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 $)
 6 Months Ended 71 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Cash flows from operating activities:      
Net loss $ (698,768) $ (659,899) $ (6,628,569)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 0 0 1,909
Stock-based compensation costs 93,274 2,293,051 2,293,051
Stock-based research and development costs 982 18,127 465,034
(Increase) decrease in -      
Funds on deposit with law firm 50,000 0 0
Grant receivable 116,485 0 0
Advances on research and development contract services (53,256) (8,310) (63,356)
Prepaid expenses and other current assets 12,251 4,958 (22,395)
Increase (decrease) in -      
Accounts payable and accrued expenses 52,454 (6,430) 80,799
Liquidated damages payable under registration rights agreement 0 0 74,000
Research and development contract liabilities 89,550 29,007 89,550
Net cash used in operating activities (389,774) (529,273) (3,709,977)
Cash flows from investing activities:      
Decrease (increase) in money market funds 299,917 (2,050,150) (1,301,089)
Purchase of office equipment 0 0 (1,909)
Net cash provided by (used in) investing activities 299,917 (2,050,150) (1,302,998)
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
Cash: Net increase (decrease) (84,857) (1,491,923) 34,234
Cash: Balance at beginning of period 119,091 1,543,991  
Cash: Balance at end of period 34,234 52,068 34,234
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
Cashless Exercise of Warrants and Options Aggregate Exercise Price $ 84,207 $ 0 $ 84,207