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 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Revenues        
License revenues $ 60,000 $ 87,000 $ 1,322,000 $ 174,000
Product sales 615,000 42,000 1,169,000 55,000
Royalties 15,000 21,000 36,000 41,000
Sponsored research and development 0 0 0 30,000
Total revenues 690,000 150,000 2,527,000 300,000
Expenses        
Research and development 654,000 903,000 1,404,000 1,916,000
Product costs 63,000 37,000 122,000 46,000
Selling, general and administrative 1,406,000 1,404,000 3,069,000 2,620,000
Depreciation and amortization 19,000 59,000 73,000 120,000
Total expenses 2,142,000 2,403,000 4,668,000 4,702,000
Loss from operations (1,452,000) (2,253,000) (2,141,000) (4,402,000)
Interest and miscellaneous income 0 3,000 1,000 8,000
Interest and other expense (169,000) (356,000) (338,000) (523,000)
Warrant extension expense 0 0 (2,316,000) 0
Gain on change in fair value of derivative-warrants 431,000 939,000 1,172,000 2,174,000
Gain (loss) on change in fair value of derivative - preferred stock (9,410,000) 403,000 (11,870,000) (420,000)
Total non operating income (expense) (9,148,000) 989,000 (13,351,000) 1,239,000
Net income (loss) (10,600,000) (1,264,000) (15,492,000) (3,163,000)
Less preferred stock dividends 439,000 442,000 879,000 880,000
Net loss allocable to common stockholders $ (11,039,000) $ (1,706,000) $ (16,371,000) $ (4,043,000)
Basic/diluted net loss per common share        
Net loss allocable to common stockholders (in dollars per share) $ (0.46) $ (0.09) $ (0.68) $ (0.21)
Weighted average basic and diluted common shares outstanding (in shares) 24,160,686 19,387,906 24,116,316 19,315,142