Annual report pursuant to Section 13 and 15(d)

Statement of Cash Flows

v2.4.0.6
Statement of Cash Flows (USD $)
12 Months Ended 141 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Cash Flows from Operating Activities:      
Net loss $ (6,226,670) $ (11,344,950) $ (63,311,283)
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 42,386 45,070 682,923
Stock based compensation 230,987 638,607 5,808,616
Amortization of deferred research and development arrangement (125,000) (75,000) (800,000)
Note receivable 18,682 28,023  
Realized losses on marketable securities 0 3,960 13,301
Unrealized gain on fair value of warrants (663,876) (4,778,450) (4,339,981)
Unrealized gain on fair value of put feature on common stock     (2,315,539)
Financing expense 332,108 97,667 972,131
Amortization of deferred lease incentive (20,000) (20,000) (70,000)
Deferred lease expenses (18,971) (8,729) 35,417
Loss on impairment of intangible assets     286,132
Changes in assets and liabilities:      
Prepaid expenses and other current assets 144,363 373,478 (188,808)
Research tax credit receivable   145,513  
Accounts payable and accrued expenses (333,568) (635,495) 851,837
Net Cash Used in Operating Activities (6,619,559) (15,530,306) (58,620,377)
Cash Flows from Investing Activities:      
Restricted cash equivalents 339,964 (1,029,872) (1,091,801)
Purchase of equipment   (16,047) (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 2,189,964 (545,919) (2,126,313)
Cash Flows from Financing Activities:      
Issuance of common stock and units, net of issuance costs 7,128,650 13,220,273 62,934,224
Proceeds from exercise of stock options   59,240 170,082
Proceeds from exercise of stock warrants   317,961 3,581,337
Proceeds from long-term debt     5,150,000
Proceeds from research and development arrangement 926,000   2,426,000
Purchase of treasury stock     (28,410)
Net Cash Provided by Financing Activities 8,054,650 13,597,474 74,233,233
Net (Decrease) Increase in Cash and Cash Equivalents 3,625,055 (2,478,751) 13,486,543
Cash and Cash Equivalents - beginning of period 9,861,488 12,340,239  
Cash and Cash Equivalents - end of period 13,486,543 9,861,488 13,486,543
Supplemental Cash Flow Information      
Interest paid     301,147
Non-cash financing and investing activties:      
Warrants issued 2,637,216 2,924,333 13,691,643
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