Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Taxes [Abstract]

Reconciliation of Income Tax

The reconciliation of income tax on income computed at the federal statutory rates to income tax expense is as follows:

	2012				2011
U.S. Federal statutory rates on loss from operations		E	(2,077	)		E	(3,583	)
Effect of foreign statutory rate differences			99				84
Effect of exchange rate changes			(212	)			(371	)
Expiration/disallowance of net operating loss carry forwards			638				1,785
Permanent differences			(265	)			866
Increase in valuation allowance			1,815				1,235
Other			(5	)			(15	)
Income tax provision		E	3			E	1

Deferred Tax Asset

Deferred tax asset is composed of the following:

	2012				2011
Licenses capitalized for United States tax purposes		E	1,080			E	1,212
License contract basis difference			--				--
IPR&D basis difference			(615	)			(802	)
Stock options			125				110
Other			--				--
Net operating loss carry forwards
United States			17,020				15,770
Switzerland			897				781
The Netherlands			611				447
Luxembourg			180				178
			19,298				17,696
Less valuation allowance for deferred tax asset			(19,298	)			(17,696	)
Net deferred tax asset		E	--			E	--

Net Operating Loss Carry Forwards

The Company's provision for income taxes was derived from U.S., Swiss, Netherlands and Luxembourg operations. At December 31, 2012, the Company had estimated net operating loss carry forwards which expire as follows (the Luxembourg losses do not expire):

	United States		Luxembourg		Switzerland		The Netherlands
2013		--		--		--		--
2014		--		--		--		--
2015		--		--		--		--
2016		--		--		1,345		--
2017						1,246		741
2018-2032		50,061		--		866		1,704
Perpetual		--		819		--		--
	E	50,061	E	819	E	3,457	E	2,445