Nature of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2012

Nature of Business and Summary of Significant Accounting Policies [Abstract]

Intangible assets with finite useful lives, amortized over estimated useful lives

Intangible assets with finite useful lives are amortized over the estimated useful lives as follows:

	Estimated Useful  Lives
Licenses		14 years
U.S. Product right		10-12 years
EU Product rights		11 years

Estimated aggregate future amortization expenses for other intangible assets

Estimated aggregate future amortization expenses for other intangible assets for each of the next five years and thereafter are as follows:

Years ending December 31,
2013	$	1,020,878
2014		1,020,878
2015		1,020,878
2016		1,020,878
2017		1,020,878
Thereafter		1,075,094
	$	6,179,484

Reconciliation of the numerators and denominators of the basic and diluted earnings per common share computations

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per common share computations for the years ended December 31, 2012, 2011 and 2010.

	December 31,
	2012		2011			2010
Basic:
Net income (loss) attributable to common stockholders	$	1,652,181	$	(23,325,116	)	$	(13,032,942	)
Weighted average common shares outstanding		30,546,581		28,322,477			23,150,975
Basic earnings per common share	$	0.05	$	(0.82	)	$	(0.56	)
Diluted:
Effect of dilutive securities:
Net income (loss) attributable to common stockholders		1,652,181		(23,325,116	)		(13,032,942	)
Adjustments to Income for Dilutive options and warrants		—		—			—
		1,652,181		(23,325,116	)		(13,032,942	)
Weighted average common shares outstanding		30,546,581		28,322,477			23,150,975
Effect of Dilutive options and warrants		142,654		—			—
Diluted weighted average common shares outstanding		30,689,235		28,322,477			23,150,975
Diluted earnings per common share	$	0.05	($	0.82	)	($	0.56	)

Summary of total outstanding options and warrants

The following is the total outstanding options and warrants for the years ended December 31, 2012, 2011 and 2010, respectively.

	2012		2011		2010
Options and warrants to purchase Common Stock		6,289,355		7,847,052		9,585,460

Black Scholes options-pricing model, assumptions

In applying the Black Scholes options-pricing model, assumptions are as follows:

	2012	2011	2010
Expected price volatility	81.96%-83.69%	69.05%-77.75%	73.41%-79.02%
Risk-free interest rate	0.62%-1.02%	0.90%-1.99%	1.17%-2.36%
Weighted average expected life in years	5-6 years	5-6 years	5-6 years
Dividend yield	—	—	—

Summary of assets and liabilities measured at fair value on a recurring basis

The following table summarizes assets and liabilities measured at fair value on a recurring basis at December 31, 2012 and December 31, 2011, respectively:

	2012								2011
Fair Value Measurements Using:	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Derivative asset (warrant)	$	—	$	50,300	$	—	$	50,300	$	—	$	388,540	$	—	$	388,540
Liabilities
Derivative liabilities	$	—	$	4,497,977	$	—	$	4,497,977	$	—	$	279,302	$	—	$	279,302

Reconciliation of beginning and ending balances of assets and liabilities measured at fair value using significant observable inputs

The table below provides a reconciliation of the beginning and ending balances for the assets and liabilities measured at fair value using significant observable inputs (Level 2). The table reflects net gains and losses for all financial assets and liabilities categorized as Level 2 as of December 31, 2011 and 2012.

Fair Value Measurements Using Significant Observable Inputs (Level 2)

	Value of Warrants			Number of Warrants
Assets:
Warrant asset as of January 1, 2011	$	1,299,031			2,000,000
Decrease in fair value of warrants		(910,491	)		—
Warrant asset as of December 31, 2011	$	388,540			2,000,000
Decrease in fair value of warrants		(338,240	)
Warrant asset as of December 31, 2012	$	50,300			2,000,000
Liabilities:
Warrant liability as of January 1, 2011	$	4,989,994			4,322,421
Increase of fair value of warrants due to ratcheting strike price down to $3.12 from $4.67 as a result of private placement offering		460,452			—
Decrease due to exercise of CDC warrants		(336,747	)		(601,120	)
Expiration of warrants		—			(475,000	)
Decrease in fair value of warrants		(4,834,397	)		—
Warrant liability as of December 31, 2011	$	279,302			3,246,301
Decrease due to exercise of warrants		(1,037,237	)		(236,865	)
Expiration of warrants		—			(1,000,000	)
Increase in fair value of warrants		5,255,912			—
Warrant liability as of December 31, 2012	$	4,497,977			2,009,436