Quarterly report pursuant to sections 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 3 Months Ended 82 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (5,164) $ (2,001) $ (31,892)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 4 4 53
Amortization and write off of deferred financing costs 0 0 250
Non cash interest, consisting of beneficial conversion feature in connection with convertible debentures 0 0 710
Non cash interest, consisting of common stock and warrants issued in connection with convertible debentures 0 0 426
Non-cash financing costs related to January and March 2012 financing 0 0 81
Warrants issued for services rendered 0 11 51
Stock based compensation 553 392 3,822
Change in fair value of warrant liability 0 0 1,177
Common stock issued in exchange for intellectual property 608 0 991
Gain on extinguishment of debt 0 0 (8)
Changes in operating assets and liabilities:      
Prepaid expenses (126) 156 (555)
Accounts payable 635 44 1,401
Accrued interest 0 (3) 3
Accrued expenses (572) 36 688
Deferred rent payable (2) (1) 17
Net cash used in operating activities (4,064) (1,362) (22,785)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of furniture and fixtures (2) 0 (96)
Payment of restricted cash and interest earned on restricted cash 0 0 (60)
Net cash used in investing activities (2) 0 (156)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from demand notes 0 0 480
Proceeds from other notes payable 0 0 1,020
Proceeds from related party promissory notes 0 0 280
Proceeds from exercise of warrants 4,758 0 9,386
Proceeds, net of expenses of $24 as of December 31, 2011 from Convertible Debentures 0 0 1,891
Repayment of Convertible Debentures 0 0 (150)
Proceeds, net of expenses of $1,352 (2013) and $506 (2012), from sale of units consisting of common stock and warrants, respectively 0 0 16,975
Proceeds, net of expenses of $2,824 (2014) from sale of common stock 40,654 0 42,608
Net cash provided by financing activities 45,412 0 72,490
Effect of currency rate change on cash (1) 0 (2)
Net increase (decrease) increase in cash 41,345 (1,362) 49,547
Cash, beginning of the period 8,202 1,786 0
Cash, end of period 49,547 424 49,547
Supplemental disclosures of cash flow information:      
Interest paid 0 3 38
Non cash investing and financing activities:      
Senior convertible notes exchanged for preferred shares 0 0 200
Capital contribution of accrued interest 0 0 27
Demand notes together with accrued interest converted into capital stock 0 0 549
Common stock issued for deferred financing costs 0 0 144
Exchange of Notes Payable for Convertible Debenture 0 0 820
Warrants Liability reclassified to Stockholders' Equity 0 0 3,939
Exchange of Convertible Debenture for Units consisting of common stock and warrants $ 0 $ 0 $ 2,635