Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2011
Dec. 31, 2010
ASSETS    
Cash $ 14,301 $ 119,091
Money market funds 351,129 1,601,006
Funds on deposit with law firm 0 50,000
Grant receivable 0 116,485
Advances on research and development contract services 28,983 10,100
Prepaid expenses and other current assets 35,354 34,646
Total current assets 429,767 1,931,328
Total assets 429,767 1,931,328
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable and accrued expenses 109,341 28,345
Research and development contract liabilities 74,688 0
Liquidated damages payable under registration rights agreement 74,000 74,000
Due to stockholder 92,717 92,717
Total current liabilities 350,746 195,062
Commitments and contingencies      
Stockholders' equity:    
Preferred stock, $0.0001 par value; authorized - 10,000,000 shares; issued - none 0 0
Common stock, $0.0001 par value; authorized - 100,000,000 shares; issued and outstanding - 35,259,142 shares and 35,077,178 shares at December 31, 2011 and 2010, respectively 3,526 3,508
Additional paid-in capital 8,073,260 7,662,559
Deficit accumulated during the development stage (7,997,765) (5,929,801)
Total stockholders' equity 79,021 1,736,266
Total liabilities and stockholders' equity $ 429,767 $ 1,931,328