State Grant

6 Months Ended

Jun. 30, 2011

State Grant

State Grant

13. State Grant

In May 2011, the Company recorded approximately $0.9 million as a receivable associated with the Life Sciences Tax Incentive Program from the Massachusetts Life Sciences Center. The program was established in 2008 in order to incentivize life sciences companies to create new sustained jobs in Massachusetts. Jobs must be maintained for at least five years, during which time the grant proceeds can be recovered by the Massachusetts Department of Revenue if the Company does not meet and maintain its job creation commitments. The Company recorded the tax credit in its condensed consolidated financial statements in other liabilities, current and long term, with a corresponding receivable and will begin recognizing the award when the Company reasonably believes it has satisfied its job creation commitments. As of June 30, 2011, the Company has not recognized any portion of the award in its condensed consolidated statement of operations.