Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF OPERATIONS (unaudited)

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CONDENSED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Operating expenses:        
Research and development $ 1,153,043 $ 489,563 $ 1,579,157 $ 791,642
General and administrative 4,380,540 3,938,015 6,266,000 6,684,868
Depreciation 2,333 2,481 5,241 5,341
Total operating expenses 5,535,916 4,430,059 7,850,398 7,481,851
Loss from operations (5,535,916) (4,430,059) (7,850,398) (7,481,851)
Other income (expense):        
(Loss) gain on change in fair value of derivatives (556,433) 198,563 (824,858) 198,563
Interest income (expense) 1 (184) 1 (1,298)
Financing costs 0 (529,704) 0 (529,704)
Total other income (expense) (556,432) (331,325) (824,857) (332,439)
Loss before income taxes (6,092,348) (4,761,384) (8,675,255) (7,814,290)
Income taxes (benefit) 0 0 0 0
Net loss (6,092,348) (4,761,384) (8,675,255) (7,814,290)
Preferred stock dividend (28,497) (112,073) (60,741) (191,468)
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS $ (6,120,845) $ (4,873,457) $ (8,735,996) $ (8,005,758)
Net loss per common share, basic and diluted (in Dollars per share) $ (0.32) $ (0.35) $ (0.49) $ (0.62)
Weighted average number of common shares outstanding, basic and diluted (in Shares) 18,875,819 13,852,955 17,971,228 13,010,754