SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2014

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Assumptions Used to Estimate the Fair Values of the Stock Options Granted

The following table presents the assumptions used to estimate the fair values of the stock options granted in the nine-month periods presented:

	September 2014			September 2013
Risk-free interest rate		1.66	%		1.21	%
Expected volatility		32	%		35	%
Expected life (in years)		5			5
Dividend yield		-			-

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,
	2014		2013		2014		2013
Research and development	$	-	$	-	$	-	$	92,249
General and administrative		5,354		1,172		16,062		14,372
Total stock-based compensation expense	$	5,354	$	1,172	$	16,062	$	106,621

Summary of Stock Option Activity

A summary of our stock option activity during the nine months ended September 30, 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		15,000			26.48
Forfeited		(15,000	)		26.48
Exercised		(175,000	)		1.17
Expired		-			-
Outstanding as of September 30, 2014		992,000		$	10.41
Exercisable as of September 30, 2014		960,750		$	9.93