Cellectar Biosciences (CLRB) 10-Q 12 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 07, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	Cellectar Biosciences, Inc.
Entity Central Index Key	1,279,704
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	CLRB
Entity Common Stock, Shares Outstanding		7,564,133

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 4,833,277	$ 9,422,627
Restricted cash	55,000	55,000
Prepaid expenses and other current assets	118,589	220,611
Total current assets	5,006,866	9,698,238
FIXED ASSETS, NET	1,886,014	2,033,944
GOODWILL	1,675,462	1,675,462
OTHER ASSETS	11,872	11,872
TOTAL ASSETS	8,580,214	13,419,516
CURRENT LIABILITIES:
Current maturities of notes payable	240,750	119,923
Accounts payable and accrued liabilities	712,221	933,988
Derivative liability	4,884,540	5,176,915
Capital lease obligations	2,321	2,180
Total current liabilities	5,839,832	6,233,006
LONG-TERM LIABILITIES:
Notes payable, less current maturities	208,925	330,077
Deferred rent	148,853	147,774
Capital lease obligation, less current portion	9,233	11,126
Total long-term liabilities	367,011	488,977
TOTAL LIABILITIES	$ 6,206,843	$ 6,721,983
COMMITMENTS AND CONTINGENCIES (Note 8)
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.00001 par value; 7,000 shares authorized; none issued and outstanding as of June 30, 2015 and December 31, 2014	$ 0	$ 0
Common stock, $0.00001 par value; 40,000,000 shares authorized; 7,562,762 shares issued and outstanding as of June 30, 2015 and December 31, 2014	76	76
Additional paid-in capital	66,072,671	65,809,127
Deficit accumulated	(63,699,376)	(59,111,670)
Total stockholders’ equity	2,373,371	6,697,533
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 8,580,214	$ 13,419,516

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	7,000	7,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	7,562,762	7,562,762
Common stock, shares outstanding	7,562,762	7,562,762

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
COSTS AND EXPENSES:
Research and development	$ 1,382,966	$ 1,380,798	$ 3,026,961	$ 3,096,105
General and administrative	817,657	959,885	1,761,090	2,046,921
Restructuring costs	90,500	204,934	90,500	221,815
Total costs and expenses	2,291,123	2,545,617	4,878,551	5,364,841
LOSS FROM OPERATIONS	(2,291,123)	(2,545,617)	(4,878,551)	(5,364,841)
OTHER INCOME:
Gain on revaluation of derivative warrants	4,124	573,751	292,375	518,806
Interest income (expense), net	449	(113,970)	(1,530)	(183,214)
Total other income, net	4,573	459,781	290,845	335,592
NET LOSS	$ (2,286,550)	$ (2,085,836)	$ (4,587,706)	$ (5,029,249)
BASIC AND DILUTED NET LOSS PER COMMON SHARE (in dollors per share)	$ (0.30)	$ (0.73)	$ (0.61)	$ (1.75)
SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS PER COMMON SHARE (in shares)	7,562,762	2,869,739	7,562,762	2,869,739

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (4,587,706)	$ (5,029,249)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	180,736	188,369
Stock-based compensation expense	263,545	536,216
Non-cash interest expense related to convertible debt	0	50,805
Loss on disposal of fixed assets	858	2,268
Gain on revaluation of derivative warrants	(292,375)	(518,806)
Changes in:
Accounts payable and accrued liabilities	(221,767)	33,320
Prepaid expenses and other current assets	102,022	132,115
Other assets and liabilities	1,079	2,622
Cash used in operating activities	(4,553,608)	(4,602,340)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets	(33,665)	(15,191)
Cash used in investing activities	(33,665)	(15,191)
CASH FLOWS FROM FINANCING ACTIVITIES:
Long-term debt payments	(325)	0
Proceeds from issuance of convertible debentures	0	4,000,000
Change in deferred issuance costs	0	(172,407)
Reverse stock split fractional shares	0	(1,158)
Payments on capital lease obligations	(1,752)	(1,263)
Cash (used in) provided by financing activities	(2,077)	3,825,172
(DECREASE) INCREASE IN CASH AND EQUIVALENTS	(4,589,350)	(792,359)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	9,422,627	2,418,384
CASH AND EQUIVALENTS AT END OF PERIOD	4,833,277	1,626,025
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Relative fair value of warrants issued with debentures	0	254,024
Interest paid	$ 22,594	$ 0

NATURE OF BUSINESS, ORGANIZATIO

NATURE OF BUSINESS, ORGANIZATION AND GOING CONCERN	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature Of Business Organization and Going Concern Disclosure [Text Block]	1. NATURE OF BUSINESS, ORGANIZATION AND GOING CONCERN Cellectar Biosciences, Inc. (the “Company”) is a biopharmaceutical company developing compounds for the treatment, diagnosis and imaging of cancer. The Company’s headquarters are located in Madison, Wisconsin. The Company is subject to a number of risks similar to those of other small pharmaceutical companies. Principal among these risks are dependence on key individuals, competition from substitute products and larger companies, the successful development and marketing of its products in a highly regulated environment and the need to obtain additional financing necessary to fund future operations. The accompanying financial statements have been prepared on a basis that assumes that the Company will continue as a going concern and that contemplates the continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company has devoted substantially all of its efforts toward research and development and has, during the six months ended June 30, 2015, generated a net loss of approximately $ 4,588,000 The accompanying condensed consolidated balance sheet as of December 31, 2014 has been derived from audited financial statements. The accompanying unaudited condensed consolidated balance sheet as of June 30, 2015, the condensed consolidated statements of operations for the three months and six months ended June 30, 2015 and 2014, the condensed consolidated statements of cash flows for the six months ended June 30, 2015 and 2014 and the related interim information contained within the notes to the condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions, rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and the notes required by U.S. GAAP for complete financial statements. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments which are of a nature necessary for the fair presentation of the Company’s consolidated financial position at June 30, 2015 and consolidated results of its operations for the three months and six months ended June 30, 2015 and 2014, and its cash flows for the six months ended June 30, 2015 and 2014. The results for the six months ended June 30, 2015 are not necessarily indicative of future results. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes thereto included in the Company’s Form 10-K for the fiscal year ended December 31, 2014, which was filed with the SEC on March 24, 2015, as amended by Form 10-K/A filed with the SEC on May 20, 2015. — The consolidated financial statements include the accounts of the Company and the accounts of its wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. — The Company accounts for cash that is restricted for other than current operations as restricted cash. Restricted cash at June 30, 2015 and December 31, 2014 consisted of a certificate of deposit of $ 55,000 — Goodwill is not amortized, but is required to be evaluated for impairment annually or whenever events or changes in circumstances suggest that the carrying value of an asset may not be recoverable. The Company evaluates goodwill for impairment annually in the fourth fiscal quarter and additionally on an interim basis if an event occurs or there is a change in circumstances, such as a decline in the Company’s stock price or a material adverse change in the business climate, which would more likely than not reduce the fair value of the reporting unit below its carrying amount. No such event or change in circumstances occurred; therefore no changes in goodwill were made during the six months ended June 30, 2015 and 2014. - Lived Assets — The Company uses the Black-Scholes option-pricing model to calculate the grant-date fair value of stock option awards. The resulting compensation expense, net of expected forfeitures, for awards that are not performance-based is recognized on a straight-line basis over the service period of the award, which is generally three years for stock options. For stock options with performance-based vesting provisions, recognition of compensation expense, net of expected forfeitures, commences if and when the achievement of the performance criteria is deemed probable. The compensation expense, net of expected forfeitures, for performance-based stock options is recognized over the relevant performance period. Non-employee stock-based compensation is accounted for in accordance with the guidance of Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) Topic 505, Equity. — The guidance under FASB ASC Topic 825, Financial Instruments — The Company generally does not use derivative instruments to hedge exposures to cash flow or market risks. However, certain warrants to purchase common stock that do not meet the requirements for classification as equity, in accordance with the Derivatives and Hedging Topic of the FASB ASC, are classified as liabilities. In such instances, net-cash settlement is assumed for financial reporting purposes, even when the terms of the underlying contracts do not provide for a net-cash settlement. These warrants are considered derivative instruments because the agreements contain a certain type of cash settlement feature, “down-round” provisions whereby the number of shares for which the warrants are exercisable and/or the exercise price of the warrants is subject to change in the event of certain issuances of stock at prices below the then-effective exercise price of the warrants. The number of shares issuable under such warrants was 5,494,388 — In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern ASU 2014-15 applies to all entities and is effective for annual and interim reporting periods ending after December 15, 2016, with early adoption permitted. The Company does not expect that the adoption of this standard will have a material effect on its financial statements.

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	In accordance with the Fair Value Measurements and Disclosures Topic of the FASB ASC 820, the Company groups its financial assets and financial liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. · Level 1: Input prices quoted in an active market for identical financial assets or liabilities. · Level 2: Inputs other than prices quoted in Level 1, such as prices quoted for similar financial assets and liabilities in active markets, prices for identical assets and liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data. · Level 3: Input prices quoted that are significant to the fair value of the financial assets or liabilities which are not observable or supported by an active market. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company had issued warrants to purchase 1,365 550,000 4,943,023 June 30, 2015 Level 1 Level 2 Level 3 Fair Value Liabilities: July 2010 Warrants $ — $ 100 $ — $ 100 February 2013 Public Offering Warrants — — 935,000 935,000 August 2014 Warrants — 3,949,440 — 3,949,440 Total $ — $ 3,949,540 $ 935,000 $ 4,884,540 December 31, 2014 Level 1 Level 2 Level 3 Fair Value Liabilities: July 2010 Warrants $ — $ 999 $ — $ 999 February 2013 Public Offering Warrants — — 1,127,500 1,127,500 August 2014 Warrants — 4,048,416 — 4,048,416 Total $ — $ 4,049,415 $ 1,127,500 $ 5,176,915 In order to estimate the fair value of the July 2010 Warrants, the Company uses the Black-Scholes option pricing model and assumptions that consider, among other variables, the fair value of the underlying stock, risk-free interest rate, volatility, expected life and dividend rates. Assumptions used are generally consistent with those disclosed for stock-based compensation (see Note 5). In order to estimate the value of the February 2013 Public Offering Warrants considered to be derivative instruments as of June 30, 2015, the Company uses a modified option-pricing model together with assumptions that consider, among other variables, the fair value of the underlying stock, risk-free interest rate of .88%, volatility of 90 2.64 The assumptions used to estimate the value of the February 2013 Public Offering Warrants as of December 31, 2014 include the fair value of the underlying stock, risk free interest rates ranging from 1.07 2.63 100 115 3.14 3.89 Twelve Months Six Months Ended Ended June 30, December 31, 2015 2014 Beginning balance – Fair value $ 1,127,500 $ 3,355,000 Gain on derivatives resulting from change in fair value (192,500) (2,227,500) Ending balance – Fair value $ 935,000 $ 1,127,500 To estimate the fair value of the August 2014 Warrants, the Company calculated the weighted average closing price of the August 2014 Warrants for the 10 trading day period that ended on the balance sheet date.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	3. STOCKHOLDERS’ EQUITY August 2014 Underwritten Offering On August 20, 2014, the Company completed an underwritten public offering of 3,583,333 3,833,333 4.68 3.75 13,475,832 11,877,143 6.4 1,598,689 96,988 275,000 The warrant exercise price for all warrants issued as part of the August 2014 Underwritten Offering and the common stock issuable pursuant to such warrants is subject to adjustment only for stock dividends, stock splits and similar capital reorganizations so that the rights of the warrant holders after such events will be equivalent to the rights of the warrant holders prior to such events. These warrants are considered derivative instruments because the agreements contain a certain type of cash settlement feature; therefore, the Company determined that these warrants meet the requirements for classification as a liability. In conjunction with the August 2014 Underwritten Offering, the Company’s common stock and the warrants issued in the offering were listed on the NASDAQ Capital Market. August 2014 Debenture Tender and Exchange In conjunction with the August 2014 Underwritten Offering, all of the holders of the 8 3.76 4,000,000 172,435 1,109,690 1,109,690 4.68 August 2014 Debenture Tender and Exchange Common Stock Warrants Number of Shares Issuable Upon Exercise of Outstanding Exercise Offering Warrants Price Expiration Date August 2014 Public Offering (1) 5,040,011 $ 4.68 August 20, 2019 February 2013 Public Offering (1) 550,000 3.75 February 20, 2018 February 2013 Public Offering – Placement Agents 38,496 12.50 February 4, 2018 November 2012 Private Placement 50,000 25.00 November 2, 2017 June 2012 Public Offering 149,069 25.00 June 13, 2017 December 2011 Underwritten Offering 462,411 12.00 December 6, 2016 April 2011 Private Placement 302,922 15.00 March 31, 2016 July 2010 Warrants (1) 1,365 3.75 July 27, 2015 July 2010 warrants 5,252 321.30 July 27, 2015 July and December 2010 warrants 4,570 1,989.00 - 2019.60 December 31, 2015 Total 6,604,096 (1) These warrants have a certain type of cash settlement feature or their exercise prices or the number of shares for which the warrants may be exercised are subject to adjustment for “down-rounds” and the warrants have been accounted for as derivative instruments as described in Note 2, with the exception of 96,988 warrants issued to the underwriter in August 2014, which did not include the cash settlement feature.

NOTES PAYABLE

NOTES PAYABLE	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Notes Payable Disclosure [Text Block]	4. NOTES PAYABLE The notes payable balance at June 30, 2015 consists of two loans with original principal amounts that totaled $ 450,000

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	5. STOCK-BASED COMPENSATION Accounting for Stock-Based Compensation Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Employee and director stock option grants: Research and development $ 40,296 $ 47,274 $ 83,653 $ 110,701 General and administrative 29,101 176,581 174,436 360,965 Restructuring — 47,853 — 47,853 69,397 271,708 258,089 519,519 Non-employee consultant stock option grants: Research and development 2,358 1,982 5,456 16,697 Total stock-based compensation $ 71,755 $ 273,690 $ 263,545 $ 536,216 Assumptions Used In Determining Fair Value Valuation and amortization method . The fair value of each stock award is estimated on the grant date using the Black-Scholes option-pricing model. The estimated fair value of employee stock options is amortized to expense using the straight-line method over the vesting period. The estimated fair value of the non-employee options is amortized to expense over the period during which a non-employee is required to provide services for the award (usually the vesting period). Volatility. The Company estimates volatility based on an average of (1) the Company’s historical volatility since its common stock has been publicly traded and (2) review of volatility estimates of publicly held drug development companies with similar market capitalizations. Risk-free interest rate . The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant commensurate with the expected term assumption. Expected term . The expected term of stock options granted is based on an estimate of when options will be exercised in the future. The Company applied the simplified method of estimating the expected term of the options, as described in the SEC’s Staff Accounting Bulletins 107 and 110, as the historical experience is not indicative of the expected behavior in the future. The expected term, calculated under the simplified method, is applied to groups of stock options that have similar contractual terms. Using this method, the expected term is determined using the average of the vesting period and the contractual life of the stock options granted. The Company applied the simplified method to non-employees who have a truncation of term based on termination of service and utilizes the contractual life of the stock options granted for those non-employee grants which do not have a truncation of service. Forfeitures. The Company records stock-based compensation expense only for those awards that are expected to vest. A forfeiture rate is estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. An annual forfeiture rate of 2 0 Six Months Six Months Ended Ended June 30, 2015 June 30, 2014 Volatility 105-107 % 108 % Risk-free interest rate 1.70-1.95 % 1.76 % Expected life (years) 6.0 6.0 Dividend 0 % 0 % Weighted-average exercise price $ 2.65-2.69 $ 7.40 Weighted-average grant-date fair value $ 2.17-2.20 $ 6.20 Exercise prices for all grants made during the six months ended June 30, 2015 were equal to the market value of the Company’s common stock on the date of grant. Stock Option Activity Weighted Number of Average Shares Issuable Remaining Upon Exercise Weighted Contracted Aggregate of Outstanding Average Term in Intrinsic Options Exercise Price Years Value Outstanding at December 31, 2014 719,466 $ 15.59 Granted 510,200 $ 2.65 Canceled 105,072 $ 27.22 Forfeited 229,475 $ 9.29 Outstanding at June 30, 2015 895,119 $ 8.47 Vested, June 30, 2015 315,203 $ 18.14 5.33 $ 7,969 Unvested, June 30, 2015 579,916 $ 3.21 9.73 $ 110,269 Exercisable at June 30, 2015 315,203 $ 18.14 5.33 $ 7,969 The aggregate intrinsic value of options outstanding is calculated based on the positive difference between the estimated per-share fair value of common stock at the end of the respective period and the exercise price of the underlying options. There have been no option exercises to date. Shares of common stock issued upon the exercise of options are from authorized but unissued shares. As of June 30, 2015, there was approximately $ 1,421,000 335,000 459,000 331,000 206,000 90,000 579,916 50,000

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	6. INCOME TAXES The Company accounts for income taxes in accordance with the liability method of accounting. Deferred tax assets or liabilities are computed based on the difference between the financial statement and income tax basis of assets and liabilities, and net operating loss carryforwards, (NOLs) using the enacted tax rates. Deferred income tax expense or benefit is based on changes in the asset or liability from period to period. The Company did not record a provision or benefit for federal, state or foreign income taxes for the six months ended June 30, 2015 or 2014 because the Company has experienced losses on a tax basis since inception. Because of the limited operating history, continuing losses and uncertainty associated with the utilization of the NOLs in the future, management has provided a full allowance against the value of its gross deferred tax asset. The Company also accounts for the uncertainty in income taxes related to the recognition and measurement of a tax position taken or expected to be taken in an income tax return. The Company follows the applicable accounting guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition related to the uncertainty in income tax positions. No uncertain tax positions have been identified.

NET LOSS PER SHARE

NET LOSS PER SHARE	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	7. NET LOSS PER SHARE Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss, as adjusted, by the sum of the weighted average number of shares of common stock and the dilutive potential common stock equivalents then outstanding. Potential common stock equivalents consist of stock options and warrants. Since there is a net loss attributable to common stockholders for the three and six months ended June 30, 2015 and 2014, the inclusion of common stock equivalents in the computation for those periods would be antidilutive. Accordingly, basic and diluted net loss per share is the same for all periods presented. Three and Six Months Ended June 30, 2015 2014 Warrants 6,604,096 1,964,085 Stock options 895,119 619,663 Convertible debt — 400,000

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	8. COMMITMENTS AND CONTINGENCIES The Company is involved in legal matters and disputes in the ordinary course of business. We do not anticipate that the outcome of such matters and disputes will materially affect the Company’s financial statements.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	9. RELATED PARTY TRANSACTIONS The Company’s chief scientific officer and principal founder of Cellectar, who is a director and shareholder of the Company, is a faculty member at the University of Wisconsin-Madison (“UW”). During the six months ended June 30, 2015, the Company was invoiced $ 417,813 415,613

NATURE OF BUSINESS, ORGANIZAT15

NATURE OF BUSINESS, ORGANIZATION AND GOING CONCERN (Policies)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation — The consolidated financial statements include the accounts of the Company and the accounts of its wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash — The Company accounts for cash that is restricted for other than current operations as restricted cash. Restricted cash at June 30, 2015 and December 31, 2014 consisted of a certificate of deposit of $ 55,000
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill — Goodwill is not amortized, but is required to be evaluated for impairment annually or whenever events or changes in circumstances suggest that the carrying value of an asset may not be recoverable. The Company evaluates goodwill for impairment annually in the fourth fiscal quarter and additionally on an interim basis if an event occurs or there is a change in circumstances, such as a decline in the Company’s stock price or a material adverse change in the business climate, which would more likely than not reduce the fair value of the reporting unit below its carrying amount. No such event or change in circumstances occurred; therefore no changes in goodwill were made during the six months ended June 30, 2015 and 2014.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Long - Lived Assets
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-Based Compensation — The Company uses the Black-Scholes option-pricing model to calculate the grant-date fair value of stock option awards. The resulting compensation expense, net of expected forfeitures, for awards that are not performance-based is recognized on a straight-line basis over the service period of the award, which is generally three years for stock options. For stock options with performance-based vesting provisions, recognition of compensation expense, net of expected forfeitures, commences if and when the achievement of the performance criteria is deemed probable. The compensation expense, net of expected forfeitures, for performance-based stock options is recognized over the relevant performance period. Non-employee stock-based compensation is accounted for in accordance with the guidance of Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) Topic 505, Equity.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments — The guidance under FASB ASC Topic 825, Financial Instruments
Derivatives, Policy [Policy Text Block]	Derivative Instruments — The Company generally does not use derivative instruments to hedge exposures to cash flow or market risks. However, certain warrants to purchase common stock that do not meet the requirements for classification as equity, in accordance with the Derivatives and Hedging Topic of the FASB ASC, are classified as liabilities. In such instances, net-cash settlement is assumed for financial reporting purposes, even when the terms of the underlying contracts do not provide for a net-cash settlement. These warrants are considered derivative instruments because the agreements contain a certain type of cash settlement feature, “down-round” provisions whereby the number of shares for which the warrants are exercisable and/or the exercise price of the warrants is subject to change in the event of certain issuances of stock at prices below the then-effective exercise price of the warrants. The number of shares issuable under such warrants was 5,494,388
Going Concern Disclosure [Policy Text Block]	— In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern ASU 2014-15 applies to all entities and is effective for annual and interim reporting periods ending after December 15, 2016, with early adoption permitted. The Company does not expect that the adoption of this standard will have a material effect on its financial statements.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]	The following tables set forth the Company’s financial instruments carried at fair value using the lowest level of input applicable to each financial instrument as of June 30, 2015 and December 31, 2014: June 30, 2015 Level 1 Level 2 Level 3 Fair Value Liabilities: July 2010 Warrants $ — $ 100 $ — $ 100 February 2013 Public Offering Warrants — — 935,000 935,000 August 2014 Warrants — 3,949,440 — 3,949,440 Total $ — $ 3,949,540 $ 935,000 $ 4,884,540 December 31, 2014 Level 1 Level 2 Level 3 Fair Value Liabilities: July 2010 Warrants $ — $ 999 $ — $ 999 February 2013 Public Offering Warrants — — 1,127,500 1,127,500 August 2014 Warrants — 4,048,416 — 4,048,416 Total $ — $ 4,049,415 $ 1,127,500 $ 5,176,915
Schedule Of Changes In Fair Value Warrants Classified Level Three [Table Text Block]	The following table summarizes the changes in the fair market value of the Company’s warrants which are classified within the Level 3 fair value hierarchy. Twelve Months Six Months Ended Ended June 30, December 31, 2015 2014 Beginning balance – Fair value $ 1,127,500 $ 3,355,000 Gain on derivatives resulting from change in fair value (192,500) (2,227,500) Ending balance – Fair value $ 935,000 $ 1,127,500

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	The following table summarizes information with regard to outstanding warrants to purchase common stock as of June 30, 2015. Number of Shares Issuable Upon Exercise of Outstanding Exercise Offering Warrants Price Expiration Date August 2014 Public Offering (1) 5,040,011 $ 4.68 August 20, 2019 February 2013 Public Offering (1) 550,000 3.75 February 20, 2018 February 2013 Public Offering – Placement Agents 38,496 12.50 February 4, 2018 November 2012 Private Placement 50,000 25.00 November 2, 2017 June 2012 Public Offering 149,069 25.00 June 13, 2017 December 2011 Underwritten Offering 462,411 12.00 December 6, 2016 April 2011 Private Placement 302,922 15.00 March 31, 2016 July 2010 Warrants (1) 1,365 3.75 July 27, 2015 July 2010 warrants 5,252 321.30 July 27, 2015 July and December 2010 warrants 4,570 1,989.00 - 2019.60 December 31, 2015 Total 6,604,096 (1) These warrants have a certain type of cash settlement feature or their exercise prices or the number of shares for which the warrants may be exercised are subject to adjustment for “down-rounds” and the warrants have been accounted for as derivative instruments as described in Note 2, with the exception of 96,988 warrants issued to the underwriter in August 2014, which did not include the cash settlement feature.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]	The following table summarizes amounts charged to expense for stock-based compensation related to employee and director stock option grants and recorded in connection with stock options granted to non-employee consultants: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Employee and director stock option grants: Research and development $ 40,296 $ 47,274 $ 83,653 $ 110,701 General and administrative 29,101 176,581 174,436 360,965 Restructuring — 47,853 — 47,853 69,397 271,708 258,089 519,519 Non-employee consultant stock option grants: Research and development 2,358 1,982 5,456 16,697 Total stock-based compensation $ 71,755 $ 273,690 $ 263,545 $ 536,216
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	The following table summarizes weighted-average values and assumptions used for options granted to employees, directors and consultants in the periods indicated: Six Months Six Months Ended Ended June 30, 2015 June 30, 2014 Volatility 105-107 % 108 % Risk-free interest rate 1.70-1.95 % 1.76 % Expected life (years) 6.0 6.0 Dividend 0 % 0 % Weighted-average exercise price $ 2.65-2.69 $ 7.40 Weighted-average grant-date fair value $ 2.17-2.20 $ 6.20
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	A summary of stock option activity is as follows: Weighted Number of Average Shares Issuable Remaining Upon Exercise Weighted Contracted Aggregate of Outstanding Average Term in Intrinsic Options Exercise Price Years Value Outstanding at December 31, 2014 719,466 $ 15.59 Granted 510,200 $ 2.65 Canceled 105,072 $ 27.22 Forfeited 229,475 $ 9.29 Outstanding at June 30, 2015 895,119 $ 8.47 Vested, June 30, 2015 315,203 $ 18.14 5.33 $ 7,969 Unvested, June 30, 2015 579,916 $ 3.21 9.73 $ 110,269 Exercisable at June 30, 2015 315,203 $ 18.14 5.33 $ 7,969

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	The following potentially dilutive securities have been excluded from the computation of diluted net loss per share since their inclusion would be antidilutive: Three and Six Months Ended June 30, 2015 2014 Warrants 6,604,096 1,964,085 Stock options 895,119 619,663 Convertible debt — 400,000

NATURE OF BUSINESS, ORGANIZAT20

NATURE OF BUSINESS, ORGANIZATION AND GOING CONCERN (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Net Income (Loss) Attributable to Parent, Total	$ 2,286,550	$ 2,085,836	$ 4,587,706	$ 5,029,249
Certificates of Deposit, at Carrying Value	$ 55,000		$ 55,000		$ 55,000
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options	5,494,388		5,494,388		5,494,388

FAIR VALUE (Details)

FAIR VALUE (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Liabilities:
Warrants	$ 4,884,540	$ 5,176,915
February 2013 Public Offering Warrants [Member]
Liabilities:
Warrants	935,000	1,127,500
July 2010 Warrants [Member]
Liabilities:
Warrants	100	999
August 2014 Warrants [Member]
Liabilities:
Warrants	3,949,440	4,048,416
Fair Value, Inputs, Level 1 [Member]
Liabilities:
Warrants	0	0
Fair Value, Inputs, Level 1 [Member] | February 2013 Public Offering Warrants [Member]
Liabilities:
Warrants	0	0
Fair Value, Inputs, Level 1 [Member] | July 2010 Warrants [Member]
Liabilities:
Warrants	0	0
Fair Value, Inputs, Level 1 [Member] | August 2014 Warrants [Member]
Liabilities:
Warrants	0	0
Fair Value, Inputs, Level 2 [Member]
Liabilities:
Warrants	3,949,540	4,049,415
Fair Value, Inputs, Level 2 [Member] | February 2013 Public Offering Warrants [Member]
Liabilities:
Warrants	0	0
Fair Value, Inputs, Level 2 [Member] | July 2010 Warrants [Member]
Liabilities:
Warrants	100	999
Fair Value, Inputs, Level 2 [Member] | August 2014 Warrants [Member]
Liabilities:
Warrants	3,949,440	4,048,416
Fair Value, Inputs, Level 3 [Member]
Liabilities:
Warrants	935,000	1,127,500
Fair Value, Inputs, Level 3 [Member] | February 2013 Public Offering Warrants [Member]
Liabilities:
Warrants	935,000	1,127,500
Fair Value, Inputs, Level 3 [Member] | July 2010 Warrants [Member]
Liabilities:
Warrants	0	0
Fair Value, Inputs, Level 3 [Member] | August 2014 Warrants [Member]
Liabilities:
Warrants	$ 0	$ 0

FAIR VALUE (Details 1)

FAIR VALUE (Details 1) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Gain on derivatives resulting from change in fair value	$ 4,124	$ 573,751	$ 292,375	$ 518,806
Fair Value, Inputs, Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance - Fair value			1,127,500	$ 3,355,000	$ 3,355,000
Gain on derivatives resulting from change in fair value			(192,500)		(2,227,500)
Ending balance - Fair value	$ 935,000		$ 935,000		$ 1,127,500

FAIR VALUE (Details Textual)

FAIR VALUE (Details Textual) - shares		6 Months Ended	12 Months Ended
		Jun. 30, 2015	Dec. 31, 2014	Aug. 31, 2014	Feb. 28, 2013	Jul. 31, 2010
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Assumptions, Risk Free Interest Rate		0.88%
Fair Value Assumptions, Expected Volatility Rate		90.00%
Fair Value Assumptions, Expected Term		2 years 7 months 20 days
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		6,604,096
February 2013 Public Offering Warrants [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class of Warrant or Right, Outstanding					550,000
August 2014 Public Offering Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number Of Warrants Issued				4,943,023
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Assumptions, Risk Free Interest Rate			2.63%
Fair Value Assumptions, Expected Volatility Rate			115.00%
Fair Value Assumptions, Expected Term			3 years 10 months 20 days
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Assumptions, Risk Free Interest Rate			1.07%
Fair Value Assumptions, Expected Volatility Rate			100.00%
Fair Value Assumptions, Expected Term			3 years 1 month 20 days
July 2010 Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	[1]	1,365
July 2010 Warrants [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights						1,365
[1]	These warrants have a certain type of cash settlement feature or their exercise prices or the number of shares for which the warrants may be exercised are subject to adjustment for “down-rounds” and the warrants have been accounted for as derivative instruments as described in Note 2, with the exception of 96,988 warrants issued to the underwriter in August 2014, which did not include the cash settlement feature.

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - Jun. 30, 2015 - Debt Instrument, Name [Domain] - $ / shares		Total
Class of Warrant or Right [Line Items]
Number Of Shares Issuable Upon Exercise Of Outstanding Warrants (in shares)		6,604,096
July 2010 Warrants [Member]
Class of Warrant or Right [Line Items]
Number Of Shares Issuable Upon Exercise Of Outstanding Warrants (in shares)	[1]	1,365
Exercise Price (in dollars per share)	[1]	$ 3.75
Warrants Expiration Date	[1]	Jul. 27, 2015
July 2010 Warrants [Member]
Class of Warrant or Right [Line Items]
Number Of Shares Issuable Upon Exercise Of Outstanding Warrants (in shares)		5,252
Exercise Price (in dollars per share)		$ 321.30
Warrants Expiration Date		Jul. 27, 2015
July and December 2010 Warrants [Member]
Class of Warrant or Right [Line Items]
Number Of Shares Issuable Upon Exercise Of Outstanding Warrants (in shares)		4,570
Warrants Expiration Date		Dec. 31, 2015
July and December 2010 Warrants [Member] | Minimum [Member]
Class of Warrant or Right [Line Items]
Exercise Price (in dollars per share)		$ 1,989
July and December 2010 Warrants [Member] | Maximum [Member]
Class of Warrant or Right [Line Items]
Exercise Price (in dollars per share)		$ 2,019.60
August 2014 Public Offering [Member]
Class of Warrant or Right [Line Items]
Number Of Shares Issuable Upon Exercise Of Outstanding Warrants (in shares)	[1]	5,040,011
Exercise Price (in dollars per share)	[1]	$ 4.68
Warrants Expiration Date	[1]	Aug. 20, 2019
February 2013 Public Offering [Member]
Class of Warrant or Right [Line Items]
Number Of Shares Issuable Upon Exercise Of Outstanding Warrants (in shares)	[1]	550,000
Exercise Price (in dollars per share)	[1]	$ 3.75
Warrants Expiration Date	[1]	Feb. 20, 2018
February 2013 Public Offering - Placement Agents [Member]
Class of Warrant or Right [Line Items]
Number Of Shares Issuable Upon Exercise Of Outstanding Warrants (in shares)		38,496
Exercise Price (in dollars per share)		$ 12.50
Warrants Expiration Date		Feb. 4, 2018
November 2012 Private Placement [Member]
Class of Warrant or Right [Line Items]
Number Of Shares Issuable Upon Exercise Of Outstanding Warrants (in shares)		50,000
Exercise Price (in dollars per share)		$ 25
Warrants Expiration Date		Nov. 2, 2017
June 2012 Public Offering [Member]
Class of Warrant or Right [Line Items]
Number Of Shares Issuable Upon Exercise Of Outstanding Warrants (in shares)		149,069
Exercise Price (in dollars per share)		$ 25
Warrants Expiration Date		Jun. 13, 2017
December 2011 Underwritten Offering [Member]
Class of Warrant or Right [Line Items]
Number Of Shares Issuable Upon Exercise Of Outstanding Warrants (in shares)		462,411
Exercise Price (in dollars per share)		$ 12
Warrants Expiration Date		Dec. 6, 2016
April 2011 Private Placement [Member]
Class of Warrant or Right [Line Items]
Number Of Shares Issuable Upon Exercise Of Outstanding Warrants (in shares)		302,922
Exercise Price (in dollars per share)		$ 15
Warrants Expiration Date		Mar. 31, 2016
[1]	These warrants have a certain type of cash settlement feature or their exercise prices or the number of shares for which the warrants may be exercised are subject to adjustment for “down-rounds” and the warrants have been accounted for as derivative instruments as described in Note 2, with the exception of 96,988 warrants issued to the underwriter in August 2014, which did not include the cash settlement feature.

STOCKHOLDERS' EQUITY (Details T

STOCKHOLDERS' EQUITY (Details Textual) - Range [Domain] - Sale of Stock, Name of Transaction [Domain] - USD ($)	1 Months Ended
	Aug. 20, 2014	Jun. 30, 2015
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		6,604,096
Proceeds from Issuance or Sale of Equity	$ 13,475,832
Proceeds from (Repurchase of) Equity	11,877,143
Payments of Stock Issuance Costs	$ 1,598,689
Underwriter [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	96,988
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 4.6875
Warrants and Rights Outstanding	$ 275,000
August 2014 Debenture [Member]
Class of Warrant or Right [Line Items]
Share Price	$ 3.76
Debt Instrument, Face Amount	$ 4,000,000
Interest Payable	$ 172,435
Debt Instrument, Interest Rate, Stated Percentage	8.00%
Warrant [Member]
Class of Warrant or Right [Line Items]
Share Price	$ 0.01
Common Stock [Member]
Class of Warrant or Right [Line Items]
Stock Issued During Period, Shares, New Issues	3,583,333
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	3,833,333
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 4.68
Share Price	$ 3.75
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date	6.40%
Common Stock [Member] | August 2014 Underwritten Offering [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	1,109,690
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 4.68
Debt Conversion, Converted Instrument, Shares Issued	1,109,690

NOTES PAYABLE (Details Textual)

NOTES PAYABLE (Details Textual) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Notes Payable, Noncurrent, Total	$ 208,925	$ 330,077
Secured Debt [Member]
Line of Credit Facility [Line Items]
Notes Payable, Noncurrent, Total	$ 450,000

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Line Items]
Total stock-based compensation	$ 71,755	$ 273,690	$ 263,545	$ 536,216
Employee and Director Stock Option Grants [Member]
Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Line Items]
Total stock-based compensation	69,397	271,708	258,089	519,519
Employee and Director Stock Option Grants [Member] | Research and Development [Member]
Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Line Items]
Total stock-based compensation	40,296	47,274	83,653	110,701
Employee and Director Stock Option Grants [Member] | General and Administrative [Member]
Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Line Items]
Total stock-based compensation	29,101	176,581	174,436	360,965
Employee and Director Stock Option Grants [Member] | Restructuring Costs [Member]
Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Line Items]
Total stock-based compensation	0	47,853	0	47,853
Non Employee Consultant Stock Option Grants [Member] | Research and Development [Member]
Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Line Items]
Total stock-based compensation	$ 2,358	$ 1,982	$ 5,456	$ 16,697

STOCK-BASED COMPENSATION (Det28

STOCK-BASED COMPENSATION (Details 1) - $ / shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility		108.00%
Risk-free interest rate		1.76%
Expected life (years)	6 years	6 years
Dividend	0.00%	0.00%
Weighted-average exercise price		$ 7.40
Weighted-average grant-date fair value		$ 6.20
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	105.00%
Risk-free interest rate	1.70%
Weighted-average exercise price	$ 2.65
Weighted-average grant-date fair value	$ 2.17
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	107.00%
Risk-free interest rate	1.95%
Weighted-average exercise price	$ 2.69
Weighted-average grant-date fair value	$ 2.20

STOCK-BASED COMPENSATION (Det29

STOCK-BASED COMPENSATION (Details 2) - Jun. 30, 2015 - USD ($)	Total
Share-based Compensation, Stock Options, Activity [Line Items]
Outstanding - Number of Shares Issuable Upon Exercise of Outstanding Options	719,466
Granted - Number of Shares Issuable Upon Exercise of Outstanding Options	510,200
Canceled - Number of Shares Issuable Upon Exercise of Outstanding Options	105,072
Forfeited - Number of Shares Issuable Upon Exercise of Outstanding Options	229,475
Outstanding - Number of Shares Issuable Upon Exercise of Outstanding Options	895,119
Vested - Number of Shares Issuable Upon Exercise of Outstanding Options	315,203
Unvested - Number of Shares Issuable Upon Exercise of Outstanding Options	579,916
Exercisable - Number of Shares Issuable Upon Exercise of Outstanding Options	315,203
Outstanding - Weighted Average Exercise Price (in dollars per share)	$ 15.59
Granted - Weighted Average Exercise Price (in dollars per share)	2.65
Canceled - Weighted Average Exercise Price (in dollars per share)	27.22
Forfeited - Weighted Average Exercise Price (in dollars per share)	9.29
Outstanding - Weighted Average Exercise Price (in dollars per share)	8.47
Vested - Weighted Average Exercise Price (in dollars per share)	18.14
Unvested - Weighted Average Exercise Price (in dollars per share)	3.21
Exercisable - Weighted Average Exercise Price (in dollars per share)	$ 18.14
Vested - Weighted Average Remaining Contracted Term in Years	5 years 3 months 29 days
Unvested - Weighted Average Remaining Contracted Term in Years	9 years 8 months 23 days
Exercisable - Weighted Average Remaining Contracted Term in Years	5 years 3 months 29 days
Vested - Aggregate Intrinsic Value (in dollars)	$ 7,969
Unvested - Aggregate Intrinsic Value (in dollars)	110,269
Exercisable - Aggregate Intrinsic Value (in dollars)	$ 7,969

STOCK-BASED COMPENSATION (Det30

STOCK-BASED COMPENSATION (Details Textual) - Jun. 30, 2015 - USD ($)	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	50,000
Employee Service Share Based Compensation Nonvested Total Compensation In Current Year	$ 335,000
Employee Service Share Based Compensation Nonvested Total Compensation In Year Two	459,000
Employee Service Share Based Compensation Nonvested Total Compensation In Year Three	$ 331,000
Share Based Compensation Arrangement By Share Based Payment Award Options Unvested and Expected To Vest Outstanding Number (in shares)	579,916
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 1,421,000
Employee Service Share Based Compensation Nonvested Total Compensation In Year Four	206,000
Employee Service Share Based Compensation Nonvested Total Compensation In Year Five	$ 90,000
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures Rate	0.00%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures Rate	2.00%

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - Convertible Debt [Member] - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	400,000	0	400,000
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	6,604,096	1,964,085	6,604,096	1,964,085
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	895,119	619,663	895,119	619,663

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual)	6 Months Ended
	Jun. 30, 2015USD ($)
Related Party Transaction [Line Items]
Amount Invoiced Under Clinical Trial Agreements	$ 417,813
Payment Towards Clinical Trial Agreements	$ 415,613