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Stock Options
3 Months Ended
Mar. 31, 2012
Stock Options [Abstract]  
Stock Options

NOTE F — STOCK OPTIONS

On January 9, 2012, Dr. Maher Albitar was granted a stock option to purchase 250,000 shares of the Company's common stock at an exercise price per share of $1.43, which was the closing price per share on the last trading day prior to his start date. The option has a five year term and 25% of the shares subject to the option vest on each of the first four anniversaries of his start date. The option also fully vests upon a change of control of the Company. This option will be treated as a non-employee consultant option agreement and as such we revalued the option at March 31, 2012. The option was valued at $171,565 and we recorded $18,864 of stock compensation expense related to the options in the three months ended March 31, 2012.

On February 14, 2012, Mr. VanOort was granted a supplemental non-qualified stock option to purchase 800,000 shares of common stock at an exercise price of $1.71 per share which has a five year term so long as Mr. VanOort remains an employee of the Company (the "Supplemental Options"). The Supplemental Options are scheduled to vest according to the passage of time with 200,000 shares vesting each year on the anniversary of the grant date for the first four years after the grant. The Supplemental Options are valued at $505,000 based on a trinomial lattice model and we recorded $30,000 of stock compensation expense related to the Supplemental Options in the three months ended March 31, 2012.

In the event of a change of control of the Company in which the consideration payable to common stockholders of the Company has a deemed value of at least $4.00 per share, any unvested portion of the Supplemental Options will immediately vest in full.

As of March 31, 2012, options to purchase 5,886,874 shares of our common stock were outstanding. The exercise prices of these options range from $0.25 to $1.81 per share.