SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2014

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,
	2014		2013
Research and development	$	-	$	13,200
General and administrative		5,354		13,200
Total stock-based compensation expense	$	5,354	$	26,400

Summary of Stock Option Activity

A summary of our stock option activity during the three months ended March 31, 2014 is presented below:

	Total Number			Weighted-Average
Options	of Shares			Exercise Price
Outstanding as of December 31, 2013		1,167,000		$	9.03
Granted		-			-
Forfeited		-			-
Exercised		(51,000	)		1.30
Expired		-			-
Outstanding as of March 31, 2014		1,116,000		$	9.38
Exercisable as of March 31, 2014		1,081,000		$	8.90