Quarterly report pursuant to Section 13 or 15(d)

Condensed Statement of Cash Flows

v2.3.0.15
Condensed Statement of Cash Flows (USD $)
 9 Months Ended 128 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Cumulative from March 19, 2001 (Inception) [Member]
Cash Flows from Operating Activities:      
Net loss $ (11,734,231) $ (11,411,775) $ (57,473,894)
Adjustments to reconcile net loss to net cash used in operating activities:      
Beneficial conversion feature 0 0 1,625,000
Compensatory stock 0 1,663,999 2,129,877
Depreciation and amortization 34,904 34,843 630,371
Stock-based compensation 513,255 435,305 5,452,277
Amortization of deferred research and development contribution (56,250) (56,250) (656,250)
Note receivable 21,017 (53,711) (25,688)
Realized losses on marketable securities 3,960 0 13,301
Unrealized (gain) loss on fair value of warrants (1,993,469) 4,333,496 (891,124)
Unrealized gain on fair value of put feature on common stock 0 (97,713) (2,315,539)
Financing expense 97,667 180,080 640,023
Amortization of deferred lease incentive (15,000) (15,000) (45,000)
Deferred lease expenses (4,477) 24,728 58,640
Loss on impairment of intangible assets 0 0 286,132
Changes in assets and liabilities:      
Prepaid expenses and other current assets 250,940 (160,113) (455,709)
Research tax credit receivable 145,513 0 0
Accounts payable and accrued expenses 2,084,560 555,268 3,905,460
Net Cash Used in Operating Activities (10,651,611) (4,566,843) (47,122,123)
Cash Flows from Investing Activities:      
Restricted cash equivalents (2,545,558) 842,454 (2,947,451)
Purchase of equipment (4,411) (3,744) (553,359)
Purchase of marketable securities (8,000,000) (503,960) (21,123,960)
Proceeds from sales of marketable securities 8,500,000 75,000 19,160,659
Payment of licensing fees 0 0 (356,216)
Net Cash (Used in) Provided by Investing Activities (2,049,969) 409,750 (5,820,327)
Cash Flows from Financing Activities:      
Issuance of common stock and units, net of issuance costs 13,220,273 9,318,228 55,805,574
Proceeds from exercise of stock options 40,040 107,240 150,882
Proceeds from exercise of stock warrants 317,961 3,263,376 3,581,337
Proceeds from long-term debt 0 0 5,150,000
Proceeds from research contribution 0 0 1,500,000
Purchase of treasury stock 0 0 (28,410)
Net Cash Provided by Financing Activities 13,578,274 12,688,844 66,159,383
Net Increase in Cash and Cash Equivalents 876,694 8,531,751 13,216,933
Cash and Cash Equivalents - beginning of period 12,340,239 7,298,032 0
Cash and Cash Equivalents - end of period 13,216,933 15,829,783 13,216,933
Supplemental Cash Flow Information      
Interest paid 0 0 301,147
Non-cash financing and investing activities:      
Warrants issued 2,924,333 1,980,880 11,054,427
Put feature on common stock issued 0 0 4,954,738
Dilutive issuances of common stock 0 0 2,639,199
Warrant liability extinguishment from exercise of warrants 243,868 5,286,602 6,180,660
Leasehold improvement incentive 0 0 100,000
Settlement of lawsuit $ 0 $ 43,953 $ 43,953