Stock Option Plans and 401(k) Plan (Tables)

12 Months Ended

Mar. 31, 2013

Text Block [Abstract]

Share-based compensation expense

	Fiscal Years Ended March 31,
	2013		2012
Research and development expense:
related to stock option grants	$	242,300	$	477,400
related to warrant grants to officers and directors		267,500		-
		509,800		477,400
General and administrative expense:
related to stock option grants		196,600		1,113,900
related to warrant grants to officers and directors		534,900		-
		731,500		1,113,900
Total share-based compensation expense	$	1,241,300	$	1,591,300

Black-Scholes option valuation model assumptions for share-based compensation expense

	Fiscal Years Ended March 31,
	2013		2012
Exercise price	$0.51 and $0.75		$	1.75 to $2.99
Market price on date of grant	$0.51 and $0.71		$	1.75 to $2.99
Risk-free interest rate	0.895% to 1.74%		1.19% to 3.39%
Expected term (years)	6.25 to 10.0		6.25 to 10.0
Volatility	82.9% to 85.4%		78.9% to 91.3%
Expected dividend yield		0%		0%
Fair value per share at grant date	$	0.36 to $0.59	$	1.08 to $2.48

Summary of stock option plan activity

	Fiscal Years Ended March 31,
	2013					2012
				Weighted					Weighted
				Average					Average
	Number of			Exercise		Number of			Exercise
	Shares			Price		Shares			Price
Options outstanding at beginning of period		4,805,771		$	1.53		3,949,153		$	1.42
Options granted		1,075,550		$	0.72		1,020,000		$	1.88
Options exercised		-		$	-		(113,979	)	$	0.88
Options cancelled		(870,550	)	$	1.72		-		$	-
Options forfeited		(29,167	)	$	1.75		(30,000	)	$	1.75
Options expired		(69,000	)	$	1.34		(19,403	)	$	0.80
Options outstanding at end of period		4,912,604		$	1.32		4,805,771		$	1.53
Options exercisable at end of period		4,227,436		$	1.35		3,740,135		$	1.45
Weighted average grant-date fair value of
options granted during the period				$	0.52				$	1.36

Stock options outstanding and exercisable under Company's option plan

		Options Outstanding						Options Exercisable
				Weighted
				Average		Weighted				Weighted
				Remaining		Average				Average
Exercise		Number		Years until		Exercise		Number		Exercise
Price		Outstanding		Expiration		Price		Exercisable		Price
$	0.51 - $0.72		267,540		7.05	$	0.60		112,540	$	0.72
$	0.75		920,550		9.58	$	0.75		670,494	$	0.75
$	0.80 - $1.13		455,776		3.83	$	1.00		455,776	$	1.00
$	1.50		2,413,250		6.68	$	1.50		2,413,250	$	1.50
$	1.65 - $1.925		695,833		5.99	$	1.76		415,721	$	1.74
$	2.10 - $2.99		159,655		5.08	$	2.16		159,655	$	2.16
			4,912,604		6.83	$	1.32		4,227,436	$	1.35