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, 2011
Dec. 31, 2010
Revenues    
License revenues $ 1,181,000 $ 347,000
Product sales 548,000 8,000
Royalties 89,000 76,000
Sponsored research and development 30,000 50,000
Total revenues 1,848,000 481,000
Expenses    
Research and development 4,200,000 3,349,000
Product costs 1,216,000 140,000
General and administrative 4,075,000 4,511,000
Depreciation and amortization 233,000 238,000
Total expenses 9,724,000 8,238,000
Loss from operations (7,876,000) (7,757,000)
Interest and miscellaneous income 1,334,000 2,046,000
Interest and other expense (963,000) (607,000)
Gain on change in fair value of derivative-warrants 3,580,000 4,621,000
Gain (loss) on change in fair value of derivative- preferred stock 1,410,000 (5,840,000)
Total non operating income (expense) 5,361,000 220,000
Net loss before state income taxes (2,515,000) (7,537,000)
State income taxes 17,000 0
Net loss (2,532,000) (7,537,000)
Less preferred stock dividends (1,774,000) (1,791,000)
Net loss allocable to common stockholders $ (4,306,000) $ (9,328,000)
Basic and diluted loss per common share    
Net loss allocable to common stockholders (in dollars per share) $ (0.22) $ (0.60)
Weighted average basic and diluted common shares outstanding (in shares) 19,983,210 15,633,110