CASI Pharmaceuticals (CASI) 10-Q 15 May 15 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2015	8-May-15
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Entity Registrant Name	CASI Pharmaceuticals, Inc.
Entity Central Index Key	895051
Current Fiscal Year End Date	-19
Entity Filer Category	Smaller Reporting Company
Trading Symbol	CASI
Entity Common Stock, Shares Outstanding		32,445,811

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$9,459,135	$10,669,919
Accounts receivable, net of allowance for doubtful accounts of $0 at March 31, 2015 and $12,536 at December 31, 2014	23,718	23,727
Prepaid expenses and other	431,107	328,150
Total current assets	9,913,960	11,021,796
Property and equipment, net	246,298	261,781
Other assets	26,011	26,011
Total assets	10,186,269	11,309,588
Current liabilities:
Accounts payable	994,938	754,628
Accrued liabilities	175,322	164,420
Note payable, net of discount	1,412,665	0
Total current liabilities	2,582,925	919,048
Note payable, net of discount	0	1,390,015
Contingent rights derivative liability	9,429,533	9,422,735
Total liabilities	12,012,458	11,731,798
Commitments and contingencies
Stockholders' deficit:
Convertible preferred stock, $1.00 par value; 5,000,000 shares authorized and 0 shares issued and outstanding at March 31, 2015 and December 31, 2014	0	0
Common stock, $.01 par value: 170,000,000 shares authorized; 32,525,356 shares issued	325,252	325,252
Additional paid-in capital	432,958,072	432,558,698
Treasury stock, at cost: 79,545 shares held	-8,034,244	-8,034,244
Accumulated deficit	-427,075,269	-425,271,916
Total stockholders' deficit	-1,826,189	-422,210
Total liabilities and stockholders' deficit	$10,186,269	$11,309,588

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets [Parenthetical] (USD $)	Mar. 31, 2015	Dec. 31, 2014
Allowance for Doubtful Accounts Receivable, Current	$0	$12,536
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	32,525,356
Treasury stock, shares held	79,545	79,545

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Product sales	$23,718	$0
Costs and expenses:
Cost of product sales	6,259	0
Research and development	865,037	559,974
General and administrative	924,780	891,375
Costs and expenses	1,796,076	1,451,349
Interest expense (income), net	24,197	-384
Change in fair value of contingent rights	6,798	0
Net loss	($1,803,353)	($1,450,965)
Net loss per share (basic and diluted) (in dollars per share)	($0.06)	($0.05)
Weighted average number of common shares outstanding (basic and diluted)	32,445,811	27,040,429

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	($1,803,353)	($1,450,965)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	16,534	6,531
Stock-based compensation expense	399,374	372,452
Non-cash interest	22,650	0
Change in fair value of contingent rights	6,798	0
Changes in operating assets and liabilities:
Accounts receivable	9	0
Prepaid expenses and other	-102,957	-8,862
Accounts payable	240,310	189,257
Accrued liabilities	10,902	1,498
Net cash used in operating activities	-1,209,733	-890,089
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of furniture and equipment	-1,051	-42,097
Net cash used in investing activities	-1,051	-42,097
Net decrease in cash and cash equivalents	-1,210,784	-932,186
Cash and cash equivalents at beginning of period	10,669,919	15,131,671
Cash and cash equivalents at end of period	$9,459,135	$14,199,485

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting [Text Block]		1	Basis of Presentation
	The accompanying condensed 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 condensed 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 condensed 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 adjustments) considered necessary for a fair presentation have been included. The accompanying December 31, 2014 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, 2014. Operating results for the three month period ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. 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, 2014.
	Liquidity Risks and Management’s Plans
	Since inception, the Company has incurred significant losses from operations and has incurred an accumulated deficit of $427.1 million.   The Company expects to continue to incur operating losses for the foreseeable future due to, among other factors, its continuing clinical activities. The Company believes that it has sufficient resources to fund its operations for at least the twelve months subsequent to March 31, 2015. 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.

License_Arrangements_and_Acqui

License Arrangements and Acquisition of In-Process Research and Development	3 Months Ended
	Mar. 31, 2015
Research and Development [Abstract]
Research, Development, and Computer Software Disclosure [Text Block]	2	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 met all its endpoints in its Phase II pivotal trial conducted by the Company’s partner and an NDA was filed which was subsequently accepted by the U.S. FDA in March 2015 and assigned an PDUFA action date of October 23, 2015. Zevalin and Marqibo are approved drugs currently marketed by the Company’s partner 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 needed.
	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. 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 consolidated statements of operations for the year ended December 31, 2014.
	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 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; 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 $9,429,533 and $9,422,735 as of March 31, 2015 and December 31, 2014, respectively; the change in fair value is reflected as change in fair value of contingent rights in the accompanying condensed consolidated statements of operations.

Note_Payable

Note Payable	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]		3	Note Payable
	As part of the license arrangements with Spectrum (see Note 2), 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 condensed consolidated balance sheets. For the three months ended March 31, 2015, the Company recognized $22,650 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	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	4	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 2) 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; 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 March 31, 2015 by level within the fair value hierarchy:
			As of March 31, 2015
			Level 1		Level 2		Level 3		Total
	Liabilities - Contingent Rights		$	-	$	-	$	9,429,533	$	9,429,533
	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-14		$	9,422,735
	Change in fair value of Contingent Rights			6,798
	Balance at March 31, 2015		$	9,429,533
	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 2) 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. If a triggering event has occurred, the assets are re-measured when the estimated fair value of the corresponding asset group is less than the carrying value. The fair value measurements, in such instances, are based on significant unobservable inputs (Level 3). No such fair value impairment was recognized in the three months ended March 31, 2015 and 2014.

ShareBased_Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]		5	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. As of March 31, 2015, there are 4,855,558 shares issuable under options previously granted and currently outstanding, with exercise prices ranging from $1.59 to $34.10. 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 March 31, 2015, 1,317,876 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.
	The Company’s net loss for the three months ended March 31, 2015 and 2014 includes non-cash compensation expense of $399,374 and $372,452, 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:
			THREE MONTH PERIOD ENDED             MARCH 31,
			2015		2014
	Research and development		$	208,526	$	95,094
	General and administrative			190,848		277,358
	Share-based compensation expense		$	399,374	$	372,452
	Net share-based compensation expense, per common share:
	Basic and diluted		$	0.01	$	0.01
	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 three-month period ended March 31, 2015. There were no stock options granted to employees during the three-months ended March 31, 2014:
			THREE MONTH PERIOD ENDED
			MARCH 31,
			2015
	Expected volatility		89.34	%
	Risk-free interest rate		1.57	%
	Expected term of option		5.88 years
	Forfeiture rate*		3	%
	Expected dividend yield		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 three-month period ended March 31, 2015, forfeitures were estimated at 3%.
	The weighted average fair value of stock options granted during the three-month period ended March 31, 2015 was $1.18.
	A summary of the Company’s stock option plans and of changes in options outstanding under the plans for the three months ended March 31, 2015 is as follows:
					Weighted
					Average
		Number of			Exercise
		Options			Price
	Outstanding at January 1, 2015			4,557,682	$	2.4
	Granted			300,000	$	1.61
	Exercised			-	$	-
	Expired			2,124	$	1.71
	Forfeited			-	$	-
	Outstanding at March 31, 2015			4,855,558	$	2.35
	Vested and expected to vest at March 31, 2015			4,823,582	$	2.35
	Exercisable at March 31, 2015			3,789,676	$	2.52
	There were no option exercises during the three months ended March 31, 2015 or 2014.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]		6	Income Taxes
	At December 31, 2014, 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, 2014.
	During the three months ended March 31, 2015, 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, 2015; no changes in settled tax years have occurred through March 31, 2015. 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	3 Months Ended
	Mar. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	7	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.
	In April 2015, the FASB issued an accounting standards update amending the presentation of debt issuance costs.  These costs will now be presented as a direct reduction from the carrying amount of that debt liability.   The update is effective for financial statements issued for reporting periods beginning after December 15, 2015.  This guidance should be applied on a retrospective basis with disclosures for a change in accounting principle applicable.  The Company has not yet adopted this update and is currently evaluating the impact, if any, it may have on its financial condition and results of operations.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015 by level within the fair value hierarchy:
		As of March 31, 2015
		Level 1		Level 2		Level 3		Total
	Liabilities - Contingent Rights	$	-	$	-	$	9,429,533	$	9,429,533
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-14	$	9,422,735
	Change in fair value of Contingent Rights		6,798
	Balance at March 31, 2015	$	9,429,533

ShareBased_Compensation_Tables

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2015
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:
			THREE MONTH PERIOD ENDED             MARCH 31,
			2015		2014
	Research and development		$	208,526	$	95,094
	General and administrative			190,848		277,358
	Share-based compensation expense		$	399,374	$	372,452
	Net share-based compensation expense, per common share:
	Basic and diluted		$	0.01	$	0.01
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 three-month period ended March 31, 2015. There were no stock options granted to employees during the three-months ended March 31, 2014:
			THREE MONTH PERIOD ENDED
			MARCH 31,
			2015
	Expected volatility		89.34	%
	Risk-free interest rate		1.57	%
	Expected term of option		5.88 years
	Forfeiture rate*		3	%
	Expected dividend yield		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 three-month period ended March 31, 2015, forfeitures were estimated at 3%.
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 three months ended March 31, 2015 is as follows:
					Weighted
					Average
		Number of			Exercise
		Options			Price
	Outstanding at January 1, 2015			4,557,682	$	2.4
	Granted			300,000	$	1.61
	Exercised			-	$	-
	Expired			2,124	$	1.71
	Forfeited			-	$	-
	Outstanding at March 31, 2015			4,855,558	$	2.35
	Vested and expected to vest at March 31, 2015			4,823,582	$	2.35
	Exercisable at March 31, 2015			3,789,676	$	2.52

Basis_of_Presentation_Details_

Basis of Presentation (Details Textual) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Description of Business and Basis of Presentation [Line Items]
Retained Earnings (Accumulated Deficit), Total	($427,075,269)	($425,271,916)
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 $)	3 Months Ended	1 Months Ended
	Mar. 31, 2015	Sep. 30, 2014	Dec. 31, 2014	Sep. 17, 2014
License Arrangements and Acquisition of In Process Research and Development [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	$9,429,533		$9,422,735	$9,434,499
Debt Instrument, Maturity Date, Description	Mar-16
Notes Payable, Current	1,412,665		0
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
Debt Instrument, Interest Rate, Stated Percentage	0.50%
Notes Payable, Current	$1,500,000

Note_Payable_Details_Textual

Note Payable (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2015	Sep. 30, 2014
Notes Payable [Line Items]
Amortization of Debt Discount (Premium)	$22,650
Debt Instrument, Maturity Date, Description	Mar-16
Spectrum Pharmaceuticals [Member]
Notes Payable [Line Items]
Long-term Debt, Gross		1,500,000
Debt Instrument, Interest Rate, Stated Percentage	0.50%
Debt Instrument, Unamortized Discount (Premium), Net	$136,000

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Sep. 17, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities - Contingent Rights	$9,429,533	$9,422,735	$9,434,499
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	$9,429,533

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 1) (USD $)	3 Months Ended
	Mar. 31, 2015	Sep. 17, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
31-Dec-14	$9,422,735	$9,434,499
Change in fair value of Contingent Rights	6,798
Balance at March 31, 2015	$9,429,533	$9,434,499

ShareBased_Compensation_Detail

Share-Based Compensation (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$399,374	$372,452
Net share-based compensation expense, per common share:
Basic and diluted (in dollars per share)	$0.01	$0.01
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	208,526	95,094
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$190,848	$277,358

ShareBased_Compensation_Detail1

Share-Based Compensation (Details 1)	3 Months Ended
	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	89.34%
Risk free interest rate	1.57%
Expected term of option	5 years 10 months 17 days
Forfeiture rate	3.00%	[1]
Expected dividend yield	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 three-month period ended March 31, 2015, forfeitures were estimated at 3%.

ShareBased_Compensation_Detail2

Share-Based Compensation (Details 2) (USD $)	3 Months Ended
	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding - Number of Options, Beginning Balance	4,557,682
Granted - Number of Options	300,000
Exercised - Number of Options	0
Expired - Number of Options	2,124
Forfeited - Number of Options	0
Outstanding - Number of Options, Ending Balance	4,855,558
Vested and expected to vest - Number of Options at March 31, 2015	4,823,582
Exercisable - Number of Options at March 31, 2015	3,789,676
Outstanding - Weighted Average Exercise Price, Beginning balance	$2.40
Granted - Weighted Average Exercise Price	$1.61
Exercised - Weighted Average Exercise Price	$0
Expired - Weighted Average Exercise Price	$1.71
Forfeited - Weighted Average Exercise Price	$0
Outstanding - Weighted Average Exercise Price, Ending Balance	$2.35
Vested and expected to vest - Weighted Average Exercise Price at March 31, 2015	$2.35
Exercisable - Weighted Average Exercise Price at March 31, 2015	$2.52

ShareBased_Compensation_Detail3

Share-Based Compensation (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
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	$1.18
Allocated Share-based Compensation Expense	$399,374	$372,452
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	4,855,558		4,557,682
Share Based Compensation Estimated Forfeiture Rate	3.00%
Long Term Incentive Plan2011 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	1,317,876
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	4,855,558
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

Income_Taxes_Details_Textual

Income Taxes (Details Textual) (Research Tax Credit Carryforward [Member], USD $)	Dec. 31, 2014
In Millions, unless otherwise specified
Research Tax Credit Carryforward [Member]
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits	$3