Options, Ending balance \| shares	3,053,355
Number of Options, Outstanding - vested or unvested and expected to vest \| shares	2,977,909
Number of Options, Exercisable \| shares	1,668,034
Weighted Average Exercise Price, beginning balance \| $ / shares	$ 2.63
Weighted Average Exercise Price, Granted \| $ / shares	4.93
Weighted Average Exercise Price, Exercised \| $ / shares	2.12
Weighted Average Exercise Price, Forfeited \| $ / shares	4.05
Weighted Average Exercise Price, ending balance \| $ / shares	3.10
Weighted Average Exercise Price, Outstanding - vested or unvested and expected to vest \| $ / shares	3.08
Weighted Average Exercise Price, Exercisable \| $ / shares	$ 2.40
Weighted Average Remaining Contractual Life, Ending balance	7 years 5 months 9 days
Weighted Average Remaining Contractual Life, Outstanding - vested or unvested and expected to vest	7 years 5 months 1 day
Weighted Average Remaining Contractual Life, Exercisable	6 years 10 months 2 days
Aggregate Intrinsic Value, Ending balance \| $	$ 915
Aggregate Intrinsic Value, Outstanding vested or unvested and expected to vest \| $	910
Aggregate Intrinsic Value, Exercisable \| $	$ 781

Stock-Based Compensation (Stock Option Activity Under Plan) (Detail) - Employee Share Option Plan	12 Months Ended
	Jun. 30, 2012 AUD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, Beginning balance \| shares	135,000
Number of Options, Cancelled \| shares	(22,500)
Number of Options, Ending balance \| shares	112,500
Weighted Average Exercise Price, beginning balance \| $ / shares	$ 6.75
Weighted Average Exercise Price, Cancelled \| $ / shares	13.00
Weighted Average Exercise Price, ending balance \| $ / shares	$ 5.50
Weighted Average Remaining Contractual Life, Outstanding and exercisable	3 months
Aggregate Intrinsic Value, Outstanding and exercisable \| $

Stock-Based Compensation (Compensation Expense from Stock-Based Payment Awards) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2010
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Compensation expense from stock-based payment awards	$ 1,411	$ 2,052	$ 1,495
Stock-based compensation	1,411	2,052	1,495
Stock Options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Compensation expense from stock-based payment awards	1,411	2,052	1,385
Issuance Of Fully Vested Shares
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Compensation expense from stock-based payment awards			110
Research And Development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	597	400	306
General And Administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	$ 814	$ 1,652	$ 1,189

Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.

Retirement Plans (Narrative) (Detail) - USD ($)	12 Months Ended
Retirement Plans (Narrative) (Detail) - USD ($)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2010
Schedule Of Defined Contribution Plans Disclosures [Line Items]
Defined contribution plan, employee contribution	15.00%
Eligible compensation	5.00%
Company contributed to retirement plans	$ 181,000	$ 160,000	$ 153,000

The amount of pension and other (such as medical, dental and life insurance) postretirement benefit costs recognized during the period for (1) defined benefit plans (periodic benefit costs include the following components: service cost, interest cost, expected return on plan assets, gain (loss) on assets, prior service cost or credit, transition asset or obligation, and gain (loss) due to settlements or curtailments) and for (2) defined contribution plans (to the extent that a plan's defined contributions to an individual's account are to be made for periods in which that individual renders services, the net cost for a period is the contribution called for in that period; if a plan calls for contributions for periods after an individual retires or terminates, the estimated cost is accrued during the employee's service period).

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.4)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6414718&loc=d3e28014-114942

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 11
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Income Taxes (Components of Income Tax (Benefit) Expense) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2010
U.S. operations:
Current income tax provision		$ 96	$ 156
Deferred income tax benefit	$ (13)	(209)
Federal Income Tax Expense (Benefit), Continuing Operations, Total	(13)	(113)	156
Non-U.S. operations:
Current income tax benefit	(156)	(105)	(133)
Deferred income tax benefit
Foreign Income Tax Expense (Benefit), Continuing Operations, Total	(156)	(105)	(133)
Income tax (benefit) provision	$ (169)	$ (218)	$ 23

The component of income tax expense for the period representing amounts paid or payable (or refundable) as determined by applying the provisions of enacted federal tax law to the domestic taxable Income or Loss from continuing operations.

The component of total income tax expense for the period comprised of the increase (decrease) during the period in the entity's domestic deferred tax assets and liabilities attributable to continuing operations as determined by applying the provisions of the federally enacted tax law.

The component of total income tax expense for the period comprised of the increase (decrease) in the entity's net foreign deferred tax assets and liabilities attributable to continuing operations as determined by applying the provisions of applicable enacted tax laws of countries other than the country of domicile.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Deferred Tax Expense (or Benefit)
-URI http://asc.fasb.org/extlink&oid=6510177

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-URI http://asc.fasb.org/extlink&oid=6889476&loc=d3e330036-122817

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 45
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 6
-Section I
-Subsection 7

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 289
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Income Taxes (Components of (Loss) Income Before Income Taxes) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2010
Income Loss From Operations Before Provision Benefit For Income Taxes [Line Items]
U.S. operations	$ (11,215)	$ (5,519)	$ 12,353
Non-U.S. operations	(13,789)	(3,327)	(3,577)
(Loss) income before income taxes	$ (25,004)	$ (8,846)	$ 8,776

Income Taxes (Narrative) (Detail) £ in Millions	12 Months Ended
Income Taxes (Narrative) (Detail) £ in Millions	Jun. 30, 2012 USD ($)	Jun. 30, 2011 USD ($)	Jun. 30, 2010 USD ($)	Jun. 30, 2012 GBP (£)
Income Tax [Line Items]
Statutory U.S. federal tax rate	34.00%
Increase in valuation allowance	$ 7,500,000	$ 3,000,000
Foreign current income tax benefit	(156,000)	$ (105,000)	$ (133,000)
U.S. Federal
Income Tax [Line Items]
U.S. federal net operating loss carry forwards	$ 46,600,000
U.S. Federal \| Minimum
Income Tax [Line Items]
Operating loss carry forwards, expiration dates	2023
U.S. Federal \| Maximum
Income Tax [Line Items]
Operating loss carry forwards, expiration dates	2032
State
Income Tax [Line Items]
State net operating loss carry forwards	$ 22,100,000
State \| Operating Loss Carry Forwards Expiring 2012
Income Tax [Line Items]
State net operating loss carry forwards, subject to expiration	13,400,000
State \| Operating Loss Carry Forwards Expiring 2013
Income Tax [Line Items]
State net operating loss carry forwards, subject to expiration	3,100,000
State \| Operating Loss Carry Forward Expiring 2031
Income Tax [Line Items]
State net operating loss carry forwards, subject to expiration	5,600,000
Foreign
Income Tax [Line Items]
Tax loss carry forwards, foreign	28,100,000			£ 18.0
Foreign current income tax benefit	$ 156,000
Internal Revenue Service (IRS)
Income Tax [Line Items]
Tax years subject to examination	2002 through 2011
United Kingdom Tax Authority
Income Tax [Line Items]
Tax years subject to examination	2006 to 2011
Australian Tax Authority
Income Tax [Line Items]
Tax years subject to examination	2004 through 2008

Income Taxes (Difference Between Expected Income Tax (Benefit) Expense and Actual Tax) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2010
Income Tax Rate Reconciliation [Line Items]
Income tax (benefit) provision at statutory rate	$ (8,501)	$ (3,008)	$ 2,984
State income taxes, net of federal benefit	(599)	(350)	953
Non-U.S. income tax rate differential	1,163	228	180
Research and development tax credits	(156)	(106)	(132)
Changes in valuation allowance	7,500	3,045	(4,219)
Other, net	424	(27)	257
Income tax (benefit) provision	$ (169)	$ (218)	$ 23

The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to pretax Income or Loss from continuing operations; income tax expense or benefit may include interest and penalties on tax uncertainties based on the entity's accounting policy.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (a),(b)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 45
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e32247-109318

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32672-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 45, 46
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 48
-Paragraph 15, 16, 19
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Schedule Of Geographical Information [Line Items]

Income Taxes (Components of Deferred Income Taxes) (Detail) - USD ($) $ in Thousands	Jun. 30, 2012	Jun. 30, 2011
Deferred tax assets:
Net operating loss carryforwards	$ 24,021	$ 23,799
Deferred revenue	2,341	555
Stock-based compensation	2,119	1,608
Provision for losses on note receivable	511	511
Other	572	620
Total deferred tax assets	29,564	27,093
Deferred tax liabilities:
Intangible assets	1,472	6,516
Deferred tax assets, net	28,092	20,577
Valuation allowance	$ 28,092	20,590
Net deferred tax liability		$ 13

Commitments and Contingencies (Narrative) (Detail)	12 Months Ended
Commitments and Contingencies (Narrative) (Detail)	Jun. 30, 2012 USD ($) Month	Jun. 30, 2011 USD ($)	Jun. 30, 2010 USD ($)
Operating Leases [Line Items]
Leases expiration date	Apr. 06, 2014
Leases expiration period	August 2016
Advance notice period of cancellation of lease \| Month	6
Optional lease termination date	September 2014
Operating lease agreements, expiration year	2016
Rent expense related to operating leases charged to operations \| $	$ 466,000	$ 449,000	$ 449,000

Commitments and Contingencies (Future Minimum Lease Payments Under Non-Cancellable Operating Leases) (Detail) $ in Thousands	Jun. 30, 2012 USD ($)
Future Minimum Payments Under Non Cancelable Operating Leases With Initial Terms Of One Year Or More [Line Items]
2013	$ 450
2014	360
2015	18
Thereafter	2
Total future minimum lease payments	$ 830

Segment and Geographic Area Information (Narrative) (Detail)	12 Months Ended
	Jun. 30, 2012 Segment
Segment Reporting Information [Line Items]
Number of Operating business segment	1

Segment and Geographic Area Information (Geographic Area Information) (Detail) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2011

^[1]

Sep. 30, 2011

^[2]

Jun. 30, 2011

Mar. 31, 2011

Dec. 31, 2010

Sep. 30, 2010

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2010

Consolidated

$ 335

$ 123

$ 335

$ 123

Schedule Of Geographical Information [Line Items]

699

$ 538

$ 630

$ 1,659

3,715

^[3]

$ 360

$ 414

$ 476

3,526

^[1],[2]

4,965

^[3]

$ 23,053

United States

Schedule Of Geographical Information [Line Items]

2,385

4,882

22,932

United Kingdom

Schedule Of Geographical Information [Line Items]

1,141

$ 121

United States

Consolidated

United Kingdom

Schedule Of Geographical Information [Line Items]

Consolidated

$ 278

$ 61

$ 278

$ 61

[1]	Results for the second quarter of fiscal 2012 included a $14.8 million impairment write-down of finite-lived intangible assets (see Note 4).
[2]	Results for the first quarter of fiscal 2012 included $1.1 million of revenue related to the termination of a field-of-use license by Intrinsiq (see Note 3)
[3]	Results for the fourth quarter of fiscal 2011 included $3.3 million of revenue related to a material modification of the Pfizer collaborative research and license agreement in June 2011 (see Note 3).

Related Party Transactions (Narrative) (Detail) - Pfizer - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2012
Related Party Transaction [Line Items]
Company's owned outstanding shares			9.00%
Received research and development program payments	$ 2.0	$ 2.0
Upfront license fee	$ 2.3

Quarterly Financial Data (Unaudited ) (Summary of Quarterly Results of Operations) (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2011

^[1]

Sep. 30, 2011

^[2]

Jun. 30, 2011

^[3]

Mar. 31, 2011

Dec. 31, 2010

Sep. 30, 2010

Jun. 30, 2012

^[1],[2]

Jun. 30, 2011

^[3]

Jun. 30, 2010

Quarterly Financial Data [Line Items]

Total revenues

$ 699

$ 538

$ 630

$ 1,659

$ 3,715

$ 360

$ 414

$ 476

$ 3,526

$ 4,965

$ 23,053

Loss from operations

(2,310)

(2,727)

(17,643)

(2,531)

(308)

(3,139)

(3,121)

(3,435)

(25,211)

(10,003)

9,091

Net loss

$ (2,262)

$ (2,686)

$ (17,460)

$ (2,427)

$ (140)

$ (2,685)

$ (2,695)

$ (3,108)

$ (24,835)

$ (8,628)

$ 8,753

Net loss per share:

Basic and diluted

$ (0.11)

$ (0.13)

$ (0.84)

$ (0.12)

$ (0.01)

$ (0.13)

$ (0.15)

$ (0.17)

$ (1.19)

$ (0.44)

Weighted average common shares:

Basic and diluted

20,803

20,757

20,745

20,177

18,531

20,791

19,489

[1]	Results for the second quarter of fiscal 2012 included a $14.8 million impairment write-down of finite-lived intangible assets (see Note 4).
[2]	Results for the first quarter of fiscal 2012 included $1.1 million of revenue related to the termination of a field-of-use license by Intrinsiq (see Note 3)
[3]	Results for the fourth quarter of fiscal 2011 included $3.3 million of revenue related to a material modification of the Pfizer collaborative research and license agreement in June 2011 (see Note 3).

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e565-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 10, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A7
-Appendix A

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28, 29, 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9