	Quarter Ended
	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012
	(dollars in thousands, except share and per share data)
Revenues	$	—		$	—		$	—		$	—
Costs and expenses:
Research and Development	5,338			7,626			7,245			9,085
Purchased in-process research and development	—			—			1,000			—
General and administrative	1,732			1,919			1,843			2,447
Loss from operations	(7,070		)	(9,545		)	(10,088		)	(11,532		)

Other income	—			256			—			250
Interest and investment income	39			48			63			68
Change in fair value of derivative instruments—warrants	8			(1,317		)	140			(764		)
Total Other Income/ (Loss)	47			(1,013		)	203			(446		)
Net Loss	$	(7,023	)	$	(10,558	)	$	(9,885	)	$	(11,978	)

Weighted average common shares outstanding—basic and diluted	54,298,079			60,416,068			65,806,178			66,194,306
Net loss per Common Share, basic and diluted(a):	$	(0.13	)	$	(0.17	)	$	(0.15	)	$	(0.18	)

(a) 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, 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
Total Other Income/(Loss)	(327		)	(678		)	4,403			2,299
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
Net loss per common share—basic and diluted(b):	$	(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.