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FIXED ASSETS

12 Months Ended

Dec. 31, 2011

5. FIXED ASSETS

Fixed assets consisted of the following at December 31:

	2011			2010

Office and laboratory equipment	$	3,069,889		$	2,984,375
Computer software		4,000			—
Leasehold improvements		2,324,672			2,317,597
Total fixed assets		5,398,561			5,301,972
Less accumulated depreciation and amortization		(2,353,996	)		(1,791,483	)
Fixed assets, net	$	3,044,565		$	3,510,489

For the years ended December 31, 2011 and 2010, the Company incurred approximately $585,000 and $580,000 of depreciation expense, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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