Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Revenues    
Product sales $ 2,865,000 $ 539,000
License revenues 1,446,000 1,181,000
Royalties 93,000 89,000
Sponsored research and development 0 30,000
Total revenues 4,404,000 1,839,000
Expenses    
Research and development 2,010,000 3,579,000
Product costs 267,000 148,000
Selling, general and administrative 6,024,000 5,755,000
Depreciation and amortization 419,000 233,000
Total expenses 8,720,000 9,715,000
Loss from operations (4,316,000) (7,876,000)
Interest and miscellaneous income 242,000 1,334,000
Interest and other expense (608,000) (963,000)
Warrant extension expense (2,316,000) 0
Gain on change in fair value of derivative-warrants 1,236,000 3,580,000
Gain (loss) on change in fair value of derivative-preferred stock (4,770,000) 1,410,000
Total non operating income (expense) (6,216,000) 5,361,000
Net loss before state income taxes (10,532,000) (2,515,000)
State income taxes 0 17,000
Net loss (10,532,000) (2,532,000)
Less preferred stock dividends (1,999,000) (1,774,000)
Net loss allocable to common stockholders $ (12,531,000) $ (4,306,000)
Basic and diluted loss per common share    
Net loss allocable to common stockholders (in dollars per share) $ (0.52) $ (0.22)
Weighted average basic and diluted common shares outstanding (in shares) 24,178,768 19,983,210