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 9 Months Ended 119 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
COSTS AND EXPENSES:          
Research and development $ 1,253,066 $ 1,005,790 $ 3,896,005 $ 2,445,429 $ 24,701,044
General and administrative 800,952 905,353 2,695,503 1,827,510 12,358,114
Merger costs 0 0 0 746,207 799,133
Total costs and expenses 2,054,018 1,911,143 6,591,508 5,019,146 37,858,291
LOSS FROM OPERATIONS (2,054,018) (1,911,143) (6,591,508) (5,019,146) (37,858,291)
OTHER INCOME (EXPENSE):          
Grant income 0 0 0 44,479 244,479
Gain/(loss) on derivative warrants 3,902 3,573 (42,178) (66,820) (54,336)
Interest expense, net (2,096) (1,469) (6,240) (428,015) (453,365)
Other income 0 0 0 0 1,161
Total other expense, net 1,806 2,104 (48,418) (450,356) (262,061)
NET LOSS (2,052,212) (1,909,039) (6,639,926) (5,469,502) (38,120,352)
DEEMED DIVIDEND ON WARRANTS (543,359) 0 (543,359) 0 (543,359)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (2,595,571) $ (1,909,039) $ (7,183,285) $ (5,469,502) $ (38,663,711)
BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE ( in dollars per share) $ (0.06) $ (0.07) $ (0.18) $ (0.25) $ (2.92)
SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE (in shares) 43,286,515 26,826,157 39,611,899 21,847,984 13,238,063