SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Research and development		$	-		$	13,200		$	92,249		$	158,017
General and administrative			1,172			13,200			14,372			44,068
Total stock-based compensation expense		$	1,172		$	26,400		$	106,622		$	202,085

Summary of Stock Option Activity

A summary of our stock option activity during the nine months ended September 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		30,000			16.88
Forfeited		(15,000	)		30.79
Exercised		(10,000	)		1.00
Expired		-			-
Outstanding as of September 30, 2013		1,187,000		$	8.89
Exercisable as of September 30, 2013		1,152,000		$	8.42