SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Research and development	$	79,049	$	122,679	$	92,249	$	144,817
General and administrative		-		13,200		13,200		30,868
Total stock-based compensation expense	$	79,049	$	135,879	$	105,449	$	175,685

Summary of Stock Option Activity

A summary of our stock option activity during the six months ended June 30, 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		15,000		15.85
Forfeited		-		-
Exercised		-		-
Expired		-		-
Outstanding as of June 30, 2013		1,197,000	$	8.99
Exercisable as of June 30, 2013		1,177,000	$	8.64