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
Mar. 31, 2012
Mar. 31, 2011
Revenues    
License revenues $ 1,262,000 $ 87,000
Product sales 572,000 13,000
Royalties 21,000 20,000
Sponsored research and development 0 30,000
Total revenues 1,855,000 150,000
Expenses    
Research and development 974,000 1,120,000
Product costs 537,000 92,000
General and administrative 979,000 1,026,000
Depreciation and amortization 54,000 61,000
Total expenses 2,544,000 2,299,000
Loss from operations (689,000) (2,149,000)
Interest and miscellaneous income 1,000 5,000
Interest and other expense (169,000) (167,000)
Warrant extension expense (2,316,000) 0
Gain on change in fair value of derivative-warrants 741,000 1,235,000
Loss on change in fair value of derivative - preferred stock (2,460,000) (823,000)
Total non operating income (expense) (4,203,000) 250,000
Net income (loss) (4,892,000) (1,899,000)
Less preferred stock dividends 440,000 438,000
Net income (loss) allocable to common stockholders $ (5,332,000) $ (2,337,000)
Net income (loss) per share    
Basic (in dollars per share) $ (0.22) $ (0.12)
Diluted (in dollars per share) $ (0.22) $ (0.12)
Weighted average number of common shares outstanding    
Basic (in shares) 24,145,488 19,241,570
Diluted (in shares) 24,145,488 19,241,570