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, 2013
Dec. 31, 2012
Revenues    
Product sales $ 1,529,000 $ 2,865,000
License revenues 435,000 1,446,000
Royalties 78,000 93,000
Total revenues 2,042,000 4,404,000
Expenses    
Research and development 884,000 2,010,000
Product costs 125,000 267,000
Selling, general and administrative 4,834,000 6,024,000
Depreciation and amortization 3,000 419,000
Total expenses 5,846,000 8,720,000
Loss from operations (3,804,000) (4,316,000)
Interest and miscellaneous income 251,000 242,000
Interest and other expense (279,000) (608,000)
Warrant extension expense 0 (2,316,000)
Gain on change in fair value of derivative-warrants 271,000 1,236,000
Gain (loss) on change in fair value of derivative-preferred stock 8,010,000 (4,770,000)
Total non operating income (expense) 8,253,000 (6,216,000)
Net income (loss) 4,449,000 (10,532,000)
Less preferred stock dividends (2,898,000) (1,999,000)
Net income (loss) allocable to common stockholders $ 1,551,000 $ (12,531,000)
Basic and diluted loss per common share    
Basic (in dollars per share) $ 0.06 $ (0.52)
Diluted (in dollars per share) $ 0.06 $ (0.52)
Weighted average number of common shares outstanding    
Basic (in shares) 25,243,160 24,178,768
Diluted (in shares) 25,473,646 24,178,768