CASI Pharmaceuticals (CASI) 10-Q 14 Nov 14 2014 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 07, 2014
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Entity Registrant Name	'CASI PHARMACEUTICALS, INC.	'
Entity Central Index Key	'0000895051	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Trading Symbol	'CASI	'
Entity Common Stock, Shares Outstanding	'	32,445,811

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
Current assets:	'	'
Cash and cash equivalents	$11,817,324	$15,131,671
Prepaid expenses and other	336,382	279,773
Total current assets	12,153,706	15,411,444
Property and equipment, net	230,564	78,142
Other assets	26,011	17,965
Total assets	12,410,281	15,507,551
Current liabilities:	'	'
Accounts payable	600,239	402,456
Accrued liabilities	163,922	162,710
Total current liabilities	764,161	565,166
Note payable, net of discount	1,367,365	0
Contingent rights derivative liability	9,441,080	0
Total liabilities	11,572,606	565,166
Commitments and contingencies:	0	0
Stockholders' equity	'	'
Convertible preferred stock, $1.00 par value; 5,000,000 shares authorized and 0 shares issued and outstanding at September 30, 2014 and December 31, 2013	0	0
Common stock, $.01 par value: 170,000,000 shares authorized at September 30, 2014 and December 31, 2013; 32,525,356 shares and 27,119,974 shares issued at September 30, 2014 and December 31, 2013, respectively	325,251	271,198
Additional paid-in capital	432,221,907	421,775,039
Treasury stock, at cost: 79,545 shares held at September 30, 2014 and December 31, 2013	-8,034,244	-8,034,244
Accumulated deficit	-423,675,239	-399,069,608
Total stockholders' equity	837,675	14,942,385
Total liabilities and stockholders' equity	$12,410,281	$15,507,551

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets [Parenthetical] (USD $)	Sep. 30, 2014	Dec. 31, 2013
Convertible preferred stock, par value (in dollars per share)	$1	$1
Convertible preferred stock, shares authorized	5,000,000	5,000,000
Convertible preferred stock, shares issued	0	0
Convertible preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	170,000,000	170,000,000
Common stock, shares issued	32,525,356	27,119,974
Treasury stock, shares held	79,545	79,545

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:	'	'	'	'
Royalties	$0	$0	$0	$0
Costs and expenses:	'	'	'	'
Research and development	697,001	779,953	1,981,468	2,079,341
General and administrative	1,150,164	662,621	2,933,456	2,351,793
Acquired in-process research and development	19,681,711	0	19,681,711	0
Costs and expenses	21,528,876	1,442,574	24,596,635	4,431,134
Interest (income) expense, net	2,927	-408	2,415	-1,241
Change in fair value of contingent rights	6,581	0	6,581	0
Net loss	($21,538,384)	($1,442,166)	($24,605,631)	($4,429,893)
Net loss per share (basic and diluted) (in dollars per share)	($0.77)	($0.05)	($0.90)	($0.17)
Weighted average number of common shares outstanding (basic and diluted) (in shares)	27,804,223	27,031,734	27,297,828	25,817,642

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net loss	($24,605,631)	($4,429,893)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Depreciation and amortization	32,713	12,900
Stock-based compensation expense	1,852,310	1,554,422
Acquired in-process research and development	19,681,711	0
Change in fair value of contingent rights	6,581	0
Non-cash interest	3,272	0
Changes in operating assets and liabilities:	'	'
Accounts receivable	0	669,310
Prepaid expenses and other	-64,655	-127,127
Accounts payable	197,783	-152,601
Payable to related party	0	-86,683
Accrued liabilities	1,212	-2,067
Net cash used in operating activities	-2,894,704	-2,561,739
CASH FLOWS FROM INVESTING ACTIVITIES	'	'
Purchases of furniture and equipment	-185,135	-16,926
Cash paid for acquired in-process research and development	-234,508	0
Net cash used in investing activities	-419,643	-16,926
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Stock issuance costs	0	-448,402
Net proceeds from sale of common stock or exercise of options and warrants	0	10,849,524
Net cash provided by financing activities	0	10,401,122
Net (decrease) increase in cash and cash equivalents	-3,314,347	7,822,457
Cash and cash equivalents at beginning of period	15,131,671	8,049,237
Cash and cash equivalents at end of period	11,817,324	15,871,694
Non-cash investing and financing activities:	'	'
Warrant issued to placement agent	0	115,150
Common stock issued in connection with acquired in-process research and development	8,648,611	0
Promissory note, net of discount, issued in connection with acquired in-process research and development	1,364,093	0
Contingent rights issued in connection with acquired in-process research and development	$9,434,499	$0

Company_Name_Change

Company Name Change	9 Months Ended
	Sep. 30, 2014
Company Name Change [Abstract]	'
Company Name Change [Text Block]	'
	1	Company Name Change
	On June 12, 2014, the stockholders of EntreMed, Inc. approved changing the Company’s name from EntreMed, Inc. to CASI Pharmaceuticals, Inc., which became effective on June 16, 2014.

Basis_of_Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Basis of Accounting [Text Block]	'
	2	Basis of Presentation
	The accompanying consolidated financial statements include the accounts of CASI Pharmaceuticals, Inc. and its subsidiaries (“CASI” or “the Company”), Miikana Therapeutics, Inc. (“Miikana”) and CASI Pharmaceuticals (Beijing) Co., Ltd. (“CASI China”). CASI China is a non-stock Chinese entity with 100% of its interest owned by CASI. CASI China received approval for a business license from the Beijing Industry and Commercial Administration in August 2012 and has operating facilities in Beijing. All inter-company balances and transactions have been eliminated in consolidation.
	The accompanying unaudited consolidated financial statements have been prepared in accordance with U. S. generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, such consolidated financial statements do not include all of the information and disclosures required by U. S. generally accepted accounting principles for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The accompanying December 31, 2013 financial information was derived from the Company’s audited financial statements in the Annual Report on Form 10-K for the year ended December 31, 2013. Operating results for the three and nine month periods ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. For further information, refer to the Company’s audited consolidated financial statements and footnotes thereto included in its Form 10-K for the year ended December 31, 2013.
	Liquidity Risks and Management’s Plans
	Since inception, the Company has incurred significant losses from operations and has incurred an accumulated deficit of $423.7 million.   The Company expects to continue to incur operating losses for the foreseeable future due to, among other factors, its continuing clinical activities. On March 14, 2013 (the “2013 Financing”), the Company closed on the sale of 4,495,828 shares of common stock and 2,247,912 warrants to certain investors for approximately $10.8 million (see Note 6). As a result of this transaction, along with on-going cost containment measures, the Company believes that it has sufficient resources to fund its operations for at least the twelve months subsequent to September 30, 2014. The Company will continue to exercise tight controls over operating expenditures and will continue to pursue opportunities, as required, to raise additional capital and will also actively pursue non- or less-dilutive capital raising arrangements in China to support the Company’s dual-country approach to drug development.
	Reclassifications
	Certain prior period amounts were reclassified to conform to the current period presentation.

License_Arrangements_and_Acqui

License Arrangements and Acquisition of In-Process Research and Development	9 Months Ended
	Sep. 30, 2014
Research and Development [Abstract]	'
Research, Development, and Computer Software Disclosure [Text Block]	'
	3	License Arrangements and Acquisition of In-Process Research and Development
	In September 2014, the Company acquired certain product rights and perpetual exclusive licenses from Spectrum Pharmaceuticals, Inc. and certain of its affiliates (together referred to as “Spectrum”), to develop and commercialize the following commercial oncology drugs and drug candidates in China, Taiwan, Hong Kong and Macau (the “Territories”):
		⋅	Captisol-Enabled™ (propylene glycol-free) melphalan (“CE Melphalan”);
		⋅	ZEVALIN® (ibritumomab tiuxetan) (“Zevalin”); and
		⋅	MARQIBO® (vinCRIStine sulfate LIPOSOME injection) (“Marqibo”).
	CE Melphalan is currently in Phase III clinical trials in the U.S. (with an NDA submission planned by Spectrum for later in 2014), whereas Zevalin and Marqibo are currently marketed in the U.S. CASI is responsible for developing and commercializing these three drugs in the Territories, including the submission of import drug registration applications and conducting confirmatory clinical trials.
	As consideration for the acquisition, the Company issued a total 5,405,382 shares of its common stock, a $1.5 million 0.5% secured promissory note due in March 2016, and certain contingent rights (“Contingent Rights”) to purchase additional shares of its common stock or Series A Preferred Stock. The Company accounted for the acquisition of the product rights and licenses as an “asset acquisition” and, accordingly, recorded the acquired product rights and licenses at their estimated fair values based on the fair value of the consideration exchanged (including transaction costs) of approximately $19.7 million. Because the products underlying the acquired product rights and licenses have not reached technological feasibility and have no alternative uses, they are considered “in-process research and development” costs; as such, the Company expensed the total purchase price at the acquisition date as acquired in-process research and development in the accompanying consolidated statements of operations.
	The fair value of the common stock issued was based on the closing market price of the Company’s common stock on the acquisition date. The fair value of the promissory note was measured using Level 3 unobservable inputs including primarily the Company’s estimated incremental borrowing rate as provided by a commercial lending institution.
	The Contingent Rights provide Spectrum with the option to acquire, at a strike price of par value, a variable number of additional shares of common stock (or other equity-linked securities) that allows Spectrum to maintain its fully-diluted ownership percentage for a certain time period and under certain terms and conditions. Based on the terms and conditions of the Contingent Rights, the Company has determined that the Contingent Rights are a derivative financial instrument that is not indexed to its common stock and therefore is required to be accounted for at fair value, initially and on a recurring basis. The fair value of the Contingent Rights was measured using Level 3 unobservable inputs, as determined by an independent valuation expert; the unobservable inputs include estimates of the Company’s future capital requirements, and the timing, probability, size and characteristics of those capital raises, among other inputs. The total estimated fair value of the Contingent Rights was $9,434,499 at the acquisition date and was $9,441,080 as of September 30, 2014; the change in fair value is reflected as change in fair value of contingent rights in the accompanying consolidated statements of operations.

Note_Payable

Note Payable	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	4	Note Payable
	As part of the license arrangements with Spectrum (see Note 3), the Company issued to Spectrum a $1.5 million 0.5% secured promissory note due in March 2016. The promissory note was recorded initially at its fair value, giving rise to a discount of approximately $136,000; the promissory note is presented as note payable, net of discount in the accompanying consolidated balance sheets. For the three and nine months ended September 30, 2014, the Company recognized approximately $3,300 of non-cash interest expense related to the amortization of the debt discount, using the effective interest rate method.

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	5	Fair Value Measurements
	Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of observability of inputs used in measuring fair value. These tiers include:
		⋅	Level 1, defined as observable inputs such as quoted prices in active markets for identical assets;
		⋅	Level 2, defined as observable inputs other than Level 1 prices such as quoted prices for similar assets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and
		⋅	Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
	An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. At each reporting period, the Company performs a detailed analysis of its assets and liabilities that are measured at fair value. All assets and liabilities for which the fair value measurement is based on significant unobservable inputs or instruments which trade infrequently and therefore have little or no price transparency are classified as Level 3.
	The inputs used in measuring the fair value of cash and cash equivalents are considered to be Level 1 in accordance with the three-tier fair value hierarchy. The fair market values are based on period-end statements supplied by the various banks and brokers that held the majority of the Company’s  funds. The fair value of short-term financial instruments (primarily accounts receivable, prepaid expenses, accounts payable, accrued expenses, and other current assets and liabilities) approximate their carrying values because of their short-term nature.
	Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis:
	The Contingent Rights issued to Spectrum in connection with the license arrangements (see Note 3) are considered derivative liabilities and were recorded initially at their estimated fair value, and are marked to market each reporting period until settlement. The fair value of the Contingent Rights was measured using Level 3 unobservable inputs, as determined by an independent valuation expert; the unobservable inputs include estimates of the Company’s future capital requirements, and the timing, probability, size and characteristics of those capital raises, among other inputs. Generally, if the estimates of the size and probability of the Company’s future capital requirements increase, the fair value of the Contingent Rights will also increase.
	The following table presents the Company’s financial liabilities accounted for at fair value on a recurring basis as of September 30, 2014 (none at December 31, 2013) by level within the fair value hierarchy:
			As of September 30, 2014
			Level 1		Level 2		Level 3		Total
	Liabilities - Contingent Rights		$	-	$	-	$	9,441,080	$	9,441,080
	The following table presents the changes in the Company’s financial liabilities accounted for at fair value on a recurring basis using Level 3 unobservable inputs:
	31-Dec-13		$	-
	Issuance of Contingent Rights			9,434,499
	Change in fair value of Contingent Rights			6,581
	Balance at September 30, 2014		$	9,441,080
	Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis:
	The promissory note issued to Spectrum in connection with the license arrangements (see Note 4) was initially recorded at its fair value using Level 3 unobservable inputs including primarily the Company’s estimated incremental borrowing rate as provided by a commercial lending institution.
	Non-Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis:
	The Company does not have any non-financial assets and liabilities that are measured at fair value on a recurring basis.
	Non-Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis:
	The Company measures its long-lived assets, including property and equipment, at fair value on a non-recurring basis. These assets are recognized at fair value when they are deemed to be impaired. No such fair value impairment was recognized in the three and nine months ended September 30, 2014 and 2013.

Stockholders_Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2014
Stockholders Equity Note [Abstract]	'
Stockholders' Equity Note Disclosure [Text Block]	'
	6	Stockholders’ Equity
	As described in Note 2 and in connection with the 2013 Financing, on March 1, 2013, the Company entered into a definitive agreement with certain investors (collectively, the “2013 Investors”) for a financing in the aggregate amount of approximately $10.8 million.  In connection with the 2013 Financing, the Company entered into a Securities Purchase Agreement with the 2013 Investors pursuant to which the Company agreed to sell in a transaction registered under the Securities Act of 1933, as amended, 4,495,828 shares of the Company’s common stock and warrants to purchase up to an aggregate of 2,247,912 shares of common stock (the “2013 Warrants”).   The 2013 Warrants cover a number of shares of common stock equal to 50% of the number of shares purchased by each 2013 Investor.  The 2013 Warrants have an exercise price of $2.91 per share and became exercisable on September 4, 2013 and expire on September 4, 2016.  The fair value of the 2013 Warrants issued is $3,574,180, calculated using the Black-Scholes-Merton valuation model value of $1.59 with an expected and contractual life of 3.5 years, an assumed volatility of 102.3%, and a risk-free interest rate of 0.40%. The Company completed the closings on the 2013 Financing on March 14, 2013 and received net proceeds of approximately $10.3 million.
	In connection with the 2013 Financing, the Company also issued a warrant to its placement agent to purchase up to 61,250 shares of common stock at an exercise price of $3.00 per share of common stock (the “Agent’s Warrant”). The Agent’s Warrant became exercisable on September 4, 2013 and will expire on October 9, 2017. The fair value of the Agent’s Warrant issued is $115,150, calculated using the Black-Scholes-Merton valuation model value of $1.88 with an expected and contractual life of 4.6 years, an assumed volatility of 111.9%, and a risk-free interest rate of 0.85%.

ShareBased_Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
		7	Share-Based Compensation
	The Company has adopted incentive and nonqualified stock option plans for executive, scientific and administrative personnel of the Company as well as outside directors and consultants. In June 2014, the Company’s shareholders approved an amendment to the 2011 Long-Term Incentive Plan, increasing the number of shares reserved for issuance from 4,230,000 to 5,730,000 shares of common stock to be available for grants and awards. As of September 30, 2014, there are 4,567,876 shares issuable under options previously granted and currently outstanding, with exercise prices ranging from $1.59 to $34.10. In 2014, the Company awarded options to two officers and two board members, covering up to 400,000 shares, in which vesting is subject to achievement of certain performance milestone conditions. In 2012, the Company awarded options to two officers, a portion of which is subject to certain performance conditions and market conditions. Options granted under the plans generally vest over periods varying from immediately to one to three years, are not transferable and generally expire ten years from the date of grant. As of September 30, 2014, 1,605,876 shares remained available for grant under the Company’s 2011 Long-Term Incentive Plan.
	The Company records compensation expense associated with stock options and other equity-based compensation in accordance with provisions of authoritative guidance. Compensation costs are recognized over the requisite service period, which is generally the option vesting term of up to three years. Awards with performance conditions will be expensed if it is probable that the performance condition will be achieved. On September 17, 2014, the vesting of all of the performance condition options became probable as a result of the Spectrum transaction discussed in Note 3. Therefore, for the three months ended September 30, 2014, non-cash compensation expense of $686,600 has been recorded for share awards with performance conditions.
	The Company’s net loss for the nine months ended September 30, 2014 and 2013 includes non-cash compensation expense of $1,852,310 and $1,554,422, respectively, related to the Company’s share-based compensation awards. The compensation expense related to the Company’s share-based compensation arrangements is recorded as components of general and administrative expense and research and development expense, as follows:
			NINE MONTH PERIOD ENDED SEPTEMBER 30,
			2014			2013
	Research and development		$	572,842		$	587,186
	General and administrative			1,279,468			967,236
	Share-based compensation expense		$	1,852,310		$	1,554,422
	Net share-based compensation expense, per common share:
	Basic and diluted		$	0.07		$	0.06
	The Company uses the Black-Scholes-Merton valuation model to estimate the fair value of stock options granted to employees. Option valuation models, including Black-Scholes-Merton, require the input of highly subjective assumptions, and changes in the assumptions used can materially affect the grant date fair value of an award.
	Following are the weighted-average assumptions used in valuing the stock options granted during the nine-month periods ended September 30, 2014 and 2013:
				NINE MONTH PERIOD ENDED SEPTEMBER 30,
				2014			2013
	Expected volatility			102.41	%			105.37	%
	Risk-free interest rate			1.78	%			1.01	%
	Expected term of option			5.63 years				5.76 years
	Forfeiture rate*			3	%			5	%
	Expected dividend yield			0	%			0	%
	* - Authoritative guidance requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. During the nine- month periods ended September 30, 2014 and 2013, forfeitures were estimated at 3% and 5%, respectively.
	The weighted average fair value of stock options granted during the nine-month periods ended September 30, 2014 and 2013 was $1.44 and $1.43, respectively.
	A summary of the Company’s stock option plans and of changes in options outstanding under the plans for the nine months ended September 30, 2014 is as follows:
						Weighted
						Average
		Number of				Exercise
		Options				Price
	Outstanding at January 1, 2014			3,586,394		$	2.69
	Granted			1,090,000		$	1.83
	Exercised			-		$	-
	Expired			104,976		$	6.21
	Forfeited			3,542		$	1.94
	Outstanding at September 30, 2014			4,567,876		$	2.4
	Vested and expected to vest at September 30, 2014			4,528,970		$	2.41
	Exercisable at September 30, 2014			3,270,995		$	2.64
	Cash received from option exercises under all share-based payment arrangements for the three and nine months ended September 30, 2013 was $0 and $7,190, respectively. There were no option exercises during the three or nine months ended September 30, 2014.

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Tax Disclosure [Text Block]	'
		8	Income Taxes
	At December 31, 2013, the Company had a $3.0 million unrecognized tax benefit. The Company recorded a full valuation allowance on the net deferred tax asset recognized in the consolidated financial statements as of December 31, 2013.
	During the nine months ended September 30, 2014, there were no material changes to the measurement of unrecognized tax benefits in various taxing jurisdictions. The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense.
	The tax returns for all years in the Company’s major tax jurisdictions are not settled as of January 1, 2014; no changes in settled tax years have occurred through September 30, 2014. Due to the existence of tax attribute carryforwards (which are currently offset by a full valuation allowance), the Company treats all years’ tax positions as unsettled due to the taxing authorities’ ability to modify these attributes.

New_Accounting_Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2014
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]	'
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	'
		9	New Accounting Pronouncements
	In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2014-15, Presentation of Financial Statements – Going Concern. The new standard requires management to evaluate on a regular basis whether any conditions or events have arisen that could raise substantial doubt about the entity’s ability to continue as a going concern. The guidance 1) provides a definition for the term “substantial doubt,” 2) requires an evaluation every reporting period, interim periods included, 3) provides principles for considering the mitigating effect of management’s plans to alleviate the substantial doubt, 4) requires certain disclosures if the substantial doubt is alleviated as a result of management’s plans, 5) requires an express statement, as well as other disclosures, if the substantial doubt is not alleviated, and 6) requires an assessment period of one year from the date the financial statements are issued.  The standard is effective for the Company’s reporting year beginning January 1, 2017 and early adoption is not permitted. The Company is currently evaluating the impact, if any, that this new accounting pronouncement will have on its financial statements.
	In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers which provides guidance for revenue recognition for contracts, superseding the previous revenue recognition requirements, along with most existing industry-specific guidance. The guidance requires an entity to review contracts in five steps: 1) identify the contract, 2) identify performance obligations, 3) determine the transaction price, 4) allocate the transaction price, and 5) recognize revenue. The new standard will result in enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue arising from contracts with customers. The standard is effective for the Company’s reporting year beginning January 1, 2017 and early adoption is not permitted. The Company is currently evaluating the impact, if any, that this new accounting pronouncement will have on its financial statements.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]	'
	The following table presents the Company’s financial liabilities accounted for at fair value on a recurring basis as of September 30, 2014 (none at December 31, 2013) by level within the fair value hierarchy:
		As of September 30, 2014
		Level 1		Level 2		Level 3		Total
	Liabilities - Contingent Rights	$	-	$	-	$	9,441,080	$	9,441,080
Fair Value, Inputs, Level 3 [Member]	'
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]	'
	The following table presents the changes in the Company’s financial liabilities accounted for at fair value on a recurring basis using Level 3 unobservable inputs:
	31-Dec-13	$	-
	Issuance of Contingent Rights		9,434,499
	Change in fair value of Contingent Rights		6,581
	Balance at September 30, 2014	$	9,441,080

ShareBased_Compensation_Tables

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	'
	The compensation expense related to the Company’s share-based compensation arrangements is recorded as components of general and administrative expense and research and development expense, as follows:
			NINE MONTH PERIOD ENDED SEPTEMBER 30,
			2014			2013
	Research and development		$	572,842		$	587,186
	General and administrative			1,279,468			967,236
	Share-based compensation expense		$	1,852,310		$	1,554,422
	Net share-based compensation expense, per common share:
	Basic and diluted		$	0.07		$	0.06
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	'
	Following are the weighted-average assumptions used in valuing the stock options granted during the nine-month periods ended September 30, 2014 and 2013:
				NINE MONTH PERIOD ENDED SEPTEMBER 30,
				2014			2013
	Expected volatility			102.41	%			105.37	%
	Risk-free interest rate			1.78	%			1.01	%
	Expected term of option			5.63 years				5.76 years
	Forfeiture rate*			3	%			5	%
	Expected dividend yield			0	%			0	%
	* - Authoritative guidance requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. During the nine- month periods ended September 30, 2014 and 2013, forfeitures were estimated at 3% and 5%, respectively.
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	'
	A summary of the Company’s stock option plans and of changes in options outstanding under the plans for the nine months ended September 30, 2014 is as follows:
						Weighted
						Average
		Number of				Exercise
		Options				Price
	Outstanding at January 1, 2014			3,586,394		$	2.69
	Granted			1,090,000		$	1.83
	Exercised			-		$	-
	Expired			104,976		$	6.21
	Forfeited			3,542		$	1.94
	Outstanding at September 30, 2014			4,567,876		$	2.4
	Vested and expected to vest at September 30, 2014			4,528,970		$	2.41
	Exercisable at September 30, 2014			3,270,995		$	2.64

Basis_of_Presentation_Details_

Basis of Presentation (Details Textual) (USD $)	0 Months Ended	9 Months Ended
	Mar. 14, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Description of Business and Basis of Presentation [Line Items]	'	'	'	'
Retained Earnings (Accumulated Deficit), Total	'	($423,675,239)	'	($399,069,608)
Issuance of common stock (in shares)	4,495,828	'	'	'
Warrants Issued During The Period	2,247,912	'	'	'
Proceeds from Issuance or Sale of Equity, Total	$10,800,000	$0	$10,849,524	'
Percentage Of Ownership Interest In Non Stock Subsidiary	'	100.00%	'	'

License_Arrangements_and_Acqui1

License Arrangements and Acquisition of In-Process Research and Development (Details Textual) (USD $)	1 Months Ended
	Sep. 30, 2014	Sep. 17, 2014	Dec. 31, 2013
License Arrangements and Acquisition of In Process Research and Development [Line Items]	'	'	'
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	$9,441,080	$9,434,499	$0
Debt Instrument, Maturity Date, Description	'March 2016	'	'
Spectrum Pharmaceuticals [Member]	'	'	'
License Arrangements and Acquisition of In Process Research and Development [Line Items]	'	'	'
Contingent Consideration Fair Value Of License	19,700,000	'	'
Stock Issued During Period, Shares, Acquisitions	5,405,382	'	'
Long-term Debt, Gross	'	$1,500,000	'
Debt Instrument, Interest Rate, Stated Percentage	0.50%	'	'
Debt Instrument, Maturity Date, Description	'March 2016	'	'

Note_Payable_Details_Textual

Note Payable (Details Textual) (USD $)	1 Months Ended	3 Months Ended	9 Months Ended	1 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 17, 2014
				Spectrum Pharmaceuticals [Member]	Spectrum Pharmaceuticals [Member]
Notes Payable [Line Items]	'	'	'	'	'
Long-term Debt, Gross	'	'	'	'	$1,500,000
Amortization of Debt Discount (Premium)	'	3,300	3,300	'	'
Debt Instrument, Interest Rate, Stated Percentage	'	'	'	0.50%	'
Debt Instrument, Unamortized Discount (Premium), Net	'	'	'	$136,000	'
Debt Instrument, Maturity Date, Description	'March 2016	'	'	'March 2016	'

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Sep. 30, 2014	Sep. 17, 2014	Dec. 31, 2013
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'	'
Liabilities - Contingent Rights	$9,441,080	$9,434,499	$0
Fair Value, Inputs, Level 1 [Member]	'	'	'
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'	'
Liabilities - Contingent Rights	0	'	'
Fair Value, Inputs, Level 2 [Member]	'	'	'
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'	'
Liabilities - Contingent Rights	0	'	'
Fair Value, Inputs, Level 3 [Member]	'	'	'
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'	'
Liabilities - Contingent Rights	$9,441,080	'	'

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 1) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 17, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
31-Dec-13	$0	$9,434,499
Issuance of Contingent Rights	9,434,499	'
Change in fair value of Contingent Rights	6,581	'
Balance at September 30, 2014	$9,441,080	$9,434,499

Stockholders_Equity_Details_Te

Stockholders' Equity (Details Textual) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Mar. 31, 2013	Mar. 31, 2013
			Financing 2013 [Member]	Agent Warrant [Member]
Stockholders Equity [Line Items]	'	'	'	'
Common stock, shares issued	32,525,356	27,119,974	4,495,828	'
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	'	'	2,247,912	61,250
Fair Value Assumptions, Expected Term	'	'	'3 years 6 months	'4 years 7 months 6 days
Fair Value Assumptions, Risk Free Interest Rate	'	'	0.40%	0.85%
Gross Proceeds From Issuance Of Shares And Warrants	'	'	$10,800,000	'
Class Of Warrant Or Right Maturity Period Description	'	'	'The 2013 Warrants cover a number of shares of common stock equal to 50% of the number of shares purchased by each 2013 Investor. The 2013 Warrants have an exercise price of $2.91 per share and became exercisable on September 4, 2013 and expire on September 4, 2016.	'The Agents Warrant became exercisable on September 4, 2013 and will expire on October 9, 2017.
Fair Value Of Warrant Issued	'	'	3,574,180	115,150
Fair Value Assumptions Fair Value	'	'	$1.59	$1.88
Fair Value Assumptions, Expected Volatility Rate	'	'	102.30%	111.90%
Proceeds from Issuance of Common Stock	'	'	$10,300,000	'
Class of Warrant or Right, Exercise Price of Warrants or Rights	'	'	$2.91	$3

ShareBased_Compensation_Detail

Share-Based Compensation (Details) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Share-based Compensation, Total	$1,852,310	$1,554,422
Net share-based compensation expense, per common share:	'	'
Basic and diluted (in dollars per share)	$0.07	$0.06
Research and Development Expense [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Share-based Compensation, Total	572,842	587,186
General and Administrative Expense [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Share-based Compensation, Total	$1,279,468	$967,236

ShareBased_Compensation_Detail1

Share-Based Compensation (Details 1)	9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'
Expected volatility	102.41%		105.37%
Risk-free interest rate	1.78%		1.01%
Expected term of option	'5 years 7 months 17 days		'5 years 9 months 4 days
Forfeiture rate	3.00%	[1]	5.00%	[1]
Expected dividend yield	0.00%		0.00%
[1]	Authoritative guidance requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. During the nine- month periods ended September 30, 2014 and 2013, forfeitures were estimated at 3% and 5%, respectively.

ShareBased_Compensation_Detail2

Share-Based Compensation (Details 2) (USD $)	9 Months Ended
	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Outstanding - Number of Options, Beginning Balance	3,586,394
Granted - Number of Options	1,090,000
Exercised - Number of Options	0
Expired - Number of Options	104,976
Forfeited - Number of Options	3,542
Outstanding - Number of Options, Ending Balance	4,567,876
Vested and expected to vest - Number of Options at September 30, 2014	4,528,970
Exercisable - Number of Options at September 30, 2014	3,270,995
Outstanding - Weighted Average Exercise Price, Beginning balance	$2.69
Granted - Weighted Average Exercise Price	$1.83
Exercised - Weighted Average Exercise Price	$0
Expired - Weighted Average Exercise Price	$6.21
Forfeited - Weighted Average Exercise Price	$1.94
Outstanding - Weighted Average Exercise Price	$2.40
Vested and expected to vest - Weighted Average Exercise Price, Ending Balance	$2.41
Exercisable - Weighted Average Exercise Price at September 30, 2014	$2.64

ShareBased_Compensation_Detail3

Share-Based Compensation (Details Textual) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	'	$1.44	$1.43	'
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	1,605,876	1,605,876	'	'
Share-based Compensation, Total	'	$1,852,310	$1,554,422	'
Allocated Share-based Compensation Expense	686,600	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	4,567,876	4,567,876	'	3,586,394
Share Based Compensation Estimated Forfeiture Rate	'	3.00%	5.00%	'
Proceeds from Stock Options Exercised	'	$0	$7,190	'
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	'	$1.59	'	'
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	'	$34.10	'	'
Two Officers And Two Board Members[Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share Based Compensation Arrangement By Share Based Payment Award Options Granted Subject To Achievement	'	400,000	'	'
Maximum [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Common Stock, Capital Shares Reserved for Future Issuance	5,730,000	5,730,000	'	'
Minimum [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Common Stock, Capital Shares Reserved for Future Issuance	4,230,000	4,230,000	'	'

Income_Taxes_Details_Textual

Income Taxes (Details Textual) (USD $)	Dec. 31, 2013
In Millions, unless otherwise specified
Income Tax Contingency [Line Items]	'
Unrecognized Tax Benefits	$3