| Schedule of Condensed Income Statement [Table Text Block] |
The summary unaudited condensed statement of operations for the cumulative development-stage period from November 7, 2002 (date of inception) through September 30, 2012 is as follows:
| COSTS AND EXPENSES: |
|
|
|
|
| Research and development |
|
$ |
24,701,044 |
|
| General and administrative |
|
|
12,358,114 |
|
| Merger costs |
|
|
799,133 |
|
| Total costs and expenses |
|
|
37,858,291 |
|
| |
|
|
|
|
| LOSS FROM OPERATIONS |
|
|
(37,858,291 |
) |
| |
|
|
|
|
| OTHER EXPENSE, NET |
|
|
(262,061 |
) |
| |
|
|
|
|
| NET LOSS |
|
$ |
(38,120,352 |
) |
| DEEMED DIVIDEND ON WARRANTS |
|
|
(543,359 |
) |
| NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS |
|
$ |
(38,663,711 |
) |
| BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE |
|
$ |
(2.92 |
) |
| SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE |
|
|
13,238,063 |
|
|
| Schedule of Condensed Cash Flow Statement [Table Text Block] |
The summary unaudited condensed statement of cash flow for the cumulative development-stage period from November 7, 2002 (date of inception) through September 30, 2012 is as follows:
| Net loss |
|
$ |
(38,120,352 |
) |
| Adjustments to reconcile net loss to cash used in operating activities |
|
|
7,486,674 |
|
| Changes in working capital |
|
|
609,801 |
|
| Cash used in operating activities |
|
|
(30,023,877 |
) |
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
| Cash acquired in a business combination |
|
|
905,649 |
|
| Purchases of fixed assets, net of $7,000 proceeds from sale of fixed assets |
|
|
(5,516,734 |
) |
| Change in restricted cash |
|
|
(55,000 |
) |
| Payment for intangible assets |
|
|
(19,671 |
) |
| Cash used in investing activities |
|
|
(4,685,756 |
) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
| Proceeds from issuance of common stock and warrants, net of issuance costs, repurchase of common stock, and cash paid in lieu of fractional shares in a business combination |
|
|
37,114,220 |
|
| Change in deferred issuance costs |
|
|
28,500 |
|
| Proceeds from issuance of long-term obligations and convertible notes |
|
|
4,398,930 |
|
| Payments on long-term obligations |
|
|
(1,234,253 |
) |
| Cash provided by financing activities |
|
|
40,307,397 |
|
| INCREASE IN CASH AND EQUIVALENTS |
|
|
5,597,764 |
|
| CASH AND EQUIVALENTS AT BEGINNING OF PERIOD |
|
|
— |
|
| CASH AND EQUIVALENTS AT END OF PERIOD |
|
$ |
5,597,764 |
|
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
|
|
|
| Interest paid |
|
$ |
208,689 |
|
| Fair value of derivative warrants reclassified to additional paid-in capital upon cashless exercise |
|
$ |
92,194 |
|
| Issuance of common stock upon the conversion of notes payable and accrued interest |
|
$ |
3,184,707 |
|
| Fair value of assets acquired in exchange for securities in a business combination |
|
$ |
78,408 |
|
| Fair value of liabilities assumed in exchange for securities in a business combination |
|
$ |
(439,616 |
) |
| Excess of purchase price over net assets acquired in a business combination |
|
$ |
1,675,462 |
|
|