Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations (Unaudited)

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Condensed Consolidated Statements of Operations (Unaudited) (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Revenues        
License revenues $ 936,000 $ 107,000 $ 1,110,000 $ 281,000
Sponsored research and development 0 0 30,000 0
Royalties 23,000 20,000 64,000 53,000
Product sales 82,000 0 138,000 0
Total revenues 1,041,000 127,000 1,342,000 334,000
Expenses        
Research and development 1,063,000 1,199,000 3,243,000 2,718,000
Product costs 454,000 0 812,000 0
General and administrative 1,252,000 1,165,000 3,297,000 3,316,000
Depreciation and amortization 56,000 59,000 176,000 179,000
Total expenses 2,825,000 2,423,000 7,528,000 6,213,000
Loss from operations (1,784,000) (2,296,000) (6,186,000) (5,879,000)
Interest and miscellaneous income 1,283,000 38,000 1,291,000 554,000
Interest and other expense (237,000) (152,000) (760,000) (444,000)
Gain on change in fair value of derivative - warrants 1,138,000 146,000 3,312,000 6,384,000
Loss on change in fair value of derivative - preferred stock (50,000) (10,455,000) (470,000) (10,455,000)
Total non operating income (expense) 2,134,000 (10,423,000) 3,373,000 (3,961,000)
Net loss (350,000) (12,719,000) (2,813,000) (9,840,000)
Less preferred stock dividends 447,000 452,000 1,327,000 1,340,000
Net loss allocable to common stockholders $ (97,000) $ (13,171,000) $ (4,140,000) $ (11,180,000)
Net loss allocable to common stockholders $ 0.00 $ (0.83) $ (0.21) $ (0.73)
Weighted average basic and diluted common shares outstanding 19,503,383 15,774,273 19,378,579 15,337,453