SUBSEQUENT EVENTS (Tables)

3 Months Ended

Mar. 31, 2014

Subsequent Events [Abstract]

Schedule of changes to the compensation arrangement [Table Text Block]

Board of Directors of the Company approved the following changes to the compensation arrangements of the Company’s named executive officers for fiscal year 2014:

 

Name	Title	Annual base salary		Annual bonus potential as a % of base salary			Stock option grant
Steven C. Quay, Ph.D., M.D.	Chief Executive Officer and President	$	500,000		50	%		250,000
Kyle Guse, CPA, J.D.	Chief Financial Officer, General Counsel and Secretary	$	350,000		45	%		200,000
Shu-Chih Chen, Ph.D.	Chief Scientific Officer and Director of Human Resources	$	350,000		40	%		125,000