Quarterly Consolidated Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2011

Quarterly Consolidated Financial Data (Unaudited)

Quarterly Consolidated Financial Data (Unaudited)

12. Quarterly Consolidated Financial Data (Unaudited)

	Quarter Ended
	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
	(dollars in thousands, except per share data)
Revenues	$	—		$	—		$	—		$	—
Costs and expenses:
Research and Development	1,478			2,355			3,883			5,703
General and administrative	1,897			1,524			1,103			2,222
Loss from operations	(3,375		)	(3,879		)	(4,986		)	(7,925		)
Other income	—			—			—			362
Interest and investment income	24			20			20			26
Interest expense	(12		)	—			—			—
Change in fair value of derivative instruments—warrants	(339		)	(698		)	4,383			1,911
Net Loss	$	(3,702	)	$	(4,557	)	$	(583	)	$	(5,626	)
Weighted average common shares outstanding—basic and diluted (a)	46,167,416			46,642,901			47,308,946			48,657,013
Earnings per common share—basic and diluted(b):
Net per common share	$	(0.08	)	$	(0.10	)	$	(0.01	)	$	(0.12	)

(a)   Weighted average common shares outstanding represented above reflect a retroactive change of a one for two (1:2) reverse stock split effective on November 30, 2011.

(b)   Basic and diluted EPS are computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year.

	Quarter Ended
	March 31, 2010			June 30, 2010			September 30, 2010			December 31, 2010
	(dollars in thousands, except per share data)
Revenues	$	—		$	—		$	—		$	—
Costs and expenses:
Research and Development	1,183			4,395			2,295			1,686
General and administrative	1,199			1,419			1,220			2,724
Loss from operations	(2,382		)	(5,814		)	(3,515		)	(4,410		)
Other income	—			—			—			494
Interest and investment income	33			27			23			25
Change in fair value of derivative instruments—warrants	—			—			111			185
Net Loss	$	(2,348	)	$	(5,787	)	$	(3,381	)	$	(3,706	)
Weighted average common shares outstanding—basic and diluted (a)	44,211,680			44,231,064			45,051,203			45,986,047
Earnings per common share—basic and diluted(b):
Net per common share	$	(0.06	)	$	(0.12	)	$	(0.08	)	$	(0.08	)

(a)Weighted average common shares outstanding represented above reflect a retroactive change of a one for two (1:2) reverse stock split effective on November 30, 2011.

(b)Basic and diluted EPS are computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year.