CASI Pharmaceuticals (CASI) 10-Q 13 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 06, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Registrant Name	CASI Pharmaceuticals, Inc.
Entity Central Index Key	895,051
Current Fiscal Year End Date	--12-31
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 ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 6,423,920	$ 10,669,919
Accounts receivable, net of allowance for doubtful accounts of $12,536 at December 31, 2014	0	23,727
Prepaid expenses and other	404,984	328,150
Total current assets	6,828,904	11,021,796
Property and equipment, net	234,739	261,781
Other assets	38,174	26,011
Total assets	7,101,817	11,309,588
Current liabilities:
Accounts payable	801,273	754,628
Accrued liabilities	169,705	164,420
Total current liabilities	970,978	919,048
Note payable, net of discount	1,457,965	1,390,015
Contingent rights derivative liability	9,405,389	9,422,735
Total liabilities	$ 11,834,332	$ 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 September 30, 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	433,752,117	432,558,698
Treasury stock, at cost: 79,545 shares held	(8,034,244)	(8,034,244)
Accumulated deficit	(430,775,640)	(425,271,916)
Total stockholders' deficit	(4,732,515)	(422,210)
Total liabilities and stockholders' deficit	$ 7,101,817	$ 11,309,588

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets [Parenthetical] - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Allowance for Doubtful Accounts Receivable, Current		$ 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 Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Product sales	$ 0	$ 0	$ 47,712	$ 0
Costs and expenses:
Cost of product sales	0	0	6,274	0
Research and development	942,338	697,001	3,030,648	1,981,468
General and administrative	673,910	1,150,164	2,459,024	2,933,456
Acquired in-process research and development	0	19,681,711	0	19,681,711
Costs and expenses	1,616,248	21,528,876	5,495,946	24,596,635
Interest expense, net	24,346	2,927	72,836	2,415
Change in fair value of contingent rights	(35,690)	6,581	(17,346)	6,581
Net loss	$ (1,604,904)	$ (21,538,384)	$ (5,503,724)	$ (24,605,631)
Net loss per share (basic and diluted)	$ (0.05)	$ (0.77)	$ (0.17)	$ (0.90)
Weighted average number of common shares outstanding (basic and diluted)	32,445,811	27,804,223	32,445,811	27,297,828

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (5,503,724)	$ (24,605,631)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	50,771	32,713
Stock-based compensation expense	1,193,419	1,852,310
Acquired in-process research and development	0	19,681,711
Change in fair value of contingent rights	(17,346)	6,581
Non-cash interest	67,950	3,272
Changes in operating assets and liabilities:
Accounts receivable	23,727	0
Prepaid expenses and other assets	(88,997)	(64,655)
Accounts payable	46,645	197,783
Accrued liabilities	5,285	1,212
Net cash used in operating activities	(4,222,270)	(2,894,704)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of furniture and equipment	(23,729)	(185,135)
Cash paid for acquired in-process research and development	0	(234,508)
Net cash used in investing activities	(23,729)	(419,643)
Net decrease in cash and cash equivalents	(4,245,999)	(3,314,347)
Cash and cash equivalents at beginning of period	10,669,919	15,131,671
Cash and cash equivalents at end of period	6,423,920	11,817,324
Non-cash financing activity:
Common stock issued in connection with acquired in-process research and development	0	8,648,611
Promissory note, net of discount, issued in connection with acquired in-process research and development	0	1,364,093
Contingent rights issued in connection with acquired in-process research and development	$ 0	$ 9,434,499

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 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 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 and nine month periods ended September 30, 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 $ 430.8

Securities Purchase Agreements

Securities Purchase Agreements	9 Months Ended
	Sep. 30, 2015
Securities Purchase Agreements [Abstract]
Securities Purchase Agreements [Text Block]	Securities Purchase Agreements On September 20, 2015, the Company entered into stock purchase agreements with certain institutional and accredited investors (the “Investors”) for a $ 25.1 20,658,434 1.19 4,131,686 20 0.125 1.69 The offering is expected to close (the “Closing”) after satisfaction of certain regulatory and customary closing conditions, with the net proceeds being subject to payment of offering expenses, including fees and expenses to be finalized prior to the Closing. The Company and Investors are working to satisfy the conditions for the Closing so that it can occur as soon as practicable. There can be no assurance that the conditions for the Closing will be satisfied. The Company has granted registration rights to the Investors and has agreed to file a resale registration statement covering the shares of common stock and the shares of common stock underlying the warrants within 120 days of the Closing.

License Arrangements and Acquis

License Arrangements and Acquisition of In-Process Research and Development	9 Months Ended
	Sep. 30, 2015
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”): ⋅ ZEVALIN ® ⋅ MARQIBO ® ⋅ EVOMELA ™ 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. Zevalin and Marqibo are approved drugs currently marketed by Spectrum in the U.S. Evomela met all its endpoints in its Phase II pivotal trial conducted by Spectrum and a New Drug Application (NDA) was filed which was subsequently accepted by the U.S. Food and Drug Administration (FDA) in March 2015. On October 23, 2015, Spectrum received a Complete Response Letter (CRL) from the FDA for Evomela and currently is working with the FDA to address the comments in the CRL. As consideration for the acquisition from Spectrum, the Company issued a total 5,405,382 1.5 0.5 March 2017 19.7 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. These Contingent Rights will expire on the earlier of raising an aggregate of $50 million or September 17, 2019 (subject to possible extension only for certain outstanding derivative securities). 9,434,499 9,405,389 9,422,735

Note Payable

Note Payable	9 Months Ended
	Sep. 30, 2015
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 0.5 136,000 67,950

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
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; 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. As of September 30, 2015 Level 1 Level 2 Level 3 Total Liabilities - Contingent Rights $ - $ - $ 9,405,389 $ 9,405,389 As of December 31, 2014 Level 1 Level 2 Level 3 Total Liabilities - Contingent Rights $ - $ - $ 9,422,735 $ 9,422,735 December 31, 2014 $ 9,422,735 Change in fair value of Contingent Rights (17,346) Balance at September 30, 2015 $ 9,405,389 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 3) 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).

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	6. 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 2015, the Company’s stockholders approved an amendment to the 2011 Long-Term Incentive Plan, increasing the number of shares reserved for issuance from 5,730,000 8,230,000 As of , there are 7,210,107 1.41 21.34 1,545,000 1,442,876 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 will be expensed if it is probable that the will be achieved. For the nine months ended September 30, 2014, $ 686,600 The Company’s net loss for the nine months ended September 30, 2015 and 2014 includes non-cash compensation expense of $ 1,193,419 1,852,310 NINE MONTH PERIOD ENDED 2015 2014 Research and development $ 569,791 $ 572,842 General and administrative 623,628 1,279,468 Share-based compensation expense $ 1,193,419 $ 1,852,310 Net share-based compensation expense, per common share: Basic and diluted $ 0.04 $ 0.07 The Company uses the Black-Scholes-Merton valuation model to estimate the fair value of service based and performance based 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. NINE MONTH PERIOD ENDED 2015 2014 Expected volatility 85.28 % 102.41 % Risk-free interest rate 1.58 % 1.78 % Expected term of option 5.67 years 5.63 years Forfeiture rate* 3.00 % 3.00 % Expected dividend yield 0.00 % 0.00 % * - 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, 2015 and 2014, forfeitures were estimated at 3 The weighted average fair value of stock options granted during the nine-month periods ended September 30, 2015 and 2014 was $ 1.02 1.44 Weighted Average Number of Exercise Options Price Outstanding at January 1, 2015 4,557,682 $ 2.40 Granted 2,675,000 $ 1.43 Exercised - $ - Expired (22,575) $ 31.05 Forfeited - $ - Outstanding at September 30, 2015 7,210,107 $ 1.95 Vested and expected to vest at September 30, 2015 7,126,377 $ 1.96 Exercisable at September 30, 2015 4,419,119 $ 2.24 There were no option exercises during the three or nine months ended September 30, 2015 or 2014.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	7. Income Taxes At December 31, 2014, the Company had a $ 3.0 During the nine months ended September 30, 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 September 30, 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.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	8. Related Party Transactions The Company utilizes the services of Crown Biosciences, Inc. (“Crown Bio”) to perform certain research and development testing. The CEO of Crown Bio is also a board member of CASI. The total value of the services is $ 24,750 12,375 8,250 16,500 In October 2015, the Company entered into a material transfer and research agreement with Origene Technologies, Inc. (“Origene”), and under this agreement, the Company expects to incur approximately $ 36,000

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
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 In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, In July 2015, the FASB delayed the effective date of this standard by one year. The new standard will be effective for the Company’s reporting year beginning on January 1, 2018, and early adoption of the standard as of 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)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
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, 2015 and December 31, 2014 by level within the fair value hierarchy: As of September 30, 2015 Level 1 Level 2 Level 3 Total Liabilities - Contingent Rights $ - $ - $ 9,405,389 $ 9,405,389 As of December 31, 2014 Level 1 Level 2 Level 3 Total Liabilities - Contingent Rights $ - $ - $ 9,422,735 $ 9,422,735
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [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: December 31, 2014 $ 9,422,735 Change in fair value of Contingent Rights (17,346) Balance at September 30, 2015 $ 9,405,389

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 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: NINE MONTH PERIOD ENDED 2015 2014 Research and development $ 569,791 $ 572,842 General and administrative 623,628 1,279,468 Share-based compensation expense $ 1,193,419 $ 1,852,310 Net share-based compensation expense, per common share: Basic and diluted $ 0.04 $ 0.07
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, 2015 and 2014: NINE MONTH PERIOD ENDED 2015 2014 Expected volatility 85.28 % 102.41 % Risk-free interest rate 1.58 % 1.78 % Expected term of option 5.67 years 5.63 years Forfeiture rate* 3.00 % 3.00 % Expected dividend yield 0.00 % 0.00 % * - 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, 2015 and 2014, 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 nine months ended September 30, 2015 is as follows: Weighted Average Number of Exercise Options Price Outstanding at January 1, 2015 4,557,682 $ 2.40 Granted 2,675,000 $ 1.43 Exercised - $ - Expired (22,575) $ 31.05 Forfeited - $ - Outstanding at September 30, 2015 7,210,107 $ 1.95 Vested and expected to vest at September 30, 2015 7,126,377 $ 1.96 Exercisable at September 30, 2015 4,419,119 $ 2.24

Basis of Presentation (Details

Basis of Presentation (Details Textual) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Description of Business and Basis of Presentation [Line Items]
Retained Earnings (Accumulated Deficit), Total	$ (430,775,640)	$ (425,271,916)
Percentage Of Ownership Interest In Non Stock Subsidiary	100.00%
Investorms [Member]
Description of Business and Basis of Presentation [Line Items]
Maximum Stock To Be Issued	$ 25,100,000

Securities Purchase Agreements

Securities Purchase Agreements (Details Textual) - Investorms [Member] $ / shares in Units, $ in Millions	1 Months Ended
	Sep. 20, 2015USD ($)$ / sharesshares
Stock To Be Issued, Value | $	$ 25.1
Stock To Be Issued, Shares | shares	20,658,434
Shares Issued, Price Per Share	$ 1.19
Class of Warrant or Right, Outstanding | shares	4,131,686
Percentage of Warrant Coverage On Purchase Price	20.00%
Warrants Purchase Price Per share	$ 0.125
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.69

License Arrangements and Acqu19

License Arrangements and Acquisition of In-Process Research and Development (Details Textual) - USD ($)	1 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2015	Dec. 31, 2014
License Arrangements and Acquisition of In Process Research and Development [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value		$ 9,405,389	$ 9,422,735
Notes Payable, Noncurrent		1,457,965	1,390,015
Licensing Agreements [Member]
License Arrangements and Acquisition of In Process Research and Development [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value		9,405,389	$ 9,422,735
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%
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	$ 9,434,499
Debt Instrument, Maturity Date, Description		March 2,017
Notes Payable, Noncurrent	$ 1,500,000
Contingent Rights Expiration		These Contingent Rights will expire on the earlier of raising an aggregate of $50 million or September 17, 2019 (subject to possible extension only for certain outstanding derivative securities).

Note Payable (Details Textual)

Note Payable (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Notes Payable [Line Items]
Amortization of Debt Discount (Premium)	$ 67,950
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 ($)	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities - Contingent Rights	$ 9,405,389	$ 9,422,735
Fair Value, Inputs, Level 1 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities - Contingent Rights	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities - Contingent Rights	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities - Contingent Rights	$ 9,405,389	$ 9,422,735

Fair Value Measurements (Deta22

Fair Value Measurements (Details 1)	9 Months Ended
	Sep. 30, 2015USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
December 31, 2014	$ 9,422,735
Change in fair value of Contingent Rights	(17,346)
Balance at September 30, 2015	$ 9,405,389

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,193,419	$ 1,852,310
Net share-based compensation expense, per common share:
Basic and diluted (in dollars per share)	$ 0.04	$ 0.07
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 569,791	$ 572,842
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 623,628	$ 1,279,468

Share-Based Compensation (Det24

Share-Based Compensation (Details 1)		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		85.28%	102.41%
Risk-free interest rate		1.58%	1.78%
Expected term of option		5 years 8 months 1 day	5 years 7 months 17 days
Forfeiture rate*	[1]	3.00%	3.00%
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, 2015 and 2014, forfeitures were estimated at 3%.

Share-Based Compensation (Det25

Share-Based Compensation (Details 2)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding - Number of Options, Beginning Balance	4,557,682
Granted - Number of Options	2,675,000
Exercised - Number of Options	0
Expired - Number of Options	(22,575)
Forfeited - Number of Options	0
Outstanding - Number of Options, Ending Balance	7,210,107
Vested and expected to vest - Number of Options at September 30, 2015	7,126,377
Exercisable - Number of Options at September 30, 2015	4,419,119
Outstanding - Weighted Average Exercise Price, Beginning balance | $ / shares	$ 2.40
Granted - Weighted Average Exercise Price | $ / shares	1.43
Exercised - Weighted Average Exercise Price | $ / shares	0
Expired - Weighted Average Exercise Price | $ / shares	31.05
Forfeited - Weighted Average Exercise Price | $ / shares	0
Outstanding - Weighted Average Exercise Price, Ending Balance | $ / shares	1.95
Vested and expected to vest - Weighted Average Exercise Price at September 30, 2015 | $ / shares	1.96
Exercisable - Weighted Average Exercise Price at September 30, 2015 | $ / shares	$ 2.24

Share-Based Compensation (Det26

Share-Based Compensation (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 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	$ 1.02	$ 1.44
Allocated Share-based Compensation Expense	$ 1,193,419	$ 1,852,310
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	7,210,107		4,557,682
Share Based Compensation Estimated Forfeiture Rate	3.00%
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost, Total	$ 0	$ 686,600
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	1,545,000
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	1,442,876
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	7,210,107
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Long Term Incentive Plan2011 [Member] | Maximum [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	8,230,000
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 21.34
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Long Term Incentive Plan2011 [Member] | Minimum [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	5,730,000
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 1.41
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year

Income Taxes (Details Textual)

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

Related Party Transactions (Det

Related Party Transactions (Details Textual) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Oct. 31, 2015	May. 31, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Research and Development Expense, Total			$ 942,338	$ 697,001	$ 3,030,648	$ 1,981,468
Crown Biosciences, Inc [Member]
Cash Paid To Related Party			12,375		12,375
Related Party Transaction, Amounts of Transaction		$ 24,750
Research and Development Expense, Total			$ 8,250		$ 16,500
Related Party Transaction, Description of Transaction					research and development testing
Origene Technologies, Inc [Member] | Subsequent Event [Member]
Research And Development, Reasearch Material Fee	$ 36,000