PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2012

Property and equipment consisted of the following at December 31, 2012 and 2011:

Description	Life	2012			2011
Computer equipment	3 years	$	121,129		$	99,603
Office furniture and equipment	5-7 years		274,438			251,170
Software	3 years		149,867			96,097
Laboratory equipment	7 years		1,020,158			994,994
Leasehold improvements	10 years		622,772			603,445
Manufacturing equipment	7 years		571,187			177,528
Subtotal			2,759,551			2,222,837
Less: accumulated depreciation			(1,494,510	)		(1,193,601	)
Property and equipment, net		$	1,265,041		$	1,029,236

- Definition

Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

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