Quarterly report pursuant to Section 13 or 15(d)

Statement of Cash Flows

v2.4.0.6
Statement of Cash Flows (USD $)
 9 Months Ended 138 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Cash Flows from Operating Activities:      
Net loss $ (6,171,266) $ (11,734,231) $ (63,255,879)
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 32,163 34,904 672,700
Stock based compensation 202,537 513,255 5,780,166
Amortization of deferred research and development arrangement (56,250) (56,250) (731,250)
Note receivable 18,682 21,017  
Realized losses on marketable securities 0 3,960 13,301
Unrealized loss (gain) on fair value of warrants 655,545 (1,993,469) (3,020,560)
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 (15,000) (15,000) (65,000)
Deferred lease expenses (13,739) (4,477) 40,649
Loss on impairment of intangible assets     286,132
Changes in assets and liabilities:      
Prepaid expenses and other current assets 115,145 250,940 (218,026)
Research tax credit receivable   145,513  
Accounts payable and accrued expenses (313,898) 2,084,560 871,507
Net Cash Used in Operating Activities (5,546,081) (10,651,611) (57,546,899)
Cash Flows from Investing Activities:      
Restricted cash equivalents 1,214,592 (2,545,558) (217,173)
Purchase of equipment   (4,411) (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 3,064,592 (2,049,969) (1,251,685)
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   40,040 170,082
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   13,578,274 66,178,583
Net (Decrease) Increase in Cash and Cash Equivalents (2,481,489) 876,694 7,379,999
Cash and Cash Equivalents - beginning of period 9,861,488 12,340,239  
Cash and Cash Equivalents - end of period 7,379,999 13,216,933 7,379,999
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