Cellectar Biosciences (CLRB) 10-Q 11 Aug 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 08, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
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		5,368,235

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 7,922,144	$ 3,857,791
Restricted cash	55,000	55,000
Prepaid expenses and other current assets	162,215	267,783
Total current assets	8,139,359	4,180,574
FIXED ASSETS, NET	1,551,217	1,728,471
GOODWILL	1,675,462	1,675,462
OTHER ASSETS	11,872	11,872
TOTAL ASSETS	11,377,910	7,596,379
CURRENT LIABILITIES:
Current maturities of notes payable	208,892	243,590
Accounts payable and accrued liabilities	816,763	675,924
Derivative liability	365,562	4,781,082
Capital lease obligations	2,584	2,449
Total current liabilities	1,393,801	5,703,045
LONG-TERM LIABILITIES:
Notes payable, less current maturities	0	86,632
Deferred rent	148,273	148,924
Capital lease obligation, less current portion	6,649	7,975
Total long-term liabilities	154,922	243,531
TOTAL LIABILITIES	1,548,723	5,946,576
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, 2016 and December 31, 2015	0	0
Common stock, $0.00001 par value; 40,000,000 shares authorized; 5,368,235 and 858,140 shares issued and outstanding as of June 30, 2016 and December 31, 2015, respectively	54	9
Additional paid-in capital	75,744,174	66,256,494
Accumulated deficit	(65,915,041)	(64,606,700)
Total stockholders’ equity	9,829,187	1,649,803
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 11,377,910	$ 7,596,379

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	Jun. 30, 2016	Dec. 31, 2015
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	5,368,235	858,140
Common stock, shares outstanding	5,368,235	858,140

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
COSTS AND EXPENSES:
Research and development	$ 965,184	$ 1,382,966	$ 2,004,638	$ 3,026,961
General and administrative	1,367,726	817,657	2,328,981	1,761,090
Restructuring costs	0	90,500	0	90,500
Total costs and expenses	2,332,910	2,291,123	4,333,619	4,878,551
LOSS FROM OPERATIONS	(2,332,910)	(2,291,123)	(4,333,619)	(4,878,551)
OTHER INCOME (EXPENSE):
Gain on revaluation of derivative warrants	198,370	4,124	3,023,092	292,375
Interest income (expense), net	1,637	449	2,187	(1,530)
Total other income (expense), net	200,007	4,573	3,025,279	290,845
NET LOSS	$ (2,132,903)	$ (2,286,550)	$ (1,308,340)	$ (4,587,706)
BASIC AND DILUTED NET LOSS PER COMMON SHARE (in dollar per share)	$ (0.49)	$ (3.02)	$ (0.50)	$ (6.07)
SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS PER COMMON SHARE (in shares)	4,328,303	756,276	2,617,341	756,276

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (1,308,340)	$ (4,587,706)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	181,461	180,736
Stock-based compensation expense	222,887	263,545
Loss on disposal of fixed assets	0	858
Gain on revaluation of derivative warrants	(3,023,092)	(292,375)
Changes in:
Accounts payable and accrued liabilities	140,838	(221,767)
Prepaid expenses and other current assets	66,999	102,022
Other assets and liabilities	(651)	1,079
Cash used in operating activities	(3,719,898)	(4,553,608)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets	(4,207)	(33,665)
Cash used in investing activities	(4,207)	(33,665)
CASH FLOWS FROM FINANCING ACTIVITIES:
Long-term debt payments	(121,330)	(325)
Proceeds from issuance of common stock, net of underwriting issuance costs	7,371,121	0
Cash paid for issuance costs	(150,633)	0
Proceeds from exercise of warrants	652,516	0
Reverse stock split fractional shares	(594)	0
Change in deferred issuance costs	38,569	0
Payments on capital lease obligations	(1,191)	(1,752)
Cash provided by (used in) financing activities	7,788,458	(2,077)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	4,064,353	(4,589,350)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	3,857,791	9,422,627
CASH AND CASH EQUIVALENTS AT END OF PERIOD	7,922,144	4,833,277
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest expense	2,753	22,594
Reclassification to equity for warrants that are no longer derivative instruments	$ 1,392,000	$ 0

NATURE OF BUSINESS, ORGANIZATIO

NATURE OF BUSINESS, ORGANIZATION AND GOING CONCERN	6 Months Ended
	Jun. 30, 2016
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 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, 2016, generated an operating loss of approximately $ 4,334,000 The accompanying condensed consolidated balance sheet as of December 31, 2015 has been derived from audited financial statements. The accompanying unaudited condensed consolidated balance sheet as of June 30, 2016, the condensed consolidated statements of operations for the three months and six months ended June 30, 2016 and 2015, the condensed consolidated statements of cash flows for the six months ended June 30, 2016 and 2015 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, 2016 and consolidated results of its operations for the three months and six months ended June 30, 2016 and 2015, and its cash flows for the six months ended June 30, 2016 and 2015. The results for the six months ended June 30, 2016 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/A for the fiscal year ended December 31, 2015, which was filed with the SEC on March 11, 2016, as amended on July 18, 2016. 55,000 Lived Assets Equity. Financial Instruments 533,065 747,592 Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern Leases (Topic 842)

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	2. FAIR VALUE 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 issued warrants to purchase an aggregate of 82,500 27,500 16,250 38,750 In August 2014, as part of an underwritten public offering, the Company issued 494,315 The Series A Warrants issued on October 1, 2015 were previously considered financial instruments; however, they were amended on April 20, 2016 in such a manner that they no longer contain a price protection clause, which was the characteristic that had initially resulted in their being accounted for as financial instruments. As a result, they are no longer classified as financial instruments, and have been reclassified to equity; therefore, they have been removed from the table below for the period ended June 30, 2016. The Series B Warrants issued on October 1, 2015 were all exercised by the holders during the three months ended June 30, 2016; therefore, they have been reclassified to equity and removed from financial instruments table presented below as of June 30, 2016 (see Note 3). June 30, 2016 Level 1 Level 2 Level 3 Fair Value Liabilities: February 2013 Public Offering Warrants $ — $ — $ 88,000 $ 88,000 August 2014 Warrants — 277,000 — 277,000 Total $ — $ 277,000 $ 88,000 $ 365,000 December 31, 2015 Level 1 Level 2 Level 3 Fair Value Liabilities: February 2013 Public Offering Warrants $ — $ — $ 209,000 $ 209,000 August 2014 Warrants — 2,714,000 — 2,714,000 October 2015 Warrants — — 1,858,000 1,858,000 Total $ — $ 2,714,000 $ 2,067,000 $ 4,781,000 To estimate the value of the February 2013 Public Offering Warrants considered to be derivative instruments, 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, volatility, remaining contractual term, future financing requirements and dividend rates. The future financing estimates are based on the Company’s estimates of anticipated cash requirements over the term of the warrants as well as the frequency of required financings based on its assessment of its historical financing trends and anticipated future events. Due to the nature of these inputs and the valuation technique utilized, these warrants are classified within the Level 3 hierarchy. Six Months Ended Twelve Months Ended Volatility 92.72-114.0% 87.3-90.0% Risk-free interest rate 0.53-0.73% 0.82-1.10% Expected life (years) 1.64-1.89 2.14-2.89 Dividend 0% 0% To estimate the value of the October 2015 Warrants that were considered to be derivative instruments, the Company used a modified option-pricing model together with assumptions that consider, among other variables, the fair value of the underlying stock, risk-free interest rate, volatility, the contractual term of the warrants, future financing requirements and dividend rates. The future financing estimates were based on the Company’s estimates of anticipated cash requirements over the term of the warrants as well as the frequency of required financings based on its assessment of its historical financing trends and anticipated future events. Due to the nature of these inputs and the valuation technique utilized, these warrants were also classified within the Level 3 hierarchy. Six Months Ended Twelve Months Ended Volatility 89.73% 97.57% Risk-free interest rate 1.65% 1.70% Expected life (years) 4.25 4.75 Dividend 0% 0% Six Months Ended Twelve Months Ended Beginning balance – Fair value $ 2,067,000 $ 1,127,500 Fair value of warrants issued in connection with the October 2015 offering — 3,272,000 Gain on derivatives resulting from change in fair value (587,000) (2,332,500) Reclassification to equity for warrants that are no longer derivative instruments (1,392,000) — Ending balance – Fair value $ 88,000 $ 2,067,000

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	3. STOCKHOLDERS’ EQUITY 2016 Underwritten Offering On April 15, 2016 the Company entered into an Underwriting Agreement with Ladenburg Thalmann & Co., Inc. in connection with the Company’s Registration Statement on Form S-1. Pursuant to the Underwriting Agreement, the Company agreed to sell to the Underwriter 1,378,364 1,908,021 3,286,385 492,957 492,957 2.13 2.12 0.01 3.04 On April 20, 2016 the Company closed on its underwritten public offering (the “2016 Underwritten Offering”) of 1,871,321 1,908,021 3,779,342 8.0 7.2 2016 Reverse Stock Split and Recapitalization 40,000,000 October 2015 Registered Direct Offering On October 1, 2015, the Company completed a registered direct offering of 101,727 48,274 22.00 In a concurrent private placement (the “2015 Private Placement” and, together with the 2015 Registered Offering, the “2015 Offerings”), the Company issued a Series A warrant (the “Series A Warrants” and, together with the Shares and the Pre-Funded Warrants, the “Securities”) to purchase one share of our common stock for each share of common stock purchased or pre-funded in the Registered Offering. The Series A Warrants cover, in the aggregate, 150,003 28.30 3,300,000 2,868,000 3,750 28.30 61,000 In connection with the entry into the purchase agreement, the Company and the purchasers entered into a registration rights agreement, which required the Company to file a registration statement to provide for the resale of the shares of Common Stock issuable upon the exercise of the Series A Warrants. The Company will also be required to file one or more registration statements from time to time to register the issuance or resale of any additional shares of Common Stock that may become issuable as a result of the Offerings. The Company will be obligated to use its commercially reasonable efforts to keep any registration statement effective until the earlier of (i) the date on which the shares of Common Stock subject to the registration statement may be sold without registration pursuant to Rule 144 under the Securities Act, or (ii) the date on which all of the shares of Common Stock subject to the registration statement have been sold under the registration statement or pursuant to Rule 144 under the Securities Act or any other rule of similar effect. Warrant Restructuring On April 13, 2016, the Company entered into an exchange and amendment agreement (the “Warrant Restructuring Agreement”) pursuant to which the Company agreed to exchange the 2015 Pre-Funded Warrants relating to 48,274 1,062,000 Pursuant to the Warrant Restructuring Agreement, the Company also agreed with the holders of 2015 Series A Warrants that upon the consummation of the 2016 Underwritten Offering, the exercise price of the 2015 Series A Warrants would be reduced to the public offering price per share of the shares of common stock sold in this offering and that the warrants would be amended such that the exercise price would no longer be subject to adjustment in connection with future equity offerings we may undertake. On April 20, 2016, the Company issued to each of those holders, pursuant to the amendment, a new warrant to purchase 300,006 2.13 As a result of the amendment to the 2015 Series A Warrant agreement eliminating any future price adjustment potential in the 2015 Series A Warrants, and the settlement of the 2015 Series B Warrants due to their having been exercised, the fair value of these warrants on the date of amendment or settlement, respectively, has been reclassified to equity. Registration Rights In connection with securities purchase agreements the Company is required to keep the related registration statements continuously effective under the Securities Act of 1933, as amended (the “Securities Act”), until the earlier of the date when all the registrable securities covered by the registration statement have been sold or such time as all the registrable securities covered by the registration statement can be sold under Rule 144 without any volume limitations. The Company will be allowed to suspend the use of the registration statement for not more than 30 consecutive days on not more than two occasions in any 12-month period (the “Allowed Delay”). If the Company suspends the use of the registration for longer than the Allowed Delay, it may be required to pay to the purchasers liquidated damages equal to 1.5 5 Additionally, in connection with registered offerings of common stock and warrants the Company has entered into certain securities purchase agreements which require the Company to use commercially reasonable efforts to keep the applicable registration statements effective for the issuance of shares of common stock pursuant to the exercise of warrants issued in the offering as long as the warrants remain outstanding. Common Stock Warrants Offering Number of Shares Exercise Expiration Date April 2016 Underwritten Registered A Warrants 3,626,942 $ 3.04 August 20, 2021 October 2015 Incremental Series A Warrants 300,006 2.13 October 20, 2021 October 2015 Registered Direct Series A Warrants 86,365 2.13 April 1, 2021 October 2015 Placement Agent 3,750 28.30 October 1, 2020 August 2014 Public (1) 504,019 46.80 August 20, 2019 February 2013 Public Offering (2) 38,750 2.13 February 20, 2018 February 2013 Placement Agents 3,854 125.00 February 4, 2018 November 2012 Private Placement 5,000 250.00 November 2, 2017 June 2012 Public Offering 14,910 250.00 June 13, 2017 December 2011 Underwritten Offering 46,246 120.00 December 6, 2016 Total 4,629,842 (1) These warrants have a certain type of cash settlement feature and the warrants have been accounted for as derivative instruments as described in Note 3, with the exception of 9,704 (2) These warrants’ exercise prices are subject to adjustment for “down-rounds” and the warrants have been accounted for as derivative instruments as described in Note 3.

NOTES PAYABLE

NOTES PAYABLE	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Notes Payable Disclosure [Text Block]	4. NOTES PAYABLE The notes payable balance at June 30, 2016 consists of two notes with original principal amounts that totaled $ 450,000

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Accounting for Stock-Based Compensation Three Months Ended Six Months Ended 2016 2015 2016 2015 Employee and director stock option grants: Research and development $ 13,335 $ 40,296 $ 24,370 $ 83,653 General and administrative 106,606 29,101 198,855 174,436 119,941 69,397 223,225 258,089 Non-employee consultant stock option grants: Research and development 28 2,358 (338) 5,456 Total stock-based compensation $ 119,969 $ 71,755 $ 222,887 $ 263,545 Assumptions Used In Determining Fair Value Valuation and amortization method Volatility. Risk-free interest rate Expected term Forfeitures 2 0 Six Months Ended Six Months Ended Volatility 109 % 105-107 % Risk-free interest rate 1.39 % 1.70-1.95 % Expected life (years) 6.0 6.0 Dividend 0 % 0 % Weighted-average exercise price $ 1.48 $ 2.65-2.69 Weighted-average grant-date fair value $ 1.19 $ 2.17-2.20 Exercise prices for all grants made during the six months ended June 30, 2016 were equal to the market value of the Company’s common stock on the date of grant. Stock Option Activity Number of Shares Issuable Upon Exercise of Weighted Average Exercise Price Weighted Average Remaining Contracted Aggregate Intrinsic Value Outstanding at December 31, 2015 70,933 $ 78.63 Granted 332,800 $ 1.48 Expired (4,085) $ 145.19 Forfeited (1,766) $ 140.86 Outstanding at June 30, 2016 397,882 $ 13.19 Vested, June 30, 2016 31,295 $ 121.37 6.40 $ — Unvested, June 30, 2016 366,587 $ 3.95 9.78 $ 652,288 Exercisable at June 30, 2016 31,295 $ 121.37 6.40 $ — 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. Shares of common stock issued upon the exercise of options are from authorized but unissued shares. As of June 30, 2016, there was approximately $ 1,128,000 258,000 400,000 333,000 137,000 359,327 88.67 3.21

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2016
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, 2016 or 2015 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, 2016
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, including warrants that are exercisable for little or no additional consideration. Diluted net loss per share is computed by dividing net loss, 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 months and six months ended June 30, 2016 and 2015, 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. Six Months Ended June 30, 2016 2015 Warrants 4,629,842 660,409 Stock options 397,882 89,511

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Legal Matters and Contingencies [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, 2016
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	9. RELATED PARTY TRANSACTIONS The Company’s former Chief Scientific Officer and principal founder of Cellectar, resigned after the end of the second quarter of 2016, continues to be a shareholder of the Company, and is a faculty member at our research partner the University of Wisconsin-Madison (“UW”). During the six months ended June 30, 2016, the Company incurred approximately $ 159,000 84,000

NATURE OF BUSINESS, ORGANIZAT15

NATURE OF BUSINESS, ORGANIZATION AND GOING CONCERN (Policies)	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash 55,000
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment of Long Lived Assets
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-Based Compensation Equity.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments Financial Instruments
Derivatives, Policy [Policy Text Block]	Derivative Instruments 533,065 747,592
Going Concern Disclosure [Policy Text Block]	Going Concern Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern
Lease, Policy [Policy Text Block]	Leases (Topic 842)

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 and December 31, 2015: June 30, 2016 Level 1 Level 2 Level 3 Fair Value Liabilities: February 2013 Public Offering Warrants $ — $ — $ 88,000 $ 88,000 August 2014 Warrants — 277,000 — 277,000 Total $ — $ 277,000 $ 88,000 $ 365,000 December 31, 2015 Level 1 Level 2 Level 3 Fair Value Liabilities: February 2013 Public Offering Warrants $ — $ — $ 209,000 $ 209,000 August 2014 Warrants — 2,714,000 — 2,714,000 October 2015 Warrants — — 1,858,000 1,858,000 Total $ — $ 2,714,000 $ 2,067,000 $ 4,781,000
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. Six Months Ended Twelve Months Ended Beginning balance – Fair value $ 2,067,000 $ 1,127,500 Fair value of warrants issued in connection with the October 2015 offering — 3,272,000 Gain on derivatives resulting from change in fair value (587,000) (2,332,500) Reclassification to equity for warrants that are no longer derivative instruments (1,392,000) — Ending balance – Fair value $ 88,000 $ 2,067,000
2013 Warrants [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]	The following table summarizes the modified option-pricing assumptions used: Six Months Ended Twelve Months Ended Volatility 92.72-114.0% 87.3-90.0% Risk-free interest rate 0.53-0.73% 0.82-1.10% Expected life (years) 1.64-1.89 2.14-2.89 Dividend 0% 0%
2015 Warrants [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]	As is noted above, none of the October 2015 Warrants are considered derivative instruments as of June 30 2016; however, they were outstanding for a portion of the current fiscal year, and the following table summarizes the modified option-pricing assumptions used during the period they were outstanding: Six Months Ended Twelve Months Ended Volatility 89.73% 97.57% Risk-free interest rate 1.65% 1.70% Expected life (years) 4.25 4.75 Dividend 0% 0%

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Reserved For Future Issuance Upon Exercise Of Stock Options And Warrants Or Conversion Of Debt Text Block [Table Text Block]	The following table summarizes information with regard to outstanding warrants to purchase common stock as of June 30, 2016. Offering Number of Shares Exercise Expiration Date April 2016 Underwritten Registered A Warrants 3,626,942 $ 3.04 August 20, 2021 October 2015 Incremental Series A Warrants 300,006 2.13 October 20, 2021 October 2015 Registered Direct Series A Warrants 86,365 2.13 April 1, 2021 October 2015 Placement Agent 3,750 28.30 October 1, 2020 August 2014 Public (1) 504,019 46.80 August 20, 2019 February 2013 Public Offering (2) 38,750 2.13 February 20, 2018 February 2013 Placement Agents 3,854 125.00 February 4, 2018 November 2012 Private Placement 5,000 250.00 November 2, 2017 June 2012 Public Offering 14,910 250.00 June 13, 2017 December 2011 Underwritten Offering 46,246 120.00 December 6, 2016 Total 4,629,842 (1) These warrants have a certain type of cash settlement feature and the warrants have been accounted for as derivative instruments as described in Note 3, with the exception of 9,704 (2) These warrants’ exercise prices are subject to adjustment for “down-rounds” and the warrants have been accounted for as derivative instruments as described in Note 3.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2016
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]	Three Months Ended Six Months Ended 2016 2015 2016 2015 Employee and director stock option grants: Research and development $ 13,335 $ 40,296 $ 24,370 $ 83,653 General and administrative 106,606 29,101 198,855 174,436 119,941 69,397 223,225 258,089 Non-employee consultant stock option grants: Research and development 28 2,358 (338) 5,456 Total stock-based compensation $ 119,969 $ 71,755 $ 222,887 $ 263,545
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Six Months Ended Six Months Ended Volatility 109 % 105-107 % Risk-free interest rate 1.39 % 1.70-1.95 % Expected life (years) 6.0 6.0 Dividend 0 % 0 % Weighted-average exercise price $ 1.48 $ 2.65-2.69 Weighted-average grant-date fair value $ 1.19 $ 2.17-2.20
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	A summary of stock option activity is as follows: Number of Shares Issuable Upon Exercise of Weighted Average Exercise Price Weighted Average Remaining Contracted Aggregate Intrinsic Value Outstanding at December 31, 2015 70,933 $ 78.63 Granted 332,800 $ 1.48 Expired (4,085) $ 145.19 Forfeited (1,766) $ 140.86 Outstanding at June 30, 2016 397,882 $ 13.19 Vested, June 30, 2016 31,295 $ 121.37 6.40 $ — Unvested, June 30, 2016 366,587 $ 3.95 9.78 $ 652,288 Exercisable at June 30, 2016 31,295 $ 121.37 6.40 $ —

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2016
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: Six Months Ended June 30, 2016 2015 Warrants 4,629,842 660,409 Stock options 397,882 89,511

NATURE OF BUSINESS, ORGANIZAT20

NATURE OF BUSINESS, ORGANIZATION AND GOING CONCERN (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Net Income (Loss) Attributable to Parent, Total	$ 2,132,903	$ 2,286,550	$ 1,308,340	$ 4,587,706
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	533,065		533,065		747,592

FAIR VALUE (Details)

FAIR VALUE (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Liabilities:
Warrants	$ 365,562	$ 4,781,082
February 2013 Public Offering Warrants [Member]
Liabilities:
Warrants	88,000	209,000
August 2014 Warrants [Member]
Liabilities:
Warrants	277,000	2,714,000
October 2015 Warrants [Member]
Liabilities:
Warrants		1,858,000
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] | August 2014 Warrants [Member]
Liabilities:
Warrants	0	0
Fair Value, Inputs, Level 1 [Member] | October 2015 Warrants [Member]
Liabilities:
Warrants		0
Fair Value, Inputs, Level 2 [Member]
Liabilities:
Warrants	277,000	2,714,000
Fair Value, Inputs, Level 2 [Member] | February 2013 Public Offering Warrants [Member]
Liabilities:
Warrants	0	0
Fair Value, Inputs, Level 2 [Member] | August 2014 Warrants [Member]
Liabilities:
Warrants	277,000	2,714,000
Fair Value, Inputs, Level 2 [Member] | October 2015 Warrants [Member]
Liabilities:
Warrants		0
Fair Value, Inputs, Level 3 [Member]
Liabilities:
Warrants	88,000	2,067,000
Fair Value, Inputs, Level 3 [Member] | February 2013 Public Offering Warrants [Member]
Liabilities:
Warrants	88,000	209,000
Fair Value, Inputs, Level 3 [Member] | August 2014 Warrants [Member]
Liabilities:
Warrants	$ 0	0
Fair Value, Inputs, Level 3 [Member] | October 2015 Warrants [Member]
Liabilities:
Warrants		$ 1,858,000

FAIR VALUE (Details 1)

FAIR VALUE (Details 1) - 2013 Warrants [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Dividend	0.00%	0.00%
Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Volatility	114.00%	90.00%
Risk-free interest rate	0.73%	1.10%
Expected life (years)	1 year 10 months 20 days	2 years 10 months 20 days
Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Volatility	92.72%	87.30%
Risk-free interest rate	0.53%	0.82%
Expected life (years)	1 year 7 months 20 days	2 years 1 month 20 days

FAIR VALUE (Details 2)

FAIR VALUE (Details 2) - 2015 Warrants [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Volatility	89.73%	97.57%
Risk-free interest rate	1.65%	1.70%
Expected life (years)	4 years 3 months	4 years 9 months
Dividend	0.00%	0.00%

FAIR VALUE (Details 3)

FAIR VALUE (Details 3) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Gain on derivatives resulting from change in fair value	$ 198,370	$ 4,124	$ 3,023,092	$ 292,375
Fair Value, Inputs, Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance - Fair value			2,067,000	$ 1,127,500	$ 1,127,500
Fair value of warrants issued in connection with the October 2015 offering			0		3,272,000
Gain on derivatives resulting from change in fair value			(587,000)		(2,332,500)
Reclassification to equity for warrants that are no longer derivative instruments			(1,392,000)		0
Ending balance - Fair value	$ 88,000		$ 88,000		$ 2,067,000

FAIR VALUE (Details Textual)

FAIR VALUE (Details Textual) - shares	1 Months Ended	6 Months Ended
	Feb. 20, 2014	Jun. 30, 2016	Feb. 28, 2013
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		4,629,842
Number Of Warrants Exercised		16,250
February 2013 Public Offering 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			82,500
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Expirations	27,500
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	38,750
August 2014 Public Offering 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		494,315

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details)	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Class of Warrant or Right [Line Items]
Number of Shares Issuable Upon Exercise of Outstanding Warrants (in shares)	4,629,842
April 2016 Underwritten Registered Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Shares Issuable Upon Exercise of Outstanding Warrants (in shares)	3,626,942
Exercise Price (in dollars per share) | $ / shares	$ 3.04
Warrants Expiration Date	Aug. 20, 2021
October 2015 Incremental Series A Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Shares Issuable Upon Exercise of Outstanding Warrants (in shares)	300,006
Exercise Price (in dollars per share) | $ / shares	$ 2.13
Warrants Expiration Date	Oct. 20, 2021
October 2015 Registered Direct Series A Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Shares Issuable Upon Exercise of Outstanding Warrants (in shares)	86,365
Exercise Price (in dollars per share) | $ / shares	$ 2.13
Warrants Expiration Date	Apr. 1, 2021
October 2015 Placement Agent [Member]
Class of Warrant or Right [Line Items]
Number of Shares Issuable Upon Exercise of Outstanding Warrants (in shares)	3,750
Exercise Price (in dollars per share) | $ / shares	$ 28.3
Warrants Expiration Date	Oct. 1, 2020
August 2014 Public Offering [Member]
Class of Warrant or Right [Line Items]
Number of Shares Issuable Upon Exercise of Outstanding Warrants (in shares)	504,019	[1]
Exercise Price (in dollars per share) | $ / shares	$ 46.8	[1]
Warrants Expiration Date	Aug. 20, 2019	[1]
February 2013 Public Offering [Member]
Class of Warrant or Right [Line Items]
Number of Shares Issuable Upon Exercise of Outstanding Warrants (in shares)	38,750	[2]
Exercise Price (in dollars per share) | $ / shares	$ 2.13	[2]
Warrants Expiration Date	Feb. 20, 2018	[2]
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)	3,854
Exercise Price (in dollars per share) | $ / shares	$ 125
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)	5,000
Exercise Price (in dollars per share) | $ / shares	$ 250
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)	14,910
Exercise Price (in dollars per share) | $ / shares	$ 250
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)	46,246
Exercise Price (in dollars per share) | $ / shares	$ 120
Warrants Expiration Date	Dec. 6, 2016
[1]	These warrants have a certain type of cash settlement feature and the warrants have been accounted for as derivative instruments as described in Note 3, with the exception of 9,704 warrants issued to the underwriter.
[2]	These warrants’ exercise prices are subject to adjustment for “down-rounds” and the warrants have been accounted for as derivative instruments as described in Note 3.

STOCKHOLDERS' EQUITY (Details T

STOCKHOLDERS' EQUITY (Details Textual) - USD ($)	May 04, 2016	Feb. 08, 2016	Oct. 01, 2015	Apr. 20, 2016	Apr. 15, 2016	Jun. 30, 2016	Apr. 13, 2016	Dec. 31, 2015
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights						4,629,842
Percentage Of Liquidated Damages Per Month						5.00%
Common Stock, Shares Authorized		40,000,000				40,000,000		40,000,000
Stockholders' Equity, Reverse Stock Split	1-for-10 reverse split	At a special meeting held on February 8, 2016, the Companys stockholders approved an amendment to the Companys certificate of incorporation to effect a reverse split of the Companys common stock at a ratio between 1:5 to 1:10 in order to ensure that adequate authorized but unissued shares would be available for anticipated future financings, and to satisfy requirements for the continued listing of the Companys common stock on the NASDAQ Capital Market. In addition, the proposal approved by the stockholders provided that if the reverse split was effected, the number of shares of common stock that the Company is authorized to issue remained unchanged at 40,000,000. The Companys stockholders further authorized the board of directors to determine the ratio at which the reverse split would be effected by filing an appropriate amendment to the Companys certificate of incorporation. The board of directors authorized the ratio of the reverse split and corresponding reduction in authorized shares on February 24, 2016, and effective at the close of business on March 4, 2016, the Companys certificate of incorporation was amended to effect a 1-for-10 reverse split of the Companys common stock (the 2016 Reverse Split). All share and per share numbers included in these consolidated financial statements give effect to the 2016 Reverse Split.
Registered Direct Offering Shares Of Common Stock			101,727
Gross Proceeds From Offering						$ 3,300,000
Net Proceeds From Offering						2,868,000
Preferred Stock Value						$ 0		$ 0
Underwritten Offering 2016 [Member]
Class of Warrant or Right [Line Items]
Stock Issued During Period, Shares, New Issues				1,871,321
Class of Warrant or Right, Exercise Price of Warrants or Rights							$ 2.13
Stock Issued During Period, Value, New Issues				$ 8,000,000
Proceeds from Issuance Initial Public Offering				$ 7,200,000
Series A Pre-Funded Warrant [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding					3.04
Warrants Issued To Purchase Common Stock, Shares				1,908,021	1,908,021
Public Offering Price Per Share Of Shares And Warrants					$ 2.13
Series B Pre-Funded Warrant [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 0.01
Warrants Issued To Purchase Common Stock, Shares				3,779,342	3,286,385
Public Offering Price Per Share Of Shares And Warrants					$ 2.12
Series Z Convertible Preferred Stock [Member]
Class of Warrant or Right [Line Items]
Preferred Stock Value							$ 1,062,000
Conversion of Stock, Shares Issued					492,957
Ladenburg Thalmann [Member]
Class of Warrant or Right [Line Items]
Stock Issued During Period, Shares, New Issues					1,378,364
Private Placement [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights						3,750
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 28.30
Warrants and Rights Outstanding						$ 61,000
Over-Allotment Option [Member] | Series A Pre-Funded Warrant [Member]
Class of Warrant or Right [Line Items]
Warrants Issued To Purchase Common Stock, Shares					492,957
Minimum [Member]
Class of Warrant or Right [Line Items]
Percentage Of Liquidated Damages Per Month						1.50%
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						9,704
Common Stock [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights							48,274
Series B warrant [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			48,274
Offering Price Per Share			$ 22
Series A Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights						300,006
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 28.30
Series A Warrants [Member] | Private Placement [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights						150,003

NOTES PAYABLE (Details Textual)

NOTES PAYABLE (Details Textual) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Line of Credit Facility [Line Items]
Notes Payable, Noncurrent, Total	$ 0	$ 86,632
Notes Payable [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.00%
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, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Line Items]
Total stock-based compensation	$ 119,969	$ 71,755	$ 222,887	$ 263,545
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	119,941	69,397	223,225	258,089
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	13,335	40,296	24,370	83,653
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	106,606	29,101	198,855	174,436
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	$ 28	$ 2,358	$ (338)	$ 5,456

STOCK-BASED COMPENSATION (Det30

STOCK-BASED COMPENSATION (Details 1) - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	109.00%
Risk-free interest rate	1.39%
Expected life (years)	6 years	6 years
Dividend	0.00%	0.00%
Weighted-average exercise price	$ 1.48
Weighted-average grant-date fair value	$ 1.19
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 (Det31

STOCK-BASED COMPENSATION (Details 2)	6 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares
Share-based Compensation, Stock Options, Activity [Line Items]
Outstanding - Number of Shares Issuable Upon Exercise of Outstanding Options | shares	70,933
Granted - Number of Shares Issuable Upon Exercise of Outstanding Options | shares	332,800
Expired- Number of Shares Issuable Upon Exercise of Outstanding Options | shares	(4,085)
Forfeited - Number of Shares Issuable Upon Exercise of Outstanding Options | shares	(1,766)
Outstanding - Number of Shares Issuable Upon Exercise of Outstanding Options | shares	397,882
Vested - Number of Shares Issuable Upon Exercise of Outstanding Options | shares	31,295
Unvested - Number of Shares Issuable Upon Exercise of Outstanding Options | shares	366,587
Exercisable - Number of Shares Issuable Upon Exercise of Outstanding Options | shares	31,295
Outstanding - Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 78.63
Granted - Weighted Average Exercise Price (in dollars per share) | $ / shares	1.48
Expired- Weighted Average Exercise Price (in dollars per share) | $ / shares	145.19
Forfeited - Weighted Average Exercise Price (in dollars per share) | $ / shares	140.86
Outstanding - Weighted Average Exercise Price (in dollars per share) | $ / shares	13.19
Vested - Weighted Average Exercise Price (in dollars per share) | $ / shares	121.37
Unvested - Weighted Average Exercise Price (in dollars per share) | $ / shares	3.95
Exercisable - Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 121.37
Vested - Weighted Average Remaining Contracted Term in Years	6 years 4 months 24 days
Unvested - Weighted Average Remaining Contracted Term in Years	9 years 9 months 11 days
Exercisable - Weighted Average Remaining Contracted Term in Years	6 years 4 months 24 days
Vested - Aggregate Intrinsic Value (in dollars) | $	$ 0
Unvested - Aggregate Intrinsic Value (in dollars) | $	652,288
Exercisable - Aggregate Intrinsic Value (in dollars) | $	$ 0

STOCK-BASED COMPENSATION (Det32

STOCK-BASED COMPENSATION (Details Textual) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share Based Compensation Nonvested Total Compensation In Current Year	$ 258,000
Employee Service Share Based Compensation Nonvested Total Compensation In Year Two	400,000
Employee Service Share Based Compensation Nonvested Total Compensation In Year Three	333,000
Employee Service Share Based Compensation Nonvested Total Compensation In Year Four	137,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 1,128,000
Weighted-Average Grant-Date Fair Value Of Vested Options Outstanding (in dollars per share)	$ 88.67
Weighted Average Grant Date Fair Value Of Unvested Options Outstanding (in dollars per share)	$ 3.21
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares	359,327
Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual Forfeiture Rate Percentage	2.00%	2.00%
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual Forfeiture Rate Percentage	0.00%	0.00%

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - Convertible Debt [Member] - shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4,629,842	660,409
Stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	397,882	89,511

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual)	6 Months Ended
	Jun. 30, 2016USD ($)
Related Party Transaction [Line Items]
Payment Towards Clinical Trial Agreements	$ 159,000
University Of Wisconsin Madison [Member]
Related Party Transaction [Line Items]
Due to Related Parties, Current	$ 84,000