I've tried installing the latest version, restarting, disconnecting-connecting. (I'm in mac 10.7.4)
Please see picture
https://dl.dropbox.com/u/9715376/Screen%20Shot%202012-06-14%20at%2016.15.33.png
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I had that same problem once with the elicenser (except i am on windows).
What did the trick for me, was completely remove elicenser software, and reboot, than reinstall (leave the dongle out of the computer), then reboot once more, fire up the program, if that works, close it.. and insert the dongle and relaunch the program. Do also the maintenance part, to be sure the licenser is able to connect to the net and can access the dongle properly. (it will complain if it cannot).