SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]

The compensation expense related to the Company’s share-based compensation arrangements is recorded as components of general and administrative expense and research and development expense, as follows:

	2013		2012
Research and development	$	763,470	$	273,204
General and administrative		1,280,912		705,039
Share-based compensation expense	$	2,044,382	$	978,243
Net share-based compensation expense, per common share:
Basic and diluted	$	0.078	$	0.051

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

Following are the weighted-average assumptions used in valuing the stock options granted to employees during the years ended December 31, 2013 and 2012:

	Years ended December 31,
	2013		2012
Expected volatility	105.30	%	101.67	%
Risk free interest rate	1.03	%	0.94	%
Expected term of option	5.77 years		5.74 years
Forfeiture rate	*5.00	%	*5.00	%
Expected dividend yield	-		-

*-Throughout 2013 and 2012, forfeitures were estimated at 5%; the actual forfeiture rate was 0% and 6.4% for 2013 and 2012, respectively. The Company adjusted stock compensation expense for 2013 and 2012 based on the actual forfeiture rate.

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

A summary of the Company's stock option plans and of changes in options outstanding under the plans during the years ended December 31, 2013 and 2012 is as follows:

	Number of Options	Weighted Average   Exercise Price		Weighted Average   Remaining   Contractual Term   In years	Aggregate Intrinsic   Value
Outstanding at December 31, 2011	621,889	$	16.23
Exercised	(1,136)	$	1.76
Granted	1,249,000	$	2.04
Expired	(197,833)	$	21.13
Forfeited	(35,376)	$	4.69
Outstanding at December 31, 2012	1,636,544	$	5.07
Exercised	(3,817)	$	1.88
Granted	2,034,500	$	1.78
Expired	(80,833)	$	27.37
Forfeited	-	$	-
Outstanding at December 31, 2013	3,586,394	$	2.69	8.64	$	-
Vested and expected to vest      at December 31, 2013	3,512,769	$	2.71	8.48	$	-
Exercisable at December 31, 2013	2,113,901	$	3.26	8.24	$	-

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]

The following summarizes information about stock options granted to employees and directors outstanding at December 31, 2013:

	Options Outstanding				Options Exercisable
		Weighted
		Average	Weighted			Weighted
	Number	Remaining	Average		Number	Average
Range of	Outstanding at	Contractual	Exercise		Exercisable at	Exercise
Exercise Prices	December 31, 2013	Life in Years	Price		December 31, 2013	Price
$0.00 - $3.00	3,305,701	9.0	$	1.88	1,844,333	$	1.92
$3.01 - $10.00	178,040	6.6	$	6.55	166,915	$	6.58
$10.01 - $20.00	61,070	3.0	$	17.28	61,070	$	17.28
$20.01 - $30.00	20,814	0.5	$	23.72	20,814	$	23.72
$30.01 - $40.00	20,769	1.6	$	34.09	20,769	$	34.09
	3,586,394	8.6	$	2.69	2,113,901	$	3.26

Warrant Activity To Non Employees [Table Text Block]

Warrants granted generally expire after 3-5 years from the date of grant. Stock warrant activity to non-employees is as follows:

		Weighted Average
	Number of Shares	Exercise Price
Outstanding at December 31, 2011	333,387	$	4.13
Granted	1,739,132	$	1.40
Exercised	-	$	-
Expired	(22,725)	$	22.00
Outstanding at December 31, 2012	2,049,794	$	1.62
Granted	2,309,162	$	2.91
Exercised	(37,391)	$	1.40
Expired	-	$	-
Outstanding at December 31, 2013	4,321,565	$	2.31
Exercisable at December 31, 2013	4,321,565	$	2.31