SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2013

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Stock-Based Compensation Expense

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

	Three Months Ended March 31,
	2013		2012
Research and development	$	13,200	$	22,138
General and administrative		13,200		17,668
Total stock-based compensation expense	$	26,400	$	39,806

Summary of Stock Option Activity

A summary of our stock option activity during the three months ended March 31, 2013 is presented below:

	Total Number		Weighted-Average
Options	of Shares		Exercise Price
Outstanding as of December 31, 2012		1,182,000	$	8.90
Granted		-		-
Forfeited		-		-
Exercised		-		-
Expired		-		-
Outstanding as of March 31, 2013		1,182,000	$	8.90
Exercisable as of March 31, 2013		1,152,000	$	8.47