SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2012

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Assets and liabilities measured at fair value on a recurring basis

The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis for the period presented and indicates the fair value hierarchy of the valuation techniques we utilized to determine such fair value.

June 30, 2012	Fair Value		Quoted Prices inActive Markets forIdentical Assets Level 1		SignificantOther ObservableInputs Level 2		SignificantUnobservableInputs Level 3
Cash and cash equivalents	$	3,788,173	$	3,788,173		-		-
Certificates of Deposit		5,000,000		5,000,000		-		-

Stock-based compensation expense

Stock-based compensation expense recognized under ASC 718 was as follows:

	Three Months EndedJune 30,				Six Months EndedJune 30,
	2012		2011		2012		2011
Research and development	$	122,679	$	25,457	$	144,817	$	52,573
General and administrative		13,200		105,752		30,868		212,334
Total stock-based compensation expense	$	135,879	$	131,209	$	175,685	$	264,907

Summary of stock option activity

A summary of our stock option activity during the six months ended June 30, 2012 is presented below:

	Total Number		Weighted-Average
Options	of Shares		Exercise Price
Outstanding as of December 31, 2011		1,261,425	$	8.27
Granted		15,000		15.75
Forfeited		-		-
Exercised		24,000		3.25
Expired		-		-
Outstanding as of June 30, 2012		1,252,425	$	8.46

Exercisable as of June 30, 2012 1,172,425 $  7.48