Quarterly report pursuant to Section 13 or 15(d)

Statement of Cash Flows

v2.4.0.6
Statement of Cash Flows (USD $)
 3 Months Ended 132 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Mar. 31, 2012
Cash Flows from Operating Activities:      
Net loss $ (2,139,794) $ (4,436,161) $ (59,224,407)
Adjustments to reconcile net loss to net cash used in operating activities:      
Beneficial conversion feature 0 0 1,625,000
Compensatory stock 0 0 2,129,877
Depreciation and amortization 10,721 14,127 651,258
Stock based compensation 91,174 201,988 5,668,803
Amortization of deferred research and development arrangement (18,750) (18,750) (693,750)
Note receivable 7,006 7,007 (11,676)
Realized losses on marketable securities 0 0 13,301
Unrealized loss (gain) on fair value of warrants 261,861 467,625 (3,414,244)
Unrealized gain on fair value of put feature on common stock 0 0 (2,315,539)
Financing expense 0 97,667 640,023
Amortization of deferred lease incentive (5,000) (5,000) (55,000)
Deferred lease expenses (4,253) (112) 50,135
Loss on impairment of intangible assets 0 0 286,132
Changes in assets and liabilities:      
Prepaid expenses and other current assets 45,919 (18,473) (287,252)
Research tax credit receivable 0 145,513  
Accounts payable and accrued expenses (165,394) 1,118,734 1,020,011
Net Cash Used in Operating Activities (1,916,510) (2,425,835) (53,917,328)
Cash Flows from Investing Activities:      
Restricted cash equivalents 156,134 (2,957,563) (1,275,631)
Purchase of equipment 0 0 (564,995)
Purchase of marketable securities 0 0 (21,123,960)
Proceeds from sales of marketable securities 0 0 19,160,659
Payment of licensing fees 0 0 (356,216)
Net Cash Provided By (Used in) Investing Activities 156,134 (2,957,563) (4,160,143)
Cash Flows from Financing Activities:      
Issuance of common stock and units, net of issuance costs 0 13,220,273 55,805,574
Proceeds from exercise of stock options 0 18,000 170,082
Proceeds from exercise of stock warrants 0 317,961 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 0 13,556,234 66,178,583
Net (Decrease) Increase in Cash and Cash Equivalents (1,760,376) 8,172,836 8,101,112
Cash and Cash Equivalents - beginning of period 9,861,488 12,340,239 0
Cash and Cash Equivalents - end of period 8,101,112 20,513,075 8,101,112
Supplemental Cash Flow Information      
Interest paid 0 0 301,147
Non-cash financing and investing activties:      
Warrants issued 0 2,924,333 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 0 243,868 6,180,660
Leasehold improvement incentive 0 0 100,000
Settlement of lawsuit $ 0 $ 0 $ 43,953