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 129 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2011
Cumulative from March 19, 2001 (Inception) [Member]
Cash Flows from Operating Activities:        
Net loss $ (11,344,950) $ (14,022,107) $ (2,903,098) $ (57,084,613)
Adjustments to reconcile net loss to net cash used in operating activities:        
Beneficial conversion feature 0 0 0 1,625,000
Compensatory stock 0 2,108,000 0 2,129,877
Depreciation and amortization 45,070 50,659 41,604 640,537
Stock based compensation 638,607 584,657 497,531 5,577,629
Amortization of deferred research and development arrangement (75,000) (75,000) (75,000) (675,000)
Note receivable 28,023 (46,705) 0 (18,682)
Realized loss (gain) on marketable securities 3,960 0 (11,025) 13,301
Amortization of deferred lease incentive (20,000) (20,000) (10,000) (50,000)
Unrealized (gain) loss on fair value of warrants (4,778,450) 3,823,146 (1,793,101) (3,676,105)
Unrealized gain on fair value of put feature on common stock 0 (97,713) (1,915,179) (2,315,539)
Financing expense 97,667 180,080 223,950 640,023
Deferred lease expenses (8,729) 24,616 38,501 54,388
Loss on impairment of intangible assets 0 0 286,132 286,132
Changes in assets and liabilities:        
Prepaid expenses and other current assets 373,478 (385,714) 45,830 (333,171)
Research tax credit receivable 145,513 (145,513) 0 0
Accounts payable and accrued expenses (635,495) 1,034,996 427,010 1,185,405
Net Cash Used in Operating Activities (15,530,306) (6,986,598) (5,146,845) (52,000,818)
Cash Flows from Investing Activities:        
Restricted cash equivalents (1,029,872) 1,624,167 (2,026,060) (1,431,765)
Purchase of equipment (16,047) (5,246) (18,370) (564,995)
Purchase of marketable securities (8,000,000) (2,353,960) (1,371,824) (21,123,960)
Proceeds from sales of marketable securities 8,500,000 75,000 4,758,079 19,160,659
Payment of licensing fees 0 0 0 (356,216)
Net Cash (Used in) Provided by Investing Activities (545,919) (660,039) 1,341,825 (4,316,277)
Cash Flows from Financing Activities:        
Issuance of common stock and units, net of issuance costs 13,220,273 9,318,228 10,730,320 55,805,574
Proceeds from exercise of stock options 59,240 107,240 3,602 170,082
Proceeds from exercise of stock warrants 317,961 3,263,376 0 3,581,337
Proceeds from long-term debt 0 0 0 5,150,000
Proceeds from research contribution 0 0 0 1,500,000
Purchase of treasury stock 0 0 0 (28,410)
Net Cash Provided by Financing Activities 13,597,474 12,688,844 10,733,922 66,178,583
Net (Decrease) Increase in Cash and Cash Equivalents (2,478,751) 5,042,207 6,928,902 9,861,488
Cash and Cash Equivalents - beginning of period 12,340,239 7,298,032 369,130 0
Cash and Cash Equivalents - end of period 9,861,488 12,340,239 7,298,032 9,861,488
Supplemental Cash Flow Information        
Interest paid 0 0 0 301,147
Non-cash financing and investing        
Warrants issued 2,924,333 1,980,880 4,565,821 11,054,427
Put feature on common stock issued 0 0 0 4,954,738
Dilutive issuances of common stock 0 0 2,639,199 2,639,199
Warrant liability extinguishment from exercise of warrants 243,868 5,936,792 0 6,180,660
Leasehold improvement incentive 0 0 100,000 100,000
Settlement of lawsuit $ 0 $ 43,953 $ 0 $ 43,953