Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
12 Months Ended 77 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2011
Revenues $ 0 $ 0 $ 0
Costs and expenses:      
General and administrative costs, including $204,898 and $160,712 of stock-based compensation costs for the years ended December 31, 2011 and 2010, respectively, and $2,457,421 of stock-based compensation costs for the period from August 9, 2005 (inception) to December 31, 2011 (cumulative) 533,449 436,142 4,139,326
Depreciation 0 0 1,909
Research and development costs 1,334,801 445,542 3,557,648
Reverse merger costs 0 0 50,000
Total costs and expenses 1,868,250 881,684 7,748,883
Loss from operations (1,868,250) (881,684) (7,748,883)
Interest income 125 1,434 27,426
Interest expense 0 0 (2,469)
Warrant extension cost (199,839) 0 (199,839)
Liquidated damages under registration rights agreement 0 0 (74,000)
Net loss $ (2,067,964) $ (880,250) $ (7,997,765)
Net loss per common share - Basic and diluted (in dollars per share) $ (0.06) $ (0.03)  
Weighted average common shares outstanding - Basic and diluted (in shares) 35,169,406 34,736,082