Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets (Unaudited)

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Consolidated Balance Sheets (Unaudited) (USD $)
Jun. 30, 2012
Dec. 31, 2011
Current Assets:    
Cash and cash equivalents $ 38,207,000 $ 23,160,000
Prepaid and other current assets 286,000 215,000
Total current assets 38,493,000 23,375,000
Total Assets 38,493,000 23,375,000
Current Liabilities:    
Accounts payable 753,000 575,000
PCP interest payable-related party 19,000 19,000
Accrued expenses 3,154,000 2,899,000
Total current liabilities 3,926,000 3,493,000
PCP notes payable-related party 750,000 750,000
Total Liabilities 4,676,000 4,243,000
Commitments and Contingencies      
Stockholders' Equity:    
Common Stock, $.001 par value, 50,000,000 shares authorized, 24,375,749 and 18,604,245 shares issued and outstanding as of June 30, 2012 and December 31, 2011, respectively 24,000 19,000
Additional paid-in capital 103,378,000 75,687,000
Deficit accumulated during development stage (69,585,000) (56,574,000)
Total Stockholders' Equity 33,817,000 19,132,000
Total Liabilities and Stockholders' Equity 38,493,000 23,375,000
Series C Convertible Preferred Stock
    
Current Liabilities:    
Convertible Preferred Stock, $.001 par value, 584,390 and 587,376 Series C shares authorized, 0 shares issued and outstanding as of June 30, 2012 and December 31, 2011, respectively