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 108 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
COSTS AND EXPENSES:          
Research and development $ 1,005,790 $ 500,172 $ 2,445,429 $ 2,616,834 $ 19,651,388
General and administrative 905,353 106,975 1,827,510 1,014,094 8,797,688
Merger costs     746,207   799,133
Total costs and expenses 1,911,143 607,147 5,019,146 3,630,928 29,248,209
LOSS FROM OPERATIONS (1,911,143) (607,147) (5,019,146) (3,630,928) (29,248,209)
OTHER INCOME (EXPENSE):          
Grant income     44,479   244,479
Gain/(loss) on derivative warrants 3,573   (66,820)   (66,820)
Interest expense, net (1,469) (93,069) (428,015) (467,495) (445,117)
Other income         1,161
Total other income (expense), net 2,104 (93,069) (450,356) (467,495) (266,297)
NET LOSS $ (1,909,039) $ (700,216) $ (5,469,502) $ (4,098,423) $ (29,514,506)
BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE $ (0.07) $ (0.05) $ (0.25) $ (0.32) $ (2.80)
SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE 26,826,157 12,820,102 21,847,984 12,820,102 10,549,244