Quarterly report pursuant to Section 13 or 15(d)

Litigation

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Litigation
 9 Months Ended
Sep. 30, 2012
Litigation [Abstract]  
Litigation [Text Block]
(7)            Litigation

On June 8, 2012, Alan W. Schmidt, a former shareholder of Genaera Corporation ("Genaera") and unitholder of the Genaera Liquidating Trust (the "Trust"), filed a putative class action in the U.S. District Court for the Eastern District of Pennsylvania (Docket Number 2:12-cv-03265-BMS) against Access Pharmaceuticals, Inc., MacroChem Corporation, Jeffrey Davis, Steve Rouhandeh, Mark Alvino (the "Access Defendants") and twenty-five other individuals and entities allegedly related to Genaera and/or the Trust.  Schmidt claims that the Access Defendants aided and abetted alleged breaches of fiduciary duties by Genaera's directors and the Trust in connection with the development of Pexiganan, a drug that Genaera licensed to MacroChem Corporation in 2007.  Schmidt generally asserts that the Genaera directors and the Trust failed to obtain appropriate value for Pexiganan, and that the Access Defendants aided and abetted the Genaera directors and the Trust in connection with their performance and termination of the Pexiganan license. Schmidt seeks unspecified money damages.  The case is in the preliminary stages.  The Company believes the claims against the Access Defendants are without merit and intends to defend the matter vigorously.