Financials

Investor Relations

Balance Sheet
Income Statement
Cash Flow

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2013	Dec. 31, 2012
ASSETS
Cash	$ 423,739	$ 1,785,390
Prepaid expenses and other	67,691	224,659
Total current assets	491,430	2,010,049
Furniture and equipment, net	42,756	46,894
Restricted cash	60,289	60,267
Total assets	594,475	2,117,210
LIABILITIES AND STOCKHOLDERS' (DEFICIENCY) EQUITY
Accounts payable, including $26,757 and $6,809 to related parties as of March 31, 2013 and December 31, 2012, respectively	870,096	825,837
Accrued expenses	346,692	309,800
Accrued interest, related party	0	3,155
Total current liabilities	1,216,788	1,138,792
Deferred rent payable	17,424	19,710
Total liabilities	1,234,212	1,158,502
Stockholders' (deficiency) equity:
Preferred stock, $0.001 par value; 5,000,000 authorized; none issued or outstanding	0	0
Common stock, $0.001 par value; 150,000,000 authorized; 2,159,130 shares issued and outstanding as of March 31, 2013 and December 31, 2012	2,159	2,159
Additional paid in capital	17,203,587	16,800,829
Deficit accumulated during development stage	(17,845,483)	(15,844,280)
Total stockholders' (deficiency) equity	(639,737)	958,708
Total liabilities and stockholders' (deficiency) equity	$ 594,475	$ 2,117,210

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		70 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013
COSTS AND EXPENSES:
Research and development	$ 740,629	$ 397,628	$ 5,275,891
General and administrative	1,260,596	762,737	9,593,945
Total operating expenses	2,001,225	1,160,365	14,869,836
Operating Loss	(2,001,225)	(1,160,365)	(14,869,836)
Gain on extinguishment of debt	0	0	7,908
Other income	0	0	1,875
Change in fair value of warrant liability	0	47,023	(1,177,026)
Interest and other financing costs, net	22	(901,646)	(1,808,404)
NET LOSS	$ (2,001,203)	$ (2,014,988)	$ (17,845,483)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.93)	$ (1.27)
Weighted average common shares outstanding, basic and diluted (in shares)	2,159,130	1,582,525

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended		70 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (2,001,203)	$ (2,014,988)	$ (17,845,483)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	4,138	2,354	35,779
Amortization and write off of deferred financing costs	0	196,166	249,543
Non cash interest, consisting of beneficial conversion feature in connection with convertible debentures	0	426,152	710,000
Non cash interest, consisting of common stock and warrants issued in connection with convertible debentures	0	81,337	426,152
Non-cash financing costs related to January and March 2012 financing	0	0	81,337
Warrants issued for services rendered	10,435	0	10,435
Stock based compensation	392,323	0	1,944,194
Change in fair value of warrant liability	0	(47,023)	1,177,026
Common stock issued in exchange for intellectual property	0	0	383,250
Gain on extinguishment of debt	0	0	(7,908)
Changes in operating assets and liabilities:
Prepaid expenses	156,968	38,383	(67,691)
Accounts payable	44,259	(512,790)	870,096
Accrued interest	(3,155)	(35,195)	3,111
Accrued expenses	35,993	88,503	440,058
Deferred rent payable	(1,387)	(513)	24,769
Net cash used in operating activities	(1,361,629)	(1,777,614)	(11,565,332)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of furniture and fixtures	0	0	(78,535)
Payment of restricted cash and interest earned on restricted cash	(22)	(22)	(60,289)
Net cash used in investing activities	(22)	(22)	(138,824)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from demand notes	0	0	480,000
Proceeds from other notes payable	0	0	1,020,000
Proceeds, net of expenses of $24,000 from Convertible Debentures	0	0	1,891,000
Repayment of Convertible Debentures	0	(150,000)	(150,000)
Proceeds, net of expenses of $374,870, from sale of units consisting of common stock and warrants	0	4,387,895	6,932,894
Proceeds from the sale of capital stock	0	0	1,954,001
Net cash provided by financing activities	0	4,237,895	12,127,895
Net (decrease) increase in cash	(1,361,651)	2,460,259	423,739
Cash, beginning of the period	1,785,390	41,123	0
Cash, end of period	423,739	2,501,382	423,739
Supplemental disclosures of cash flow information:
Interest paid	3,155	35,195	38,350
Non cash investing and financing activities:
Senior convertible notes exchanged for preferred shares	0	0	200,000
Capital contribution of accrued interest	0	0	26,836
Demand notes together with accrued interest converted into capital stock	0	0	549,078
Common stock issued for deferred financing costs	0	0	144,000
Exchange of Notes Payable for Convertible Debenture	0	0	820,000
Warrants Liability reclassified to Stockholders' Equity	0	0	3,938,946
Exchange of Convertible Debenture for Units consisting of common stock and warrants	$ 0	$ 0	$ 2,635,000

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