Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 9 Months Ended 74 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Revenues $ 0 $ 0 $ 0 $ 0 $ 0
Costs and expenses:          
General and administrative costs, including $53,329 and $194,493 of stock-based compensation costs for the three months ended September 30, 2011 and 2010, respectively, $93,857 and $287,767 of stock-based compensation costs for the nine months ended September 30, 2011 and 2010, respectively, and $2,346,380 of stock-based compensation costs for the period from August 9, 2005 (inception) to September 30, 2011 (cumulative) 134,852 246,037 348,050 511,506 3,953,927
Depreciation 0 0 0 0 1,909
Research and development costs 364,389 132,656 850,043 527,634 3,072,890
Reverse merger costs 0 0 0 0 50,000
Total costs and expenses 499,241 378,693 1,198,093 1,039,140 7,078,726
Loss from operations (499,241) (378,693) (1,198,093) (1,039,140) (7,078,726)
Interest income 27 700 111 1,249 27,412
Interest expense 0 0 0 0 (2,469)
Warrant extension costs (199,839) 0 (199,839) 0 (199,839)
Liquidated damages under registration rights agreement 0 0 0 0 (74,000)
Net loss $ (699,053) $ (377,993) $ (1,397,821) $ (1,037,891) $ (7,327,622)
Net loss per common share - Basic and diluted (in dollars per share) $ (0.02) $ (0.01) $ (0.04) $ (0.02)  
Weighted average common shares outstanding - basic and diluted (in shares) 35,259,142 35,077,178 35,139,166 34,621,134