Development Stage Risks and Liquidity

6 Months Ended

Jun. 30, 2011

Development Stage Risks and Liquidity [Abstract]

Development Stage Risks and Liquidity

Note 2—Development-Stage Risks and Liquidity

The Company has been primarily engaged in developing its initial product technology, has incurred losses since inception and has a deficit accumulated during the development stage of $45,191,992 as of June 30, 2011. The Company anticipates incurring additional losses until such time, that it can generate significant sales of recently approved FDA product, laViv^®. On August 2, 2011, the Company announced a private placement transaction, pursuant to which the Company will received net proceeds of approximately $22.7 million. The closing is expected to occur in the near future.

As a result of the conditions discussed above, and in accordance with U.S. generally accepted accounting principles (“GAAP”), there exists doubt about the Company’s ability to continue as a going concern, and its ability to continue as a going concern is contingent, among other things, upon its ability to secure additional adequate financing or capital in the future.