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RELATED PARTY TRANSACTIONS (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2012

Dec. 31, 2011

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The Company estimated the fair value of these options using the Black-Scholes-Merton option pricing model based on the following weighted-average assumptions:

	CEO & CTO			Dr. Hunkapiller			Employees & Officers			Non-employee Directors			Non-employee Directors
Date of grant		22-Jul-10			4-Apr-11			1-Sep-11			1-Sep-11			30-Apr-12
Fair value of common stock on date of grant	$	2.756	(B)	$	0.906	(C)	$	0.906	(C)	$	0.906	(C)	$	6.00	(D)
Exercise price of the options	$	5.00		$	1.25		$	1.25		$	1.25		$	6.00
Expected life of the options (years)		3.33			5.31			5.65			5.65			5.00
Dividend yield		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Expected volatility		58.59	%		54.12	%		53.90	%		53.90	%		62.46	%
Risk-free interest rate		1.03	%		2.26	%		1.08	%		1.08	%		0.89	%
Expected forfeiture per year (%)		0.00	%		0.00	%			(A)		0.00	%		0.00	%
Weighted-average fair value of the options (per unit)	$	0.6744		$	0.3729		$	0.3579		$	0.3579		$	3.0367

	(A)	0.00% for the first year after the grant date, and 2.50% for every three months thereafter.
	(B)	The fair value of the Company’s common stock was derived implicitly from the public offering filed in March 2010 at $3.00 per share and from the terms of an underwritten offering contemplated in July 2010 at $6.00 per Unit that was filed in October 2010, with $2.756 per share being allocated to common stock using an iterative approach in order for the combined fair value of the common stock and warrants to equal the amount of consideration to be received in the offering.
	(C)	The fair value of the Company’s common stock was derived implicitly from the Private Placement during April through June 2011 at $1.25 per Unit, wherein one Unit was comprised of one share of common stock and one warrant to purchase one share of common stock at an exercise price of $1.60 per share.
	(D)	The fair value of the Company’s common stock was derived implicitly from the public offering filed in February 2012 at $6.00 per share.

The Company estimated the fair value of these options using the Black-Scholes-Merton option pricing model based on the following weighted-average assumptions:


	CEO & CTO			Dr. Hunkapiller			Employees & Officers			Non-employee Directors
Date of grant		22-Jul-10			4-Apr-11			1-Sep-11			1-Sep-11
Fair value of common stock on date of grant	$	2.756	^(B)	$	0.906	^(C)	$	0.906	^(C)	$	0.906	^(C)
Exercise price of the options	$	5.00		$	1.25		$	1.25		$	1.25
Expected life of the options (years)		3.33			5.31			5.65			5.65
Dividend yield		0.00	%		0.00	%		0.00	%		0.00	%
Expected volatility		58.59	%		54.12	%		53.90	%		53.90	%
Risk-free interest rate		1.03	%		2.26	%		1.08	%		1.08	%
Expected forfeiture per year (%)		0.00	%		0.00	%		(A)			0.00	%
Weighted-average fair value of the options (per unit)	$	0.6744		$	0.3729		$	0.3579		$	0.3579

(A)

0.00% for the first year after the grant date, and 2.50% for every three months thereafter.

(B)

The fair value of the Company's common stock derived implicitly from the public offering filed in March 2010 at $3.00 per share and from the terms of an underwritten offering contemplated in July 2010 at $6.00 per Unit that was filed in October 2010, with $2.756 per share being allocated to common stock using an iterative approach in order for the combined fair value of the common stock and warrants to equal the amount of consideration to be received in the offering.

(C)

The fair value of the Company's common stock derived implicitly from the Private Placement during April through June 2011 at $1.25 per Unit, wherein one Unit was comprised of one share of common stock and one warrant to purchase one share of common stock at an exercise price of $1.60 per share.

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

Options issued and outstanding as of September 30, 2012 and their activities during the nine months then ended are as follows:

	Number of Underlying Shares		Weighted- Average Exercise Price Per Share		Weighted- Average Contractual Life Remaining in Years
Outstanding as of January 1, 2012		608,000	$	3.41
Granted		19,757		6.00
Expired		-		-
Forfeited		-		-
Outstanding as of September 30, 2012		627,757		3.49		5.51
Exercisable as of September 30, 2012		508,632		3.21		6.02
Vested and expected to vest ⁽¹⁾		624,049		3.50		5.49

(1) Includes vested shares and unvested shares after a forfeiture rate is applied.

Options issued and outstanding as of December 31, 2011 and 2010 and their activities during the years are as follows:


	Number of Underlying Shares			Weighted- Average Exercise Price Per Share		Weighted- Average Contractual Life Remaining in Years
Outstanding as of January 1, 2011		350,000		$	5.00
Granted		464,000			1.25
Expired		—			—
Forfeited		(206,000	)		—
Outstanding as of December 31, 2011		608,000			3.41		6.12
Exercisable as of December 31, 2011		318,750			3.31		6.27
Vested and expected to vest⁽¹⁾		608,000			3.41		6.12


	Number of Underlying Shares		Weighted- Average Exercise Price Per Share		Weighted- Average Contractual Life Remaining in Years
Outstanding as of January 1, 2010		—		—
Granted		350,000	$	5.00
Expired		—		—
Forfeited		—		—
Outstanding as of December 31, 2010		350,000		5.00		4.56
Exercisable as of December 31, 2010		87,500		5.00		4.56
Vested and expected to vest⁽¹⁾		350,000		5.00		4.56

(1)

Includes vested shares and unvested shares after a forfeiture rate is applied.

Schedule of Share-based Compensation Arrangement by Share-based Payment Award Non-Vested Shares [Table Text Block]

A summary of the status of the Company’s unvested shares as of September 30, 2012 and changes during the period then ended is presented below:

Unvested Shares	Shares			Weighted- Average Grant- Date Fair Value
Unvested as of January 1, 2012		289,250		$	159,013
Granted		19,757			60,000
Vested		(189,882	)		(141,761	)
Forfeited		-			-
Unvested as of September 30, 2012		119,125		$	77,252

A summary of the status of the Company’s unvested shares as of December 31, 2011 and 2010, and changes during the years ended December 31, 2011 and 2010, are presented below:


Unvested Shares	Shares			Weighted- Average Grant-Date Fair Value
Unvested as of January 1, 2011		262,500		$	176,963
Granted		464,000			166,741
Vested		(228,250	)		(110,964	)
Forfeited		(209,000	)		(73,727	)
Unvested as of December 31, 2011		289,250		$	159,013


Unvested Shares	Shares			Weighted- Average Grant-Date Fair Value
Unvested as of January 1, 2010		—		$	—
Granted		350,000			236,040
Vested		(87,500	)		(59,077	)
Forfeited		—			—
Unvested as of December 31, 2010		262,500		$	176,963