INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2011

INCOME TAXES

Schedule of the Company's net deferred tax asset

	2011			2010
Net operating loss carryforwards	$	63,969,813		$	46,071,206
Tax basis in intangible assets		4,095,269			4,452,360
Deferred financing costs for tax		7,010,462			7,001,619
Research & development credits		8,266,610			5,796,148
Stock option expense		2,754,981			2,310,405
Other		448,140			25,955
		86,545,275			65,657,693
Valuation allowance		(86,545,275	)		(65,657,693	)
	$	—		$	—

Schedule of difference in the provision for income taxes computed by applying the statutory income rate to pre-tax income

	2011			2010			2009
Tax at U.S. federal statutory rate	$	(17,804,934	)	$	(15,937,695	)	$	(16,397,080	)
State taxes, net of federal benefit		(1,677,276	)		(1,501,377	)		(1,544,652	)
Research and development credits		(1,537,863	)		(966,941	)		(515,235	)
Other, net		132,491			133,932			17,718
Change in valuation allowance		20,887,582			18,272,081			18,439,249
	$	—		$	—		$	—