Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Flows from Operating Activities
Net loss	$ (7,767,253)	$ (8,929,615)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	65,553	53,937
Amortization of deferred financing costs and debt issuance costs	51,489	50,074
Amortization of held to maturity investment premium	32,733	59,882
Stock-based compensation	341,756	786,847
Increase (decrease) in cash arising from changes in assets and liabilities:
Prepaid expenses, restricted cash and other current assets	434,725	23,202
Deposits		(50,000)
Related party receivable	(27,000)	(9,375)
Accounts payable	(1,523,093)	(569,974)
Accrued expenses and other payables	(748,775)	362,523
Other long term liabilities	247,017	12,228
Net Cash Used in Operating Activities	(8,892,848)	(8,210,271)
Cash Flows from Investing Activities
Proceeds from maturities of short-term investments	6,656,910	12,967,509
Purchases of short term investments		(10,241,275)
Purchase of property and equipment	(43,501)	(103,369)
Net Cash Provided by Investing Activities	6,613,409	2,622,865
Cash Flows from Financing Activities
Proceeds from public offering, net of underwriting discounts	6,287,250	11,400,870
Stock issuance costs	(190,768)	(302,461)
Proceeds from long term debt		2,242,575
Payments on long term debt	(1,613,125)
Net Cash Provided by Financing Activities	4,483,357	13,340,984
Effect of exchange rate changes on cash and cash equivalents	(28,481)	(16,487)
Net Increase in Cash and Cash Equivalents	2,175,437	7,737,091
Cash and Cash Equivalents - Beginning of Period	4,939,955	3,714,304
Cash and Cash Equivalents - End of Period	7,115,392	11,451,395
Supplemental Disclosure for Cash Flow Information
Interest paid	$ 208,465	$ 98,430