Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended 74 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Cash flows from operating activities:      
Net loss $ (1,397,821) $ (1,037,891) $ (7,327,622)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 0 0 1,909
Stock-based compensation costs 93,857 287,767 2,346,380
Stock-based research and development costs 982 81,640 465,034
Warrant extension costs 199,839 0 199,839
Changes in operating assets and liabilities:      
Funds on deposit with law firm 50,000 0 0
Grant receivable 116,485 0 0
Advances on research and development contract services (23,862) 5,000 (33,962)
Prepaid expenses and other current assets (833) (8,612) (35,479)
Accounts payable and accrued expenses 52,762 (62,163) 81,107
Liquidated damages payable under registration rights agreement 0 0 74,000
Research and development contract liabilities 114,568 1,679 114,568
Net cash used in operating activities (794,023) (732,580) (4,114,226)
Cash flows from investing activities:      
(Increase) decrease in money market funds 799,891 (1,775,822) (801,115)
Purchase of office equipment 0 0 (1,909)
Net cash provided by (used in) investing activities 799,891 (1,775,822) (803,024)
Cash flows from financing activities:      
Proceeds from exercise of stock options 5,000 0 5,000
Proceeds from sale of common stock to consulting firm 0 0 250
Proceeds from sale of common stock to founder 0 0 1,500
Proceeds from issuance of notes payable to consultant 0 0 200,000
Repayment of notes payable to consultant 0 0 (200,000)
Cash acquired in reverse merger transaction 0 0 62,500
Gross proceeds from sale of securities 0 1,087,500 5,331,389
Payment of private placement offering costs 0 0 (446,147)
Advances received from stockholder 0 0 92,717
Net cash provided by financing activities 5,000 1,087,500 5,047,209
Net increase (decrease) 10,868 (1,420,902) 129,959
Balance at beginning of period 119,091 1,543,991 0
Balance at end of period 129,959 123,089 129,959
Supplemental disclosures of cash flow information:      
Interest 0 0 2,469
Income taxes 0 0 0
Non-cash financing activities:      
Decrease in advances under equity financing 0 1,200,000 1,200,000
Aggregate exercise price of warrants and options exercised on a cashless basis $ 84,207 $ 0 $ 84,207