Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
 12 Months Ended 134 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
COSTS AND EXPENSES:      
Research and development $ 6,860,163 $ 5,122,686 $ 32,787,888
General and administrative 4,444,767 3,632,099 17,739,477
Restructuring costs 1,096,874 0 1,096,874
Merger costs 0 0 799,133
Total costs and expenses 12,401,804 8,754,785 52,423,372
LOSS FROM OPERATIONS (12,401,804) (8,754,785) (52,423,372)
OTHER INCOME (EXPENSE):      
Grant income 0 0 244,479
Gain (loss) on revaluation of derivative warrants 2,373,941 (33,854) 2,327,929
Loss on issuance of derivative warrants (744,957) 0 (744,957)
Interest expense, net (9,348) (8,335) (464,808)
Other income 0 0 1,161
Total other income (expense), net 1,619,636 (42,189) 1,363,804
NET LOSS (10,782,168) (8,796,974) (51,059,568)
DEEMED DIVIDEND ON WARRANTS 0 (543,359) (543,359)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (10,782,168) $ (9,340,333) $ (51,602,927)
BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE (in dollars per share) $ (0.19) $ (0.23) $ (2.90)
SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE (in shares) 55,891,148 41,121,137 17,791,745