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 6 Months Ended 83 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Revenues $ 0 $ 0 $ 0 $ 0 $ 0
Costs and expenses:          
General and administrative, including $100,670 and $40,528 of stock-based expense for the three months ended June 30, 2012 and 2011, respectively, $314,624 and $40,528 of stock-based expense for the six months ended June 30, 2012 and 2011, respectively, and $2,772,045 of stock-based expense for the period from August 9, 2005 (inception) to June 30, 2012 (cumulative) 182,762 123,581 501,073 213,197 4,640,399
Depreciation 0 0 0 0 1,909
Research and development, including $-0- and $-0- of stock-based expense for the three months ended June 30, 2012 and 2011, respectively, $-0- and $982 of stock-based expense for the six months ended June 30, 2012 and 2011, respectively, and $465,034 of stock-based expense for the period from August 9, 2005 (inception) to June 30, 2012 (cumulative), respectively. 217,263 224,208 490,815 485,654 4,048,464
Reverse merger costs 0 0 0 0 50,000
Total costs and expenses 400,025 347,789 991,888 698,851 8,740,772
Loss from operations (400,025) (347,789) (991,888) (698,851) (8,740,772)
Interest income 1 37 6 83 27,433
Interest expense 0 0 0 0 (2,469)
Fair value of warrant extension 0 0 0 0 (199,839)
Fair value of warrant discount (334,024) 0 (334,024) 0 (334,024)
Liquidated damages under registration rights agreement 0 0 0 0 (74,000)
Net loss $ (734,048) $ (347,752) $ (1,325,906) $ (698,768) $ (9,323,671)
Net loss per common share - basic and diluted (in dollar per share) $ (0.02) $ (0.01) $ (0.04) $ (0.02)  
Weighted average common shares outstanding - basic and diluted (in shares) 37,424,329 35,079,178 36,372,505 35,078,183