SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2012

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

Schedule of selected quarterly data

	2012
	First			Second			Third			Fourth
Revenue	$	114,000		$	108,780		$	110,383		$	1,967,573
Research and development expenses		5,153,217			5,398,305			3,822,736			2,514,591
General and administrative expenses		1,831,852			1,948,995			1,546,864			2,901,812
Licensing expense		30,000			0			50,000			15,000
Operating loss		(6,931,935	)		(7,269,453	)		(5,334,966	)		(3,635,228	)
Net loss		(10,264,477	)		(7,344,116	)		(6,121,815	)		(3,987,331	)
Loss per share:
Basic and diluted	$	(0.53	)	$	(0.36	)	$	(0.27	)	$	(0.16	)

	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	$	(1.22	)	$	(0.96	)	$	(0.73	)	$	(0.36	)