SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2011

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

15. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

        Selected quarterly data for 2011 and 2010 is as follows:

	2011
	First			Second			Third			Fourth
Revenue	$	57,000		$	81,003		$	182,784		$	114,373
Research and development expenses		14,864,420			11,116,323			11,500,053			6,701,465
General and administrative expenses		1,593,557			1,989,103			1,675,268			1,723,562
Licensing expense		0			0			50,000			0
Operating loss		(16,442,921	)		(13,064,942	)		(13,028,207	)		(8,340,710	)
Net loss		(17,250,676	)		(14,975,231	)		(12,733,691	)		(6,648,906	)
Loss per share:
Basic and diluted	$	(1.20	)	$	(0.96	)	$	(0.72	)	$	(0.36	)

	2010
	First			Second			Third			Fourth
Revenue	$	2,279,874		$	0		$	51,331		$	143,032
Research and development expenses		9,426,870			8,657,606			9,716,091			11,904,935
General and administrative expenses		1,498,252			1,540,200			1,534,417			1,367,491
Licensing expense		268,750			0			0			0
Operating loss		(8,959,419	)		(10,240,352	)		(11,240,177	)		(13,168,413	)
Net loss		(10,540,419	)		(10,794,351	)		(11,589,711	)		(13,271,735	)
Loss per share:
Basic and diluted	$	(1.14	)	$	(1.02	)	$	(0.96	)	$	(1.08	)