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, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Revenues        
License revenues $ 62,000 $ 936,000 $ 1,384,000 $ 1,110,000
Product sales 781,000 82,000 1,950,000 137,000
Royalties 28,000 23,000 64,000 64,000
Sponsored research and development 0 0 0 30,000
Total revenues 871,000 1,041,000 3,398,000 1,341,000
Expenses        
Research and development 308,000 906,000 1,712,000 2,822,000
Product costs 79,000 61,000 201,000 107,000
Selling, general and administrative 1,422,000 1,802,000 4,491,000 4,422,000
Depreciation and amortization 18,000 56,000 91,000 176,000
Total expenses 1,827,000 2,825,000 6,495,000 7,527,000
Loss from operations (956,000) (1,784,000) (3,097,000) (6,186,000)
Interest and miscellaneous income 111,000 1,283,000 112,000 1,291,000
Interest and other expense (186,000) (237,000) (524,000) (760,000)
Warrant extension expense 0 0 (2,316,000) 0
Gain on change in fair value of derivative-warrants 64,000 1,138,000 1,236,000 3,312,000
Loss on change in fair value of derivative - preferred stock (13,900,000) (50,000) (25,770,000) (470,000)
Total non operating income (expense) (13,911,000) 2,134,000 (27,262,000) 3,373,000
Net income (loss) (14,867,000) 350,000 (30,359,000) (2,813,000)
Less preferred stock dividends 444,000 447,000 1,323,000 1,327,000
Net loss allocable to common stockholders $ (15,311,000) $ (97,000) $ (31,682,000) $ (4,140,000)
Basic/diluted net loss per common share        
Net loss allocable to common stockholders (in dollars per share) $ (0.63) $ 0 $ (1.31) $ (0.21)
Weighted average basic and diluted common shares outstanding (in shares) 24,173,705 19,503,383 24,135,585 19,378,579