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 83 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Cash flows from operating activities:      
Net loss $ (1,325,906) $ (698,768) $ (9,323,671)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 0 0 1,909
Stock-based expenses included in general and administrative 314,624 40,528 2,772,045
Stock-based expenses included in research and development 0 982 465,034
Fair value of warrant extension 0 0 199,839
Fair value of warrant discount 334,024 0 334,024
Changes in operating assets and liabilities:      
Funds on deposit with law firm 0 50,000 0
Grant receivable 0 116,485 0
Advances on research and development contract services (17,157) (53,256) (46,140)
Prepaid expenses and other current assets 9,625 12,251 (25,729)
Increase (decrease) in -      
Accounts payable and accrued expenses (20,287) 52,454 89,054
Liquidated damages payable under registration rights agreement 0 0 74,000
Research and development contract liabilities 20,862 89,550 95,550
Net cash used in operating activities (684,215) (389,774) (5,364,085)
Cash flows from investing activities:      
(Increase) decrease in money market funds 344,995 299,917 (6,134)
Purchase of office equipment 0 0 (1,909)
Net cash provided by (used in) investing activities 344,995 299,917 (8,043)
Cash flows from financing activities:      
Proceeds from exercise of stock options 33,333 5,000 38,333
Proceeds from exercise of warrants 2,468,250 0 2,468,250
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 0 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 2,501,583 5,000 7,548,792
Net increase (decrease) 2,162,363 (84,857) 2,176,664
Balance at beginning of period 14,301 119,091 0
Balance at end of period 2,176,664 34,234 2,176,664
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 0 1,200,000
Aggregate exercise price of warrants and options exercised on a cashless basis $ 0 $ 84,207 $ 84,207