Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 80 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Mar. 31, 2012
Revenues $ 0 $ 0 $ 0
Costs and expenses:      
General and administrative costs, including $213,954 and $-0- of stock-based compensation costs for the three months ended March 31, 2012 and 2011, respectively, and $2,671,375 of stock-based compensation costs for the period from August 9, 2005 (inception) to March 31, 2012 (cumulative) 318,311 89,616 4,457,637
Depreciation 0 0 1,909
Research and development costs 273,552 261,446 3,831,200
Reverse merger costs 0 0 50,000
Total costs and expenses 591,863 351,062 8,340,746
Loss from operations (591,863) (351,062) (8,340,746)
Interest income 5 47 27,431
Interest expense 0 0 (2,469)
Warrant extension cost 0 0 (199,839)
Liquidated damages under registration rights agreement 0 0 (74,000)
Net loss $ (591,858) $ (351,015) $ (8,589,623)
Net loss per common share - Basic and diluted (in dollars per share) $ (0.02) $ (0.01)  
Weighted average common shares outstanding - Basic and diluted (in shares) 35,320,680 35,077,178