Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v2.4.0.6
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2013
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]

The following table summarizes amounts charged to expense for stock-based compensation related to employee and director stock option grants and stock-based compensation recorded in connection with stock options granted to non-employee consultants:

 

    Three Months Ended 
March 31,		     Cumulative
Development Stage
Period from
November 7, 2002
through March 31,		  
    2013     2012     2013  
Employee and director stock option grants:                        
Research and development   $ 105,838     $ 78,044     $ 914,099  
General and administrative     312,039       248,968       3,470,831  
      417,877       327,012       4,384,930  
Non-employee consultant stock option grants:                        
Research and development     1,011       47,014       117,047  
General and administrative     7,010       43,327       282,091  
      8,021       90,341       399,138  
                         
Total stock-based compensation   $ 425,898     $ 417,353     $ 4,784,068
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The following table summarizes weighted-average values and assumptions used for options granted to employees, directors and consultants in the periods indicated:

 

    Three Months Ended
March 31, 2013		  
Volatility     109 %
Risk-free interest rate     0.915 %
Expected life (years)     6.0  
Dividend     0 %
Weighted-average exercise price   $ 0.74  
Weighted-average grant-date fair value   $ 0.61
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of stock option activity under stock option plans is as follows:

 

    Number of
Shares
Issuable Upon
Exercise of
Outstanding
Options		     Weighted
Average
Exercise Price		     Weighted
Average
Remaining
Contracted
Term in
Years		     Aggregate
Intrinsic
Value		  
Outstanding at December 31, 2012     6,439,188     $ 1.52                  
Granted     20,000     $ 0.74                  
Forfeited     (167,550 )   $ 0.75                  
Outstanding at March 31, 2013     6,291,638     $ 1.54                  
                                 
Vested, March 31, 2013     2,884,651     $ 2.33       8.32     $ 6,824  
Unvested, March 31, 2013     3,406,987     $ 0.88       9.02     $ 7,677  
Exercisable at March 31, 2013     2,884,651     $ 2.33       8.32     $ 6,824