ADMA Biologics (ADMA) 10-K 28 Mar 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013	Mar. 28, 2014	Oct. 17, 2013
Document And Entity Information	'	'	'
Entity Registrant Name	'ADMA BIOLOGICS, INC.	'	'
Entity Central Index Key	'0001368514	'	'
Document Type	'10-K	'	'
Document Period End Date	31-Dec-13	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--12-31	'	'
Is Entity a Well-known Seasoned Issuer?	'No	'	'
Is Entity a Voluntary Filer?	'No	'	'
Is Entity's Reporting Status Current?	'Yes	'	'
Entity Filer Category	'Smaller Reporting Company	'	'
Entity Public Float	'	'	$26,500,000
Entity Common Stock, Shares Outstanding	'	9,291,823	'
Document Fiscal Period Focus	'FY	'	'
Document Fiscal Year Focus	'2013	'	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2013	Dec. 31, 2012
Current Assets	'	'
Cash and cash equivalents	$26,149,477	$12,535,672
Short-Term Investments	2,935,184	0
Accounts Receivable	0	39,112
Inventories	1,669,058	1,265,593
Prepaid Expenses	298,730	107,761
Total Current Assets	31,052,449	13,948,138
Property and Equipment at cost, Net	765,299	779,297
Other Assets	'	'
Deferred Financing Costs	149,618	363,403
Restricted Cash	0	452,004
Deposits	12,577	12,577
Total Other Assets	162,195	827,984
TOTAL ASSETS	31,979,943	15,555,419
Current Liabilities	'	'
Accounts Payable	2,709,489	1,058,671
Accrued expenses	823,550	747,079
Accrued Interest	36,597	0
Current Portion of Deferred Revenue	75,556	0
Current Portion of Leasehold Improvement Loan	12,654	11,569
Total Current Liabilities	3,657,846	1,817,319
Notes Payable, Net of Debt Discount	4,865,228	3,773,524
Warrant Liability	0	229,345
End of Term Liability, Note Payable	132,500	106,000
Deferred Revenue	1,580,370	0
Deferred Rent Liability	105,404	127,595
Leasehold Improvement Loan	65,236	77,890
TOTAL LIABILITIES	10,406,584	6,131,673
STOCKHOLDERS' (DEFICIENCY) EQUITY	'	'
Common Stock $.0001 par value 75,000,000 shares authorized, 9,291,823 and 5,871,002 shares issued and outstanding at December 31, 2013 and 2012, respectively	929	587
Additional paid-in capital	74,209,004	46,532,487
Accumulated Deficit	-52,636,574	-37,109,328
TOTAL STOCKHOLDERS' EQUITY	21,573,359	9,423,746
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$31,979,943	$15,555,419

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Stockholders Equity	'	'
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	75,000,000	75,000,000
Common stock, issued	9,291,823	5,871,002
Common stock, outstanding	9,291,823	5,871,002

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Condensed Consolidated Statements Of Operations	'	'
Product revenue	$3,023,503	$1,118,118
License revenue	44,074	0
Total Revenues	3,067,577	1,118,118
OPERATING EXPENSES	'	'
Cost of product revenue	2,023,441	669,056
Research and development	9,303,077	3,469,078
Plasma center	2,418,156	1,746,864
General and administrative expenses	4,365,334	3,142,289
TOTAL OPERATING EXPENSES	18,110,008	9,027,287
LOSS FROM OPERATIONS	-15,042,431	-7,909,169
OTHER INCOME (EXPENSE):	'	'
Interest income	7,623	20,924
Interest expense	-618,225	-30,683
Change in fair value of stock warrants	43,290	0
Other income	82,497	0
TOTAL OTHER INCOME (EXPENSE)	-484,815	-9,759
LOSS BEFORE INCOME TAXES	-15,527,246	-7,918,928
State income tax benefit	0	617,615
NET LOSS	($15,527,246)	($7,301,313)
NET LOSS PER COMMON SHARE - BASIC AND DILUTED	($2.38)	($1.39)
WEIGHTED AVERAGE SHARES OUTSTANDING, Basic and Diluted	6,531,029	5,265,771

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance, Amount at Dec. 31, 2011	$8,221,678	$518,908	'	'	'
Beginning Balance, Shares at Dec. 31, 2011	8,222	519	30,185,090	-29,808,015	385,816
Conversion of preferred shares and accumulated dividends, Amount	-8,222	3,003	5,219	'	'
Conversion of preferred shares and accumulated dividends, Shares	-8,221,678	3,002,988	'	'	'
Conversion of notes payable and accrued interest into common stock in private placement, Amount	'	35	262,705	'	262,740
Conversion of notes payable and accrued interest into common stock in private placement, Shares	'	34,759	'	'	'
Common stock sold in private placement, net of expenses, Amount	'	2,287	15,597,429	'	15,599,716
Common stock sold in private placement, net of expenses, Shares	'	2,286,964	'	'	'
Common stock retained by stockholders of shell company as part of reverse merger, Amount	'	67	-67	'	'
Common stock retained by stockholders of shell company as part of reverse merger, Shares	'	67,352	'	'	'
Effects of change in par value from $0.001 to $0.0001 as a result of the reverse merger, Amount	'	-5,320	5,320	'	'
Repurchase of common stock from placement agent, Amount	'	-4	-149,996	'	-150,000
Repurchase of common stock from placement agent, Shares	'	-39,969	'	'	'
Elimination of warrant liability	'	'	'	'	0
Stock-based compensation	'	'	626,787	'	626,787
Net loss	'	'	'	-7,301,313	-7,301,313
Ending Balance, Amount at Dec. 31, 2012	'	587	46,532,487	-37,109,328	9,423,746
Ending Balance, Shares at Dec. 31, 2012	'	5,871,002	'	'	'
Proceeds received from Initial Public Offering, net of equity issuance costs, Amount	'	342	26,602,167	'	26,602,509
Proceeds received from Initial Public Offering, net of equity issuance costs, Shares	'	3,420,821	'	'	'
Elimination of warrant liability	'	'	186,055	'	186,055
Stock-based compensation	'	'	888,295	'	888,295
Net loss	'	'	'	-15,527,246	-15,527,246
Ending Balance, Amount at Dec. 31, 2013	'	$929	$74,209,004	($52,636,574)	$21,573,359
Ending Balance, Shares at Dec. 31, 2013	'	9,291,823	'	'	'

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net Loss	($15,527,246)	($7,301,313)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Depreciation and amortization	210,633	182,089
Stock based compensation	888,295	626,787
Warrant liability	-43,290	0
Amortization of debt discount	91,704	2,869
Amortization of deferred financing costs	99,238	2,644
Non-cash interest expense related to notes payable	0	1,959
Loss on sale of equipment	0	18,399
Amortization of license revenue	-44,074	0
Changes in operating assets and liabilities	'	'
Accounts receivable	39,112	-39,112
Inventories	-403,465	-118,248
Prepaid Expenses	-190,969	-48,517
Other assets	593,051	-115,041
Accounts payable	1,608,980	-244,743
Accrued expenses	76,471	150,622
Accrued interest	36,597	0
Deferred revenue	1,700,000	0
Deferred rent liability	-22,191	-22,190
Net cash used in operating activities	-10,887,154	-6,903,795
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Short-term investments	-2,935,184	0
Purchase of property and equipment	-196,635	-118,853
Net cash used in investing activities	-3,131,819	-118,853
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Net proceeds from issuance of common stock	27,030,820	17,287,288
Proceeds from Hercules note payable	1,000,000	3,906,000
Payment of equity issuance costs	-386,473	-1,338,009
Debt issuance costs	'	-25,000
Repurchase of common stock	'	-150,000
Repayments on notes payable	'	-200,000
Payments of leasehold improvement loan	-11,569	-9,730
Net cash provided by financing activities	27,632,778	19,470,549
NET INCREASE IN CASH AND CASH EQUIVALENTS	13,613,805	12,447,901
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	12,535,672	87,771
CASH AND CASH EQUIVALENTS - END OF PERIOD	26,149,477	12,535,672
SUPPLEMENTAL INFORMATION:	'	'
Cash paid for interest	382,736	1,085
Supplemental Disclosure of Noncash Financing Activities:	'	'
Conversion of notes payable and accrued interest into common stock	0	262,740
Reclassification of equity issuance costs to additional paid-in capital	428,311	0
Accrued equity issuance costs	41,838	69,533
End of term liability for Hercules note payable	26,500	106,000
Warrants issued in connection with note payable	0	229,345
Elimination of warrant liability	186,055	0
Stock retained by stockholders of shell company	$0	$67

1_ORGANIZATION_AND_BUSINESS

1. ORGANIZATION AND BUSINESS	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
1. ORGANIZATION AND BUSINESS	'
	ADMA Biologics, Inc. (“ADMA” or the “Company”) is a late-stage biopharmaceutical company that develops, manufactures, and intends to market specialty plasma-based biologics targeted to niche patient populations for the treatment and prevention of certain infectious diseases. The target patient populations include immune-compromised individuals who suffer from an underlying immune deficiency disease or who may be immune-compromised for medical reasons. ADMA also operates ADMA BioCenters Georgia, Inc., (“ADMA BioCenters”) of Norcross, Georgia, a source plasma collection facility licensed by the U.S. Food and Drug Administration (“FDA”) and certified by the German Health Authority (“GHA”), which provides ADMA with a portion of its blood plasma for the manufacture of RI-002, ADMA’s lead product candidate.
	The Company has experienced net losses and negative cash flows from operations since inception and expects these conditions to continue for the foreseeable future.  The Company has needed to raise capital from the sales of its equity and debt securities to sustain operations. In October 2013, the Company completed an Initial Public Offering (“IPO”) to raise gross proceeds of $29.1 million, and in February 2012, the Company completed a private placement to raise gross proceeds of $17.3 million (see Note 6), and during December 2012 and February 2014, the Company borrowed a total of $10 million from Hercules Technology Growth Capital, Inc. (“Hercules”) (see Note 5).
	Based upon the Company’s projected revenue and expenditures for 2014, management currently believes the Company’s existing cash and cash equivalents, short term investments along with  an additional $5.0 million from Hercules, which will be made available upon the Company successfully meeting the clinical endpoints of a Phase III clinical study of RI-002 as a treatment for Primary Immunodeficiency Diseases in a manner that supports a Biologic License Application filing from our existing Amended Loan and Security Agreement with Hercules, will be sufficient to enable it to fund its operating expenses, research and development expenses and capital expenditures into 2016.  Because the Company does not anticipate receiving FDA approval for RI-002 until, at the earliest, the first half of 2016 if at all, and would therefore not be able to generate revenues from the commercialization of RI-002 until after that date, if the Company’s assumptions underlying its estimated revenues and expenses prove to be wrong, it may have to raise additional capital sooner than anticipated.  There can be no assurance that such funds, if available at all, can be obtained on terms acceptable to the Company.  Because of numerous risks and uncertainties associated with the research, development and future commercialization of the Company’s product candidate, it is unable to estimate with certainty the amounts of increased capital outlays and operating expenditures associated with its anticipated clinical trials and development activities.  Its current estimates may be subject to change as circumstances regarding requirements further develop.
	ADMA’s long term liquidity will be dependent upon on its ability to raise additional capital, to fund its research and development and commercial programs and meet its obligations on a timely basis.  If ADMA is unable to successfully raise sufficient additional capital, it will likely not have sufficient cash flow and liquidity to fund its business operations, forcing ADMA to curtail activities and, ultimately, potentially cease operations. Even if ADMA is able to raise additional capital, such financings may only be available on unattractive terms, resulting in significant dilution of stockholders’ interests and, in such event, the value and potential future market price of its common stock may decline.
	There can be no assurance that the Company’s research and development will be successfully completed or that any product will be approved or commercially viable.  The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, dependence on collaborative arrangements, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, and compliance with FDA and other governmental regulations and approval requirements.
	ADMA’s primary focus since 2004 has been conducting research and development of human plasma-derived products for the treatment of specific disease states.  The plasma collection center in Georgia was established in 2008 as a complementary business operation.  The Georgia facility received its Food and Drug Administration or FDA license in August 2011.  Under FDA license, ADMA BioCenters can collect normal source plasma and high-titer RSV plasma.  The Company sells a portion of the collected normal source plasma to buyers in the open “spot” market.  The Company also plans to use the high-titer Respiratory Syncytial Virus (“RSV”) plasma collected by ADMA BioCenters in the manufacturing of RI-002.

2_SUMMARY_OF_SIGNIFICANT_ACCOU

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	The following comprises the Company’s significant accounting policies:
	Basis of presentation
	The accompanying consolidated financial statements include the accounts of ADMA Biologics, Inc. and its wholly-owned subsidiaries.  All significant intercompany transactions and balances have been eliminated in consolidation.
	Cash and cash equivalents
	The Company considers all highly-liquid instruments purchased with a maturity of three months or less to be cash equivalents.  The Company purchases certificates of deposits with maturity schedules of three, six, nine and twelve months.  Instruments with maturity greater than three months but less than twelve months are included in short term investments.  As of December 31, 2012, the Company had $0.5 million in restricted cash associated with a letter of credit related to our landlord agreement for our Georgia ADMA BioCenters facility.  As of December 31, 2013, none of our cash was restricted and the letter of credit expired.
	The Company regularly maintains cash and short term investments at third-party financial institutions in excess of the Federal Deposit Insurance Corporation, or FDIC, insurance limit. While the Company monitors the daily cash balances in the operating accounts and adjusts the balances as appropriate, these balances could be impacted, and there could be a material adverse effect on our business, if one or more of the financial institutions with which the Company has deposits fails or is subject to other adverse conditions in the financial or credit markets. To date, the Company has not experienced a loss or lack of access to its invested cash or cash equivalents; however, the Company cannot provide assurance that access to its invested cash and cash equivalents will not be impacted by adverse conditions in the financial and credit markets.
	Inventories
	Plasma inventories (both plasma intended for resale and plasma intended for internal use in our research and development activities) are carried at the lower of cost or market value determined on the first-in, first-out method.    Once the research and development plasma is processed to a finished good for ongoing trials it is then expensed to research and development.  Inventory at December 31, 2013 and 2012 consists of raw materials.  Inventory also includes plasma collected at the Company’s FDA licensed plasma collection center.
	Revenue recognition
	Revenue from the sale of human plasma collected at the Company’s FDA licensed plasma collection center and plasma-derived medicinal products is recognized at the time of transfer of title and risk of loss to the customer, which occurs at the time of shipment.  Revenue is recognized at the time of delivery if the Company retains the risk of loss during shipment.  The Company’s revenues are substantially attributed to one customer.  Revenue from license fees and research and development services rendered are recognized as revenue when the performance obligations under the terms of the license agreement have been completed.  Deferred revenue of $1.7 million was recorded in 2013 as a result of certain research and development services to be provided in accordance with a license agreement and is recognized over the term of the license.  Deferred revenue is amortized into income for a period of approximately 20 years, the term of the license agreement.
	Concentration of Significant Customers and Accounts Receivable
	As of December 31, 2013 and 2012, the Company’s customers, revenues and trade receivable balances were substantially attributed to one customer.
	Research and development costs
	The Company expenses all research and development costs as incurred including plasma and equipment for which there is no alternative future use.  Such expenses include licensing fees and costs associated with planning and conducting clinical trials.
	Use of estimates
	The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.  Significant estimates include valuation of inventory, assumptions used in the fair value of stock-based compensation, and the allowance for the valuation of future tax benefits.
	Concentration of credit risk
	Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and short-term investments.
	Property and equipment
	Fixed assets are stated at cost less accumulated depreciation.  Depreciation is calculated using the straight-line method over the asset’s estimated useful life, which is five to ten years.  Leasehold improvements are amortized over the lesser of the lease term or their estimated useful lives.
	Income taxes
	The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statements or tax returns.  Under this method, deferred tax liabilities and assets are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (“temporary differences”) at enacted tax rates in effect for the years in which the temporary differences are expected to reverse.  The Company records a valuation allowance on its deferred income tax assets if it is more likely than not that these deferred income tax assets will not be realized.
	The Company has no unrecognized tax benefits at December 31, 2013 and 2012.  The Company’s U.S. Federal and state income tax returns prior to fiscal year 2010 are closed and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings.
	The Company will recognize interest and penalties associated with tax matters as income tax expense.
	Earnings (Loss) Per Share
	Basic net loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period.  Diluted net loss per share is calculated by dividing net loss applicable to common stockholders as adjusted for the effect of dilutive securities, if any, by the weighted average number of common stock and dilutive common stock outstanding during the period.  No potentially dilutive securities are included in the computation of any diluted per share amounts as the Company reported a net loss for all periods presented.  Potentially dilutive securities that would be issued upon the exercise of outstanding warrants and stock options were 1.0 million at December 31, 2013 and 0.7 million at December 31, 2012.
	Stock-based compensation
	The Company follows recognized accounting guidance which requires all stock-based payments, including grants of stock options, to be recognized in the statement of operations as compensation expense, based on their fair  values on the grant date.  The estimated fair value of options granted under the Company’s 2007 Employee Stock Option Plan (the “Plan”) are recognized as compensation expense over the option-service period.
	During the years ended December 31, 2013 and 2012, the Company recorded stock-based compensation expense to employees of $888,295 and $626,787, respectively.  There were 84,134 and 506,559 options granted to employees and members of the Board of Directors for the years ended December 31, 2013 and 2012, respectively. For the year ended December 31, 2013, 6,350 options were forfeited due to an employee termination.
	The fair value of employee options granted was determined on the date of grant using the Black-Scholes model.  The Black-Scholes option valuation model was developed for use in estimating the fair value of publicly traded options, which have no vesting restrictions and are fully transferable.  In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility.  The Company’s employee stock options have characteristics significantly different from those of traded options, and changes in the subjective input assumptions can materially affect the fair value estimate.  Because there is no public market for the Company’s stock and very little historical experience with the Company’s stock options, small similar publicly traded companies were used for comparison and expectations as to assumptions required for fair value computation using the Black-Scholes methodology.  Guidance for stock-based compensation requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.  The Company currently estimates there will be no forfeitures of options.  Due to the Company’s limited history, the Company uses the simplified method, to determine the expected life of the option grants, which is the average between vesting terms and contractual terms.
	The Company records compensation expense associated with stock options and other forms of equity compensation using the Black-Scholes option-pricing model and the following assumptions:
		Year Ended
		31-Dec-13
	Expected term	6.3 years
	Volatility		63%
	Dividend yield		0
	Risk-free interest rate		1.24-2.25%
	Fair value of financial instruments
	The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, short-term investments, accounts payable, and notes payable are shown at cost which approximates fair value due to the short-term nature of these instruments.  The carrying value of the long-term note payable bears interest at a rate per annum equal to the greater of (i) 8.75% and (ii) the sum of (a) 8.75% plus (b) the Prime Rate (as reported in The Wall Street Journal) minus (c) 5.75%, which approximates its fair value as of December 31, 2013 and also approximates the February 2014 terms of the amended loan agreement.

3_PROPERTY_AND_EQUIPMENT

3. PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2013
Property, Plant and Equipment [Abstract]	'
3. PROPERTY AND EQUIPMENT	'
	Property and equipment consist of the following at December 31,	2013			2012
	Lab and office equipment	$	674,885		$	523,300
	Computer software		184,077			141,277
	Leasehold improvements		942,353			940,103
			1,801,315			1,604,680
	Less: Accumulated depreciation and amortization		(1,036,016	)		(825,383	)
		$	765,299		$	779,297
	The Company recorded depreciation and amortization expense of $210,633 and $182,089 for the years ended December 31, 2013 and 2012, respectively.  The Company recorded a loss on disposal of equipment of $18,399 for the year ended December 31, 2012.

4_LEASEHOLD_IMPROVEMENT_LOAN

4. LEASEHOLD IMPROVEMENT LOAN	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
4. LEASEHOLD IMPROVEMENT LOAN	'
	In connection with the lease of commercial real estate by the Company’s wholly-owned subsidiary for the operation of the plasma collection center, the Company borrowed $125,980 from the lessor to pay for leasehold improvement costs in excess of the allowance provided for in the lease agreement.  The loan bears interest at 9% and is payable in 120 monthly installments of $1,596 maturing December 31, 2018.  Principal maturities under the loan are as follows:
	2014	$	12,654
	2015		13,841
	2016		15,139
	2017		16,559
	2018		18,113
	2019		1,584
		$	77,890

5_DEBT

5. DEBT	12 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
5. DEBT	'
	Hercules Debt Agreement
	On December 21, 2012, the Company and its subsidiaries entered into a Loan and Security Agreement, or the Loan Agreement, with Hercules Technology Growth Capital, Inc., or Hercules.  Under the Loan Agreement, the Company borrowed $5.0 million consisting of $4.0 million on the closing date and an additional $1.0 million upon enrolling its first patient  in its pivotal (Phase III) clinical study of its lead product candidate RI-002. On February 24, 2014, the Company entered into the First Amendment to the Loan Agreement, or Loan Amendment, under which the Company may borrow up to a maximum of $15.0 million. the Company borrowed $10.0 million on the closing date ($5.0 million of which was used to refinance existing debt with Hercules) and an additional $5.0 million will be made available upon the Company successfully meeting the clinical endpoints of a Phase III clinical study of RI-002 as a treatment for Primary Immunodeficiency Diseases in an manner that supports a Biologic License Application filing. The loan bears interest at a rate per annum equal to the greater of (i) 8.75% and (ii) the sum of (a) 8.75% plus (b) the Prime Rate (as reported in The Wall Street Journal) minus (c) 5.75%. Payment-in-kind interest accrues on the outstanding principal balance of the loan compounded monthly at 1.95% per annum and such accrued and unpaid interest is added to the principal balance of the loan on the first day of each month beginning on the month after the closing.  The principal will be repaid over 27 months beginning no later than April 1, 2015 (unless extended to October 1, 2015 upon the Company meeting certain eligibility criteria for the final tranche), unless accelerated as a result of certain events of default.  A backend fee equal to $132,000 is due the earliest of April 1, 2016, the prepayment date and the date that the secured obligations become due and payable.  In addition, a first amendment commitment fee and a facility fee in the amount of $15,000 and $135,000, respectively, were paid at closing.   In the event the Company elects to prepay the loan, the Company is obligated to pay a prepayment charge corresponding to a percentage of the principal amount of the loan, with such percentage being: 2.5% if prepayment occurs in the first year, 1.5% if prepayment occurs in the second year and 0.5% if prepayment occurs after the second year but prior to the final day of the term.  The loan matures no later than January 1, 2018.
	The loan is secured by the Company's assets, except for its intellectual property (which is subject to a negative pledge). Interest is due and payable on the 1st of every month and at the termination date, unless accelerated as a result of an event of default.
	The Loan Agreement contains customary representations, warranties and covenants, including limitations on incurring indebtedness, engaging in mergers or acquisitions and making investments, distributions or transfers.  The representations, warranties and covenants contained in the Loan Agreement were made only for purposes of such agreement and as of a specific date or specific dates, were solely for the benefit of the parties to such agreement, and may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures exchanged between the parties in connection with the execution of the Loan Agreement.
	Events of default under the agreement include, but are not limited to: (i) insolvency, liquidation, bankruptcy or similar events; (ii) failure to pay any debts due under the Loan Agreement or other loan documents on a timely basis; (iii) failure to observe any covenant or secured obligation under the Loan Agreement or other loan documents, which failure, in most cases, is not cured within 10 days of written notice by lender; (iv) occurrence of any default under any other agreement between us and the lender, which is not cured within 10 days; (v) occurrence of an event that could reasonably be expected to have a material adverse effect;  (vi) material misrepresentations; (vii) occurrence of any default under any other agreement involving indebtedness in excess of $50,000 or the occurrence of a default under any agreement that could reasonably be expected to have a material adverse effect; and (viii) certain money judgments are entered against us or a certain portion of our assets are attached or seized.   Remedies for events of default include acceleration of amounts owing under the Loan Agreement and taking immediate possession of, and selling, any collateral securing the loan.
	In connection with the original Loan Agreement, the Company issued to Hercules a warrant to purchase 31,750 shares of common stock with an exercise price of $7.56, and under the amended Loan Agreement, the Company issued to Hercules a warrant to purchase 34,800 shares of its common stock (and a warrant for an additional 23,200 shares of common stock if the Company borrows an additional $5.0 million as described above), with an exercise price set at the lower of (i) $7.50 per share or (ii) the price per share of the next round of financing over the next twelve months, subject to customary anti-dilution adjustments.  The warrants expire after 10 years and have piggyback registration rights with respect to the shares of common stock underlying the warrant.  In addition, the Company has also granted Hercules the option to invest (until the loan maturity date) up to $1.0 million in future equity financings at the same terms as the other investors.
	The Loan Agreement contains certain provisions that require the warrants issued to Hercules to be accounted for as a liability and “marked-to-market” each reporting period.  Changes in the valuation of this liability at the end of each reporting period will be included in its reported operating results, and may create volatility in its reported operating results.
	The fair value of the initial Loan Agreement warrant was calculated using a lattice-based option model in order to account for features in the warrant that could cause the exercise price to reset (“down round protection”) in the next issuance of our common stock (the next round of equity financing). The Company recorded the fair value of the warrant of $229,345 as warrant liability and as a debt discount to the carrying value of the loan.  The key assumptions used to value the warrants included the expected date of the next round of equity financing, volatility of 59% on our common stock based upon similar public companies volatilities for comparison, an expected dividend yield of 0.0%, and a term of 10 years.  As of October 22, 2013, the closing of the IPO, the Company recorded $186,055 as the fair value of the warrant, as additional paid in capital.   As a result of the decrease in warrant liability, the Company recorded a $43,290 change in the fair value of warrant liability.  This warrant liability was adjusted from inception of the initial Loan Agreement to October 22, 2013, to fair value each reporting period using a lattice-based option model and the debt discount will be amortized to interest expense over the term of the loan. Upon the completion of the IPO of common stock in October 2013, the down round warrant protection feature resulting in the warrant liability’s quarterly “marked-to-market” valuation terminated and, therefore, this liability was reclassified to additional paid-in capital during the fourth quarter of 2013.

6_STOCKHOLDERS_EQUITY

6. STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2013
Equity [Abstract]	'
6. STOCKHOLDERS' EQUITY	'
	Hercules Debt Financing Warrant Issuance
	In connection with the original Loan Agreement, the Company issued to Hercules a warrant to purchase 31,750 shares of common stock with an exercise price of $7.56, subject to customary anti-dilution adjustments.  In connection with the Loan Amendment, the Company issued to Hercules a warrant to purchase 34,800 shares of common stock of the Company (and a warrant for an additional 23,200 shares of common stock if the Company borrows an additional $5.0 million as described above), with an exercise price set at the lower of (i) $7.50 per share or (ii) the price per share of the next round of financing over the next twelve months, subject to customary anti-dilution adjustments.  The warrant expires after 10 years and has piggyback registration rights with respect to the shares of common stock underlying the warrant.
	2012 Merger and Financing
	On February 13, 2012, in connection with, and immediately prior to the closing of the Merger (as defined below), the Company completed a private placement (the “2012 Financing”) of 2,321,723 shares of the Company’s common stock at a price per share of $7.56 to accredited investors, for gross proceeds to the Company of $17,550,029 pursuant to a securities purchase agreement (the “Securities Purchase Agreement”). In lieu of repayment of senior secured promissory notes in the aggregate principal amount of $250,000 (plus $12,740 in accrued interest), the aggregate amount of unpaid principal and interest on the notes was invested by the holders of such notes in the 2012 Financing in exchange for shares of the Company’s common stock.  The net cash proceeds from the 2012 Financing, after the payment of all expenses related to the 2012 Financing and the Merger, approximated $15.3 million.
	The placement agent was paid a cash fee by the Company for its services.  As additional compensation, the Company issued the placement agent warrants (the “Placement Agent Warrants”) to purchase 111,587 shares of common stock of the Company.  The Placement Agent Warrants, which were exchanged for warrants of the Company in the Merger, are exercisable at $7.56 per share of Common Stock at any time beginning on August 11, 2012 and ending on February 12, 2017.  The Company also agreed to reimburse the Placement Agent for up to $100,000 of expenses it incurred in connection with the 2012 Financing and to indemnify it against certain liabilities in connection with the 2012 Financing.
	On February 13, 2012, the Company entered into a merger agreement whereby forming ADMA Acquisition Sub, Inc., a Delaware corporation (“Acquisition Sub”) (“Merger”). Upon closing of the Merger, Acquisition Sub was merged with and into the Company, and the Company, as the surviving corporation in the Merger, became a wholly-owned subsidiary of the Company and the corporate name was changed to ADMA Biologics, Inc.
	For accounting purposes, the Merger was accounted for as a reverse acquisition, with the Company as the accounting acquiror (legal acquiree) and parentco as the accounting acquiree (legal acquiror), effectively a recapitalization of the Company.
	Following the Merger, the Company is authorized by its certificate of incorporation to issue an aggregate of 85,000,000 shares of capital stock, of which 75,000,000 are shares of common stock and 10,000,000 are shares of preferred stock, each with a par value of $0.0001 per share.
	During October and November the Company completed its IPO and overallotment of common stock by issuing 3,420,821 shares of its common stock, priced at $8.50 per share.  Aggregate net proceeds to ADMA, after deducting underwriting discounts and commissions and expenses was $26.6 million.

7_RELATED_PARTY_TRANSACTIONS

7. RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2013
Related Party Transactions [Abstract]	'
7. RELATED PARTY TRANSACTIONS	'
	The Company leases an office building and equipment from an entity owned by related parties on a month-to-month basis.  Rent expense amounted to $96,448 for each of the years ended December 31, 2013 and 2012, respectively.  The Company maintains deposits and other accounts at a bank which is less than 5%-owned by related parties and where a stockholder is a member of the Board of Directors of the bank.

8_COMMITMENT_AND_CONTINGENCIES

8. COMMITMENT AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]	'
8. COMMITMENT AND CONTINGENCIES	'
	Lease commitments
	The Company has entered into leases for it ADMA BioCenters’ facilities located at 6290 Jimmy Carter Boulevard, Suite 208, Norcross, Georgia and in Marietta, Georgia.    The Norcross, Georgia lease expires on September 30, 2023, and the Marietta, Georgia lease expires on January 31, 2024.  Total rent expense for its New Jersey and Georgia facilities during the years ended 2013 and 2012 were approximately, $253,000 and $249,000, respectively.
	Future minimum lease payments for both leases, for each of the five years ending December 31 and thereafter are as follows:
	2014	$	168,928
	2015		330,176
	2016		348,383
	2017		353,059
	2018		356,774
	Thereafter		1,998,966
		$	3,556,286
	Vendor and Licensor Commitments
	On December 31, 2012, the Company entered into a Manufacturing, Supply and License Agreement with Biotest, which replaces a prior agreement that expired on December 31, 2012.  Under the agreement, the Company agreed to purchase exclusively from Biotest its worldwide requirements of Respiratory Syncytial Virus (“RSV”) immune globulin manufactured from human plasma containing RSV antibodies.  The term of the agreement is for a period of ten years from January 1, 2013, renewable for two additional five-year periods at the agreement of both parties. The Company is obligated under this agreement to purchase a minimum of at least one lot of product during each calendar year after the finished product is approved by the Food and Drug Administration (“FDA”).  This number is subject to increase at the Company’s option.  As consideration for Biotest’s obligations under the agreement, the Company is obligated to pay a dollar amount per lot of RSV immune globulin manufactured from human plasma containing RSV antibodies, as well as a percentage royalty on the sales thereof and of RI-002, up to a specified cumulative maximum.  The agreement may be terminated by either party (a) by reason of a material breach if the breaching party fails to remedy the breach within 120 days after receiving notice of the breach from the other party, (b) upon bankruptcy, insolvency, dissolution, or winding up of the other party, or (c) if the other party is unable to fulfill its obligations under the agreement for 120 consecutive days or more as a result of (a) or (b) above.
	In a separate license agreement effective December 31, 2012, the Company granted Biotest an exclusive license to market and sell RSV antibody-enriched Immune Globulin Intravenous (“IGIV”)  in Europe and in selected countries in North Africa and the Middle East, collectively referred to as the Territory, to have access to the Company’s testing services for testing of Biotest’s plasma samples using the Company’s proprietary RSV assay, and to reference (but not access) the Company’s proprietary information for the purpose of Biotest seeking regulatory approval for the RSV antibody-enriched IGIV in the Territory.  As consideration for the license, Biotest agreed to provide the Company with certain services at no charge and also compensate us with cash payments upon the completion of certain milestones.  Such services have been accounted for as deferred revenue which were recorded in 2013 as a result of certain research and development services as provided for in accordance with a license agreement.  Deferred revenue is recognized over the term of the license and is amortized into income for a period of approximately 20 years, the term of the license agreement. Biotest is also obligated to pay the Company an adjustable royalty based on a percentage of revenues from the sale of RSV antibody-enriched IGIV in the Territory for 20 years from the date of first commercial sale. Additionally, Biotest has agreed to grant the Company an exclusive license for marketing and sales in the United States and Canada for Biotest’s Varicella Zoster Immune Globulin (“VZIG”), the terms of which the Company expects to finalize by the end of the first half of 2014.  As such, the Company expects to account for the value of this license as a charge to operations once the terms of the in-license agreement are finalized.
	Pursuant to the terms of a Plasma Purchase Agreement with Biotest, the Company has agreed to purchase from Biotest an annual minimum volume of source plasma containing antibodies to RSV to be used in the manufacture of RI-002.  This volume will increase at the earlier of our receipt of a Biologics License Application (“BLA”) from the FDA, or March 31, 2016.  The Company must purchase a to-be-determined and agreed upon annual minimum volume from Biotest but may also collect high-titer RSV plasma from up to five wholly-owned ADMA BioCenters.  Unless terminated earlier, the agreement expires in November 2021, after which it may be renewed for two additional five-year periods if agreed to by the parties.  Either party may terminate the agreement if the other party fails to remedy any material default in the performance of any material condition or obligation under the agreement following notice.  Either party may also terminate the agreement, after providing written notice, if a proceeding under any bankruptcy, reorganization, arrangement of debts, insolvency or receivership law is filed by or against the other party, and is not dismissed or stayed, or a receiver or trustee is appointed for all or a substantial portion of the assets of the other party, or the other party makes an assignment for the benefit of its creditors or becomes insolvent.  The Company may also terminate the agreement upon written notice if the clinical development of our product candidate is halted or terminated, whether by the FDA, a Data Safety Monitoring Board, or any other regulatory authority.  Upon termination of the agreement, the Company must pay for any source plasma already delivered to the Company and for any source plasma collected under the terms of the agreement.
	Employment Contracts
	The Company has entered into employment agreements with its executive management team consisting of its President and Chief Executive Officer, Chief Medical and Scientific Officer and Chief Financial Officer.  In accordance with the employment agreements, the total financial obligation the Company has with the named executives totals approximately $1.5 million.
	General Legal Matters
	The Company is subject to certain legal proceedings and claims arising in connection with the normal course of our business. In the opinion of management, there are currently no claims that would have a material adverse effect on our consolidated financial position, results of operations or cash flows.
	Other Commitments
	In the normal course of business, the Company enters into contracts that contain a variety of indemnifications with its employees, licensors, suppliers and service providers. Further, the Company indemnifies its directors and officers who are, or were, serving at the Company’s request in such capacities. The Company’s maximum exposure under these arrangements is unknown as of December 31, 2013. The Company does not anticipate recognizing any significant losses relating to these arrangements.

9_STOCK_OPTIONS

9. STOCK OPTIONS	12 Months Ended
	Dec. 31, 2013
Equity [Abstract]	'
9. STOCK OPTIONS	'
	On July 16, 2007 (the “Effective Date”), the Company’s Board and stockholders adopted the 2007 Employee Stock Options Plan (the “Plan”).  On July 17, 2012, the Company’s Board and stockholders amended the Plan to increase the aggregate number of options available for grant to 903,224.  On February 21, 2014, the Board of Directors (the "Board") of the Company approved, subject to stockholder approval at the Company's 2014 Annual Meeting of Stockholders (the "Annual Meeting") of the 2014 Omnibus Incentive Compensation Plan of the Company (the “Prospective Plan”), incentive stock options to purchase an aggregate of 167,932 shares of the Company's common stock under the Prospective  Plan, which is subject to stockholder approval at the Annual Meeting, to three of its executive officers, of which options to purchase 99,309 shares were approved by the Board for the Company’s President and Chief Executive Officer, Adam S. Grossman; options to purchase 39,032 shares were approved by the Board for the Company’s Chief Financial Officer, Brian Lenz; and options to purchase 29,591 shares were approved by the Board for the Company's Chief Scientific and Medical Officer, James Mond, M.D., Ph.D.  The options will vest over a period of four years and are exercisable at a price per share of $8.50, the closing price of the Company’s common stock on the OTC Bulletin Board on February 21, 2014. The Board also approved, subject to stockholder approval at the Annual Meeting under the Prospective Plan, nonqualified stock options to purchase an aggregate of 54,000 shares of the Company’s common stock to its Board.  Such options will vest over a period of two years and are exercisable at a price per share of $8.50, the closing price of the Company’s common stock on the OTC Bulletin Board on February 21, 2014.  Additionally, the Board also, approved subject to stockholder approval at the Annual meeting under the Prospective Plan, 800,000 shares of common stock plus an annual increase to be added as of the first day of the Company’s fiscal year, beginning in 2015 and occurring each year thereafter through 2020, equal to the lower of 200,000, or 1% of the outstanding shares of common stock as of the end of the Company’s immediately preceding fiscal year and  any lesser number of shares determined by the Board, provided that the aggregate number of shares available for issuance pursuant to such increases shall not exceed a total of 800,000 shares reserved for issuance under the terms of  the  Prospective Plan.
	The Plan provides for the Board or a Committee of the Board (the “Committee”) to grant awards to optionees and to determine the exercise price, vesting term, expiration date and all other terms and conditions of the awards, including acceleration of the vesting of an award at any time.  All options granted under the Plan are intended to be incentive stock options (“ISOs”), unless specified by the Committee to be non-qualified options (“NQOs”) as defined by the Internal Revenue Code.  ISOs and NQOs may be granted to employees, consultants or Board members at an option price not less than the fair market value of the common stock subject to the Stock Option Agreement.  The following table summarizes information about stock options outstanding as of December 31, 2013 and 2012:
		Year Ended					Year Ended
		31-Dec-13					31-Dec-12
					Weighted				Weighted
					Average				Average
					Exercise				Exercise
		Shares			Price		Shares		Price
	Outstanding at beginning of year		749,211		$	6.86		105,890	$	2.62
	Forfeited		(6,350	)	$	7.56		-	$	-
	Granted		84,134		$	7.56		643,321	$	7.56
	Outstanding at end of year and expected to vest		826,995		$	6.9		749,211	$	6.86
	Options exercisable		391,822		$	6.23		175,022	$	6.67
	Weighted average fair value of options
	granted during the period				$	4.35			$	5.37
	The weighted average remaining contractual term of stock options outstanding and expected to vest at December 31, 2013 is 7.9 years.  The weighted average remaining contractual term of stock options exercisable at December 31, 2013 is 7.0 years.
	Stock-based compensation expense for the years ended December 31, 2013 and 2012 was:
		2013			2012
	Research and development	$	227,085		$	101,606
	General and administrative		661,210			525,181
	Total stock-based compensation expense	$	888,295		$	626,787
	As of December 31, 2013, the total compensation expense related to unvested options not yet recognized totaled $2,283,314. The weighted-average vesting period over which the total compensation expense will be recorded related to unvested options not yet recognized at December 31, 2013 was approximately 2.6 years.  As of December 31, 2013, the Company had 76,229 options available for future grant under the Plan.
	The aggregate intrinsic value is calculated as the difference between (i) the closing price of the common stock at December 31, 2013 and (ii) the exercise price of the underlying awards, multiplied by the number of options that had an exercise price less than the closing price on the last trading day. Our outstanding and exercisable options had an intrinsic value of $591,574 as of December 31, 2013.

10_INCOME_TAXES

10. INCOME TAXES	12 Months Ended
	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'
10. INCOME TAXES	'
	A reconciliation of income taxes at the U.S. Federal statutory rate to the benefit for income taxes is as follows:
		Year Ended December 31,
		2013			2012
	Benefit at US federal statutory rate	$	(5,279,264	)	$	(2,692,436	)
	State taxes - deferred		(901,800	)		(395,946	)
	Increase in valuation allowance, inclusive of true-ups		6,850,118			3,088,382
	Research and development credits		(599,003	)		-
	Sale of state net operating loss		-			(617,615	)
	Other		(70,051	)		-
	Benefit for income taxes	$	-		$	(617,615	)
	A summary of our deferred tax assets is as follows:
		Year Ended December 31,
		2013			2012
	Federal and state net operating loss carryforwards	$	16,791,893		$	11,602,301
	Federal and state research credits		2,846,245			1,938,664
	Accrued expenses and other		752,945			-
	Total gross deferred taxassets		20,391,083			13,540,965
	Less: valuation allowance for deferred taxassets		(20,391,083	)		(13,540,965	)
	Net deferred taxassets	$	-		$	-
	As of December 31, 2013, the Company had Federal and state net operating loss carryforwards of approximately $44.1 million and $33.3 million, respectively.  The Company also had Federal and state research and development tax credit carryforwards of approximately $2.2 million and $0.6 million, respectively.  The net operating loss carryforwards and tax credits will expire at various dates beginning in 2027 if not utilized.
	The Company received $617,615 in January 2012 from the sale of net operating loss and research and development credit carryforwards under the New Jersey Economic Development Authority Technology Business Tax Certificate Transfer Program.  These amounts are recorded on the financial statements as income tax benefits in the year they are received.

11_SEGMENTS

11. SEGMENTS	12 Months Ended
	Dec. 31, 2013
Segment Reporting [Abstract]	'
11. SEGMENTS	'
	The Company is engaged in the development and commercialization of human plasma and plasma-derived therapeutics.  The Company also operates an FDA-licensed source plasma collection facility located in Norcross, Georgia.  The Company defines its segments as those business units whose operating results are regularly reviewed by the chief operating decision maker (“CODM”) to analyze performance and allocate resources.  The Company’s CODM, is its President and Chief Executive Officer.
	The plasma collection center segment includes the Company’s operation in Georgia.  The research and development segment includes the Company’s plasma development operations in New Jersey.
	Summarized financial information concerning reportable segments is shown in the following table:
	Year Ended December 31,	Plasma Collection			Research and
	2013	Center			Development			Corporate			Consolidated
	Revenues	$	3,023,503		$	-		$	44,074		$	3,067,577
	Cost of product revenue		2,023,441			-			-			2,023,441
	Gross profit		1,000,062			-			44,074			1,044,136
	Loss from operations		(1,418,094	)		(9,303,077	)		(4,321,260	)		(15,042,431	)
	Other expense		(7,582	)		-			(477,233	)		(484,815	)
	Loss before income taxes		(1,425,676	)		(9,303,077	)		(4,798,493	)		(15,527,246	)
	Property and equipment, net		587,032			2,729			175,538			765,299
	Depreciation and
	amortization expense		168,686			3,238			38,709			210,633
	Year Ended December 31,	Plasma Collection			Research and
	2012	Center			Development			Corporate			Consolidated
	Revenues	$	1,118,118		$	-		$	-		$	1,118,118
	Cost of product revenue		669,056			-			-			669,056
	Gross profit		449,062			-			-			449,062
	Loss from operations		(1,297,802	)		(3,469,078	)		(3,142,289	)		(7,909,169	)
	Other income (expense)		-			-			(9,759	)		(9,759	)
	Loss before income taxes		(1,297,802	)		(3,469,078	)		(3,152,048	)		(7,918,928	)
	Property and equipment, net		687,462			5,967			85,868			779,297
	Depreciation and
	amortization expense		164,514			4,558			13,017			182,089
	The “Corporate” column includes general and administrative overhead expenses.  Property and equipment, net, included in the “Corporate” column above includes assets related to corporate and support functions.

2_SUMMARY_OF_SIGNIFICANT_ACCOU1

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Basis of presentation	'
	Basis of presentation
	The accompanying consolidated financial statements include the accounts of ADMA Biologics, Inc. and its wholly-owned subsidiaries.  All significant intercompany transactions and balances have been eliminated in consolidation.
Cash and cash equivalents	'
	Cash and cash equivalents
	The Company considers all highly-liquid instruments purchased with a maturity of three months or less to be cash equivalents.  The Company purchases certificates of deposits with maturity schedules of three, six, nine and twelve months.  Instruments with maturity greater than three months but less than twelve months are included in short term investments.  As of December 31, 2012, the Company had $0.5 million in restricted cash associated with a letter of credit related to our landlord agreement for our Georgia ADMA BioCenters facility.  As of December 31, 2013, none of our cash was restricted and the letter of credit expired.
	The Company regularly maintains cash and short term investments at third-party financial institutions in excess of the Federal Deposit Insurance Corporation, or FDIC, insurance limit. While the Company monitors the daily cash balances in the operating accounts and adjusts the balances as appropriate, these balances could be impacted, and there could be a material adverse effect on our business, if one or more of the financial institutions with which the Company has deposits fails or is subject to other adverse conditions in the financial or credit markets. To date, the Company has not experienced a loss or lack of access to its invested cash or cash equivalents; however, the Company cannot provide assurance that access to its invested cash and cash equivalents will not be impacted by adverse conditions in the financial and credit markets.
Inventories	'
	Inventories
	Plasma inventories (both plasma intended for resale and plasma intended for internal use in our research and development activities) are carried at the lower of cost or market value determined on the first-in, first-out method.    Once the research and development plasma is processed to a finished good for ongoing trials it is then expensed to research and development.  Inventory at December 31, 2013 and 2012 consists of raw materials.  Inventory also includes plasma collected at the Company’s FDA licensed plasma collection center.
Revenue recognition	'
	Revenue recognition
	Revenue from the sale of human plasma collected at the Company’s FDA licensed plasma collection center and plasma-derived medicinal products is recognized at the time of transfer of title and risk of loss to the customer, which occurs at the time of shipment.  Revenue is recognized at the time of delivery if the Company retains the risk of loss during shipment.  The Company’s revenues are substantially attributed to one customer.  Revenue from license fees and research and development services rendered are recognized as revenue when the performance obligations under the terms of the license agreement have been completed.  Deferred revenue of $1.7 million was recorded in 2013 as a result of certain research and development services to be provided in accordance with a license agreement and is recognized over the term of the license.  Deferred revenue is amortized into income for a period of approximately 20 years, the term of the license agreement.
Concentration of Significant Customers and Accounts Receivable	'
	Concentration of Significant Customers and Accounts Receivable
	As of December 31, 2013 and 2012, the Company’s customers, revenues and trade receivable balances were substantially attributed to one customer.
Research and development costs	'
	Research and development costs
	The Company expenses all research and development costs as incurred including plasma and equipment for which there is no alternative future use.  Such expenses include licensing fees and costs associated with planning and conducting clinical trials.
Use of estimates	'
	Use of estimates
	The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.  Significant estimates include valuation of inventory, assumptions used in the fair value of stock-based compensation, and the allowance for the valuation of future tax benefits.
Concentration of credit risk	'
	Concentration of credit risk
	Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and short-term investments.
Property and equipment	'
	Property and equipment
	Fixed assets are stated at cost less accumulated depreciation.  Depreciation is calculated using the straight-line method over the asset’s estimated useful life, which is five to ten years.  Leasehold improvements are amortized over the lesser of the lease term or their estimated useful lives.
Income taxes	'
	Income taxes
	The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statements or tax returns.  Under this method, deferred tax liabilities and assets are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (“temporary differences”) at enacted tax rates in effect for the years in which the temporary differences are expected to reverse.  The Company records a valuation allowance on its deferred income tax assets if it is more likely than not that these deferred income tax assets will not be realized.
	The Company has no unrecognized tax benefits at December 31, 2013 and 2012.  The Company’s U.S. Federal and state income tax returns prior to fiscal year 2010 are closed and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings.
	The Company will recognize interest and penalties associated with tax matters as income tax expense.
Earnings (loss) per common share	'
	Earnings (Loss) Per Share
	Basic net loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period.  Diluted net loss per share is calculated by dividing net loss applicable to common stockholders as adjusted for the effect of dilutive securities, if any, by the weighted average number of common stock and dilutive common stock outstanding during the period.  No potentially dilutive securities are included in the computation of any diluted per share amounts as the Company reported a net loss for all periods presented.  Potentially dilutive securities that would be issued upon the exercise of outstanding warrants and stock options were 1.0 million at December 31, 2013 and 0.7 million at December 31, 2012.
Stock-based compensation	'
	Stock-based compensation
	The Company follows recognized accounting guidance which requires all stock-based payments, including grants of stock options, to be recognized in the statement of operations as compensation expense, based on their fair  values on the grant date.  The estimated fair value of options granted under the Company’s 2007 Employee Stock Option Plan (the “Plan”) are recognized as compensation expense over the option-service period.
	During the years ended December 31, 2013 and 2012, the Company recorded stock-based compensation expense to employees of $888,295 and $626,787, respectively.  There were 84,134 and 506,559 options granted to employees and members of the Board of Directors for the years ended December 31, 2013 and 2012, respectively. For the year ended December 31, 2013, 6,350 options were forfeited due to an employee termination.
	The fair value of employee options granted was determined on the date of grant using the Black-Scholes model.  The Black-Scholes option valuation model was developed for use in estimating the fair value of publicly traded options, which have no vesting restrictions and are fully transferable.  In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility.  The Company’s employee stock options have characteristics significantly different from those of traded options, and changes in the subjective input assumptions can materially affect the fair value estimate.  Because there is no public market for the Company’s stock and very little historical experience with the Company’s stock options, small similar publicly traded companies were used for comparison and expectations as to assumptions required for fair value computation using the Black-Scholes methodology.  Guidance for stock-based compensation requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.  The Company currently estimates there will be no forfeitures of options.  Due to the Company’s limited history, the Company uses the simplified method, to determine the expected life of the option grants, which is the average between vesting terms and contractual terms.
	The Company records compensation expense associated with stock options and other forms of equity compensation using the Black-Scholes option-pricing model and the following assumptions:
		Year Ended
		31-Dec-13
	Expected term	6.3 years
	Volatility		63%
	Dividend yield		0
	Risk-free interest rate		1.24-2.25%
Fair value of financial instruments	'
	Fair value of financial instruments
	The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, short-term investments, accounts payable, and notes payable are shown at cost which approximates fair value due to the short-term nature of these instruments.  The carrying value of the long-term note payable bears interest at a rate per annum equal to the greater of (i) 8.75% and (ii) the sum of (a) 8.75% plus (b) the Prime Rate (as reported in The Wall Street Journal) minus (c) 5.75%, which approximates its fair value as of December 31, 2013 and also approximates the February 2014 terms of the amended loan agreement.

2_SUMMARY_OF_SIGNIFICANT_ACCOU2

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2013
Summary Of Significant Accounting Policies Tables	'
Schedule of assumptions used for equity compensation expense	'
		Year Ended
		31-Dec-13
	Expected term	6.3 years
	Volatility		63%
	Dividend yield		0
	Risk-free interest rate		1.24-2.25%

3_PROPERTY_AND_EQUIPMENT_Table

3. PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2013
Property And Equipment Tables	'
Schedule of property and equipment	'
	Property and equipment consist of the following at December 31,	2013			2012
	Lab and office equipment	$	674,885		$	523,300
	Computer software		184,077			141,277
	Leasehold improvements		942,353			940,103
			1,801,315			1,604,680
	Less: Accumulated depreciation and amortization		(1,036,016	)		(825,383	)
		$	765,299		$	779,297

4_LEASEHOLD_IMPROVEMENT_LOAN_T

4. LEASEHOLD IMPROVEMENT LOAN (Tables)	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
Schedule Principal maturities under leasehold improvement loan	'
	2014	$	12,654
	2015		13,841
	2016		15,139
	2017		16,559
	2018		18,113
	2019		1,584
		$	77,890

8_COMMITMENTS_AND_CONTINGENCIE

8. COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Future minimum lease payments	'
	2014	$	168,928
	2015		330,176
	2016		348,383
	2017		353,059
	2018		356,774
	Thereafter		1,998,966
		$	3,556,286

9_STOCK_OPTIONS_Tables

9. STOCK OPTIONS (Tables)	12 Months Ended
	Dec. 31, 2013
Equity [Abstract]	'
Schedule of stock options outstanding	'
		Year Ended					Year Ended
		31-Dec-13					31-Dec-12
					Weighted				Weighted
					Average				Average
					Exercise				Exercise
		Shares			Price		Shares		Price
	Outstanding at beginning of year		749,211		$	6.86		105,890	$	2.62
	Forfeited		(6,350	)	$	7.56		-	$	-
	Granted		84,134		$	7.56		643,321	$	7.56
	Outstanding at end of year and expected to vest		826,995		$	6.9		749,211	$	6.86
	Options exercisable		391,822		$	6.23		175,022	$	6.67
	Weighted average fair value of options
	granted during the period				$	4.35			$	5.37
Stock-based compensation expense	'
		2013			2012
	Research and development	$	227,085		$	101,606
	General and administrative		661,210			525,181
	Total stock-based compensation expense	$	888,295		$	626,787

10_INCOME_TAXES_Tables

10. INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'
Schedule of reconciliation of income taxes	'
		Year Ended December 31,
		2013			2012
	Benefit at US federal statutory rate	$	(5,279,264	)	$	(2,692,436	)
	State taxes - deferred		(901,800	)		(395,946	)
	Increase in valuation allowance, inclusive of true-ups		6,850,118			3,088,382
	Research and development credits		(599,003	)		-
	Sale of state net operating loss		-			(617,615	)
	Other		(70,051	)		-
	Benefit for income taxes	$	-		$	(617,615	)
Schedule of deferred tax asset	'
		Year Ended December 31,
		2013			2012
	Federal and state net operating loss carryforwards	$	16,791,893		$	11,602,301
	Federal and state research credits		2,846,245			1,938,664
	Accrued expenses and other		752,945			-
	Total gross deferred taxassets		20,391,083			13,540,965
	Less: valuation allowance for deferred taxassets		(20,391,083	)		(13,540,965	)
	Net deferred taxassets	$	-		$	-

11_SEGMENTS_Tables

11. SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2013
Segment Reporting [Abstract]	'
SEGMENTS	'
	Year Ended December 31,	Plasma Collection			Research and
	2013	Center			Development			Corporate			Consolidated
	Revenues	$	3,023,503		$	-		$	44,074		$	3,067,577
	Cost of product revenue		2,023,441			-			-			2,023,441
	Gross profit		1,000,062			-			44,074			1,044,136
	Loss from operations		(1,418,094	)		(9,303,077	)		(4,321,260	)		(15,042,431	)
	Other expense		(7,582	)		-			(477,233	)		(484,815	)
	Loss before income taxes		(1,425,676	)		(9,303,077	)		(4,798,493	)		(15,527,246	)
	Property and equipment, net		587,032			2,729			175,538			765,299
	Depreciation and
	amortization expense		168,686			3,238			38,709			210,633
	Year Ended December 31,	Plasma Collection			Research and
	2012	Center			Development			Corporate			Consolidated
	Revenues	$	1,118,118		$	-		$	-		$	1,118,118
	Cost of product revenue		669,056			-			-			669,056
	Gross profit		449,062			-			-			449,062
	Loss from operations		(1,297,802	)		(3,469,078	)		(3,142,289	)		(7,909,169	)
	Other income (expense)		-			-			(9,759	)		(9,759	)
	Loss before income taxes		(1,297,802	)		(3,469,078	)		(3,152,048	)		(7,918,928	)
	Property and equipment, net		687,462			5,967			85,868			779,297
	Depreciation and
	amortization expense		164,514			4,558			13,017			182,089

2_SUMMARY_OF_SIGNIFICANT_ACCOU3

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Summary Of Significant Accounting Policies Details Narrative	'	'
Options issued to employees	84,134	506,559

2_SUMMARY_OF_SIGNIFICANT_ACCOU4

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2013
Summary Of Significant Accounting Policies Tables	'
Expected term of options in years	'6 years 3 months 18 days
Expected volatility	63.00%
Expected dividend yield	0.00%
Risk-free interest rate Minimum	1.24%
Risk-free interest rate Maximum	2.25%

3_PROPERTY_AND_EQUIPMENT_Detai

3. PROPERTY AND EQUIPMENT (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Property And Equipment Tables	'	'
Lab and office equipment	$674,885	$523,300
Computer software	184,077	141,277
Leasehold improvements	942,353	940,103
Total gross	1,801,315	1,604,680
Less: accumulated depreciation and amortization	-1,036,016	-825,383
Net	$765,299	$779,297

4_LEASEHOLD_IMPROVEMENT_LOAN_D

4. LEASEHOLD IMPROVEMENT LOAN (Details) (USD $)	Dec. 31, 2013
Notes to Financial Statements	'
2014	$12,654
2015	13,841
2016	15,139
2017	16,559
2018	18,113
2019	1,584
Total	$77,890

7_RELATED_PARTY_TRANSACTIONS_D

7. RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Related Party Transactions [Abstract]	'	'
Rent expense	$96,448	$96,448

8_COMMITMENTS_AND_CONTINGENCIE1

8. COMMITMENTS AND CONTINGENCIES (Details) (USD $)	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]	'
2014	$168,928
2015	330,176
2016	348,383
2017	353,059
2018	356,774
Thereafter	1,998,966
Total	$3,556,286

9_STOCK_OPTIONS_Details

9. STOCK OPTIONS (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Shares	'	'
Outstanding at beginning of period	749,211	105,890
Forfeited	-6,350	0
Granted	84,134	643,321
Outstanding at end of period and expected to vest	826,995	749,211
Options exercisable	391,822	175,022
Weighted Average Exercise Price	'	'
Outstanding at beginning of period	$6.86	$2.62
Forfeited	$7.56	$0
Granted	$7.56	$7.56
Outstanding at end of period and expected to vest	$6.90	$6.86
Options exercisable	$6.23	$6.67
Weighted-average fair value of options granted during the period	$4.35	$5.37

9_STOCK_OPTIONS_Details_1

9. STOCK OPTIONS (Details 1) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Stock-based compensation expenses	'	'
Total stock-based compensation expense	$888,295	$626,787
Research and Development Expense	'	'
Stock-based compensation expenses	'	'
Total stock-based compensation expense	227,085	101,606
General and Administrative Expense	'	'
Stock-based compensation expenses	'	'
Total stock-based compensation expense	$661,210	$525,181

10_INCOME_TAXES_Details

10. INCOME TAXES (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]	'	'
Benefit at US federal statutory rate	($5,279,264)	($2,692,436)
State taxes - deferred	-901,800	-395,946
Increase in valuation allowance, inclusive of true-ups	6,850,118	3,088,382
Research and development credits	-599,003	0
Sale of state net operating loss	0	-617,615
Other	-70,051	0
Benefit for income taxes	$0	($617,615)

10_INCOME_TAXES_Details_1

10. INCOME TAXES (Details 1) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Deferred tax assets:	'	'
Federal and state net operating loss carryforwards	$16,791,893	$11,602,301
Federal and state research credits	2,846,245	1,938,664
Accrued expenses and other	752,945	0
Total gross deferred tax assets	20,391,083	13,540,965
Less: valuation allowance for deferred tax assets	-20,391,083	-13,540,965
Net deferred tax assets	$0	$0

11_SEGMENTS_Details

11. SEGMENTS (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Summarized financial information concerning reportable segments	'	'
Revenues	$3,067,577	$1,118,118
Cost product revenue	2,023,441	669,056
Gross profit	1,044,136	449,062
Loss from operations	-15,042,431	-7,909,169
Other (income) expense	-484,815	-9,759
Loss before income taxes	-15,527,246	-7,918,928
Property and equipment, net	765,299	779,297
Depreciation and amortization expense	210,633	182,089
Plasma Collection Center Member	'	'
Summarized financial information concerning reportable segments	'	'
Revenues	3,023,503	1,118,118
Cost product revenue	2,023,441	669,056
Gross profit	1,000,062	449,062
Loss from operations	-1,418,094	-1,297,802
Other (income) expense	-7,582	0
Loss before income taxes	-1,425,676	-1,297,802
Property and equipment, net	587,032	687,462
Depreciation and amortization expense	168,686	164,514
Research And Development Member	'	'
Summarized financial information concerning reportable segments	'	'
Revenues	0	0
Cost product revenue	0	0
Gross profit	0	0
Loss from operations	-9,303,077	-3,469,078
Other (income) expense	0	0
Loss before income taxes	-9,303,077	-3,469,078
Property and equipment, net	2,729	5,967
Depreciation and amortization expense	3,238	4,558
Corporate Member	'	'
Summarized financial information concerning reportable segments	'	'
Revenues	44,074	0
Cost product revenue	0	0
Gross profit	44,074	0
Loss from operations	-4,321,260	-3,142,289
Other (income) expense	-477,233	-9,759
Loss before income taxes	-4,798,493	-3,152,048
Property and equipment, net	175,538	85,868
Depreciation and amortization expense	$38,709	$13,017