WD HD not readable anymore

I have WD My Book 1110 Media (1.5TB) which I purchased last year. It was working fine until yesterday but when I plugged it in my computer, it did not show up.

When I removed the USB cable manually, computer asked me to Format the Disk. I then plugged it in my Macbook Pro and it said "The device is not readable by this computer" although Disk Utilities is showing the HD but none of the options like Repair Disk, Verify Disk are available. Also on my PC it does not appear in the My Computer window but is showing up in the Disk Management section and it says "Unallocated Space"

Please help if possible.. There are some very valuable videos and photographs of my grandfather who passed away a few years ago..
 
Are you willing to open the case of your WD? If so try connect it as a slave drive on another PC.
 
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