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STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2012

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]

The following table summarizes amounts charged to expense for stock-based compensation related to employee and director stock option grants and stock-based compensation recorded in connection with stock options granted to non-employee consultants:

		Three Months Ended September 30,								Nine Months Ended September 30,								Cumulative Development Stage Period from November 7, 2002 through September 30,
		2012				2011				2012				2011				2012
Employee and director stock option grants:
Research and development		$	78,627			$	66,402			$	234,816			$	121,393			$	723,374
General and administrative			249,562				213,326				747,808				349,781				2,895,995
			328,189				279,728				982,624				471,174				3,619,369
Non-employee consultant stock option grants:
Research and development			3,896				29,564				85,265				46,851				121,422
General and administrative			4,351				88,778				92,022				137,631				273,993
			8,247				118,342				177,287				184,482				395,415
Total stock-based compensation		$	336,436			$	398,070			$	1,159,911			$	655,656			$	4,014,784

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

The following table summarizes weighted-average values and assumptions used for options granted to employees, directors and consultants in the periods indicated:

		Three and Nine Months Ended September 30, 2012				Nine Months Ended September 30, 2011
Volatility			115	%			110	%
Risk-free interest rate			0.925	%			1.84% – 3.17	%
Expected life (years)			6.0				5.5 – 6.25
Dividend			0	%			0	%
Weighted-average exercise price		$	1.00			$	1.45
Weighted-average grant-date fair value		$	0.85			$	1.22

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

A summary of stock option activity under stock option plans is as follows:

		Number of Shares Issuable Upon Exercise of Outstanding Options				Weighted Average Exercise Price				Weighted Average Remaining Contracted Term in Years				Aggregate Intrinsic Value
Outstanding at December 31, 2011			4,827,638			$	1.82
Granted			—
Outstanding at March 31, 2012			4,827,638			$	1.82
Granted			—
Outstanding at June 30, 2012			4,827,638			$	1.82
Granted			24,000			$	1.00
Forfeited			(175,884	)		$	1.36
Outstanding at September 30, 2012			4,675,754
Vested, September 30, 2012			1,954,046			$	2.92				8.69			$	252,062
Unvested, September 30, 2012			2,721,708			$	1.06				8.87			$	620,198
Exercisable at September 30, 2012			1,954,046			$	2.92				8.69			$	252,062

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- Definition

Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (h)(1)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

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- Definition

Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(1)

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (f)(2)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

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