Quarterly report pursuant to Section 13 or 15(d)

Statement of Cash Flows

v2.4.0.6
Statement of Cash Flows (USD $)
 6 Months Ended 135 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Cash Flows from Operating Activities:      
Net loss $ (3,182,196) $ (10,265,013) $ (60,266,809)
Adjustments to reconcile net loss to net cash used in operating activities:      
Beneficial conversion feature     1,625,000
Compensatory stock     2,129,877
Depreciation and amortization 21,442 24,777 661,979
Stock based compensation 141,926 372,167 5,719,555
Amortization of deferred research and development arrangement (37,500) (37,500) (712,500)
Note receivable 14,011 14,011 (4,671)
Realized losses on marketable securities 0 3,960 13,301
Unrealized loss (gain) on fair value of warrants (540,387) (127,220) (4,216,492)
Unrealized gain on fair value of put feature on common stock     (2,315,539)
Financing expense   97,667 640,023
Amortization of deferred lease incentive (10,000) (10,000) (60,000)
Deferred lease expenses (8,505) (224) 45,883
Loss on impairment of intangible assets     286,132
Changes in assets and liabilities:      
Prepaid expenses and other current assets (734) 220,551 (333,905)
Research tax credit receivable   145,513  
Accounts payable and accrued expenses (294,438) 2,070,716 890,967
Net Cash Used in Operating Activities (3,896,381) (7,490,595) (55,897,199)
Cash Flows from Investing Activities:      
Restricted cash equivalents 667,874 (2,776,008) (763,891)
Purchase of equipment   (2,154) (564,995)
Purchase of marketable securities   (8,000,000) (21,123,960)
Proceeds from sales of marketable securities 1,850,000 8,500,000 21,010,659
Payment of licensing fees     (356,216)
Net Cash Provided By (Used in) Investing Activities 2,517,874 (2,278,162) (1,798,403)
Cash Flows from Financing Activities:      
Issuance of common stock and units, net of issuance costs   13,220,273 55,805,574
Proceeds from exercise of stock options   18,000 170,082
Proceeds from exercise of stock warrants   317,961 3,581,337
Proceeds from long-term debt     5,150,000
Proceeds from research contribution     1,500,000
Purchase of treasury stock     (28,410)
Net Cash Provided by Financing Activities   13,556,234 66,178,583
Net (Decrease) Increase in Cash and Cash Equivalents (1,378,507) 3,787,477 8,482,981
Cash and Cash Equivalents - beginning of period 9,861,488 12,340,239  
Cash and Cash Equivalents - end of period 8,482,981 16,127,716 8,482,981
Supplemental Cash Flow Information      
Interest paid     301,147
Non-cash financing and investing activties:      
Warrants issued   2,924,333 11,054,427
Put feature on common stock issued     4,954,738
Dilutive issuances of common stock     2,639,199
Warrant liability extinguishment from exercise of warrants   243,868 6,180,660
Leasehold improvement incentive     100,000
Settlement of lawsuit     $ 43,953