Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows from Operating Activities
Net loss	$ (4,734,486)	$ (4,026,867)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	32,361	25,612
Amortization of deferred financing costs and debt issuance costs	25,740	25,038
Amortization of held to maturity investment premium	28,009	23,828
Stock based compensation	211,717	438,751
Increase (decrease) in cash arising from changes in assets and liabilities:
Prepaid expenses, restricted cash and other current assets	$ 231,553	(252,380)
Deposits		(50,000)
Related party receivable		(9,375)
Accounts payable	$ (494,277)	(555,631)
Accrued expenses and other payables	(352,563)	$ (81,367)
Other long term liabilities	109,420
Net Cash Used in Operating Activities	(4,942,526)	$ (4,462,391)
Cash Flows from Investing Activities
Proceeds from maturities of short- term investments	$ 4,801,837	7,811,198
Purchases of short term investments		(7,917,102)
Purchase of property and equipment	$ (30,995)	(8,280)
Net Cash Provided by (Used in) by Investing Activities	4,770,842	(114,184)
Cash Flows from Financing Activities
Proceeds from public offering, net of underwriting discounts	6,287,250	11,400,870
Stock issuance costs	(190,768)	$ (270,906)
Payments on long term debt	(806,562)
Net Cash Provided by Financing Activities	5,289,920	$ 11,129,964
Effect of exchange rate changes on cash and cash equivalents	(82,501)	3,117
Net Increase in Cash and Cash Equivalents	5,035,735	6,556,506
Cash and Cash Equivalents - Beginning of Period	4,939,955	3,714,304
Cash and Cash Equivalents - End of Period	9,975,690	10,270,810
Supplemental Disclosure for Cash Flow Information
Interest paid	$ 110,377	$ 50,393