Quarterly report pursuant to Section 13 or 15(d)

Unaudited Condensed Consolidated Statements of Cash Flows

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Unaudited Condensed Consolidated Statements of Cash Flows (USD $)
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Operating Activities:    
Net Loss $ (3,359,117) $ (3,969,456)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Stock based compensation 831,063 1,147,669
Depreciation and amortization 21,584 19,515
Unrealized (gains) loss on marketable securities (141,893) (108,226)
Changes in non-cash operating working capital items:    
Accounts receivable - fees and reimbursable project costs (143,329) 153,067
Prepaid expenses and other assets (316,466) (31,164)
Accounts payable, accrued liabilities and other current liabilities (586,078) (663,489)
Deferred revenue 0 (98,110)
Net Cash Used In Operating Activities (3,694,236) (3,550,194)
Investing Activities:    
Proceeds from the sale of marketable securities 997,926 10,569,583
Purchase of marketable securities (242,074) 0
Purchase of property and equipment (18,100) (1,228)
Patent costs (43,502) (105,674)
Net Cash Provided By (Used In) Investing Activities 694,250 10,462,681
Financing Activities:    
Proceeds from the issuance of common stock 1,733 0
Restricted cash (1,385) (1,324)
Net Cash Provided by (Used In) Financing Activities 348 (1,324)
Net Increase (Decrease) In Cash and Cash Equivalents (2,999,638) 6,911,163
Cash and Cash Equivalents, Beginning of Period 3,569,098 2,373,421
Cash and Cash Equivalents, End of Period 569,460 9,284,584
Cash paid during the year:    
Interest paid 0 0
Income taxes paid 0 0
Non-Cash Financing Activity:    
Grant of Common Stock for Payment of Accrued Liabilities $ 0 $ 70,000