SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2014

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Stock-Based Compensation Expense

Stock-based compensation expense recognized under ASC 718 was as follows:

	Three Months EndedJune 30,				Six Months Ended  June 30,
	2014		2013		2014		2013
Research and development	$	-	$	79,049	$	-	$	92,249
General and administrative		5,354		-		10,708		13,200
Total stock-based compensation expense	$	5,354	$	79,049	$	10,708	$	105,449

Summary of Stock Option Activity

A summary of our stock option activity during the three months ended June 30, 2014 is presented below:

	Total Number			Weighted-Average
Options	of Shares			Exercise Price
Outstanding as of December 31, 2013		1,167,000		$	9.03
Granted		-			-
Forfeited		-			-
Exercised		(151,300	)		1.12
Expired		-			-
Outstanding as of June 30, 2014		1,015,700		$	10.21
Exercisable as of June 30, 2014		980,700		$	9.70