Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.6
Consolidated Balance Sheets (USD $)
Dec. 31, 2012
Dec. 31, 2011
Current assets:    
Cash $ 5,618,669 $ 5,703,798
R&D reimbursement receivable    237,834
Prepaid expenses and other current assets 167,143 5,384
Deferred financing costs, net of accumulated amortization    252,248
Total current assets 5,785,812 6,199,264
Property and equipment, net of accumulated depreciation 3,010 1,233
TOTAL ASSETS 5,788,822 6,200,497
Current liabilities:    
Accounts payable and accrued expenses 897,044 644,511
Accounts payable and accrued expenses - related party 31,185   
Note payable 140,000   
Convertible notes payable, net of unamortized discount    124,363
Derivative liabilities 3,574,958 4,439,613
Total current liabilities 4,643,187 5,208,487
Commitments and contingencies      
Stockholders' equity:    
Preferred stock, shares $0.01 par value      
Common stock, $0.01 par value, 100,000,000 shares authorized; 21,391,665 and 13,664,802 shares issued and outstanding, respectively 213,916 136,648
Additional paid in capital 56,675,182 48,237,620
Deficit accumulated during the development stage (55,743,463) (47,382,258)
Total shareholders' equity (1,145,635) 992,010
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,788,822 $ 6,200,497