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<!-- EDGAR Online I-Metrix Xcelerate Instance Document, based on XBRL 2.1  http://www.edgar-online.com/ -->
<!-- Version:  6.13.8 -->
<!-- Round: 0ad46365-201a-4c73-8803-2e440215f69e -->
<!-- Creation date: 2012-03-12T15:44:37Z -->
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  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0">&lt;div&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0px"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;b&gt;19.&lt;/b&gt;&lt;/td&gt;
&lt;td&gt;&lt;b&gt;COMMITMENTS AND CONTINGENCIES&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Operating Leases&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
In January 2007, Bio-Quant entered into a lease agreement for its
headquarters location in San Diego, California expiring December
31, 2011. The headquarters lease term contains a base rent of
$18,400 per month with 4% annual escalations, plus a real estate
tax and operating expense charge to be determined annually. After
the sale of Bio-Quant, the Company continued to reside at this
location until the new headquarters location was ready in December
2011.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
In February 2008, Bio-Quant entered into a four year lease
agreement for its second location in San Diego, California expiring
December 31, 2015 as amended in December 2010.&amp;#xA0;&amp;#xA0;The Lease
term has a base rent of $21,532 per month with 3% annual
escalations, plus a real estate tax and operating expense charge to
be determined annually. In June 2011, due to the sale of Bio-Quant,
the Company amended the lease to retain three of the eight suites.
The amended lease retains the December 31, 2015 expiration date.
The amended base rent is $8,089 per month with 3% annual
escalations, plus a real estate tax and operating expense charge to
be determined annually.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
In December 2011, the Company entered into a five year lease
agreement for its new headquarters location in San Diego,
California expiring December 31, 2016. The Company has an option to
extend the lease another five years at a then &amp;#x201C;Market
Rate&amp;#x201D; as long as that rate is no less than the 2016 base
rate. The headquarters lease term contains a base rent of $23,990
per month with 3% annual escalations, plus a supplemental real
estate tax and operating expense charge to be determined annually.
The Company did receive a five month base rent abatement with the
lease agreement, This abatement is recoverable by the landlord on a
straight line amortized basis over 60 months should the Company
terminate the lease early for any reason.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
In December 2011, the Company assumed a lease in Rockaway, NJ with
the acquisition of Topotarget. The lease has a five year term
ending on January 31, 2013. The lease agreement has a base rent of
$10,429 per month, plus a real estate tax and operating expense
charge to be determined annually.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
For the year ended December 31, 2011, rent expense under all
operating leases was $444,075.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Future minimum rental payments under all operating leases as of
December 31, 2011 are as follows:&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 65%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 1in" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;Years Ended&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid"&gt;December 31,&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 0.25in; WIDTH: 60%"&gt;2012&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 37%"&gt;513,730&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 0.25in"&gt;2013&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;410,707&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 0.25in"&gt;2014&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;412,149&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 0.25in"&gt;2015&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;425,018&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 0.25in"&gt;2016&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
323,735&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 0.25in"&gt;Total&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
2,085,339&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Employment and Consulting Agreements&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company is a party to employment and compensatory agreements
for its executive officers in the normal course of business.&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company is a party to several short-term consulting and
research agreements that, generally, can be cancelled at will by
either party.&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Other - PediatRx&lt;/b&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On January 26, 2012, the Company entered into a binding term sheet
(&amp;#x201C;the Term Sheet&amp;#x201D;) with PediatRx Inc. (PediatRx&amp;#x201D;)
for (1) a Co-Promotion Agreement in the United States for
Granisol&amp;#xAE; and Aquoral&amp;#x2122; (the Co-Promotion
Agreement&amp;#x201D;), (2) an assignment of PediatRx&amp;#x2019;s rights
under its co-promotion agreement with Bio-Coastal Pharmaceuticals,
Inc for Aquoral&amp;#x2122; and (3) an Asset Purchase Agreement for
Granisol&amp;#xAE; outside of the United States (the Sale
Agreement&amp;#x201D;). Also in the Term Sheet, the Company entered into
a non-binding arrangement for the acquisition of PediatRx in a
proposed merger transaction (the Acquisition&amp;#x201D;). In February
2012, the Company and PediatRx entered into the three agreements
noted above. As consideration for entering into the agreements, the
Company paid PediatRx $325,000 up-front and will pay PediatRx a
percentage royalty on the Company&amp;#x2019;s net operating income
related to sales of Granisol&amp;#xAE; in the U.S.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Pursuant to the Term Sheet, the Company has agreed to non-binding
terms on which it would acquire PediatRx. If the Acquisition is
consummated on the terms set forth in the Term Sheet, the Company
would acquire PediatRx in a merger in exchange for $4,000,000, to
be paid in the common stock of the Company. Additionally, the Term
Sheet contemplates the Company assuming certain PediatRx debt of up
to $675,000.&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Acquisition is subject to customary due diligence procedures,
approval by the Company&amp;#x2019;s Board and the PediatRx Board and
the execution of a mutually agreeable definitive merger agreement
(the Merger Agreement&amp;#x201D;). The Merger Agreement will be subject
to customary closing conditions, including the approval of the
PediatRx shareholders and certain termination provisions. The
Arrangement includes an additional payment by the Company to
PediatRx of $1,000,000, payable in Company common stock, if the
Company elects not to pursue the Acquisition, subject to certain
conditions.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Legal matters&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
We are subject to certain legal proceedings in the ordinary course
of business.&amp;#xA0;&amp;#xA0;We do not expect any such items to have a
significant impact on our financial position.&lt;/p&gt;
&lt;/div&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
  <us-gaap:SegmentReportingDisclosureTextBlock contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0">&lt;div&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0px"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;b&gt;20.&lt;/b&gt;&lt;/td&gt;
&lt;td&gt;&lt;b&gt;SEGMENT INFORMATION&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
ASC Topic 280, &amp;#x201C;Segment Reporting,&amp;#x201D; requires public
companies to report profits and losses and certain other
information on their &amp;#x201C;reportable operating segments&amp;#x201D; in
their annual and interim financial statements. The internal
organization used by the Company&amp;#x2019;s Chief Operating Decision
Maker (CODM) to assess performance and allocate resources
determines the basis for reportable operating segments. The
Company&amp;#x2019;s CODM is the Chief Executive Officer.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Through June 30, 2011, the Company had two active business
segments: designing and developing pharmaceutical products with its
NexACT&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; drug delivery technology and providing
pre-clinical CRO services through its subsidiary,
Bio-Quant.&amp;#xA0;&amp;#xA0;Through June 30, 2011, the Company aggregated
sales of diagnostic products with the pre-clinical CRO
services.&amp;#xA0;&amp;#xA0;The assets and revenues were not material in
relation to the Company&amp;#x2019;s operations as a whole, and the
nature of the products and type of customer were similar to the
Bio-Quant business.&amp;#xA0;&amp;#xA0;On June 30, 2011, the Bio-Quant
subsidiary was sold (see Note 5) and accordingly the Bio-Quant CRO
and Diagnostic Sales segment information provided for 2011 reflects
the operating activity from the pre-clinical CRO services through
the first half of the year and the sales of diagnostic products for
the year ended December 31, 2011.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;On December 29, 2011, Topotarget was
acquired with common stock and named Apricus Pharmaceuticals.
Apricus Pharmaceuticals will be combined with the NexMed subsidiary
for the new Pharmaceuticals segment.&lt;/font&gt; The Company determined
that the NexMed and Apricus Pharmaceutical businesses have a
similar sales process, type of customer, regulatory environment and
profit margins and should be disclosed as one segment. Since the
acquisition occurred so close to the year end, no sales or
operating costs were attributable to Apricus. The assets are
combined as of December 31, 2011.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Segment information for the years ended December 31, 2011 and 2010
is as follows:&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="17"&gt;FOR
THE YEAR ENDED&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="17"&gt;DECEMBER 31, 2011&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Pharmaceuticals&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Bio-Quant CRO&lt;br /&gt;
and Diagnostic&lt;br /&gt;
Sales&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Other Corporate&lt;br /&gt;
Not Allocated to&lt;br /&gt;
Segments&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Consolidated Total&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 48%"&gt;Revenues from external
customers&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;1,508,872&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;2,592,252&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;4,101,124&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Loss from operations&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(15,482,171&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;62,339&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(2,759,920&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(18,179,752&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Depreciation and amortization
expense&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;351,323&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;251,002&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;602,325&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Other significant noncash items:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt"&gt;Loss on sale of
Bio-Quant&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(2,759,920&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(2,759,920&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Total assets&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;16,311,657&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;303,953&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;16,615,610&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Expenditures on long lived assets&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;110,615&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;152,135&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;262,750&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="17"&gt;FOR
THE YEAR ENDED&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="17"&gt;DECEMBER 31, 2010&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Pharmaceuticals&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Bio-Quant CRO&lt;br /&gt;
and Diagnostic&lt;br /&gt;
Sales&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Other Corporate&lt;br /&gt;
Not Allocated to&lt;br /&gt;
Segments&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Consolidated Total&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 48%"&gt;Revenues from external
customers&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;40,985&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;4,931,752&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;4,972,737&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Loss from operations&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(10,234,988&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(11,165,989&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(21,400,977&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Depreciation and amortization
expense&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;648,739&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;340,503&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;989,242&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Other significant noncash items:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt"&gt;Impairment of
goodwill and intangible assets&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(10,168,122&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(10,168,122&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Total assets&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;15,024,610&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;3,839,028&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;18,863,638&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Expenditures on long lived assets&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,804&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;435,156&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;436,960&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:SegmentReportingDisclosureTextBlock>
  <us-gaap:ProceedsFromWarrantExercises contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="INF">1363369</us-gaap:ProceedsFromWarrantExercises>
  <us-gaap:RepaymentsOfLongTermCapitalLeaseObligations contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">15908</us-gaap:RepaymentsOfLongTermCapitalLeaseObligations>
  <us-gaap:DebtDisclosureTextBlock contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0">&lt;div&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0px"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;b&gt;10.&lt;/b&gt;&lt;/td&gt;
&lt;td&gt;&lt;b&gt;CONVERTIBLE NOTES PAYABLE&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;u&gt;2010 Convertible Notes&lt;/u&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On March 15, 2010, the Company issued convertible notes (the
&amp;#x201C;2010 Convertible Notes&amp;#x201D;) in an aggregate principal
amount of $4 million to the holders of the 2008 Convertible Notes
discussed below.&amp;#xA0;&amp;#xA0;The 2010 Convertible Notes are secured
by the Company&amp;#x2019;s facility in East Windsor, New Jersey and are
due on December 31, 2012.&amp;#xA0;&amp;#xA0;The proceeds were used to
repay the 2008 Convertible Notes then outstanding as discussed
below.&amp;#xA0;&amp;#xA0;As such, the Company received approximately $1.4
million in net proceeds from the issuance of the 2010 Convertible
Notes.&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The 2010 Convertible Notes are, at the holders&amp;#x2019;
option,&amp;#xA0;&amp;#xA0;payable in cash at maturity at December 31, 2012
or convertible into shares of Common Stock at a current conversion
price of $6.07 per share (with an initial conversion price of $8.70
per share) (the &amp;#x201C;conversion price&amp;#x201D;), which price is
subject to adjustment upon certain dilutive issuances of common
stock.&amp;#xA0;&amp;#xA0;The 2010 Convertible Notes have a coupon rate of
7% per annum, which is payable at the Company&amp;#x2019;s option in
cash or, if the Company&amp;#x2019;s net cash balance is less than $3
million at the time of payment, in shares of Common
Stock.&amp;#xA0;&amp;#xA0;If paid in shares of Common Stock, then the price
of the stock issued will be the lesser of $1.20 below or 95% of the
five-day weighted average of the market price of the Common Stock
prior to the time of payment.&amp;#xA0;&amp;#xA0;Such additional interest
consideration is considered contingent and therefore would only be
recognized upon occurrence.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The conversion price at December 31, 2011 was $6.07 per share,
which represents an adjusted price from $8.70 at issuance due to
certain dilutive equity financings since the issuance of the notes.
At December 31, 2011, the conversion price was above the current
market price of the Common Stock.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;u&gt;Conversion and Repayment of 2008 Convertible Notes during 2009
and 2010&lt;/u&gt;&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On January 26, 2010, the Company agreed to convert $397,988 of the
outstanding 2008 Convertible Notes to Common Stock at a price of
$7.50 per share.&amp;#xA0;&amp;#xA0;As such, the Company issued 53,333
shares of Common Stock to the note holders in repayment of such
$397,988 principal amount plus interest.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The remaining balance outstanding on the 2008 Convertible Notes of
$2,592,012 was repaid in full on March 15, 2010 with the proceeds
received from the 2010 Convertible Notes.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company recognized a debt inducement charge in interest expense
for the differential between the original conversion rate of $30.00
per share and the various adjusted conversion prices in 2009 and
2010.&amp;#xA0;&amp;#xA0;Non-cash interest expense recognized with respect
to these conversions was $37,143 and $1,200,000 during the years
ended December 31, 2011 and 2010, respectively.&lt;/p&gt;
&lt;/div&gt;</us-gaap:DebtDisclosureTextBlock>
  <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">-9724898</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">-18117198</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments>
  <us-gaap:ShareBasedCompensation contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">2135007</us-gaap:ShareBasedCompensation>
  <us-gaap:IncreaseDecreaseInDeferredCompensation contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">-69121</us-gaap:IncreaseDecreaseInDeferredCompensation>
  <us-gaap:GainLossOnSaleOfPropertyPlantEquipment contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">-920</us-gaap:GainLossOnSaleOfPropertyPlantEquipment>
  <us-gaap:IncreaseDecreaseInAccruedLiabilities contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">1228424</us-gaap:IncreaseDecreaseInAccruedLiabilities>
  <us-gaap:InterestExpense contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">376924</us-gaap:InterestExpense>
  <us-gaap:StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">307</us-gaap:StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures>
  <us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">12676</us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised>
  <us-gaap:OtherNoncashExpense contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">198564</us-gaap:OtherNoncashExpense>
  <us-gaap:ProvisionForDoubtfulAccounts contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">275990</us-gaap:ProvisionForDoubtfulAccounts>
  <us-gaap:NetIncomeLoss contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">-18117198</us-gaap:NetIncomeLoss>
  <us-gaap:NonoperatingIncomeExpense contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">62554</us-gaap:NonoperatingIncomeExpense>
  <us-gaap:LicensesRevenue contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">876549</us-gaap:LicensesRevenue>
  <us-gaap:ResearchAndDevelopmentExpense contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">5820763</us-gaap:ResearchAndDevelopmentExpense>
  <us-gaap:CapitalLeasesInFinancialStatementsOfLesseeDisclosureTextBlock contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0">&lt;div&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;16.&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;CAPITAL
LEASE&lt;/b&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Through June 30, 2011 the Company had six capital leases for
certain equipment used in its pre-clinical CRO facility. BioTox
assumed those leases with the sale of Bio-Quant. The Company did
enter into one capital lease for office equipment installed in the
new office space. The lease obligation is payable as follows:&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 85%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold" colspan="2"&gt;Monthly&lt;br /&gt;
Payment&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold" colspan="2"&gt;Interest&lt;br /&gt;
rate&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold" colspan="2"&gt;Number&amp;#xA0;of&lt;br /&gt;
payments&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold" colspan="2"&gt;Maturity&lt;br /&gt;
date&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold"&gt;
Aggregate&lt;br /&gt;
remaining&lt;br /&gt;
principal&lt;br /&gt;
outstanding&amp;#xA0;at&lt;br /&gt;
December&amp;#xA0;31,&lt;br /&gt;
2011&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 40%"&gt;Capital Lease&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;521&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;9.635&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;%&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;60&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;10/20/2016&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;24,683&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The lease is secured by a first lien on the underlying equipment.
At December 31, 2011, the asset held subject to capital lease
totaled $25,387 and the related accumulated depreciation was
$1,410.&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Future maturities of the capital lease obligation at December 31,
2011 are:&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 60%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;Years Ended&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold"&gt;
December 31,&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;&amp;#xA0;Total&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; WIDTH: 45%"&gt;
2012&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;6,228&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt"&gt;2013&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;6,252&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt"&gt;2014&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;6,252&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt"&gt;2015&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;6,252&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt"&gt;
2016&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
5,210&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 9pt"&gt;Total&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;30,194&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 9pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt"&gt;Less
portion representing interest&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
5,511&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 9pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Total principal due at December 31,
2011&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;24,683&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;Less:&amp;#xA0;
current maturities&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
4,273&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;Long-term portion&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
20,410&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:CapitalLeasesInFinancialStatementsOfLesseeDisclosureTextBlock>
  <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0">&lt;div&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0px"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;b&gt;2.&lt;/b&gt;&lt;/td&gt;
&lt;td&gt;&lt;b&gt;SUMMARY OF SIGNIFICANT ACCOUNTING&amp;#xA0;PRINCIPLES&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Significant accounting principles followed by the Company in
preparing its consolidated financial statements are as follows:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Principles of consolidation&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The consolidated financial statements include the accounts of the
Company and its wholly owned subsidiaries. All significant
intercompany accounts and transactions have been eliminated.
Certain prior year items have been reclassified to conform to
current year presentation.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Cash and cash equivalents&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Cash equivalents represent all highly liquid investments with an
original maturity date of three months or less. Restricted cash is
security for our lines of credit or the credit limit on our Company
credit card. The Company determines the credit limit needed on the
credit card, which is what sets the restricted cash balance. The
2011 balance is only for the credit card as the lines of credit
were repaid in 2011.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Accounts Receivable&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Our policy is that an allowance is recorded for estimated losses
resulting from the inability of our customers to make required
payments. Such allowances are computed based upon a specific
customer account review of larger customers and balances in excess
of 90 days old. Our assessment of our customers&amp;#x2019; ability to
pay generally includes direct contact with the customer,
investigation into our customers&amp;#x2019; financial status, as well
as consideration of our customers&amp;#x2019; payment history with us.
If the financial condition of our customers were to deteriorate,
resulting in an impairment of their ability to make payments,
additional allowances may be required. If we determine, based on
our assessment, that it is more likely than not that our customers
will be unable to pay, we will write-off the accounts receivable.
The allowance balance was $0 and $4,060 at December 31, 2011 and
2010, respectively.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Inventory&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Inventory is stated at lower of cost or market. Most of our
inventory is raw material located at our contract
manufacturer&amp;#x2019;s location. We determine cost using the
first-in, first-out method. The Company analyzes its inventory
levels periodically and writes down inventory to its net realizable
value if it has become obsolete, has a cost basis in excess of its
expected net realizable value or is in excess of expected
requirements.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Fair value of financial instruments&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The fair value of a financial instrument represents the amount at
which the instrument could be exchanged in a current transaction
between willing parties, other than in a forced sale or
liquidation. Significant differences can arise between the fair
value and carrying amounts of financial instruments that are
recognized at historical cost amounts.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The carrying value of cash, restricted cash, accounts receivable,
accounts payable and accrued expenses, short-term borrowings under
lines of credit, capital lease payable and deferred compensation
approximates fair value due to the relatively short maturity of
these instruments.&amp;#xA0; The carrying value of convertible notes
payable approximates fair value based on the relative current dates
of issuance and future maturity.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Fixed assets&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Property and equipment are stated at cost less accumulated
depreciation.&amp;#xA0; Depreciation of equipment and furniture and
fixtures is provided on a straight-line basis over the estimated
useful lives of the assets, generally three to ten years.&amp;#xA0;
Depreciation of our building in East Windsor, New Jersey is
provided on a straight-line basis over the estimated useful life of
39 years.&amp;#xA0; Amortization of leasehold improvements is provided
on a straight-line basis over the shorter of their estimated useful
life or the lease term.&amp;#xA0; The costs of additions and
betterments are capitalized, and repairs and maintenance costs are
charged to operations in the periods incurred.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Long-lived assets&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company reviews for the impairment of long-lived assets
whenever events or circumstances indicate that the carrying amount
of an asset may not be recoverable.&amp;#xA0; An impairment loss would
be recognized when estimated undiscounted future cash flows
expected to result from the use of the asset and its eventual
disposition is less than its carrying amount.&amp;#xA0; If such assets
are considered impaired, the amount of the impairment loss
recognized is measured as the amount by which the carrying value of
the asset exceeds the fair value of the asset, fair value being
determined based upon future cash flows or appraised values,
depending on the nature of the asset.&amp;#xA0; No such impairment
losses have been recorded by the Company during the years ended
December 31, 2011, 2010 and 2009.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Other intangible assets&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The intangible assets of the Company at December 31, 2010 and
through June 30, 2011 consisted of Know-How and Trade Name related
to the Bio-Quant CRO segment. On June 30, 2011, the Bio-Quant
business was sold to BioTox and the intangibles associated with the
business were included in the sale and removed from the
consolidated accounts of the Company. During 2010 and for the first
half of 2011, the Company amortized Know-How over the expected
useful life of 10 years and the Trade Name over the expected useful
life of 20 years. Amortization expense amounted to $59,509 and
$359,848 for the years ended December 31, 2011 and 2010,
respectively.&amp;#xA0;&amp;#xA0;During 2010, the Company took an
impairment charge of $1,083,646 to write down the fair value of
Know-How to $1,637,000.&amp;#xA0;&amp;#xA0;Such impairment was derived
mainly from the fact that Bio-Quant significantly changed its
strategic focus in 2010.&amp;#xA0;&amp;#xA0;Rather than serve the greater
CRO market, Bio-Quant was primarily performing internal CRO
services for the Company&amp;#x2019;s own pharmaceutical product
development segment, NexMed (USA), Inc.&amp;#xA0;&amp;#xA0;As such, the
ongoing revenue, profits and cash flows for Bio-Quant were
significantly reduced from the initial projections for Bio-Quant
that were calculated when it was acquired by the Company in
December 2009.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On December 29, 2011, the Company acquired Topotarget and the
rights to sell and market Totect&lt;sup&gt;&amp;#xAE;&lt;/sup&gt;. The license to
the acquired technology was identified by the Company as an
intangible asset and the fair value of the asset was $2,190,000.
Similarly, the license to the acquired trade name was identified by
the Company as a marketing-related intangible asset and the fair
value associated with this asset was $440,000. These assets will be
amortized over a straight-line basis of 15 years which approximates
the remaining life of the related patent portfolio. See Notes 3 and
8.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Goodwill&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Goodwill was recorded in connection with two acquisitions. The
goodwill associated with the acquisition of Topotarget on December
29, 2011, is included in the Pharmaceuticals segment. The goodwill
associated with the acquisition of Bio-Quant on December 14, 2009,
was included in the CRO segment. Goodwill consists of the excess of
cost over the fair value of net assets acquired in business
combinations accounted for as purchases.&amp;#xA0; See Notes 3 and
4.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company follows the applicable guidance for impairment of
goodwill and intangible assets&lt;i&gt;,&lt;/i&gt; which requires an annual
impairment test for goodwill and intangible assets with indefinite
lives. The first step of the impairment test requires that the
Company determine the fair value of each reporting unit, and
compare the fair value to the reporting unit&apos;s carrying amount. To
the extent a reporting unit&apos;s carrying amount exceeds its fair
value, an indication exists that the reporting unit&apos;s goodwill may
be impaired and the Company must perform a second more detailed
impairment assessment. The second impairment assessment involves
comparing the implied fair value of the reporting unit&apos;s goodwill
to the carrying amount of goodwill to quantify an impairment charge
as of the assessment date.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Application of the goodwill impairment test requires significant
judgments including estimation of future cash flows, which is
dependent on internal forecasts, estimation of the long-term rate
of growth for the businesses, the useful life over which cash flows
will occur, and determination of the Company&apos;s weighted average
cost of capital. Changes in these estimates and assumptions could
materially affect the determination of fair value and/or
conclusions on goodwill impairment for each reporting unit. The
Company performs its annual impairment test on December&amp;#xA0;31
each year, unless triggering events occur that would cause the
Company to test for impairment at interim periods.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
At December&amp;#xA0;31, 2010, the Company determined that the value of
the Bio-Quant goodwill was impaired and a charge of $9,084,476 was
recorded to write off the entire value of goodwill.&amp;#xA0; The
decision to write off the goodwill was based on an assessment of
the fair value of the Bio-Quant pre-clinical CRO business
segment.&amp;#xA0; Such impairment was derived mainly from the fact
that Bio-Quant significantly changed its strategic focus in the
fourth quarter of 2010.&amp;#xA0; Rather than serve the greater CRO
market, Bio-Quant was primarily performing CRO services for the
Company&amp;#x2019;s own pharmaceutical product development
segment.&amp;#xA0; As such, the ongoing revenue, profits and cash flows
for Bio-Quant were significantly reduced from the initial
projections for Bio-Quant when it was acquired by the Company in
December 2009.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="MARGIN: 0px"&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Debt Issuance Costs&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Amounts paid related to debt financing activities are capitalized
and amortized over the term of the loan. The expenses incurred
related to the convertible notes payable are being amortized over
the three-year term of the notes to interest expense on a
straight-line basis which approximates the effective interest rate
method.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Contingent Consideration&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
In the preparation of the consolidated financial statements, the
Company recorded the fair value of future consideration payments
related to the acquisition of Topotarget as a liability based on
the timing and probability of each event occurring and the present
value of each consideration payment as of the estimated event date.
As of December 31, 2011 the estimated net present value of the
estimated future payments to be made in the form of Apricus common
stock is $1.9 million. The estimated consideration due is subject
to future adjustment and will be updated as changes in assumptions
occur and circumstances change related to those assumptions (see
Note 3 for further discussion).&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Provision for Inventory Replacement&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Totect&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; historically has been sold with a
replacement policy of up to 72 months. The Company assumed this
replacement liability obligation for kits sold in the past as part
of the acquisition of Topotarget on December 29, 2011. The Company
reviewed the historical records for the number of units replaced
over time and derived a return percentage. The Company then
determined the number of units currently eligible to be replaced
and estimated the obligation for inventory replacement based on the
cost of the unit, and the estimated number of units that may be
returned to calculate the fair value of the liability for inventory
replacement.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Revenue recognition&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
We have historically generated revenues from product sales,
performance of pre-clinical testing services, and other commercial
arrangements such as the licensing of technology rights. Payments
received under such arrangements may include non-refundable fees at
the inception of the arrangements, milestone payments for specific
achievements designated in the agreements, royalties on sales of
products, and payments for the sale of rights to future
royalties.&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
We recognize revenue when all of the following criteria are met:
(1)&amp;#xA0;persuasive evidence of an arrangement exists;
(2)&amp;#xA0;delivery has occurred or services have been rendered;
(3)&amp;#xA0;our price to the buyer is fixed or determinable; and
(4)&amp;#xA0;collectability is reasonably assured. Certain product
sales are subject to rights of return. For products sold where the
buyer has the right to return the product, we recognize revenue at
the time of sale only if (1)&amp;#xA0;our price to the buyer is
substantially fixed or determinable at the date of sale,
(2)&amp;#xA0;the buyer has paid us, or the buyer is obligated to pay us
and the obligation is not contingent on resale of the product,
(3)&amp;#xA0;the buyer&amp;#x2019;s obligation to us would not be changed in
the event of theft or physical destruction or damage of the
product, (4)&amp;#xA0;the buyer acquiring the product for resale has
economic substance apart from that provided by us, (5)&amp;#xA0;we do
not have significant obligations for future performance to directly
bring about resale of the product by the buyer, and (6)&amp;#xA0;the
amount of future returns can be reasonably estimated. We recognize
such product revenues on the earlier of when we have met all the
above criteria, including the ability to reasonably estimate future
returns, when we can reasonably estimate that the return privilege
has substantially expired, or when the return privilege has
substantially expired.&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Revenues from Bio-Quant&amp;#x2019;s performance of pre-clinical
services through the June 30, 2011 sale date are recognized
according to the proportional performance method whereby revenue is
recognized as performance has occurred, based on the relative
outputs of the performance that has occurred up to that point in
time under the respective agreement, typically the delivery of
report data to our clients which documents the results of our
pre-clinical testing services.&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;&lt;i&gt;Product Sales&amp;#xA0;&amp;#x2014; Diagnostic
Products.&lt;/i&gt;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&lt;/font&gt;Revenues from sales of
diagnostic products are recognized upon delivery of products to
customers, less allowance for returns and discounts.&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;&lt;i&gt;Product Sales&amp;#xA0;&amp;#x2014;&lt;/i&gt;&lt;/font&gt;
&lt;i&gt;Totect&lt;sup&gt;&amp;#xAE;&lt;/sup&gt;&lt;font style="COLOR: black"&gt;,&lt;/font&gt;&lt;/i&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;With our acquisition
of&lt;/font&gt; Topotarget, we acquired Totect&lt;sup&gt;&amp;#xAE;&lt;/sup&gt;,
&lt;font style="COLOR: black"&gt;which is sold primarily to third-party
wholesalers that, in turn, sell this product to hospitals and other
dispensing organizations. We have acquired agreements with
wholesale customers and certain medical institutions throughout the
United States. These agreements customarily provide the customer
with rights to return and replace the product, subject to the terms
of each contract. As of December 31, 2011 we have not recognized
any revenue associated with this product and carry a return reserve
liability to reflect an estimate of historical returns and
replacements anticipated to occur on products sold prior to our
acquisition on December 29, 2011.&lt;/font&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;&lt;i&gt;Multiple Element
Arrangements.&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&lt;/i&gt;We have, in the past,
entered into arrangements whereby we deliver to the customer
multiple elements&lt;/font&gt; of revenue, such as up-front payments,
milestones, royalties upon sales of product, and the delivery of
product and/or research services to the licensor. Non-refundable
license fees received upon execution of license agreements where we
have continuing involvement are deferred and recognized as revenue
over the estimated performance period of the agreement. This
requires management to estimate the expected term of the agreement
or, if applicable, the estimated life of its licensed patents.
&lt;font style="COLOR: black"&gt;At the inception of the arrangement, we
analyze the multiple element arrangements to determine whether the
elements can be separated. If a product or service is not
separable, the combined deliverables will be accounted for as a
single unit of accounting.&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
A delivered element can be separated from other elements when it
meets both of the following criteria: (1)&amp;#xA0;the delivered item
has value to the customer on a standalone basis; and (2)&amp;#xA0;if
the arrangement includes a general right of return relative to the
delivered item, delivery or performance of the undelivered item is
considered probable and substantially in our control. We consider
licensed rights or technology to have standalone value to our
customers if we or others have sold such rights or technology
separately or our customers can sell such rights or technology
separately without the need for our continuing involvement. If an
element can be separated, we allocate amounts based upon the
relative selling price of each element. We determine the relative
selling price of a separate deliverable using the price we charge
other customers when we sell that product or service separately;
however, if we do not sell the product or service separately, we
use the price established by management, if it is probable that the
price, once established, will not change before the separate
introduction of the deliverable in the market place.&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;&lt;i&gt;License
Arrangements.&lt;/i&gt;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;License arrangements may
consist of non-refundable upfront license fees,&lt;/font&gt; milestones,
royalties upon sales of product, and the delivery of product and/or
research services to the licensor&lt;font style="COLOR: black"&gt;and
various performance or sales milestones. These arrangements are
often multiple element arrangements. Non-refundable, up-front fees
that are not contingent on any future performance by us, and
require no consequential continuing involvement on our part, are
recognized as revenue when the license term commences and the
licensed data, technology and/or compound is delivered. Such
deliverables may include physical quantities of compounds, design
of the compounds and structure-activity relationships, the
conceptual framework and mechanism of action, and rights to the
patents or patents pending for such compounds. We defer recognition
of non-refundable upfront fees if we have continuing performance
obligations without which the technology, right, product or service
conveyed in conjunction with the non-refundable fee has no utility
to the licensee that is separate and independent of our performance
under the other elements of the arrangement. In addition, if we
have required continuing involvement through research and
development services that are related to our proprietary know-how
and expertise of the delivered technology, or can only be performed
by us, then such up-front fees are deferred and recognized over the
period of continuing involvement. Payments related to substantive,
performance-based milestones in a research and development
arrangement are recognized as revenues upon the achievement of the
milestones as specified in the underlying agreements when they
represent the culmination of the earnings process.&lt;/font&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;&lt;i&gt;Royalty
Arrangements.&lt;/i&gt;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;We recognize royalty
revenues from licensed products when earned in accordance with the
terms of the license agreements. Net sales amounts generally
required to be used for calculating royalties include deductions
for returned product, pricing allowances, cash discounts, freight
and warehousing.&lt;/font&gt; Royalty revenue is recognized upon the sale
of the related products as reported to us by our distribution
partner, provided the royalty amounts are fixed or determinable and
the amounts are considered collectible.&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
There have been no royalties received during the years ended
December 31, 2011, 2010 and 2009.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Rental income&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Rental income is recognized on a straight-line basis over the lease
term.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Research and development&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Research and development costs are expensed as incurred and include
the cost of salaries, building costs, utilities, allocation of
indirect costs, and expenses to third parties who conduct research
and development, pursuant to development and consulting agreements,
on behalf of the Company.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Income taxes&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Income taxes are accounted for under the asset and liability
method.&amp;#xA0; Deferred income taxes are recorded for temporary
differences between financial statement carrying amounts and the
tax basis of assets and liabilities.&amp;#xA0; Deferred tax assets and
liabilities reflect the tax rates expected to be in effect for the
years in which the differences are expected to reverse.&amp;#xA0; A
valuation allowance is provided if it is more likely than not that
some or all of the deferred tax assets will not be realized.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company also follows the provisions of &amp;#x201C;Accounting for
Uncertainty in Income Taxes&amp;#x201D; which prescribes a model for the
recognition and measurement of a tax position taken or expected to
be taken in a tax return, and provides guidance on de-recognition,
classification, interest and penalties, disclosure and transition.
At December 31, 2011 and 2010 the Company did not have any
significant unrecognized tax benefits.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Loss per common share&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Basic earnings (loss) per share is computed by dividing income
(loss) available to common stockholders by the weighted average
number of common shares outstanding during the period.&amp;#xA0;
Diluted earnings per share gives effect to all dilutive potential
common shares outstanding during the period.&amp;#xA0;&amp;#xA0;The
computation of diluted earnings per share does not assume
conversion, exercise or contingent exercise of securities that
would have an antidilutive effect on per share amounts.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
At December 31, 2011, 2010 and 2009, outstanding options to
purchase 840,833, 107,604 and 196,713 shares of Common Stock,
respectively, with exercise prices ranging from $2.09 to $21.00
have been excluded from the computation of diluted loss per share
as they are antidilutive.&amp;#xA0;&amp;#xA0;At December 31, 2011, 2010 and
2009, outstanding warrants to purchase 777,284, 1,675,658, 465,275
shares of Common Stock, respectively, with exercise prices ranging
from $2.27 to $22.80 have also been excluded from the computation
of diluted loss per share as they are
antidilutive.&amp;#xA0;&amp;#xA0;Promissory notes convertible into 658,979,
640,000 and 99,667 shares of Common Stock in 2011, 2010 and 2009,
respectively have also been excluded from the computation of
diluted loss per share, as they are antidilutive.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Accounting for stock based compensation&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The value of restricted stock grants are calculated based upon the
closing stock price of the Company&amp;#x2019;s Common Stock on the date
of the grant and recognized over the expected service
period.&amp;#xA0;&amp;#xA0;For stock options granted to employees and
directors, we recognize compensation expense based on the
grant-date fair value estimated in accordance with the appropriate
accounting guidance, and recognized over the expected service
period. We estimate the fair value of each option award on the date
of grant using the Black-Scholes option pricing model. Stock
options and warrants issued to consultants are accounted for in
accordance with accounting guidance. Compensation expense is
calculated each quarter for consultants using the Black-Scholes
option pricing model until the option is fully vested and is
included in research and development or general and administrative
facility expenses, based upon the services performed by the
recipient.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Additional disclosures required under FASB ASC 718, &amp;#x201C;Stock
Compensation&amp;#x201D; are presented in Note 15.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Concentration of credit risk&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
From time to time, the Company maintains cash in bank accounts that
exceed the FDIC insured limits. The Company has not experienced any
losses on its cash accounts.&amp;#xA0;&amp;#xA0;We perform credit
evaluations of our customers, but generally do not require
collateral to support accounts receivable.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Accounting estimates&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of
America requires management to make estimates that affect the
reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of revenues and
expenses during the reporting period.&amp;#xA0;&amp;#xA0;The
Company&amp;#x2019;s most significant estimates relate to the valuation
of its long-lived assets including goodwill and intangible assets,
the estimated fair value of future contingent consideration related
to the acquisition of Topotarget, whether revenue recognition
criteria have been met, estimated cost to complete under its
research contracts, whether beneficial conversion features exist
under convertible financing instruments, and valuation allowances
for its deferred tax benefit.&amp;#xA0;&amp;#xA0;Actual results may differ
from those estimates.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Recent accounting pronouncements&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
In April 2010, the FASB issued ASU No. 2010-17, Topic 605 - Revenue
Recognition - Milestone Method (&amp;#x201C;ASU 2010-17&amp;#x201D;), which
provides guidance on defining a milestone and determining when it
may be appropriate to apply the milestone method of revenue
recognition for research or development transactions. The
amendments in ASU 2010-17 are effective on a prospective basis for
milestones achieved in fiscal years beginning on or after June 15,
2010, and interim periods within those years. The Company adopted
ASU 2010-17 effective as of the first quarter of fiscal 2011. This
ASU did not have any impact on the Company&amp;#x2019;s consolidated
financial statements upon adoption.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
In December 2010, the FASB issued ASU No. 2010-27, &lt;i&gt;Fees Paid to
the Federal Government by Pharmaceutical Manufacturers&lt;/i&gt;
(&amp;#x201C;ASU 2010-27&amp;#x201D;), which provides guidance on how to
recognize and classify the fees mandated by the Patient
&lt;i&gt;&amp;#xA0;&lt;/i&gt; Protection and Affordable Care Act as amended by the
Health Care and Education Reconciliation Act (together, the
&amp;#x201C;Acts&amp;#x201D;). The Acts &lt;i&gt;&amp;#xA0;&lt;/i&gt; impose an annual fee
for each calendar year beginning on or after January 1, 2011
payable by branded prescription drug &lt;i&gt;&amp;#xA0;&lt;/i&gt; manufacturers
and importers on branded prescription drugs. The liability for the
fee should be estimated and recorded in full upon the &lt;i&gt;&amp;#xA0;&lt;/i&gt;
first qualifying sale with a corresponding deferred cost that is
amortized to expense using a straight-line method of allocation
over the &lt;i&gt;&amp;#xA0;&lt;/i&gt; calendar year that it is payable. ASU
2010-27 is effective for calendar years beginning on or after
December 31, 2010, when the fee &lt;i&gt;&amp;#xA0;&lt;/i&gt; initially becomes
effective. The effect of this guidance will be limited to future
transactions related to sales of commercial products.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
In December 2010, the FASB issued Accounting Standards Update
(&amp;#x201C;ASU 2010-29&amp;#x201D;), &lt;i&gt;Business Combinations&lt;/i&gt; (Topic
805)&lt;i&gt;: Disclosure of Supplementary Pro Forma Information for
Business Combinations&lt;/i&gt;. This ASU clarifies the disclosures
required for pro forma information for business combinations that
occurred in the current reporting period.&amp;#xA0;&amp;#xA0;When a public
entity presents comparative financial statements, the entity should
disclose revenue and earnings of the combined entity as though the
business combination that occurred during the current year had
occurred as of the beginning of the comparable prior annual
reporting period only. Also, the existing supplemental pro forma
disclosures were expanded to include a description of the nature
and amount of material, nonrecurring pro forma adjustments directly
attributable to the business combination included in the reported
pro forma revenue and earnings. ASU 2010-29 affects any public
entity as defined by Topic 805 that enters into business
combinations that are material on an individual or aggregate basis.
ASU 2010-29 is effective prospectively for business combinations
for which the acquisition date is on or after the beginning of the
first annual reporting period December 15, 2010.&amp;#xA0;&amp;#xA0;These
changes become effective for the Company beginning January 1, 2011.
The adoption of this update did not have an impact on the
Company&amp;#x2019;s financial condition or results of operations.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
In May 2011, the FASB issued Accounting Standards Update
(&amp;#x201C;ASU 2011-04&amp;#x201D;), &lt;i&gt;Fair Value Measurement&lt;/i&gt; (Topic
820). This ASU is intended to create consistency between U.S. GAAP
and International Financial Reporting Standards on the definition
of fair value and how to measure fair value and what to disclose
about fair value measurements. ASU 2011-04 will be effective on a
prospective basis for fiscal periods beginning on or after December
15, 2011, and interim periods within those years. The Company is
currently evaluating the impact ASU 2011-04 will have on its
consolidated financial statements.&lt;/p&gt;
&lt;/div&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
  <us-gaap:QuarterlyFinancialInformationTextBlock contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0">&lt;div&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0px"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;b&gt;21.&lt;/b&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: justify"&gt;&lt;b&gt;QUARTERLY RESULTS
(UNAUDITED)&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The following table sets forth selected unaudited quarterly
financial information for the years ended December 31, 2011 and
2010.&amp;#xA0;&amp;#xA0;The operating results are not necessarily
indicative of results for any future period.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; TEXT-INDENT: 27pt; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;For the Three Months Ended&lt;/b&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/p&gt;
&lt;table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;March 31, 2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;June 30, 2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;September 30, 2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;December 31, 2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 40%"&gt;Total revenue&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;1,587,065&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;1,595,152&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;799,419&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;119,488&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Net loss&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(3,411,006&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(7,794,092&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(2,220,422&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(4,691,678&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Basic and diluted loss per share&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(0.18&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(0.39&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(0.11&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(0.22&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;March 31, 2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;June 30, 2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;September 30, 2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;December 31, 2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 40%"&gt;Total revenue&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;1,445,752&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;1,470,927&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;1,193,535&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;862,523&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Net loss&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(9,237,456&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(4,278,648&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(2,606,275&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(13,385,967&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Basic and diluted loss per share&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(1.20&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(0.47&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(0.20&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(0.74&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:QuarterlyFinancialInformationTextBlock>
  <us-gaap:DepreciationDepletionAndAmortization contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">602325</us-gaap:DepreciationDepletionAndAmortization>
  <us-gaap:GainLossOnSaleOfStockInSubsidiaryOrEquityMethodInvestee contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">-2759920</us-gaap:GainLossOnSaleOfStockInSubsidiaryOrEquityMethodInvestee>
  <us-gaap:IncreaseDecreaseInOtherReceivables contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">-250000</us-gaap:IncreaseDecreaseInOtherReceivables>
  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">6157565</us-gaap:StockIssuedDuringPeriodValueNewIssues>
  <us-gaap:PaymentsToAcquirePropertyPlantAndEquipment contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">262750</us-gaap:PaymentsToAcquirePropertyPlantAndEquipment>
  <us-gaap:SalesRevenueNet contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">4101124</us-gaap:SalesRevenueNet>
  <us-gaap:OperatingIncomeLoss contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">-18179752</us-gaap:OperatingIncomeLoss>
  <us-gaap:ProceedsFromRepaymentsOfRestrictedCashFinancingActivities contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">552623</us-gaap:ProceedsFromRepaymentsOfRestrictedCashFinancingActivities>
  <us-gaap:IncreaseDecreaseInAccountsPayable contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">1020322</us-gaap:IncreaseDecreaseInAccountsPayable>
  <us-gaap:SalesRevenueGoodsNet contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">498212</us-gaap:SalesRevenueGoodsNet>
  <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0">&lt;div&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0px"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;b&gt;1.&lt;/b&gt;&lt;/td&gt;
&lt;td&gt;&lt;b&gt;ORGANIZATION, BASIS OF PRESENTATION AND LIQUIDITY&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Apricus Biosciences, Inc. (formerly NexMed, Inc.) and Subsidiaries
(the &amp;#x201C;Company&amp;#x201D;) was incorporated in Nevada in
1987.&amp;#xA0; On September 10, 2010, the Company changed its name
from NexMed, Inc. to Apricus Biosciences, Inc. The Company has
operated in the pharmaceutical industry since 1995, initially
focusing primarily on research and development in the area of drug
delivery and now additionally, the Company is focusing on the
specialty pharmaceutical business. The Company&amp;#x2019;s proprietary
drug delivery technology is called NexACT &lt;sup&gt;&amp;#xAE;&lt;/sup&gt; and the
Company has one approved drug using the NexACT &lt;sup&gt;&amp;#xAE;&lt;/sup&gt;
delivery system, Vitaros &lt;sup&gt;&amp;#xAE;&lt;/sup&gt;, which is approved in
Canada for the treatment of erectile dysfunction. The Company has
added additional approved products including
Totect&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; pursuant to an acquisition on December 29,
2011 (see below), as well as Granisol&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; and
Aquoral&amp;#x2122; in 2012 which are being marketed in the area of
Oncology Support.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On December 14, 2009, the Company acquired Bio-Quant, Inc.
(&amp;#x201C;Bio-Quant&amp;#x201D;), a specialty biotech contract research
organization (&amp;#x201C;CRO&amp;#x201D;) based in San Diego.&amp;#xA0;&amp;#xA0;The
acquisition was made pursuant to an Agreement and Plan of Merger
(the &amp;#x201C;Merger Agreement&amp;#x201D;) dated November 20, 2009 by and
among the Company and BQ Acquisition Corp., a wholly-owned
subsidiary of the Company and Bio-Quant.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Since that time, the Bio-Quant CRO allowed the Company to increase
its active pre-clinical and clinical product pipeline from 4 drug
candidates to 13 drug candidates utilizing the internal research
capabilities of the CRO. The Company used the Bio-Quant resources
to advance its product candidates and expand the uses and routes of
its NexACT&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; delivery technology. In connection with
the valuation of the future expected cash flows and the goodwill
related to Bio-Quant at December 31, 2010, an impairment charge of
$9,084,476 was taken in 2010 to write off the entire value of
goodwill&amp;#xA0;from this acquisition.&amp;#xA0;&amp;#xA0;During 2011, the
Company considered the significance of its enhanced product
candidate pipeline, the resources needed to further develop each of
those product opportunities and the value being derived from the
CRO business with diminished cash flows towards
operations.&amp;#xA0;&amp;#xA0;Based on the change in strategic focus, on
June 30, 2011, the Company entered into a stock purchase agreement
with BioTox Sciences (&amp;#x201C;BioTox&amp;#x201D;), a San Diego-based CRO,
to sell all of the outstanding capital stock of Bio-Quant, which
was one of the Company&amp;#x2019;s wholly-owned subsidiaries (see Note
5).&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On December 29, 2011, the Company acquired Topotarget USA, Inc.
(&amp;#x201C;Topotarget&amp;#x201D;) based in Rockaway, New Jersey, a
subsidiary of Topotarget A/S. Topotarget owns own all existing
rights to Totect&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; in North America and South
America and the respective territories and possessions of the
countries in North America and South America. The acquisition was
made pursuant to an Agreement in which Topotarget A/S sold to the
Company all of the outstanding capital stock of
Topotarget.&amp;#xA0;&amp;#xA0;The Company also changed the name of
Topotarget USA, Inc. to Apricus Pharmaceuticals USA, Inc.
(&amp;#x201C;Apricus Pharmaceuticals&amp;#x201D;) (see Note 3).&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Through June 30, 2011, the date of the sale of Bio-Quant, the
Company operated in two segments &amp;#x2013; designing and developing
pharmaceutical products through its wholly-owned subsidiary NexMed
(USA), Inc. and providing pre-clinical CRO services through its
wholly-owned subsidiary, Bio-Quant.&amp;#xA0;&amp;#xA0;For periods from
June 30, 2011 through December 31, 2011, the Company operates in
two segments: designing and developing pharmaceutical products
through its wholly-owned subsidiary NexMed (USA), Inc.
(&amp;#x201C;Pharmaceuticals&amp;#x201D;) and selling diagnostic
products.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Effective June&amp;#xA0;21, 2010, the Company completed a reverse stock
split pursuant to which each fifteen shares of Company&apos;s common
stock then issued and outstanding were automatically converted into
one share of the Company&apos;s common stock; no change was made to the
per-share par value of the common stock. The authorized common
stock was also proportionately reverse split by a factor of
fifteen-for-one. All share and per share amounts in the
accompanying consolidated financial statements have been adjusted
to reflect the reverse stock split as if it had occurred at the
beginning of the earliest period presented.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Liquidity&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The accompanying consolidated financial statements have been
prepared on a basis which contemplates the realization of assets
and the satisfaction of liabilities and commitments in the normal
course of business.&amp;#xA0;&amp;#xA0;The Company has an accumulated
deficit of approximately $219.4 million at December 31, 2011 and
recorded a net loss of approximately $18.1&amp;#xA0;million for year
ended December 31, 2011 and has principally been financed through
the public offering of our common stock and other equity
instruments, private placements of equity securities, debt
financing and up-front license fees received from commercial
partners.&amp;#xA0;&amp;#xA0;Funds raised in recent periods, including
approximately $18.4 million in our February 2012 follow-on public
offering, as discussed in Note 13, approximately $6.2 million
during 2011 from the sale of common stock and approximately $1.4
million from the exercise of warrants outstanding, as discussed in
Note 13, should not be considered an indication of our ability to
raise additional funds in any future periods.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Our cash reserves are approximately $23.0 million as of the date of
filing this Report on Form 10-K. We expect our cash inflows during
2012 will be from licensing and milestones revenues received from
commercial partners for our late stage NexACT&lt;sup&gt;&amp;#xAE;&lt;/sup&gt;
product candidates and from product revenues from the sale of our
oncology supportive care products sold in the United States. We
expect our most significant expenditures in 2012 will include
development expenditures including filing for market authorization
for multiple drugs in multiple territories, product re-launches and
for the overall expansion of the commercial operations of the
Company. Based on our projections, we believe that we will have
sufficient cash to fund our operations into at least mid-2014. A
change in any of these assumptions or any unexpected expenses, such
as the cost of a clinical trial, may change these projected cash
expectations and require us to seek additional sources of
commercial partners or equity financing.&lt;/p&gt;
&lt;/div&gt;</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>
  <us-gaap:RevenueFromGrants contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">483438</us-gaap:RevenueFromGrants>
  <us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0">&lt;div&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0px"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;b&gt;5.&lt;/b&gt;&lt;/td&gt;
&lt;td&gt;&lt;b&gt;SALE OF BIO-QUANT&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company sold all of the outstanding capital stock of Bio-Quant,
which was one of the Company&amp;#x2019;s wholly-owned subsidiaries, to
BioTox on June 30, 2011. The Company received $500,019 at closing
as an initial payment and will be entitled to receive earn-out
payments calculated as a percentage of the future gross revenue of
BioTox&amp;#x2019;s CRO services business. Over the ten-year term of the
earn-out, beginning September of 2012, the Company will be entitled
to receive a minimum of $4,500,000 with the right to receive
amounts in excess of this, depending on the gross revenue of BioTox
over this ten-year period. The earn-out obligations are secured
with a first priority lien on all the assets of Bio-Quant as well
as the assets of BioTox for a certain period of time. After the
sale, the Company does not beneficially own any equity shares in
Bio-Quant or BioTox. The Company evaluated the sale of Bio-Quant in
accordance with ASC Topic 205-20,&lt;i&gt;Discontinued Operations&lt;/i&gt;.
The Company does not expect to recognize continuing direct cash
flows from Bio-Quant after the sale. However, the transaction is
structured with a low down payment and a payment stream over 10
years that is contingent on the operational success of BioTox. This
payment structure was negotiated as a means to improve the likely
cash available for investment in the growth of the business, which
was expected to have the effect of encouraging higher revenues for
BioTox and potentially greater earn-out payments to the Company
over the ten year earn-out period. The Company does not have any
vote or influence on the execution of the operations but retains a
significant amount of collection risk depending on the operational
success of the disposed CRO business. This continued exposure to
the operating risk of BioTox and the extended post sale earn-out
period indicates future involvement in the continuing operations of
the CRO. As such, the Company determined that it would not be
appropriate to classify the sale of Bio-Quant as a discontinued
operation in the consolidated financial statements.&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company also considered whether BioTox should be consolidated
as a Variable Interest Entity (&amp;#x201C;VIE&amp;#x201D;) under ASU No.
2009-17, &lt;i&gt;Consolidations (Topic 810): Improvements to Financial
Reporting by Enterprises Involved with Variable Interest
Entities&lt;/i&gt;. The Company determined that BioTox is a VIE because
it could potentially lack sufficient equity at risk to fund its
operational activities without additional subordinated financial
support. The Company determined that it does not have the power to
direct the activities of BioTox, nor does it have the obligation to
absorb additional losses and it will not participate in any
residual revenues thus it is not the primary beneficiary of the
VIE. As such, the Company will not consolidate the financial
information of the Buyer. The Company owed Bio-Tox $32,000 as of
December 31, 2011.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The estimated fair value of the earn-out payments expected to be
received over the next ten years is approximately $2.5 million,
which represents the minimum payments of $4.5 million discounted at
13.0% over the remaining 114 months. This receivable is carried on
the Company&amp;#x2019;s balance sheet as of December 31, 2011 at $0 due
to a reserve of $2.5 million as of December 31, 2011, based on the
length of time over which the payments will be received and the
lack of measurable external inputs available to determine the fair
value of the minimum earn-out amounts due. This reserve increases
the loss on sale of the Bio-Quant subsidiary and is not reflected
as a bad debt expense. In the event that actual future cash
receipts from BioTox differ from our estimates or we adjust our
estimates in future periods, our financial position and results of
operations could be materially impacted.&lt;/p&gt;
&lt;/div&gt;</us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock>
  <us-gaap:RentalIncomeNonoperating contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">452812</us-gaap:RentalIncomeNonoperating>
  <us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">6157565</us-gaap:ProceedsFromIssuanceOfCommonStock>
  <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0">&lt;div&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0px"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;b&gt;7.&lt;/b&gt;&lt;/td&gt;
&lt;td&gt;&lt;b&gt;FIXED ASSETS&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Fixed assets at December 31, 2011 and 2010 were comprised of the
following:&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 80%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
2011&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
2010&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="WIDTH: 70%"&gt;Land&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;363,909&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;363,909&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;Building&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;6,042,583&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;6,042,583&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Leasehold improvements&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;17,377&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;869,028&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Machinery and equipment&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,443,338&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2,545,264&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Capital lease equipment&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;25,387&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;167,598&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Computer software&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;17,224&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;624,760&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;Furniture and
fixtures&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
26,140&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
259,577&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
7,935,958&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
10,872,719&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;Less: accumulated
depreciation&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
(3,551,601&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;)&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
(5,451,780&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
4,384,357&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
5,420,939&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Depreciation expense was $542,816, $623,939 and $372,714 for 2011,
2010 and 2009, respectively&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
In December, 2009, the Company entered into an agreement to lease
its facility in East Windsor, New Jersey for a period of 10 years
at $34,450 per month with annual 2.5% escalations. Further, the
tenant has an option to purchase the building for an initial
purchase price of $4.4 million (plus a 2.5% annual escalation
commencing in year 5 of the sublease).&amp;#xA0;&amp;#xA0;The lease
commencement date was February 1, 2010.&amp;#xA0;&amp;#xA0;As such, the
tenant moved into the facility on February 1, 2010 and per the
terms of the lease agreement, commenced paying monthly lease
payments on May 1, 2010.&amp;#xA0;&amp;#xA0;Rental income is recognized on
a straight-line basis over the term of the lease.&amp;#xA0;&amp;#xA0;As
such, $452,812, $415,078 and $0 in rental income is included in the
Consolidated Statements of Operations for the years ended December
31, 2011, 2010 and 2009, respectively and accrued rental income of
$169,419 and $139,478 is included in the Consolidated Balance
Sheets at December 31, 2011 and 2010, respectively.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The future minimum lease rentals for the New Jersey lease as of
December 31, 2011 are as follows:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 50%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;Years Ended&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid"&gt;December 31,&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; WIDTH: 35%"&gt;
2012&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;433,445&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt"&gt;2013&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;444,283&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt"&gt;2014&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;455,396&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt"&gt;2015&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;466,774&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt"&gt;2016&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;478,438&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt"&gt;Thereafter&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
1,551,313&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 9pt"&gt;Total&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
3,829,649&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">-1711134</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">307577</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
  <us-gaap:RepaymentsOfShortTermDebt contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">401000</us-gaap:RepaymentsOfShortTermDebt>
  <us-gaap:IncomeTaxDisclosureTextBlock contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0">&lt;div&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;18. INCOME TAXES&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company has incurred losses since inception, which have
generated net operating loss carry forwards of approximately $51.0
million for federal income tax purposes, net of approximately $83.0
million subject to limitation under Internal Revenue Code Section
382.&amp;#xA0;&amp;#xA0;These carry forwards are available to offset future
taxable income and expire beginning in 2012 through 2031 for
federal income tax purposes.&amp;#xA0;&amp;#xA0;Internal Revenue Code
Section 382 places a limitation on the utilization of federal net
operating loss carry forwards when an ownership change, as defined
by tax law, occurs.&amp;#xA0;&amp;#xA0;Generally, an ownership change, as
defined, occurs when a greater than 50 percent change in ownership
takes place during any three-year period. The Company performed a
review of stock transactions for the years beginning January 1,
2008 and ending December 31, 2010 and the Company believes that it
is likely that such an ownership change occurred.&amp;#xA0;&amp;#xA0;Based
on this limited review, the Company determined that an ownership
change took place in June 2010 when the Bio-Quant notes were
converted to common stock as discussed in Note 11.&amp;#xA0;&amp;#xA0;The
Company may have had other ownership changes and additional
limitations that would be revealed if a more detailed review is
performed.&amp;#xA0; As a result of this ownership change, the ability
to utilize the current net operating loss carry forwards generated
prior to this change in ownership is limited to approximately $1.2
million per year based on our calculations at the time of the
ownership change.&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
In 2008 and 2009, the Company was approved, by the State of New
Jersey, to sell a portion of its state tax credits pursuant to the
Technology Tax Certificate Transfer Program.&amp;#xA0;&amp;#xA0;The Company
sold net operating loss tax benefits of $491,903 in 2009 and
$1,053,547 in 2008.&amp;#xA0;&amp;#xA0;The Company generated net revenues
of $437,794 and $937,657 in 2009 and 2008 as a result of the sale
of the tax credits, which has been recognized as received as an
income tax benefit in the Consolidated Statements of
Operations.&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="MARGIN: 0px"&gt;&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Deferred tax assets consist of the following:&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 85%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"&gt;DECEMBER 31,&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Deferred tax assets:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; WIDTH: 64%"&gt;Net
operating tax loss carryforwards&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 15%"&gt;21,483,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 15%"&gt;14,250,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt"&gt;Deferred
compensation&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;382,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;350,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt"&gt;Other accruals and
reserves&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,257,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt"&gt;Basis of intangible
assets&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(997,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(1,100,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt"&gt;Capital loss&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,067,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 0.25in"&gt;Total deferred
tax asset&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;23,192,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;13,500,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt"&gt;Less
valuation allowance&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
(23,192,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;)&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
(13,500,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 0.25in"&gt;Net
deferred tax asset&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The net operating loss carry forwards and tax credit carry forwards
resulted in a noncurrent deferred tax benefit at December 31, 2011,
2010 and 2009 of approximately $21.5 million, $14.3
million&amp;#xA0;and $45 million, respectively.&amp;#xA0;&amp;#xA0;In
consideration of the Company&amp;#x2019;s accumulated losses and the
uncertainty of its ability to utilize this deferred tax benefit in
the future, the Company has recorded a valuation allowance of an
equal amount on such date to fully offset the deferred tax benefit
amount.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; TEXT-INDENT: 18.7pt; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-SIZE: 10pt"&gt;The Company follows&amp;#xA0;the
provisions of ASC 740-10-25. ASC 740-10-25 provides recognition
criteria and a related measurement model for uncertain tax
positions taken or expected to be taken in income tax returns. ASC
740-10-25 requires that a position taken or expected to be taken in
a tax return be recognized in the financial statements when it is
more likely than not that the position would be sustained upon
examination by tax authorities. Tax positions that meet the more
likely than not threshold are then measured using a probability
weighted approach recognizing the largest amount of tax benefit
that is greater than 50% likely of being realized upon ultimate
settlement. The Company&amp;#x2019;s Federal income tax returns for 2008
to 2011 are still open and subject to audit.&amp;#xA0;&amp;#xA0;The
Company&amp;#x2019;s federal income tax returns for 2009 and 2010 are
currently under audit by the Internal Revenue Service. In addition,
net operating losses arising from prior years are also subject to
examination at the time they are utilized in future years.&amp;#xA0;
The Company had no tax positions relating to open income tax
returns that were considered to be uncertain. Accordingly, we have
not recorded a liability for unrecognized tax benefits upon
adoption of ASC 740-10-25. There continues to be no liability
related to unrecognized tax benefits at December 31, 2011 and
2010.&lt;/font&gt; &lt;font style="FONT-SIZE: 10pt"&gt;The Company does not
foresee any material changes to unrecognized tax benefits within
the next twelve&amp;#xA0;months.&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; TEXT-INDENT: 18.7pt; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The reconciliation of income taxes computed using the statutory
U.S. income tax rate and the provision (benefit) for income taxes
for the years ended December 31, &lt;font style="COLOR: black"&gt;2011,
2010 and 2009&lt;/font&gt; are as follows:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;table style="WIDTH: 75%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="10"&gt;For&amp;#xA0;the&amp;#xA0;years&amp;#xA0;ended&lt;br /&gt;
December&amp;#xA0;31,&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
2011&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
2010&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
2009&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 55%"&gt;Federal statutory tax
rate&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;(3 4&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;)%&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;(35&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;)%&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;(35&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;)%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;State taxes, net of federal
benefit&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(5&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)%&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(6&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)%&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(6&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Valuation allowance&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;39&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;41&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;41&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;Sale of state net
operating losses&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
0.0&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;%&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
0.0&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;%&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
(8.35&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;)%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"&gt;Provision (benefit)
for income taxes&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;0.0&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;0.0&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(8.35&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)%&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
For the years ended December 31, &lt;font style="COLOR: black"&gt;2011,
2010 and 2009&lt;/font&gt;, the Company&amp;#x2019;s effective tax rate
differs from the federal statutory rate principally due to net
operating losses and other temporary differences for which no
benefit was recorded offset by the state tax benefit from the sale
of the net operating losses in New Jersey and other permanent
differences.&lt;/p&gt;
&lt;/div&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
  <us-gaap:InterestPaid contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">332725</us-gaap:InterestPaid>
  <us-gaap:IncreaseDecreaseInInventories contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">342</us-gaap:IncreaseDecreaseInInventories>
  <us-gaap:OperatingExpenses contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">20044131</us-gaap:OperatingExpenses>
  <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0">&lt;div&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0px"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;b&gt;15.&lt;/b&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: justify"&gt;&lt;b&gt;ACCOUNTING FOR STOCK-BASED
COMPENSATION&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The value of restricted stock grants is calculated based upon the
closing stock price of the Company&amp;#x2019;s Common Stock on the date
of the grant.&amp;#xA0;&amp;#xA0;For stock options granted to employees and
directors, we recognize compensation expense based on the
grant-date fair value estimated in accordance with the appropriate
accounting guidance, and recognized over the expected service
period. We estimate the fair value of each option award on the date
of grant using the Black-Scholes option pricing model. Stock
options and warrants issued to consultants are accounted for in
accordance with accounting guidance. Compensation expense is
calculated each quarter for consultants using the Black-Scholes
option pricing model until the option is fully vested and is
included in research and development or general and administrative
expenses, based upon the services performed by the recipient.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
During December 1996, the Company adopted The NexMed, Inc. Stock
Option and Long-Term Incentive Compensation Plan (&amp;#x201C;the
Incentive Plan&amp;#x201D;) and The NexMed, Inc. Recognition and
Retention Stock Incentive Plan (&amp;#x201C;the Recognition
Plan&amp;#x201D;).&amp;#xA0;&amp;#xA0;A total of 133,333 shares were set aside
for these two plans.&amp;#xA0;&amp;#xA0;In May 2000, the
Stockholders&amp;#x2019; approved an increase in the number of shares
reserved for the Incentive Plan and Recognition Plan to a total of
500,000.&amp;#xA0;&amp;#xA0;During June 2006, the Company adopted the
NexMed, Inc. 2006 Stock Incentive Plan (&amp;#x201C;the 2006
Plan&amp;#x201D;).&amp;#xA0;&amp;#xA0;A total of 200,000 shares were set aside
for the 2006 Plan and an additional 133,333 shares were added to
the 2006 Plan in June 2008.&amp;#xA0;&amp;#xA0;The Company received
stockholder approval at its May 24, 2010 meeting to add an
additional 1,000,000 shares to the 2006 Plan. At the May 16, 2011
annual shareholders meeting, the Company received shareholder
approval to add an additional 2,500,000 shares to the 2006 Plan.
Options granted under the Company&amp;#x2019;s plans generally vest over
a period of one to five years, with exercise prices of currently
outstanding options ranging between $2.09 and
$21.00.&amp;#xA0;&amp;#xA0;The maximum term under these plans is 10
years.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The following table summarizes information about options
outstanding at December 31, 2011:&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="14" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;Options&amp;#xA0;Outstanding&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;Options&amp;#xA0;Exercisable&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;Range&amp;#xA0;of&lt;br /&gt;
Exercise&amp;#xA0;&lt;br /&gt;
Prices&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;Number&lt;br /&gt;
Outstanding&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;Weighted&lt;br /&gt;
Average&lt;br /&gt;
Remaining&lt;br /&gt;
Contractual&lt;br /&gt;
Life&amp;#xA0;(in&amp;#xA0;years)&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;Weighted&amp;#xA0;Average&lt;br /&gt;
Exercise&amp;#xA0;Price&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;Aggregate&lt;br /&gt;
IntrinsicValue&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;Number&lt;br /&gt;
Exercisable&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;Weighted&amp;#xA0;&lt;br /&gt;
Average Exercise&amp;#xA0;&lt;br /&gt;
Price&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;Aggregate&lt;br /&gt;
IntrinsicValue&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;2.09-5.36&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 9%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;807,500&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 10%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;9.2&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;4.39&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 9%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;642,725&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 9%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;104,990&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;3.80&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;142,337&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;10.05-21.00&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;33,333&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;4.1&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;14.39&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;33,333&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;14.39&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2.5pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;840,833&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2.5pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;9.0 &amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;4.79&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;642,725&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;138,323&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;6.36&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
&lt;font style="FONT-SIZE: 8pt"&gt;142,337&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&lt;font style="FONT-SIZE: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px"&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;A
summary of stock option activity is as follows:&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 95%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
Weighted&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
Weighted&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
Total&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Average&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Average Remaining&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Aggregate&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
Number of&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
Exercise&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
Contractual&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
Intrinsic&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;Shares&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;Price&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;Life (in years)&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;Value&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="WIDTH: 48%"&gt;Outstanding at December 31, 2009&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;196,713&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;21.00&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 10%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 9pt"&gt;Granted&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;27,500&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1.76&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 9pt"&gt;Exercised&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt"&gt;Cancelled&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
(116,609&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;)&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
26.18&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;Outstanding at December 31, 2010&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;107,604&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;10.37&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 9pt"&gt;Granted&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;842,500&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;4.44&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 9pt"&gt;Exercised&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(7,500&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1.69&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt"&gt;Cancelled&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
(101,771&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;)&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
8.08&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;Outstanding at December 31,
2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
840,833&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
4.79&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2.5pt"&gt;9.0&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
642,725&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Vested or expected to vest at&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 9pt"&gt;December 31,
2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
818,467&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
4.79&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2.5pt"&gt;9.0&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
625,629&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;Exercisable at December 31,
2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
138,323&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
6.36&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2.5pt"&gt;7.6&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
142,337&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The fair value of each stock option grant is estimated on the grant
date using the Black-Scholes option-pricing model with the
following assumptions used for the years ended December 31:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 60%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.95in" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 30%"&gt;Dividend yield&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%" nowrap="nowrap"&gt;0.00&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;%&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%" nowrap="nowrap"&gt;0.00&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;Risk-free yields&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right" nowrap="nowrap"&gt;1.2% - 1.7&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;%&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right" nowrap="nowrap"&gt;1.35% - 5.02&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Expected volatility&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right" nowrap="nowrap"&gt;255&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right" nowrap="nowrap"&gt;54.38 % - 103.51&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Expected option life&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right" nowrap="nowrap"&gt;4 years&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right" nowrap="nowrap"&gt;1 - 6 years&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Forfeiture rate&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right" nowrap="nowrap"&gt;2.66&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right" nowrap="nowrap"&gt;2.66% - 8.22&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;i&gt;Expected Volatility.&lt;/i&gt; The Company uses analysis of historical
volatility to compute the expected volatility of its stock
options.&lt;/p&gt;
&lt;p style="TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;i&gt;Expected Term.&lt;/i&gt; The expected term is based on several factors
including historical observations of employee exercise patterns
during the Company&amp;#x2019;s history and expectations of employee
exercise behavior in the future giving consideration to the
contractual terms of the stock-based awards.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;i&gt;Risk-Free Interest Rate&lt;/i&gt;. The interest rate used in valuing
awards is based on the yield at the time of grant of a U.S.
Treasury security with an equivalent remaining term.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;i&gt;Dividend Yield&lt;/i&gt;. The Company has never paid cash dividends,
and does not currently intend to pay cash dividends, and thus has
assumed a 0% dividend yield.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;i&gt;Pre-Vesting Forfeitures&lt;/i&gt;. Estimates of pre-vesting option
forfeitures are based on Company experience. The Company will
adjust its estimate of forfeitures over the requisite service
period based on the extent to which actual forfeitures differ, or
are expected to differ, from such estimates. Changes in estimated
forfeitures will be recognized through a cumulative catch-up
adjustment in the period of change and will also impact the amount
of compensation expense to be recognized in future periods.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
As of December 31, 2011, there was $2,356,634 in unrecognized
compensation cost related to non-vested stock options expected to
be recognized over 2.5 years.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;u&gt;Compensatory Share Issuances&lt;/u&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The value of restricted stock grants is calculated based upon the
closing stock price of the Company&amp;#x2019;s Common Stock on the date
of the grant.&amp;#xA0;&amp;#xA0;The value of the grant is expensed over
the vesting period of the grant in accordance with FASB ASC
718.&amp;#xA0;&amp;#xA0; As of December 31, 2011 there was $779,392 of
total unrecognized compensation cost related to non-vested
restricted stock.&amp;#xA0;&amp;#xA0;That cost is expected to be recognized
over 3.0 years.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
A summary of the Company&amp;#x2019;s restricted stock award activity is
as follows:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 70%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
Weighted Average&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Number of&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Grant Date Fair Value&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;Shares&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;per Share&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="WIDTH: 40%"&gt;Nonvested shares at December 31, 2010&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;287,674&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;5.01&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 9pt"&gt;Shares granted&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;311,399&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;4.43&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt"&gt;Shares vested and
issued&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(307,039&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;4.87&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt"&gt;Shares
forfeited&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
(34,971&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;)&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
5.65&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 2.5pt"&gt;Nonvested
shares at December 31, 2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
257,063&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
4.93&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The total fair value of restricted stock awards that vested during
the years ended December&amp;#xA0;31, 2011, 2010 and 2009 was
$1,006,619, $1,961,340 and $281,428, respectively.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The following table indicates where the total stock-based
compensation expense resulting from stock options and awards
appears in the Statements of Operations:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 80%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="10"&gt;FOR
THE YEAR ENDED&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="10"&gt;DECEMBER 31,&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt;2009&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 55%"&gt;Research and
development&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;306,861&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;87,412&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;86,210&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;General and
administrative&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
1,828,146&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
2,252,398&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
816,461&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;Stock-based
compensation expense&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
2,135,007&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
2,339,810&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
902,671&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The stock-based compensation expense has not been tax-effected due
to the recording of a full valuation allowance against U.S. net
deferred tax assets.&lt;/p&gt;
&lt;/div&gt;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
  <us-gaap:IncreaseDecreaseInEmployeeRelatedLiabilities contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">85548</us-gaap:IncreaseDecreaseInEmployeeRelatedLiabilities>
  <us-gaap:IncreaseDecreaseInDeferredRevenue contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">-10038</us-gaap:IncreaseDecreaseInDeferredRevenue>
  <us-gaap:IntangibleAssetsDisclosureTextBlock contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0">&lt;div&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0px"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;b&gt;8.&lt;/b&gt;&lt;/td&gt;
&lt;td&gt;&lt;b&gt;INTANGIBLE ASSETS&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Intangible assets with associated accumulated amortization as of
December 31, 2011 and 2010 were comprised of the following:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 60%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
2011&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
2010&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 30%"&gt;Totect&amp;#xAE; Technology
License&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;2,190,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Totect&amp;#xAE; Trade Name License&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;440,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;Bio-Quant Know-How&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,637,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Bio-Quant Trade Name&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,123,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;Accumulated&amp;#xA0;
amortization&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
(58,488&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;Intangible
assets, net&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
2,630,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
2,701,512&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The intangible assets acquired with the December 29, 2011, purchase
of Apricus Pharmaceuticals consist of the Totect&amp;#xAE; Technology
License and the Trade Name License. Our estimated useful life for
both the technology and the trade name is 15 years. Amortization
will begin in January 2012.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The intangible assets of the Company at December 31, 2010 and
through June 30, 2011 consisted of Know-How and Trade Name related
to the Bio-Quant CRO segment. On June 30, 2011, the Bio-Quant
business was sold to BioTox and the intangibles associated with the
business were sold and removed from the consolidated accounts of
the Company. During 2010 and for the first half of 2011, the
Company amortized Know-How over the expected useful life of 10
years and the Trade Name over the expected useful life of 20 years.
Amortization expense amounted to $59,509 and $359,848 for the year
ended December 31, 2011 and 2010, respectively.&amp;#xA0;&amp;#xA0;During
2010, the Company took an impairment charge of $1,083,646 to write
down the fair value of Know-How to $1,637,000.&amp;#xA0;&amp;#xA0;Such
impairment was derived mainly from the fact that Bio-Quant
significantly changed its strategic focus in
2010.&amp;#xA0;&amp;#xA0;Rather than serve the greater CRO market,
Bio-Quant was primarily performing internal CRO services for the
Company&amp;#x2019;s own pharmaceutical product development segment,
NexMed (USA), Inc.&amp;#xA0;&amp;#xA0;As such, the ongoing revenue, profits
and cash flows for Bio-Quant were significantly reduced from the
initial projections for Bio-Quant that were calculated when it was
acquired by the Company in December 2009.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Based on the current carrying amount of intangible assets, assuming
no future impairment of the underlying assets, the estimated future
amortization expense for the next five years ended December 31 and
thereafter is as follows:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 50%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 35%"&gt;2012&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;175,333&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;2013&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;175,333&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;2014&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;175,333&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;2015&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;175,333&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;2016&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;175,333&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;Thereafter&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
1,753,335&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;Total future
amortization expense&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
2,630,000&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:IntangibleAssetsDisclosureTextBlock>
  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0">&lt;div&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0px"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;b&gt;14.&lt;/b&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: justify"&gt;&lt;b&gt;RELATED PARTY
TRANSACTIONS&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
In addition to the Bio-Quant notes payable described in Note 11, of
which approximately 63% were held by executives of the Company, the
Company had the following related party transactions in 2011 and
2010:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;u&gt;Innovus Pharmaceuticals, Inc.&lt;/u&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Innovus Pharmaceuticals, Inc. (&amp;#x201C;Innovus&amp;#x201D;) (formerly
FasTrack Pharmaceuticals, Inc.) and Sorrento Pharmaceuticals, Inc.
(&amp;#x201C;Sorrento&amp;#x201D;) were formed by Bio-Quant in 2008, and in
2009, Bio-Quant spun-off its pharmaceutical assets to the two
companies to enable it to focus on its core business of
pre-clinical CRO testing services.&amp;#xA0;&amp;#xA0;&amp;#xA0;Innovus
subsequently acquired Sorrento&amp;#x2019;s assets and liabilities in
March 2011.&amp;#xA0;&amp;#xA0; Innovus is development-stage company of
whom two executive officers and one director of the Company are
minority shareholders.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On April 4, 2011, the Company and Innovus entered into an Asset
Purchase Agreement, pursuant to which Innovus sold to the Company
all the rights it had in certain back-up compounds for
PrevOnco&amp;#x2122;. PrevOnco&amp;#x2122; for the treatment of solid tumors
contains a marketed anti-ulcer compound, lansoprazole that could be
used alone or in combination with other chemotherapeutic
agents.&amp;#xA0; The Company believes PrevOnco&amp;#x2122; can be optimized
further to increase its efficacy in combination with our
NexACT&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; technology.&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
In exchange for the PrevOnco&amp;#x2122; back-up compound portfolio, the
Company loaned Innovus $250,000 in the form of a secured
convertible note and restructured the existing outstanding demand
notes and interest payable due to the Company into a second secured
convertible note in the amount of $224,520. The notes are due on
April 4, 2013 and bear interest at the rate of prime plus 1%
(currently 4.25%).&amp;#xA0;&amp;#xA0;The notes automatically convert to
common stock of Innovus if, prior to the maturity date, Innovus
completes a material round of financing, closes a merger or
acquisition transaction (&amp;#x201C;M&amp;amp;A event&amp;#x201D;), or completes
a public offering at an offering price equal to the financing or
M&amp;amp;A value at that time discounted by 10%.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
In addition and separately, the Company granted Innovus an option
to enter into a license to the Company&amp;#x2019;s
NexACT&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; permeation enhancer for the combination of
two to-be-determined specific drugs chosen by Innovus and agreed to
by the Company. It is understood that these to-be-determined
products would be outside of the Company&amp;#x2019;s core focus and
expertise and it is expected that these drugs would not be
candidates that the Company would likely pursue on its own. Under
the terms of the license, the Company would receive $500,000 in
cash, plus milestones of more than $5,000,000 per compound, and
product sales royalties following the exercise of the license
option by Innovus.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
In 2011, the Company provided contract research services for
Innovus and billed and collected $58,960 for those services. The
amount is reflected in Contract Service Revenue in the Statement of
Operations.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company considered whether Innovus should be consolidated as a
Variable Interest Entity (VIE) under ASU No. 2009-17,
&lt;i&gt;Consolidations (Topic 810): Improvements to Financial Reporting
by Enterprises Involved with Variable Interest Entities&lt;/i&gt;. The
Company determined that Innovus is a VIE because it lacks
sufficient equity at risk to fund its operational activities
without additional subordinated financial support. The Company has
a variable interest in the VIE related to the convertible notes due
from Innovus even though the Company does not currently have a
direct equity interest in Innovus.&amp;#xA0;&amp;#xA0;In the accompanying
consolidated financial statements the loans and Notes are valued at
a zero book value at December 31, 2011 and 2010 for accounting
purposes for lack of marketability of the Innovus entity. As a
result of the notes being carried with no value, and as the Company
is not recognizing any interest income, the net impact to the
consolidated financial statements in the case of a consolidation
for the periods ended December 31, 2011 and 2010 would be
insignificant and thus Innovus has not been consolidated as its
operations are not material to the Company.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Effective December 12, 2011, Innovus entered into a merger
agreement with a publicly-traded company, North Horizon, Inc. Under
the agreement, Innovus became a subsidiary of North Horizon and the
combined entity was renamed Innovus Pharmaceuticals, Inc. The
shareholders, note holder, and warrant holder of Innovus will
receive in the transaction the number of shares comprising 92% of
the fully-diluted shares of North Horizon. As of December 31, 2011,
the Company held notes receivable (principal and interest) in the
amount of $489,701, which was fully reserved, and did not have
possession of actual shares in Innovus Pharmaceuticals, Inc.
Apricus makes no representation as to the value that may be
associated with the interests of Apricus following the merger and
any subsequent conversion to common stock.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;u&gt;Other Related Party Transactions&lt;/u&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
For the year ended December 31, 2011 Apricus purchased
approximately $20,000 and Bio-Quant purchased approximately
$103,000 of drug supplies from an entity owned 100% by the
Company&amp;#x2019;s CEO. Bio-Quant purchased approximately $48,000 of
drug supplies from the same entity during 2010.&lt;/p&gt;
&lt;/div&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
  <us-gaap:GeneralAndAdministrativeExpense contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">11463448</us-gaap:GeneralAndAdministrativeExpense>
  <us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">8169344</us-gaap:NetCashProvidedByUsedInFinancingActivities>
  <us-gaap:CostOfServices contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">1858070</us-gaap:CostOfServices>
  <us-gaap:EarningsPerShareBasicAndDiluted contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD_per_shares" decimals="2">-0.90</us-gaap:EarningsPerShareBasicAndDiluted>
  <apri:StockIssuedDuringPeriodValueStockWarrantsExercised contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">1363369</apri:StockIssuedDuringPeriodValueStockWarrantsExercised>
  <apri:DeferredRevenueAmortization contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">133670</apri:DeferredRevenueAmortization>
  <apri:ProceedsFromPaymentsForSaleOfSubsidiaryStock contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">500019</apri:ProceedsFromPaymentsForSaleOfSubsidiaryStock>
  <apri:NoncashInterestExpenseIncomeNet contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="iso4217_USD" decimals="0">37143</apri:NoncashInterestExpenseIncomeNet>
  <apri:WeightedAverageNumberBasicDilutedSharesOutstanding contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0" unitRef="shares" decimals="0">20023456</apri:WeightedAverageNumberBasicDilutedSharesOutstanding>
  <apri:NotesPayableDisclosureTextBlock contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0">&lt;div&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0px"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;b&gt;11.&lt;/b&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: justify"&gt;&lt;b&gt;NOTES PAYABLE&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;u&gt;Former Bio-Quant Shareholders&amp;#x2019; Notes&lt;/u&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On December 14, 2009, the Company issued $12,129,010 in promissory
notes (the &amp;#x201C;Notes&amp;#x201D;) in connection with the acquisition
of Bio-Quant as discussed in Note 4 above. The Notes bore interest
at a rate of 10% per annum, with all principal and interest accrued
thereunder becoming due and payable one year from the closing date
of the Merger, or December 14, 2010.&amp;#xA0;&amp;#xA0;The terms of the
Notes provided that the principal amounts and all interest
thereunder were payable by the Company in cash or, at the
Company&amp;#x2019;s option, in shares of Company stock, which were
valued at the fixed price of $2.52 per share.&amp;#xA0;&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
In January and March 2010, the Company repaid $2,230,201 of
outstanding principal of the Notes through the issuance of Common
Stock at $2.52 per share, which is the fixed payment price pursuant
to the terms of the Notes.&amp;#xA0;&amp;#xA0;As such, the Company issued
1,003,210 shares of Common Stock to the note holders in repayment
of such $2,230,201 principal amount plus interest.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On June 21, 2010, the Notes were repaid in full with the issuance
of 3,639,410 shares of common stock to repay the remaining
outstanding principal amount of $9,898,809 plus interest.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company recognized a beneficial conversion charge for the
differential between the original conversion rates of $2.52 and
$3.00 per share and the market price of the Company&amp;#x2019;s Common
Stock at the time of the above payments.&amp;#xA0;&amp;#xA0;As such a
beneficial conversion charge of non-cash interest expense was
recognized with respect to the Notes for the year ended December
31, 2010 was $6,139,741 and is included in interest expense in the
consolidated statements of operations.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;u&gt;2010 Promissory Notes&lt;/u&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
In January 2010, the Company raised gross proceeds of $2.3 million
in an offering of unsecured promissory notes (the &amp;#x201C;2010
Notes&amp;#x201D;).&amp;#xA0;&amp;#xA0;The 2010 Notes accrued interest at a rate
of 10% per annum and were due and payable in full six months from
the date of issuance. The principal and accrued interest due under
the Notes was payable, at the election of the Company, in either
cash or shares of Common Stock, par value $0.001 per
share.&amp;#xA0;&amp;#xA0;The weighted average conversion price of the 2010
Notes was $5.55 per Share, with the conversion prices ranging from
$5.40 to $6.00 per Share.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On March 17, 2010, the 2010 Notes were repaid in full with the
issuance of 415,504 shares of common stock to repay such $2.3
million principal amount and interest.&amp;#xA0;&amp;#xA0;The Company
recognized a beneficial conversion charge on the differential
between the original conversion rates of $5.40 to $6.00 per share
and the market price of the Company&amp;#x2019;s Common Stock at the
time of the above repayment.&amp;#xA0;&amp;#xA0;The Company recorded a
beneficial conversion charge to interest expense of $660,819 during
the year ended December 31, 2010 as a result of the conversion.&lt;/p&gt;
&lt;/div&gt;</apri:NotesPayableDisclosureTextBlock>
  <apri:CommonStockDisclosureTextBlock contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0">&lt;div&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0px"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;b&gt;13.&lt;/b&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: justify"&gt;&lt;b&gt;COMMON STOCK
TRANSACTIONS&amp;#xA0;&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On April 21, 2010, the Company entered into a Sales Agreement with
Brinson Patrick Securities Corporation (the &amp;#x201C;Sales
Manager&amp;#x201D;) to issue and sell through the Sales Manager, as
agent, up to $10,000,000 of common stock from time to time pursuant
to the Company&amp;#x2019;s effective shelf registration statement on
Form S-3 (File No. 333-165960).&amp;#xA0;&amp;#xA0;For the year ended
December 31, 2011, the Company sold an aggregate of 1,527,249
shares of common stock under the Sales Agreement at a weighted
average sales price of approximately $4.26 per share, resulting in
offering proceeds of approximately $6.2 million, net of sales
commissions.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
During 2010, the Company had sold an aggregate of 518,264 shares of
common stock under the Sales Agreement at a weighted average sales
price of approximately $6.73 per share, resulting in offering
proceeds of approximately $3.3 million, net of sales
commissions&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On October 4, 2010, the Company completed a best-efforts offering
(the &amp;#x201C;Offering&amp;#x201D;) for the sale of 1,728,882 units (the
&amp;#x201C;Units&amp;#x201D;), with each Unit consisting of three shares of
common stock, par value $0.001 per share, and a warrant to purchase
one additional share of common stock.&amp;#xA0;&amp;#xA0;The Units were
offered to the public at a price of $5.40 and the warrants, which
are exercisable starting at the closing and remaining exercisable
thereafter for a period of five years, have an exercise price of
$2.268 per share.&amp;#xA0;&amp;#xA0;Accordingly, the Company issued
5,186,646 shares of common stock and warrants to purchase 1,728,882
shares of common stock and received Offering proceeds, net of
discounts, commissions and expenses, of approximately
$8,540,000.&amp;#xA0;&amp;#xA0;Additionally, warrants to purchase 155,599
shares of common stock were issued to the placement agent as
commission.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
During 2011, 649,865 shares of Common Stock were issued upon the
exercise of warrants from the Offering.&amp;#xA0;&amp;#xA0;The Company
received proceeds of approximately $1.4 million from such exercise.
During 2010, 426,383 shares of Common Stock were issued upon the
exercise of warrants from the Offering and&amp;#xA0;the Company
received proceeds approximately of $1.0 million.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On December 30, 2011, the Company entered into a Controlled Equity
Offering Agreement (the &amp;#x201C;Offering Agreement&amp;#x201D;) with
Ascendiant Capital Markets, LLC (the &amp;#x201C;Manager&amp;#x201D;).&amp;#xA0;
Pursuant to the Offering Agreement, the Company may offer and sell
shares of its common stock having an aggregate offering price of up
to $20,000,000, from time to time through the Manager.&amp;#xA0; The
sales of the common stock under the Offering Agreement will be made
in &amp;#x201C;at the market&amp;#x201D; offerings as defined in
Rule&amp;#xA0;415 of the Securities Act of 1933 (the &amp;#x201C;Securities
Act&amp;#x201D;), including sales made directly on the NASDAQ Capital
Market, on any other existing trading market for the Shares or to
or through a market maker.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Shares to be sold in the offering will be issued pursuant to
the Company&amp;#x2019;s effective shelf registration statement on
Form&amp;#xA0;S-3 (Registration No.&amp;#xA0;333-165960) previously filed
with the Securities and Exchange Commission (the
&amp;#x201C;SEC&amp;#x201D;), in accordance with the provisions of the
Securities Act, as supplemented by a prospectus supplement dated
December 30, 2011, which the Company filed with the SEC pursuant to
Rule&amp;#xA0;424(b) (5)&amp;#xA0;under the Securities Act. No common stock
sales were made pursuant to this Offering Agreement in 2011.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On February&amp;#xA0;14, 2012, the Company sold 4,938,272 Units
(&amp;#x201C;Units&amp;#x201D;) in a follow-on public offering of securities.
Each Unit consists of one share of common stock, $0.001 par value
per share of the Company and one warrant to purchase .50 shares of
Common Stock at a public offering price of $4.05 per Unit. The
Underwriters purchased the Units from the Company at a price of
$3.807 per Unit, which represented a 6.0% discount to the public
offering price.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Warrants were exercisable immediately upon issuance and will
expire five years from the date of issuance. The exercise price of
the Warrants is $5.25 per share of common stock. The net proceeds
to the Company from this offering were approximately $18.4 million
after deducting underwriting discounts and commissions and other
estimated offering expenses payable by us.&lt;/p&gt;
&lt;/div&gt;</apri:CommonStockDisclosureTextBlock>
  <apri:DeferredCompensationPlansDisclosureTextBlock contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0">&lt;div&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0px"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;b&gt;9.&lt;/b&gt;&lt;/td&gt;
&lt;td&gt;&lt;b&gt;DEFERRED COMPENSATION&amp;#xA0;&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On February 27, 2002, the Company entered into an employment
agreement with Y. Joseph Mo, Ph.D., that had a constant term of
five years, and pursuant to which Dr. Mo served as the Company&apos;s
Chief Executive Officer and President.&amp;#xA0;&amp;#xA0;Under the
employment agreement, Dr. Mo is entitled to a severance in the form
of an annual amount equal to one sixth of the sum of his base
salary and bonus for the 36 calendar months preceding the date on
which the deferred compensation payments commence subject to
certain limitations, including a vesting requirement through the
date of termination, as set forth in the employment
agreement.&amp;#xA0;&amp;#xA0;The deferred compensation is payable monthly
for 180 months upon termination of his employment.&amp;#xA0;&amp;#xA0;Dr.
Mo&amp;#x2019;s employment was terminated as of December 15, 2005.
&lt;font style="COLOR: black"&gt;At such date, the Company accrued
deferred severance compensation of $1,181,332 based upon the
estimated present value of the obligation.&amp;#xA0;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Effective December 20, 2011, pursuant to a Consulting Agreement
entered into by the Company and Dr. Mo on August 8, 2011, the
agreement was renegotiated and the payment terms were changed from
the remaining 108 payments of $9,158 to 69 payments of $15,000.
There was no change in the remaining principal amount due as of
that date. The Company incurred a non-cash charge to general and
administrative expense in the amount of $198,564 based upon the
revised estimated present value of the obligation. At December 31,
2011 and 2010, respectively, the Company had an accrued
compensation balance of $1,003,827 and $874,384, respectively.&lt;/p&gt;
&lt;/div&gt;</apri:DeferredCompensationPlansDisclosureTextBlock>
  <apri:SignificantAgreementsDisclosureTextBlock contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0">&lt;div&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0px"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;b&gt;6.&lt;/b&gt;&lt;/td&gt;
&lt;td&gt;&lt;b&gt;LICENSING AND RESEARCH AND DEVELOPMENT
AGREEMENTS&amp;#xA0;&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Vitaros&amp;#xAE;&lt;/b&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On December 22, 2010, the Company entered into a &amp;#x20AC;5.5 million
exclusive license agreement with Bracco SpA (&amp;#x201C;the
&amp;#x201C;Bracco License Agreement&amp;#x201D;) for its
Vitaros&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; product&amp;#xA0;for erectile dysfunction.
Under the terms of the Bracco License Agreement, Bracco has been
granted exclusive rights in Italy to commercialize and market
Vitaros&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; under the Bracco trademark, and the
Company received &amp;#x20AC;750,000 as an up-front payment and has the
right to receive up to &amp;#x20AC;4.75 million in aggregate milestone
payments if the regulatory and sales milestones specified in the
agreement are achieved.&amp;#xA0;&amp;#xA0;Further, over the life of the
agreement, the Company will receive royalties based on Bracco&apos;s
sales of the product.&amp;#xA0;&amp;#xA0;The expected up-front payment from
Bracco was received in April 2011, in the amount of USD $1,000,000,
net of withholding taxes. Of this amount, approximately $667,000
was recognized as license revenue in the second quarter of 2011 in
accordance with our revenue recognition criteria and the remaining
$333,000 was deferred and will be recognized at the time that the
Company receives regulatory marketing approval for the product in
Europe in accordance with the Bracco license agreement.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On January 3, 2011, the Company entered into a license agreement
(the &amp;#x201C;Elis License Agreement&amp;#x201D;) with Elis
Pharmaceuticals Ltd. (&amp;#x201C;Elis&amp;#x201D;), granting Elis the
exclusive rights to
commercialize&amp;#xA0;&amp;#xA0;Vitaros&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; for erectile
dysfunction in the United Arab Emirates, Oman, Bahrain, Qatar,
Saudi Arabia, Kuwait, Lebanon, Syria, Jordan, Iraq and Yemen (the
&amp;#x201C;Elis Territory&amp;#x201D;). Under the Elis License Agreement,
the Company has the right to receive up to $2.1 million in
aggregate milestone payments if all the regulatory and sales
thresholds specified in the agreement are achieved over the term of
the Elis License Agreement.&amp;#xA0;&amp;#xA0;The future milestones are
tied to regulatory approval and the achievement of certain levels
of aggregate net sales of
Vitaros&lt;sup&gt;&amp;#xAE;&lt;/sup&gt;.&amp;#xA0;&amp;#xA0;Additionally, the Company has
the right to receive escalating tiered double-digit royalties on
Elis&amp;#x2019;s sales of Vitaros&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; in the Elis
Territory.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On February, 14,&amp;#xA0;&amp;#xA0;2011, the Company entered into a
license agreement (the &amp;#x201C;Neopharm License Agreement&amp;#x201D;)
with the Neopharm Group (&amp;#x201C;Neopharm&amp;#x201D;), granting Neopharm
the exclusive rights to
commercialize&amp;#xA0;&amp;#xA0;Vitaros&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; for erectile
dysfunction and when and if available, the Company&amp;#x2019;s product
for premature ejaculation in&amp;#xA0;&amp;#xA0;Israel and the Palestinian
Territories (the &amp;#x201C;Neopharm
Territory&amp;#x201D;).&amp;#xA0;&amp;#xA0;Under the Neopharm License Agreement,
the Company has the right to receive upfront license fees and
milestone payments of up to $4.35 million over the term of the
Neopharm License Agreement.&amp;#xA0;&amp;#xA0;The future milestones are
tied to regulatory approval and the achievement of certain levels
of aggregate net sales of
Vitaros&lt;sup&gt;&amp;#xAE;&lt;/sup&gt;.&amp;#xA0;&amp;#xA0;Additionally, the Company has
the right to receive escalating tiered double-digit royalties on
Neopharm&amp;#x2019;s sales of Vitaros&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; in the Neopharm
Territory.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company received $200,000 in up-front payments pursuant to the
Elis and Neopharm licensing agreements and has recorded the
payments as license fee revenue during 2011.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
In April 2011, the Company filed a marketing application in Europe
for Vitaros&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; for erectile
dysfunction.&amp;#xA0;&amp;#xA0;If it is approved by the various European
regulatory authorities, it would give the Company the right to sell
Vitaros&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; in multiple chosen countries in the
European Union. Under a European system called the
&amp;#x201C;Decentralized Procedure&amp;#x201D; (DCP), a company files its
application for marketing approval of a drug in just one European
country, which is designated the Reference Member State (RMS). The
Company has chosen the Netherlands as its RMS. The RMS then
evaluates the application and prepares an assessment report that is
submitted to other chosen European Union countries for their
consideration and approval.&amp;#xA0;The entire review process on
average requires approximately 240 days not including additional
time associated with responses to regulatory review questions. One
of the major advantages of the DCP is that a company may receive
identical marketing authorizations for its product in multiple
chosen European Member countries at the same time.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
In July 2011, the Company filed a marketing application for
Vitaros&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; in Switzerland for erectile dysfunction.
The approval of Swissmedic, the Swiss agency for therapeutic
products, is often relied upon by the regulatory authorities in
numerous European countries that are not members of the European
Union, as well as by many other countries worldwide. The time
required for an approval decision from Swissmedic is currently
approximately 15 months from the time of submission.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On January 9, 2012, the Company entered into an exclusive licensing
agreement (the &amp;#x201C;Abbott License Agreement&amp;#x201D;) with Abbott
Laboratories Limited (&amp;#x201C;Abbott&amp;#x201D;), granting Abbott the
exclusive rights to commercialize Vitaros&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; for
erectile dysfunction in Canada. The product was approved by Health
Canada in late 2010 and is expected to be launched in 2012. Under
the Abbott License Agreement, over the lifetime of the contract,
the Company has the right to receive up to approximately $16
million in up-front license fees and aggregate milestone payments
if all the regulatory and sales thresholds specified in the
agreement are achieved, plus tiered royalty payments based on
Abbott&amp;#x2019;s sales of the product in Canada.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;On February 15, 2012, the Company
entered into an exclusive license and collaboration agreement (the
&amp;#x201C;Sandoz Agreement&amp;#x201D;) with Sandoz, a division of Novartis
(&amp;#x201C;Sandoz&amp;#x201D;), for Sandoz to market
Vitaros&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; for the treatment of erectile dysfunction
in Germany. Under the Sandoz Agreement, the Company has the right
to receive up to approximately&lt;/font&gt; &amp;#x20AC;22 &lt;font style="COLOR: black"&gt;million ($29 million based on the exchange rate at
the signing date)&lt;/font&gt; in up-front and aggregate milestone
payments&lt;font style="COLOR: black"&gt;if all the regulatory and sales
thresholds specified in the agreement are achieved&lt;/font&gt;,
&lt;font style="COLOR: black"&gt;as well as double digit royalties on net
sales by Sandoz in Germany.&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On November 1, 2007, the Company signed an exclusive licensing
agreement with Warner Chilcott Company, Inc., (&amp;#x201C;Warner
Chilcott&amp;#x201D;) for Vitaros&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; for erectile
dysfunction.&amp;#xA0;&amp;#xA0;Under the agreement, Warner Chilcott
acquired the exclusive rights in the United States to
Vitaros&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; and would assume all further development,
manufacturing, and commercialization responsibilities as well as
costs. We received $0.5 million in upfront payments plus milestones
and royalties.&amp;#xA0;&amp;#xA0;On February 3, 2009, the Company
terminated the licensing agreement and sold the U.S. rights for
Vitaros&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; &amp;#xA0; to Warner
Chilcott.&amp;#xA0;&amp;#xA0;Under the terms of the Asset Purchase
Agreement, the Company received an up-front payment of $2.5 million
and is eligible to receive an additional payment of $2.5 million
upon Warner Chilcott&amp;#x2019;s receipt of a New Drug Application
(NDA) approval for Vitaros&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; from the FDA.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On April 15, 2009, the Company entered into a First Amendment (the
&amp;#x201C;Amendment&amp;#x201D;) to the Asset Purchase
Agreement.&amp;#xA0;&amp;#xA0;The Amendment provided that from May 15, 2009
through September 15, 2009, the Company would permit certain
representatives of Warner access to and use of the Company&amp;#x2019;s
manufacturing facility for the purpose of manufacturing
&lt;font style="COLOR: black"&gt;Vitaros&lt;sup&gt;&amp;#xAE;&lt;/sup&gt;&lt;/font&gt;, and in
connection therewith the Company would provide reasonable technical
and other assistance to Warner.&amp;#xA0;&amp;#xA0;In consideration, Warner
would pay to the Company a fee of $50,000 per month, or $200,000 in
the aggregate which was recognized as revenue in 2009.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;MycoVa&lt;/b&gt;&amp;#x2122;&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On December 30, 2011, the Company entered into an exclusive license
agreement (the &amp;#x201C;Stellar Agreement&amp;#x201D;) with Stellar
Pharmaceuticals Inc. (&amp;#x201C;Stellar&amp;#x201D;), granting Stellar the
exclusive rights to market MycoVa&amp;#x2122; (terbinafine), the
Company&amp;#x2019;s drug candidate for the treatment for onychomycosis
(nail fungal infection), in Canada.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Under the terms of the Stellar Agreement, Stellar will assist the
Company in the filing of a New Drug Submission in Canada for
MycoVa&amp;#x2122; for the treatment of onychomycosis.&amp;#xA0;&amp;#xA0;If the
application is approved, Stellar will have the exclusive rights to
commercialize MycoVa&amp;#x2122; in Canada.&amp;#xA0;&amp;#xA0;Over the term of
the Agreement, the Company has the right to receive up to
approximately $8 million (Canadian) in up-front and aggregate
milestone payments &lt;font style="COLOR: black"&gt;if all the regulatory
and sales thresholds specified in the agreement are
achieved&lt;/font&gt;, plus tiered royalty payments based on
Stellars&amp;#x2019; sales of the product in Canada, after approval for
commercialization.&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On January 10, 2012, the Company entered into an exclusive
licensing agreement (the &amp;#x201C;Elis Agreement&amp;#x201D;) granting
Elis Pharmaceuticals (&amp;#x201C;Elis&amp;#x201D;) the exclusive rights to
market MycoVa&amp;#x2122; in the Middle East and the Gulf Countries,
excluding Israel.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Under the terms of the Elis agreement, Elis has exclusive rights in
part of the Middle East, including Saudi Arabia, Kuwait, Lebanon,
Syria, Jordan, Iraq and Yemen, and in the Gulf Countries (United
Arab Emirates, Oman, Bahrain, Qatar), excluding Israel, to
commercialize and market MycoVa &amp;#x2122;. The Company has the right
to receive up to $2.1 million in signing and aggregate milestone
payments &lt;font style="COLOR: black"&gt;if all the regulatory and sales
thresholds specified in the agreement are achieved,&lt;/font&gt; plus
tiered double digit royalties based on Elis&apos; sales of the
product.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Years 2005 &amp;#x2013; 2009&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On September 15, 2005, the Company signed an exclusive global
licensing agreement (later revised and amended) with Novartis
International Pharmaceutical Ltd. (&amp;#x201C;Novartis&amp;#x201D;) for its
anti-fungal product, MycoVa&amp;#x2122;.&amp;#xA0;&amp;#xA0;Under the agreement,
Novartis acquired the exclusive worldwide rights to MycoVa&amp;#x2122;
and would assume all further development, regulatory, manufacturing
and commercialization responsibilities as well as
costs.&amp;#xA0;&amp;#xA0;Novartis agreed to pay the Company up to $51
million in upfront and milestone payments on the achievement of
specific development and regulatory milestones, including an
initial cash payment of $4 million at signing.&amp;#xA0;&amp;#xA0;In
addition, the Company was eligible to receive royalties based upon
the level of sales achieved and to receive reimbursements of third
party preclinical study costs up to $3.25
million.&amp;#xA0;&amp;#xA0;&amp;#xA0;The Company began recognizing the initial
up- front and preclinical reimbursement revenue from this agreement
based on the cost-to-cost method over the 32-month period estimated
to complete the remaining preclinical studies for
MycoVa&amp;#x2122;.&amp;#xA0;&amp;#xA0;&amp;#xA0;On February 16, 2007, the Novartis
agreement was amended.&amp;#xA0;&amp;#xA0;Pursuant to the amendment, the
Company was no longer obligated to complete the remaining
preclinical studies for MycoVa.&amp;#xA0;&amp;#xA0;&amp;#xA0;Novartis took over
all responsibilities and completed the remaining preclinical
studies.&amp;#xA0;&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On March 4, 2008, the Company received a $1.5 million milestone
payment from Novartis pursuant to the terms of the licensing
agreement whereby the payment was due seven months after the
completion of patient enrollment for the Phase 3 clinical trials
for MycoVa&amp;#x2122;, which occurred in July 2007.&amp;#xA0;&amp;#xA0;Although
the completion of patient enrollment in the Phase 3 clinical trials
for MycoVa&amp;#x2122; triggered a $3 million milestone payment from
Novartis, the agreement also provided that clinical milestones paid
to us by Novartis shall be reduced by 50% until the Company
receives an approved patent claim on the MycoVa&amp;#x2122;&amp;#xA0;patent
application filed with the U.S. patent office in November
2004.&amp;#xA0;&amp;#xA0;The $1.5 million milestone payment was recognized
on a straight-line basis over the six month period to complete the
Phase 3 clinical trial, and therefore the $1.5 million milestone
payment was recognized as revenue during the year ended December
31, 2008.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
In July 2008, Novartis completed testing for the Phase 3 clinical
trials for MycoVa&amp;#x2122; required for the filing of the NDA in the
U.S.&amp;#xA0;&amp;#xA0;On August 26, 2008, the Company announced that
Novartis had decided not to submit the NDA in the U.S. based on
their First Interpretable Results of the Phase 3 trials.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On October 17, 2008, the Company received a Notice of Allowance for
its U.S. patent covering MycoVa&amp;#x2122;. Pursuant to the license
agreement, the payment of the issuance fee for an approved patent
claim on MycoVa&amp;#x2122; triggered the $2 million patent milestone
payment from Novartis. Additionally, $1.5 million, which represents
the remaining 50% of the patient enrollment milestone, also became
due and payable. As such the Company received a payment of $3.5
million from Novartis on October 30, 2008&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
In July 2009, Novartis completed final analysis of the comparator
study which they had initiated in March 2007 in ten European
countries. The study results were insufficient to support marketing
approval in Europe. As such, on July 8, 2009, the Company announced
the mutual decision reached with Novartis to terminate the
licensing agreement. Accordingly, pursuant to the Termination
Agreement, Novartis has provided the Company reports associated
with the Phase III clinical trials conducted for MycoVa&amp;#x2122;.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Pursuant to the termination agreement, we received all worldwide
rights back to MycoVa&lt;sup&gt;&amp;#x2122;&lt;/sup&gt; and agreed that we will pay
to Novartis 15% of any upfront and/or milestone payments that we
receive from any future third party licensee of
MycoVa&lt;sup&gt;&amp;#x2122;&lt;/sup&gt;, as well as a royalty fee ranging from
2.8% to 6.5% of annual net sales of products developed from
MycoVa&lt;sup&gt;&amp;#x2122;&lt;/sup&gt;&amp;#xA0;(collectively,
&amp;#x201C;Products&amp;#x201D;), with such royalty fee varying based on
volume of such annual net sales.&amp;#xA0;&amp;#xA0;In the event that the
Company, or a substantial part of our assets, is sold, we will pay
to Novartis 15% of any upfront and/or milestone payments received
by us or our successor relating to the Products, as well as a
royalty fee ranging from 3% to 6.5% of annual net sales of any
Products, with such royalty fee varying based on volume of such
annual net sales.&amp;#xA0;&amp;#xA0;If the acquirer makes no upfront or
milestone payments, the royalty fees payable to Novartis will range
from 4% to 6.5% of annual net sales of any Products.&lt;/p&gt;
&lt;/div&gt;</apri:SignificantAgreementsDisclosureTextBlock>
  <apri:LineOfCreditFacilitiesTextBlock contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0">&lt;div&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0px"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;b&gt;12.&lt;/b&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: justify"&gt;&lt;b&gt;LINES OF CREDIT&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On March 8, 2010, Bio-Quant entered into a Loan and Security
agreement with Square 1 Bank for a revolving line of credit
(&amp;#x201C;credit line&amp;#x201D;) in the amount of
$250,000.&amp;#xA0;&amp;#xA0;The credit line is secured by a $255,000 cash
deposit from the Company which is classified as restricted cash on
the accompanying consolidated balance sheet at December 31,
2010.&amp;#xA0;&amp;#xA0;The credit line bore interest at the rate of 4.25%
per annum or 1% above the Prime Rate and expired on March 7, 2011
and was repaid in full at that time.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On April 12, 2010, Bio-Quant entered into a Loan and Security
agreement with Torrey Pines Bank for a revolving line of credit
(&amp;#x201C;credit line&amp;#x201D;) in the amount of
$250,000.&amp;#xA0;&amp;#xA0;The credit line is secured by a $278,000 cash
deposit from the Company which is classified as restricted cash on
the accompanying consolidated balance sheet at December 31,
2010.&amp;#xA0;&amp;#xA0;&lt;font style="COLOR: black"&gt;The TP Credit Line bore
interest at the rate of 2.6% per annum and expired on April 12,
2011 and was repaid in full at that time.&lt;/font&gt;&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
As of December 31, 2010, $401,000 had been drawn down on the credit
lines and is recorded as short-term borrowing on the accompanying
consolidated balance sheet.&lt;/p&gt;
&lt;/div&gt;</apri:LineOfCreditFacilitiesTextBlock>
  <apri:StockWarrantsTextBlock contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0">&lt;div&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0px"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;b&gt;17.&lt;/b&gt;&lt;/td&gt;
&lt;td&gt;&lt;b&gt;WARRANTS&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;A
summary of warrant activity is as follows:&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 90%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Weighted&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Weighted&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Common Shares&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Average&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Average&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Issuable upon&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Exercise&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Contractual&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Exercise&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Price&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Life&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="WIDTH: 55%"&gt;Outstanding at December 31, 2008&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;807,869&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;18.45&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 12%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 9pt"&gt;Issued&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 9pt"&gt;Exercised&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt"&gt;Cancelled&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
(342,594&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;)&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
23.70&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;Outstanding at December 31, 2009&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;465,275&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;15.45&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 9pt"&gt;Issued&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,884,481&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2.27&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 9pt"&gt;Exercised&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(426,383&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2.27&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt"&gt;Cancelled&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
(247,715&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;)&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
15.53&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;Outstanding at December 31, 2010&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,675,658&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;3.72&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 9pt"&gt;Issued&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 9pt"&gt;Exercised&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(704,130&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2.27&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt"&gt;Cancelled&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
(194,244&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;)&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
12.31&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;Outstanding at December 31, 2011&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;777,284&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2.88&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;3.7 years&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;Exercisable at December 31,
2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
777,284&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
2.88&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: center"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: center"&gt;
3.7 years&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</apri:StockWarrantsTextBlock>
  <us-gaap:StockIssued1 contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0_452537x495549" unitRef="iso4217_USD" decimals="0">1700000</us-gaap:StockIssued1>
  <us-gaap:NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1 contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0_452537x495549" unitRef="shares" decimals="INF">334382</us-gaap:NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1>
  <us-gaap:BusinessCombinationDisclosureTextBlock contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0_452537x495549">&lt;div&gt;
&lt;p style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;3.&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;ACQUISITION
OF TOPOTARGET USA&lt;/b&gt;, &lt;b&gt;INC.&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On December 29, 2011, the Company acquired all of the outstanding
stock of Topotarget, which became a wholly-owned subsidiary of the
Company which was renamed Apricus Pharmaceuticals, in a transaction
accounted for under the acquisition method of accounting for
business combinations under FASB ASC 805 &lt;i&gt;Business
Combinations&lt;/i&gt;. Accordingly, the assets acquired and liabilities
assumed of Topotarget were recorded as of the acquisition date at
their respective fair values and are included at December 31, 2011
in the consolidated balance sheet. There were no results of
operations to record or consolidate for the remainder of 2011.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Topotarget owns all existing rights to Totect&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; in
North America and South America and the respective territories and
possessions of the countries in North America and South America.
Totect&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; (dexrazoxane HCl) is the only drug approved
by the FDA to treat a potentially serious complication of cancer
therapy&amp;#x2014;the leakage of chemotherapy drugs from veins into
surrounding tissues. This complication is known as anthracycline
extravasation, and can lead to infections and tissue death.
Topotarget has a pre-existing sales infrastructure, sales team, and
a revenue-generating product with strong future growth potential
that will allow the Company to move into the commercialization and
sales of oncology and oncology supportive care pharmaceuticals.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company made an initial payment of 334,382 shares of common
stock worth $1,700,000 million, based on the closing market price
of the Company&amp;#x2019;s common stock on the closing date and may
make additional payments in common stock with a fair value of
approximately $1,917,341 if certain milestones are achieved, as
described below.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The $1,917,341 in additional purchase consideration
(&amp;#x201C;contingent consideration&amp;#x201D;) is made up of additional
issuances of the Company&amp;#x2019;s common stock to the seller,
Topotarget A/S, based on the achievement of various regulatory and
commercial milestones. The milestone amounts payable are fixed once
or if the milestone is achieved, with the number of shares
deliverable being based on the stock price at the date the
milestone is achieved. We determined the fair values of the
obligation to pay additional milestone payments using various
estimates, including probability of success, discount rates and
amount of time until the conditions of the milestone payments are
met. This fair value measurement is based on significant inputs not
observable in the market, representing a Level 3 measurement within
the fair value hierarchy. The resulting probability-weighted cash
flows were discounted using a risk adjusted cost of equity factor
of 23.6% which is representative of the rate of return a market
participant would expect to receive from these assets. The range of
estimated milestone payments is from approximately $314,000 if no
regulatory or commercial milestones are achieved to approximately,
$2.7 million if all milestones are achieved.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company will continually reassess the contingent consideration
fair value each quarter with any future changes in fair value
recognized in operating earnings. Changes in fair values reflect
new information about the probability and timing of meeting the
conditions of the milestone payments. In the absence of new
information, changes in fair value will only reflect the passage of
time as commercial and regulatory work progresses towards the
achievement of the milestones. A reconciliation of upfront payments
in accordance with the purchase agreement to the total purchase
price is presented below (in thousands):&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 80%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
Purchase Consideration:&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;December 31, 2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 85%"&gt;Fair value of APRI common
stock paid to Topotarget A/S shareholders&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;1,700&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;Fair value of contingent
consideration&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
1,917&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;Total purchase
consideration&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
3,617&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The assets acquired and liabilities assumed at the acquisition date
based upon their respective fair values are summarized below (in
thousands):&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 50%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 35%"&gt;Cash &amp;amp; cash
equivalents&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;107&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Accounts receivable&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;306&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;Inventory&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;133&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;Prepaids&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;27&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Long term deposits&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;39&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Accounts payable and accrued
expenses&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(469&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Provision for replacement
inventory&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(286&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Technology license&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2,190&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Trade name license&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;440&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;Goodwill&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
1,130&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 9pt"&gt;Total
net assets acquired&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
3,617&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;Asset categories acquired in the
Topotarget acquisition included working capital, license to the
trade name and Totect&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; product intellectual
property assigned to the technology license. The estimated fair
value of the technology license was determined using&lt;/font&gt;
discounted cash flow analysis incorporating the estimated future
cash flows from the technology during the assumed remaining
life&lt;font style="COLOR: black"&gt;.&lt;/font&gt; The resulting debt-free net
cash flows were then discounted back to present value at the
Company&amp;#x2019;s cost of equity capital. After accounting for the
deferred tax liability associated with the technology and trade
name licenses which are not presently deductible for income taxes,
it was estimated that the value of the technology license of
Topotarget was $2,190,000. &lt;font style="COLOR: black"&gt;Our estimated
useful life of the technology is 15 years.&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The valuation of the Topotarget trade name is based on a derivative
of the discounted cash flow method that estimates the present value
of a hypothetical royalty stream derived via licensing the trade
name. Alternatively, it could be considered to be the cost savings
the Company achieved by not having to pay such royalty licensing
fees to a hypothetical third party owner. It was estimated that the
value of the trade name of &lt;font style="COLOR: black"&gt;Totect&amp;#xAE;&lt;/font&gt; was $440,000. &lt;font style="COLOR: black"&gt;Our estimated useful life of the trade name is 15
years.&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The purchase price was allocated based on the estimated fair value
of the tangible and identifiable intangible assets acquired and
liabilities assumed. An allocation of the purchase price was made
to major categories of assets and liabilities in the accompanying
consolidated balance sheet based on management&amp;#x2019;s best
estimates. The excess of purchase price over the fair value amounts
assigned to the assets acquired and liabilities assumed represents
the goodwill amount resulting from the acquisition. We do not
expect any portion of the intangible assets or goodwill to be
deductible for tax purposes. The goodwill attributable to our
acquisition of Topotarget has been recorded as a noncurrent asset
and is not amortized, but is subject to an annual review for
impairment. The goodwill of $1,129,950 arising from the acquisition
results largely from the existing workforce and distribution
network in place. All of the goodwill was assigned to the
Pharmaceuticals segment.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company did not record net deferred tax assets related to the
stock acquired of Topotarget. The entity has significant
accumulated net operating losses which are offset by a deferred tax
liability associated with the acquired intangible assets. The net
deferred tax assets are offset by a full valuation allowance
related to the uncertainty of realization of those net deferred tax
assets.&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The following unaudited pro forma consolidated results of
operations for the period assumes the acquisition of Topotarget,
now Apricus Pharmaceuticals, had occurred as of January&amp;#xA0;1,
2010, giving effect to purchase accounting adjustments. The pro
forma data is for informational purposes only and may not
necessarily reflect the actual results of operations had Apricus
Pharma been operated as part of the Company since January&amp;#xA0;1,
2010.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;table style="WIDTH: 95%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="14" nowrap="nowrap"&gt;Consolidated Pro Forma Statements of
Operations&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="14"&gt;
(unaudited)&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="14"&gt;YEAR ENDED DECEMBER 31,&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;As Reported&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Adjusted&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;As Reported&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Adjusted&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 48%"&gt;Total revenue&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;4,101,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;5,916,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;4,973,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;7,651,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Net income&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(18,117,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(19,132,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(29,508,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(30,503,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;Earnings per common share&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(0.90&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(0.92&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(2.49&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(2.47&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Shares used in computing earnings per
common share&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;20,023,456&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;20,853,824&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;11,847,703&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;12,346,073&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:BusinessCombinationDisclosureTextBlock>
  <us-gaap:BusinessCombinationDisclosureTextBlock contextRef="eol_PE4964----1110-K0011_STD_365_20111231_0_452537x495550">&lt;div&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0px"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;b&gt;4.&lt;/b&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: justify"&gt;&lt;b&gt;ACQUISITION OF
BIO-QUANT&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
On November 20, 2009, the Company entered into the Merger Agreement
with Bio-Quant. Pursuant to the Merger Agreement, on December 14,
2009 (the &amp;#x201C;Effective Time&amp;#x201D;), each outstanding share of
common stock of Bio-Quant was canceled and converted into the right
to receive 60.93 shares of common stock, par value $0.001 per
share, of the Company (the &amp;#x201C;NexMed Shares&amp;#x201D;), as well as
a promissory note (each, a &amp;#x201C;Note&amp;#x201D;) in the original
principal amount of $2,771.37.&amp;#xA0;&amp;#xA0;&amp;#xA0;In connection with
the closing of the Merger, the Company issued an aggregate of
266,667 NexMed Shares and Notes in the aggregate original principal
amount of $12,129,010 to the shareholders of Bio-Quant.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Notes accrued interest at a rate of 10% per annum through their
repayment, with all principal and interest accrued thereunder
becoming due and payable one year from the closing date of the
Merger.&amp;#xA0;&amp;#xA0;The terms of the Notes provide that the
principal amounts and all interest thereunder were payable by the
Company in cash or, at the Company&amp;#x2019;s option, in Apricus
Shares, which would be valued for purposes of conversion at the
fixed price of $2.52 per share.&amp;#xA0;&amp;#xA0;The Merger Agreement
provided that if the Company repaid the Notes in Apricus Shares,
the total number of Apricus Shares issuable to Bio-Quant
shareholders could not exceed 19.99% of outstanding Apricus Shares
at the Effective Time; unless the Company received stockholder
approval to do so in accordance with applicable rules of the NASDAQ
Capital Market.&amp;#xA0;&amp;#xA0;The Company received stockholder
approval at its May 24, 2010 meeting for the potential issuance of
shares in full repayment of the remaining amounts owed under the
Notes, and, on June 21, 2010, the Company repaid the remaining
outstanding principal and interest accrued under the Notes in
Apricus Shares.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The acquisition was accounted for under the purchase method of
accounting under FASB ASC 805 Business Combinations, The Company
has determined that it is the &amp;#x201C;accounting acquirer&amp;#x201D; in
this transaction, as it meets the predominance of the factors
outlined in FASB ASC 805.&amp;#xA0;&amp;#xA0;Accordingly, the results of
operations of the acquired company have been included in the
consolidated results of operations of the Company from the date of
the Merger.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The total consideration was estimated to be approximately $13.7
million as of December 14, 2009, the date the Merger was
consummated, as follows (in thousands):&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 75%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 85%"&gt;Fair value of 266,667
shares of common stock issued for Bio-Quant common stock&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;1,600&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;Fair value of
promissory notes issued for Bio-Quant common stock&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
12,129&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 18pt"&gt;Total
consideration&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
13,729&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The fair value of the shares of Apricus Biosciences common stock
issued was based on the closing price of the Company&amp;#x2019;s common
stock on December 14, 2009, the date the Merger was consummated, or
$6.00 per share.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The purchase price was allocated based on the estimated fair value
of the tangible and identifiable intangible assets acquired and
liabilities assumed in the Merger. An allocation of the purchase
price was made to major categories of assets and liabilities in the
accompanying consolidated balance sheet based on management&amp;#x2019;s
best estimates. The fair value of the other current assets and
assumed liabilities were estimated by management based upon the
relative short term nature of the accounts and the fair value of
the machinery and equipment was established based upon expected
replacement costs.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The fair values of Bio-Quant&amp;#x2019;s tangible and identifiable
intangible assets were determined based on this
analysis.&amp;#xA0;&amp;#xA0;The excess of the purchase price over the
estimated fair value of tangible and identifiable intangible assets
acquired and liabilities assumed was allocated to goodwill.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Accordingly, the purchase price is allocated to the assets and
liabilities of Bio-Quant as presented below (in thousands):&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 90%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; PADDING-LEFT: 0.25in; WIDTH: 85%"&gt;
Cash &amp;amp; cash equivalents&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;151&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; PADDING-LEFT: 0.25in"&gt;Accounts
receivable&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;576&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; PADDING-LEFT: 0.25in"&gt;Prepaids and
other current assets&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;105&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; PADDING-LEFT: 0.25in"&gt;Other
assets&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;26&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; PADDING-LEFT: 0.25in"&gt;Property and
equipment&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;783&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; PADDING-LEFT: 0.25in"&gt;Due from
related party&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;205&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; PADDING-LEFT: 0.25in"&gt;Accounts
payable&amp;#xA0;and accrued expenses&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(1,041&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; PADDING-LEFT: 0.25in"&gt;Related party
payable&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(85&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; PADDING-LEFT: 0.25in"&gt;Deferred
revenue&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(45&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; PADDING-LEFT: 0.25in"&gt;Other current
liabilities&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(68&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; PADDING-LEFT: 0.25in"&gt;Other long
term liabilities&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(122&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify"&gt;Amortizable intangible assets:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; PADDING-LEFT: 0.25in"&gt;Know-How&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;3,037&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; PADDING-LEFT: 0.25in"&gt;Trade
Name&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,123&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify"&gt;Indefinite lived intangible
assets:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0.25in"&gt;
Goodwill&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
9,084&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 27pt"&gt;
Total net assets acquired&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
13,729&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Intangible assets acquired from Bio-Quant of $4,160,000 consisted
primarily of developed Know-How and the Bio-Quant Trade Name.
Developed Know-How related to Bio-Quant&amp;#x2019;s pre-clinical
service expertise including, but not limited to, its extensive
inventory of internally developed cell lines. The Bio-Quant Trade
Name represented future revenue attributable to the reputation and
name recognition of Bio-Quant within the pharmaceutical industry,
where Bio-Quant is a known expert in pre-clinical services. (See
Note 5 and Note 8 for the sale of Bio-Quant and the write-off of
these intangibles).&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
At the time of acquisition, Bio-Quant was a revenue generating,
cash flow positive CRO.&amp;#xA0;&amp;#xA0;Bio-Quant was expected to
continue its revenue growth and cash generating CRO
business.&amp;#xA0;&amp;#xA0;The $9,084,476 of goodwill generated from the
acquisition of Bio-Quant consisted largely of the ability of the
Bio-Quant CRO to continue to grow its revenues and generate
positive cash flow to contribute to the pharmaceutical product
development business segment of the Company.&amp;#xA0;&amp;#xA0;As
discussed in Note 1, the Company shifted the focus of the Bio-Quant
CRO from growing revenues and generating increased positive cash
flow to largely supporting the Company&amp;#x2019;s research and
development business segment, which designs and develops
pharmaceutical drug candidates. The Bio-Quant CRO allowed the
Company to increase its active pre-clinical and clinical product
pipeline from 4 drug candidates to 13 drug candidates utilizing the
internal capabilities of the CRO. However, as a result of this
internal research focus, the cash flow generating capabilities of
the CRO diminished over time and in connection with the valuation
of the future expected cash flows and the goodwill related to
Bio-Quant at December 31, 2010, an impairment charge of $9,084,476
was taken in 2010 to write-off the entire value of
goodwill&amp;#xA0;from this acquisition. During 2011, the Company
considered the significance of its enhanced product candidate
pipeline, the resources needed to further develop each of those
product opportunities and the value being derived from the CRO
business with diminished cash flows towards operations. Based on
this change in strategic focus, on June 30, 2011, the Company
entered into a stock purchase agreement with BioTox to sell all of
the outstanding capital stock of Bio-Quant. (See Note 5).&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
Costs associated with the merger of $585,378 were expensed for the
year ended December 31, 2009.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
The following unaudited pro forma consolidated results of
operations for the period assumes the acquisition of Bio-Quant had
occurred as of January&amp;#xA0;1, 2009, giving effect to purchase
accounting adjustments. The pro forma data is for informational
purposes only and may not necessarily reflect the actual results of
operations had Bio-Quant been operated as part of the Company since
January&amp;#xA0;1, 2009.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 80%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
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(unaudited)&lt;/td&gt;
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&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"&gt;DECEMBER 31, 2009&lt;/td&gt;
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&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
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&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;8,715,000&lt;/td&gt;
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&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
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&lt;td style="TEXT-ALIGN: right"&gt;5,906,455&lt;/td&gt;
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&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;5,906,455&lt;/td&gt;
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