INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2012

INCOME TAXES

Schedule of the Company's net deferred tax asset

	2012			2011
Net operating loss carryforwards	$	72,756,414		$	63,969,813
Tax basis in intangible assets	3,868,769			4,095,269
Deferred financing costs for tax	8,644,459			7,010,462
Research and development credits	9,142,943			8,266,610
Stock option expense	3,028,904			2,754,981
Other	46,506			448,140
	97,487,995			86,545,275
Valuation allowance	(97,487,995		)	(86,545,275		)
	$	—		$	—

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

	2012			2011			2010
Tax at U.S. federal statutory rate	$	(9,562,620	)	$	(17,804,934	)	$	(15,937,695	)
State taxes, net of federal benefit	(900,827		)	(1,677,276		)	(1,501,377		)
Research and development credits	(667,308		)	(1,537,863		)	(966,941		)
Other, net	66,244			132,491			133,932
Change in valuation allowance	10,942,720			20,887,582			18,272,081
	$	(121,791	)	$	—		$	—