INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2012 and 2011 are presented below.

	2012			2011
Deferred tax assets (liabilities):
Net operating loss carryforwards	$	32,190,080		$	27,611,000
Research and development credit		1,882,238			1,858,000
Non-cash compensation		3,051,920			1,735,000
Acquired in-process research and development		(1,202,556	)		(2,220,000	)
Foreign tax credit		330,000			--
Other		19,241			424,000
Deferred tax asset, excluding valuation allowance		36,270,923			29,408,000
Less valuation allowance		(36,270,923	)		(29,408,000	)
Net deferred tax assets	$	--		$	--

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Income tax expense differed from amounts computed by applying the US federal income tax rate of 34% to pretax loss as follows:

	For the year ended December 31,
	2012			2011
Loss before income taxes, as reported in the consolidated statements of operations	$	(25,852,952	)	$	(889,071	)
Computed “expected” tax benefit	$	(8,790,003	)	$	(302,284	)
Increase (decrease) in income taxes resulting from:
Expected expense (benefit) from state and local taxes		(1,758,001	)		(60,457	)
Research and development credits		(75,000	)		(75,000	)
Other		230,643			(277	)
Foreign tax withholding		330,000			--
Change in the balance of the valuation allowance for deferred tax assets		10,392,361			438,018
	$	330,000		$	--