Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
 3 Months Ended 113 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Mar. 31, 2012
COSTS AND EXPENSES:      
Research and development $ 1,328,314 $ 471,404 $ 22,133,353
General and administrative 997,671 131,726 10,660,282
Merger costs   250,434 799,133
Total costs and expenses 2,325,985 853,564 33,592,768
LOSS FROM OPERATIONS (2,325,985) (853,564) (33,592,768)
OTHER INCOME (EXPENSE):      
Grant income   44,479 244,479
Loss on derivative warrants (28,846)   (41,004)
Interest expense, net (2,072) (156,167) (449,197)
Other income     1,161
Total other expense, net (30,918) (111,688) (244,561)
NET LOSS $ (2,356,903) $ (965,252) $ (33,837,329)
BASIC AND DILUTED NET LOSS PER COMMON SHARE $ (0.06) $ (0.08) $ (2.87)
SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS PER COMMON SHARE 36,910,217 12,820,102 11,775,244