Celator Pharmaceuticals (CPXX) 10-Q 11 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 10, 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	Celator Pharmaceuticals Inc
Entity Central Index Key	1,327,467
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	CPXX
Entity Common Stock, Shares Outstanding		33,799,539

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 28,481,204	$ 32,413,777
Restricted cash	192,126	194,561
Other receivables	925,869	21,102
Prepaid expenses and deposits	589,345	482,472
Other current assets	433,270	458,278
Total current assets	30,621,814	33,570,190
Property and equipment, net	940,218	1,004,412
Other assets	554,888	544,501
Total assets	32,116,920	35,119,103
Current liabilities:
Current portion of debt	3,054,749	284,961
Accounts payable	1,079,592	723,765
Accrued liabilities	2,086,308	1,735,420
Current portion of deferred revenue	316,742	542,986
Total current liabilities	6,537,391	3,287,132
Deferred revenue	0	45,249
Deferred rent	40,971	45,408
Loan payable	12,156,380	9,836,256
Total liabilities	18,734,742	13,214,045
Stockholders' equity
Preferred stock Authorized 20,000,000 shares, par value $0.001	0	0
Common stock Authorized 200,000,000 shares, par value $0.001 Issued and outstanding 33,799,539 and 33,681,355 shares as of June 30, 2015 and December 31, 2014, respectively	33,800	33,681
Warrants	1,083,193	1,083,193
Additional paid-in capital	172,459,213	171,289,703
Accumulated other comprehensive loss	(1,133,266)	(1,133,266)
Accumulated deficit	(159,060,762)	(149,368,253)
Total stockholders' equity	13,382,178	21,905,058
Total liabilities and stockholders' equity	$ 32,116,920	$ 35,119,103

Consolidated Balance Sheets _Pa

Consolidated Balance Sheets [Parenthetical] - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Preferred Stock, Shares Authorized	20,000,000	20,000,000
peferred stock, par valur (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized shares	200,000,000	200,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, issued shares	33,799,539	33,681,355
Common stock, outstanding shares	33,799,539	33,681,355

Consolidated Statements of Loss

Consolidated Statements of Loss - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Expenses
Research and development	$ 3,453,131	$ 2,936,114	$ 6,161,142	$ 5,903,967
Leukemia & Lymphoma Society funding	(1,035,746)	(135,746)	(1,171,493)	(771,493)
General and administrative	2,014,534	1,729,101	3,775,983	3,617,368
Amortization and depreciation	49,394	48,353	98,322	96,088
Operating loss	(4,481,313)	(4,577,822)	(8,863,954)	(8,845,930)
Other income (expenses)
Foreign exchange loss	(21,902)	(14,605)	(12,263)	(26,313)
Interest and miscellaneous income	3,111	1,942	6,252	4,257
Interest expense	(481,422)	(200,709)	(822,544)	(200,709)
Net loss	$ (4,981,526)	$ (4,791,194)	$ (9,692,509)	$ (9,068,695)
Net loss per share
Basic and diluted (in dollars per share)	$ (0.15)	$ (0.18)	$ (0.29)	$ (0.35)
Weighted average of common shares outstanding
Basic and diluted (in shares)	33,772,583	26,078,532	33,738,923	26,058,131

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - 6 months ended Jun. 30, 2015 - USD ($)	Total	Common Stock [Member]	Warrants [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2014	$ 21,905,058	$ 33,681	$ 1,083,193	$ 171,289,703	$ (1,133,266)	$ (149,368,253)
Balance (in shares) at Dec. 31, 2014		33,681,355
Issued for cash on exercise of stock options	129,751	$ 58	0	129,693	0	0
Issued for cash on exercise of stock options (in shares)		57,667
Stock-based compensation	794,138	$ 0	0	794,138	0	0
Warrants issued	76,897	0	0	76,897	0	0
Stock issued for payment of accrued bonuses	168,843	$ 61	0	168,782	0	0
Stock issued for payment of accrued bonuses (in shares)		60,517
Net loss for the period	(9,692,509)	$ 0	0	0	0	(9,692,509)
Balance at Jun. 30, 2015	$ 13,382,178	$ 33,800	$ 1,083,193	$ 172,459,213	$ (1,133,266)	$ (159,060,762)
Balance (in shares) at Jun. 30, 2015		33,799,539

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - Equity Component [Domain] - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities
Net loss	$ (9,692,509)	$ (9,068,695)
Adjustments to reconcile net loss to net cash used in operating activities
Amortization and depreciation	98,322	96,088
Non-cash stock-based compensation expense	794,138	642,597
Non-cash financing costs	206,398	57,167
Changes in operating assets and liabilities
Other receivables	(904,767)	1,410,237
Prepaid expenses and deposits	(107,086)	(107,135)
Restricted cash	(19)	(25)
Other current assets	25,008	(410,667)
Accounts payable	362,407	(666,455)
Accrued liabilities	482,493	(83,059)
Deferred rent	(4,437)	(3,240)
Deferred revenue	(271,493)	(271,493)
Cash used in operating activities	(9,011,545)	(8,404,680)
Investing activities
Purchase of property and equipment	(34,128)	(3,995)
Cash used in investing activities	(34,128)	(3,995)
Financing activities
Proceeds from issuance of common stock and on options exercised	129,751	104,387
Proceeds from loans payable	5,000,000	9,827,216
Payment of debt issuance costs	0	(184,469)
Repayments of loans payable	0	0
Cash provided by financing activities	5,129,751	9,747,134
Effect of foreign exchange rate changes	(16,651)	(3,457)
Net change in cash	(3,932,573)	1,335,002
Cash and cash equivalents, beginning of period	32,413,777	23,589,516
Cash and cash equivalents, end of period	28,481,204	24,924,518
Supplemental disclosure of cash flow information
Interest paid	578,229	62,292
Debt issuance costs incurred but not paid	50,000	0
Warrants issued in connection with debt issuance costs	76,897	0
Common stock issued in payment of accrued bonuses	$ 168,843	$ 0

Nature of Business and Liquidit

Nature of Business and Liquidity	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Nature of Operations [Text Block]	1. Nature of Business and Liquidity Celator Pharmaceuticals, Inc., with locations in Ewing, N.J., and Vancouver, B.C., is a clinical stage biopharmaceutical company that is transforming the science of combination therapy, and developing products to improve patient outcomes in cancer. The Company’s proprietary technology platform, CombiPlex®, enables the rational design and rapid evaluation of optimized combinations incorporating traditional chemotherapies as well as molecularly targeted agents to deliver enhanced anti-cancer activity. CombiPlex addresses several fundamental shortcomings of conventional combination regimens, as well as the challenges inherent in combination drug development, by identifying the most effective synergistic molar ratio of the drugs being combined in vitro, and fixing this ratio in a nano-scale drug delivery complex to maintain the optimized combination until exposure to the tumor following administration. The Company’s pipeline includes lead product, CPX-351 (a liposomal formulation of cytarabine:daunorubicin) for the treatment of acute myeloid leukemia, which the Company has named “VYXEOS TM The Company has incurred recurring losses and negative cash flows from operations since inception. As of June 30, 2015, the Company had an accumulated deficit of $ 159.1 28.5 The Company is subject to those risks associated with any specialty pharmaceutical company that has substantial expenditures for research and development. There can be no assurance that the Company’s research and development projects will be successful, that products developed will obtain necessary regulatory approval, or that any approved product will be commercially viable. Substantial additional financing will be needed by the Company to fund its operations and to commercialize its product candidates. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees and consultants.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies The accompanying unaudited consolidated financial statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes included in Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been omitted. In the opinion of management of the Company, the interim consolidated financial statements reflect all adjustments considered necessary for a fair presentation of the financial position, operating results and cash flows of the interim periods. All such adjustments are of a normal, recurring nature. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. Basis of consolidation : The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Celator Pharmaceuticals Corp. (“CPC”) and Celator UK Ltd. All intercompany transactions have been eliminated. Use of estimates : The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results may differ from those estimates. Significant areas requiring management estimates in the preparation of these consolidated financial statements include, amongst other things, assessment of other receivables, accrued liabilities, impairment and amortization of property and equipment, valuation allowance for deferred income taxes, valuation of stock-based compensation and contingencies. : In April 2015, the Financial Accounting Standards Board (“FASB”) issued guidance, which requires that debt issuance costs be presented in the balance sheet as a deduction from the carrying amount of the related liability, rather than as a deferred charge. The updated guidance is effective retroactively for financial statements covering fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted but we do not anticipate electing early adoption. We are currently evaluating the impact of the adoption of this guidance on our consolidated financial statemen ts. In August 2014, the FASB issued guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The guidance is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	3. Fair Value Measurements Financial instruments of the Company consist of cash deposits, money market investments, other receivables, accounts payable, certain accrued liabilities and debt. The carrying value of these financial instruments generally approximates fair value due to their short-term nature. The Company believes that the current carrying amount of its long-term debt approximates fair value because interest rate on this instrument is similar to rates that the Company would be able to receive for similar instruments of comparable maturity. FASB Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, such as: quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. ASC 820 requires disclosures about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements relating to Level 3 measurements. It also clarifies existing fair value disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value. The Company recognizes transfers between input levels as of the actual date of event. There were no transfers between levels and the following table provides the assets carried at fair value: Fair Value (Level 1) (Level 2) (Level 3) June 30, 2015 Assets: Money Market Fund $ 26,128,494 $ 26,128,494 $ - $ - December 31, 2014 Assets: Money Market Fund $ 29,500,819 $ 29,500,819 $ - $ -

Other Receivables

Other Receivables	6 Months Ended
	Jun. 30, 2015
Other Receivables, Net, Current [Abstract]
Other Receivable [Text Block]	Other Receivables June 30, 2015 December 31, 2014 Receivables related to the Leukemia & Lymphoma Society funding $ 900,000 $ - Other receivables 25,869 21,102 $ 925,869 $ 21,102

Other Current Assets

Other Current Assets	6 Months Ended
	Jun. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Current Assets [Text Block]	5. Other Current Assets June 30, 2015 December 31, 2014 Clinical trial materials $ 433,270 $ 458,278

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2015
Property Plant And Equipment [Abstract]
Property Plant And Equipment Disclosure [Text Block]	6. Property and Equipment June 30, 2015 December 31, 2014 Computer and equipment $ 146,704 $ 144,138 Furniture and office equipment 96,457 96,457 Laboratory equipment 1,741,955 1,723,331 Capital lease equipment 155,524 155,524 Leaseholds 50,727 37,789 2,191,367 2,157,239 Less: Accumulated depreciation (1,251,149) (1,152,827) $ 940,218 $ 1,004,412 Three months ended Six months ended June 30 June 30 2015 2014 2015 2014 Depreciation and amortization $ 49,394 $ 48,353 $ 98,322 $ 96,088

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2015
Other Assets, Noncurrent Disclosure [Abstract]
Other Assets Disclosure [Text Block]	7. Other Assets June 30, 2015 December 31, 2014 Deferred financing costs $ 549,707 $ 539,296 Other assets non current assets 5,181 5,205 $ 554,888 $ 544,501

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2015
Payables And Accruals [Abstract]
Accounts Payable And Accrued Liabilities Disclosure [Text Block]	Accrued Liabilities June 30, 2015 December 31, 2014 Accrued clinical trial expenses $ 715,604 $ 633,395 Accrued bonuses 472,298 816,144 Accrued salaries and vacation 212,351 152,700 Accrued drug manufacturing expenses 210,677 - Interest payable 121,875 83,958 Accrued trade payables other 353,503 49,223 $ 2,086,308 $ 1,735,420

Loans Payable

Loans Payable	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	9. Loans Payable On May 9, 2014, the Company entered into a term loan agreement for $ 15 10 5 9.75 Pursuant to the loan agreement, the Company issued Hercules a warrant to purchase an aggregate of 210,675 2.67 May 9, 2019 397,649 407,253 65,968 30,507 116,486 30,507 549,707 In addition, the Company will pay an end of term charge of $ 592,500 45,766 26,660 89,912 26,660 June 30, 2015 December 31, 2014 Loan payable $ 15,000,000 $ 10,000,000 End of term fee 211,129 121,217 15,211,129 10,121,217 Less: Current portion (3,054,749) (284,961) Long-term debt $ 12,156,380 $ 9,836,256

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	10. Stock Based Compensation 2013 Equity Incentive Plan In 2013, the Company adopted the Celator Pharmaceuticals, Inc. 2013 Equity Incentive Plan (the “Plan”). Options granted under the Plan may be incentive stock options or non-qualified stock options. Incentive stock options may only be granted to employees. The board of directors, or a committee of the board of directors appointed to administer the Plan, determines the period over which options become exercisable and the conditions under which stock awards are granted and become vested. Weighted-Average Remaining Number of options Exercise price Contractual Term (Years) Aggregate Intrinsic Value December 31, 2014 3,005,287 $ 3.02 Granted 700,500 2.76 Exercised (57,667) 2.25 Expired (155,482) 2.38 Cancelled (50,000) 3.17 June 30, 2015 3,442,638 $ 3.00 7.7 $ 13,898 Exercisable at June 30, 2015 1,510,447 $ 2.97 6.3 $ 13,028 Three months ended Six months ended June 30 June 30 2015 2014 2015 2014 Stock compensation expense recognized $ 434,938 $ 339,615 $ 794,138 $ 642,597 Weighted average grant-date fair value of stock options issued (per share) $ 2.07 $ 2.35 $ 2.27 $ 2.70 Grant-date fair value of stock options issued $ 229,359 $ 197,400 $ 1,589,435 $ 1,291,950 Volatility 100.1 % 112.0 % 105.8 % 114.5 % Risk-free interest rate 1.9 % 1.9 % 1.7 % 2.0 % Dividend yield 0 % 0 % 0 % 0 % Expected life in years 6.0 6.0 6.2 6.2 Intrinsic value of stock options exercised $ - $ - $ - $ 38,892 The grant-date fair value of stock options is estimated using the Black Scholes option pricing model. The Company determined the options’ life based on the simplified method and determined the options’ expected volatility based on peer group volatility and dividend yield based on the historical dividend payments. The risk free interest rate is based on the yield of an applicable term Treasury instrument. The Company amortizes the fair value of the stock options on a straight-line basis over the applicable requisite service periods of the awards, which is generally the vesting period. At June 30, 2015, the total compensation cost related to non-vested awards not yet recognized and weighted average period over which it will be recognized was $ 4,314,260 2.6 Stock Issuance In February 2015, the Company issued 60,517

Geographic Segment Information

Geographic Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	Geographic Segment Information The Company operates in the United States and Canada. The Company’s CPX-351 clinical trial materials are manufactured by a third party using the Company’s equipment located in Germany. Total Assets June 30, 2015 December 31, 2014 United States $ 31,121,751 $ 34,027,837 Canada 202,197 223,572 Germany 792,972 867,694 Total Assets $ 32,116,920 $ 35,119,103 Net Loss Three months ended Six months June 30 June 30 2015 2014 2015 2014 United States (4,391,695) (4,276,673) (8,703,036) (7,931,554) Canada (589,831) (514,521) (989,473) (1,137,141) Total Net Loss $ (4,981,526) $ (4,791,194) $ (9,692,509) $ (9,068,695)

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments And Contingencies Disclosure [Text Block]	12. Commitments and Contingencies In September 2014, the Company entered into a lease agreement for a laboratory space in Vancouver, British Columbia, which expires in September 2015. The remaining minimum lease payments as of June 30, 2015 were $ 6,882 In March 2013, the Company entered into an office lease agreement for office space in Ewing, New Jersey, which commenced in June 2013 with a term of sixty months. The remaining minimum lease payments as of June 30, 2015 were $ 427,056 200,000 60,000 In February 2013, the Company renewed its office lease agreements for office space in Vancouver, British Columbia, effective April 1, 2013, which expires in June 2016. The remaining minimum lease payments as of June 30, 2015 were $ 57,768 The Company has a worldwide exclusive license agreement with Princeton University dated June 2007 that provides the Company with exclusive rights to some aspects of its nanoparticle polymer technology arising from research sponsored by the Company at Princeton University between 2003 and 2007. These inventions are generally characterized as particulate constructs for release of active agents for medical application. Of the products currently in the Company’s pipeline, only the hydrophobic docetaxel prodrug nanoparticle (HDPN) formulation is subject to this agreement. The Company is obligated to pay a royalty on net sales to Princeton University of a low single-digit percentage if any invention is sold by the Company or a company to which the product covered by the invention was licensed by the Company, which was generated under the exclusive licensing agreement. No royalty or other product/sub-license-related payments have been made to date. The Company is obligated to provide Princeton University a percentage within the range of 45 55 90 60 The Company has a collaborative research agreement dated May 2001 with the British Columbia Cancer Agency (“BCCA”) whereby in consideration for the license and conditional assignment of all Company-sponsored intellectual property to the Company by BCCA, the Company will pay to BCCA a royalty in the low single digits on net sales of royalty-bearing products in territories so long as a valid claim exists for inventions made between June 2000 and June 2005 under the agreement. All obligations relating to the conduct of the research and assignment of intellectual property have been completed. No payments of royalties have been made to date. Either party may terminate the agreement if the other party commits a material breach or default and such breach or default is not reasonably cured within 45 In consideration of funding by the Leukemia & Lymphoma Society ® (“LLS”) and transfer to the Company of any rights LLS may have to any project inventions developed during the term of the agreement, the Company may be required to pay LLS a cash multiple on the LLS funding, (LLS funding is the $ 5 4.1 50 1.5 3.55

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Basis of consolidation : The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Celator Pharmaceuticals Corp. (“CPC”) and Celator UK Ltd. All intercompany transactions have been eliminated.
Use of Estimates, Policy [Policy Text Block]	Use of estimates : The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results may differ from those estimates. Significant areas requiring management estimates in the preparation of these consolidated financial statements include, amongst other things, assessment of other receivables, accrued liabilities, impairment and amortization of property and equipment, valuation allowance for deferred income taxes, valuation of stock-based compensation and contingencies.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements : In April 2015, the Financial Accounting Standards Board (“FASB”) issued guidance, which requires that debt issuance costs be presented in the balance sheet as a deduction from the carrying amount of the related liability, rather than as a deferred charge. The updated guidance is effective retroactively for financial statements covering fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted but we do not anticipate electing early adoption. We are currently evaluating the impact of the adoption of this guidance on our consolidated financial statemen ts. In August 2014, the FASB issued guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The guidance is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping [Table Text Block]	There were no transfers between levels and the following table provides the assets carried at fair value: Fair Value (Level 1) (Level 2) (Level 3) June 30, 2015 Assets: Money Market Fund $ 26,128,494 $ 26,128,494 $ - $ - December 31, 2014 Assets: Money Market Fund $ 29,500,819 $ 29,500,819 $ - $ -

Other Receivables (Tables)

Other Receivables (Tables)	6 Months Ended
	Jun. 30, 2015
Other Receivables, Net, Current [Abstract]
Schedule Of Other Receivables [Table Text Block]	Other receivables as of June 30, 2015 and December 31, 2014, consist of the following: June 30, 2015 December 31, 2014 Receivables related to the Leukemia & Lymphoma Society funding $ 900,000 $ - Other receivables 25,869 21,102 $ 925,869 $ 21,102

Other Current Assets (Tables)

Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets [Table Text Block]	Other current assets as of June 30, 2015 and December 31, 2014 consist of the following: June 30, 2015 December 31, 2014 Clinical trial materials $ 433,270 $ 458,278

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2015
Property Plant And Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	Property and equipment as of June 30, 2015 and December 31, 2014 including assets held under capital lease, consists of the following: June 30, 2015 December 31, 2014 Computer and equipment $ 146,704 $ 144,138 Furniture and office equipment 96,457 96,457 Laboratory equipment 1,741,955 1,723,331 Capital lease equipment 155,524 155,524 Leaseholds 50,727 37,789 2,191,367 2,157,239 Less: Accumulated depreciation (1,251,149) (1,152,827) $ 940,218 $ 1,004,412
Schedule Of Depreciation And Amortization [Table Text Block]	Three months ended Six months ended June 30 June 30 2015 2014 2015 2014 Depreciation and amortization $ 49,394 $ 48,353 $ 98,322 $ 96,088

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Other Assets, Noncurrent Disclosure [Abstract]
Schedule of Other Assets, Noncurrent [Table Text Block]	Other assets as of June 30, 2015 and December 31, 2014 consist of the following: June 30, 2015 December 31, 2014 Deferred financing costs $ 549,707 $ 539,296 Other assets non current assets 5,181 5,205 $ 554,888 $ 544,501

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Payables And Accruals [Abstract]
Schedule of Accrued Liabilities [Table Text Block]	Accrued liabilities as of June 30, 2015 and December 31, 2014 consist of the following: June 30, 2015 December 31, 2014 Accrued clinical trial expenses $ 715,604 $ 633,395 Accrued bonuses 472,298 816,144 Accrued salaries and vacation 212,351 152,700 Accrued drug manufacturing expenses 210,677 - Interest payable 121,875 83,958 Accrued trade payables other 353,503 49,223 $ 2,086,308 $ 1,735,420

Loans Payable (Tables)

Loans Payable (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	Long-term debt as of March 31, 2015 and December 31, 2014, consists of the following: June 30, 2015 December 31, 2014 Loan payable $ 15,000,000 $ 10,000,000 End of term fee 211,129 121,217 15,211,129 10,121,217 Less: Current portion (3,054,749) (284,961) Long-term debt $ 12,156,380 $ 9,836,256

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	The following table summarizes the activity of the Company’s stock option plan for the six months ended June 30, 2015: Weighted-Average Remaining Number of options Exercise price Contractual Term (Years) Aggregate Intrinsic Value December 31, 2014 3,005,287 $ 3.02 Granted 700,500 2.76 Exercised (57,667) 2.25 Expired (155,482) 2.38 Cancelled (50,000) 3.17 June 30, 2015 3,442,638 $ 3.00 7.7 $ 13,898 Exercisable at June 30, 2015 1,510,447 $ 2.97 6.3 $ 13,028
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	The following table provides information regarding stock options activity during the periods: Three months ended Six months ended June 30 June 30 2015 2014 2015 2014 Stock compensation expense recognized $ 434,938 $ 339,615 $ 794,138 $ 642,597 Weighted average grant-date fair value of stock options issued (per share) $ 2.07 $ 2.35 $ 2.27 $ 2.70 Grant-date fair value of stock options issued $ 229,359 $ 197,400 $ 1,589,435 $ 1,291,950 Volatility 100.1 % 112.0 % 105.8 % 114.5 % Risk-free interest rate 1.9 % 1.9 % 1.7 % 2.0 % Dividend yield 0 % 0 % 0 % 0 % Expected life in years 6.0 6.0 6.2 6.2 Intrinsic value of stock options exercised $ - $ - $ - $ 38,892

Geographic Segment Information

Geographic Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Geographic net loss information is based on the location whereby the expenses were incurred. The geographic information about total assets is based on the physical location of the assets. Total Assets June 30, 2015 December 31, 2014 United States $ 31,121,751 $ 34,027,837 Canada 202,197 223,572 Germany 792,972 867,694 Total Assets $ 32,116,920 $ 35,119,103 Net Loss Three months ended Six months June 30 June 30 2015 2014 2015 2014 United States (4,391,695) (4,276,673) (8,703,036) (7,931,554) Canada (589,831) (514,521) (989,473) (1,137,141) Total Net Loss $ (4,981,526) $ (4,791,194) $ (9,692,509) $ (9,068,695)

Nature of Business and Liquid29

Nature of Business and Liquidity (Details Textual) - USD ($)	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Nature Of Business And Liquidity [Line Items]
Accumulated deficit	$ (159,060,762)	$ (149,368,253)
Cash and Cash Equivalents, at Carrying Value	$ 28,481,204	$ 32,413,777	$ 24,924,518	$ 23,589,516

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Money Market Funds [Member] - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Assets:
Money Market Fund	$ 26,128,494	$ 29,500,819
Fair Value, Inputs, Level 1 [Member]
Assets:
Money Market Fund	26,128,494	29,500,819
Fair Value, Inputs, Level 2 [Member]
Assets:
Money Market Fund	0	0
Fair Value, Inputs, Level 3 [Member]
Assets:
Money Market Fund	$ 0	$ 0

Other Receivables (Details)

Other Receivables (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Other Receivables [Line Items]
Receivables related to the Leukemia & Lymphoma Society funding	$ 900,000	$ 0
Other receivables	25,869	21,102
Other receivables, net	$ 925,869	$ 21,102

Other Current Assets (Details)

Other Current Assets (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Other Current Assets [Line Items]
Clinical trial materials	$ 433,270	$ 458,278

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,191,367	$ 2,157,239
Less: Accumulated depreciation	(1,251,149)	(1,152,827)
Property and equipment, net	940,218	1,004,412
Computer and equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	146,704	144,138
Furniture and office equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	96,457	96,457
Laboratory equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,741,955	1,723,331
Capital lease equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	155,524	155,524
Leaseholds [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 50,727	$ 37,789

Property and Equipment (Detai34

Property and Equipment (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Depreciation and amortization	$ 49,394	$ 48,353	$ 98,322	$ 96,088

Other Assets (Details)

Other Assets (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Schedule Of Other Assets Noncurrent [Line Items]
Deferred financing costs	$ 549,707	$ 539,296
Other assets non current assets	5,181	5,205
Assets, Noncurrent	$ 554,888	$ 544,501

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Accrued Liabilities [Line Items]
Accrued clinical trial expenses	$ 715,604	$ 633,395
Accrued bonuses	472,298	816,144
Accrued salaries and vacation	212,351	152,700
Accrued professional fees	210,677	0
Interest payable	121,875	83,958
Accrued trade payables other	353,503	49,223
Accrued liabilities	$ 2,086,308	$ 1,735,420

Loans Payable (Details)

Loans Payable (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Loan payable	$ 15,000,000	$ 10,000,000
End of term fee	211,129	121,217
Long-term debt	15,211,129	10,121,217
Less: Current portion	(3,054,749)	(284,961)
Long-term debt	$ 12,156,380	$ 9,836,256

Loans Payable (Details Textual)

Loans Payable (Details Textual) - USD ($)	May. 09, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Mar. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Amortization Of Financing Costs And Discounts				$ 206,398	$ 57,167
Deferred Finance Costs, Noncurrent, Net		$ 549,707		$ 549,707			$ 539,296
Hercules Technology Growth Capital [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Fair Value of Amount Outstanding	$ 10,000,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 15,000,000
Line of Credit Facility, Remaining Borrowing Capacity						$ 5,000,000
Long-term Debt, Maturities, Repayment Terms	in installments over forty-eight months including an interest-only period of eighteen months after closing.
Line of Credit Facility, Interest Rate Description	Interest is payable monthly at the greater of 9.75% or an adjusted rate based upon the US prime rate with interest only period until December 1, 2015
Warrants Maturity Term				5 years
Line of Credit Facility, Interest Rate During Period	9.75%
Warrant Exercisable Term				May 9, 2019
Hercules Technology Growth Capital [Member] | Warrant [Member]
Debt Instrument [Line Items]
Stock Issued During Period, Shares, New Issues				210,675
Amortization Of Financing Costs And Discounts		$ 65,968	$ 30,507	$ 116,486	30,507
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 2.67		$ 2.67
Debt Issuance Cost				$ 397,649
Deferred Finance Costs, Noncurrent, Net		$ 549,707		549,707
Hercules Technology Growth Capital [Member] | Term Loans [Member]
Debt Instrument [Line Items]
Debt Issuance Cost				407,253
Hercules Technology Growth Capital [Member] | End of Term Fees [Member]
Debt Instrument [Line Items]
Amortization Of Financing Costs And Discounts		$ 45,766	$ 26,660	89,912	$ 26,660
Debt Issuance Cost				$ 592,500

Stock Based Compensation (Detai

Stock Based Compensation (Details) - Jun. 30, 2015 - Stock Option [Member] - USD ($)	Total
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options, Beginning balance	3,005,287
Number of options, Granted	700,500
Number of options, Exercised	(57,667)
Number of options, Expired	(155,482)
Number of options, Cancelled	(50,000)
Number of options, Ending balance	3,442,638
Number of options, Exercisable	1,510,447
Exercise price, Beginning balance (in dollars per share)	$ 3.02
Exercise price, Granted (in dollars per share)	2.76
Exercise pice, Exercised (in dollars per share)	2.25
Exercise pice, Expired (in dollars per share)	2.38
Exercise price, Cancelled (in dollars per share)	3.17
Exercise price, Ending balance (in dollars per share)	3
Exercise price, Exercisable (in dollars per share)	$ 2.97
Weighted Average Remaining Contractual Term, Outstanding (in years)	7 years 8 months 12 days
Weighted Average Remaining Contractual Term, Exercisable (in years)	6 years 3 months 18 days
Aggregate Intrinsic Value, outstanding (in dollars)	$ 13,898
Aggregate Intrinsic Value, Exercisable (in dollars)	$ 13,028

Stock Based Compensation (Det40

Stock Based Compensation (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock compensation expense recognized	$ 434,938	$ 339,615	$ 794,138	$ 642,597
Weighted average grant-date fair value of stock options issued (per share)	$ 2.07	$ 2.35	$ 2.27	$ 2.70
Grant-date fair value of stock options issued	$ 229,359	$ 197,400	$ 1,589,435	$ 1,291,950
Volatility	100.10%	112.00%	105.80%	114.50%
Risk-free interest rate	1.90%	1.90%	1.70%	2.00%
Dividend yield	0.00%	0.00%	0.00%	0.00%
Expected life in years	6 years	6 years	6 years 2 months 12 days	6 years 2 months 12 days
Intrinsic value of stock options exercised	$ 0	$ 0	$ 0	$ 38,892

Stock Based Compensation (Det41

Stock Based Compensation (Details Textual) - USD ($)	1 Months Ended	6 Months Ended
	Feb. 28, 2015	Jun. 30, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Issued During Period, Shares, Other	60,517
Non vested Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options		$ 4,314,260
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		2 years 7 months 6 days

Geographic Segment Informatio42

Geographic Segment Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets	$ 32,116,920		$ 32,116,920		$ 35,119,103
Total Net Loss	(4,981,526)	$ (4,791,194)	(9,692,509)	$ (9,068,695)
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets	31,121,751		31,121,751		34,027,837
Total Net Loss	(4,391,695)	(4,276,673)	(8,703,036)	(7,931,554)
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets	202,197		202,197		223,572
Total Net Loss	(589,831)	$ (514,521)	(989,473)	$ (1,137,141)
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets	$ 792,972		$ 792,972		$ 867,694

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) - Jun. 30, 2015 - USD ($)	Total
Princeton University Agreement [Member]
Loss Contingencies [Line Items]
Agreement termination notice period	90 days
Rectification of default period	60 days
Leukemia & Lymphoma Society Agreement [Member]
Loss Contingencies [Line Items]
Percentage of royalty payable from the amount received from out-licenses and transfers	50.00%
Cash Payment Or Royalties on net sales	40000.00%
Leukemia & Lymphoma Society Agreement [Member] | Phase 3 study [Member]
Loss Contingencies [Line Items]
Funding for project inventions	$ 5,000,000
Leukemia & Lymphoma Society Agreement [Member] | Phase 2 study [Member]
Loss Contingencies [Line Items]
Funding for project inventions	4,100,000
Vancouver Laboratory Space, British Columbia [Member]
Loss Contingencies [Line Items]
Operating Leases, Future Minimum Payments Due, Total	6,882
Ewing, New Jersey [Member]
Loss Contingencies [Line Items]
Operating Leases, Future Minimum Payments Due, Total	427,056
Letters of Credit Outstanding, Amount	200,000
Contractual Obligation of letter of credit payment as on December 1, 2014	40,000
Contractual Obligation of letter of credit payment as on December 1, 2015	40,000
Contractual Obligation of letter of credit payment as on December 1, 2016	40,000
Contractual Obligation of letter of credit payment as on December 1, 2017	60,000
Vancouver Office Space, British Columbia [Member]
Loss Contingencies [Line Items]
Operating Leases, Future Minimum Payments Due, Total	$ 57,768
Operating Lease Expiration Term	expires in June 2016
British Columbia Cancer Agency [Member]
Loss Contingencies [Line Items]
Rectification of default period	45 days
Minimum [Member] | Princeton University Agreement [Member]
Loss Contingencies [Line Items]
Percentage of royalty payable from the amount received from out-licenses and transfers	45.00%
Minimum [Member] | Leukemia & Lymphoma Society Agreement [Member]
Loss Contingencies [Line Items]
Number of times amount payable under research funding program	1.5
Maximum [Member] | Princeton University Agreement [Member]
Loss Contingencies [Line Items]
Percentage of royalty payable from the amount received from out-licenses and transfers	55.00%
Maximum [Member] | Leukemia & Lymphoma Society Agreement [Member]
Loss Contingencies [Line Items]
Number of times amount payable under research funding program	3.55