Quarterly report pursuant to Section 13 or 15(d)

Condensed Statement of Cash Flows

 v2.3.0.11
Condensed Statement of Cash Flows (USD $)
 6 Months Ended 125 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Cumulative from March 19, 2001 (Inception) [Member]
Cash Flows from Operating Activities:      
Net loss $ (10,265,013) $ (11,630,666) $ (56,004,676)
Adjustments to reconcile net loss to net cash used in operating activities:      
Beneficial conversion feature 0 0 1,625,000
Compensatory stock 0 876,000 2,129,877
Depreciation and amortization 24,777 23,180 620,244
Stock option compensation 372,167 323,702 5,311,189
Amortization of deferred revenue (37,500) (37,500) (637,500)
Note receivable 14,011 (56,047) (32,694)
Realized losses on marketable securities 3,960 0 13,301
Unrealized (gain) loss on fair value of warrants (127,220) 6,870,495 975,125
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 (10,000) (10,000) (40,000)
Deferred lease expenses (224) 24,839 62,893
Loss on impairment of intangible assets 0 0 286,132
Changes in assets and liabilities:      
Prepaid expenses and other current assets 220,551 (268,039) (486,098)
Research tax credit receivable 145,513 0 0
Accounts payable and accrued expenses 2,070,716 824,035 3,891,616
Net Cash Used in Operating Activities (7,490,595) (2,977,634) (43,961,107)
Cash Flows from Investing Activities:      
Restricted cash equivalents (2,776,008) 733,554 (3,177,901)
Purchase of equipment (2,154) (2,997) (551,102)
Purchase of marketable securities (8,000,000) 0 (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 (2,278,162) 805,557 (6,048,520)
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 18,000 107,240 128,842
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 13,556,234 12,688,844 66,137,343
Net Increase in Cash and Cash Equivalents 3,787,477 10,516,767 16,127,716
Cash and Cash Equivalents - beginning of period 12,340,239 7,298,032 0
Cash and Cash Equivalents - end of period 16,127,716 17,814,799 16,127,716
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