Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)
In Thousands
Common Stock [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Treasury Stock [Member]
Total
Balance at Dec. 31, 2008 $ 9 $ 37,599 $ 5,354 $ (25,188) $ 17,774
Balance (in shares) at Dec. 31, 2008 12,908,383        
Net loss     (3,842)   (3,842)
Proceeds from exercise of stock options   127     127
Proceeds from exercise of stock options (in shares) 125,000        
Tax benefits from exercise of stock options   88     88
Tax benefit allowance   (88)     (88)
Balance at Dec. 31, 2009 9 37,726 1,512 (25,188) 14,059
Balance (in shares) at Dec. 31, 2009 13,033,383        
Net loss     (3,501)   (3,501)
Proceeds from exercise of stock options   133     133
Proceeds from exercise of stock options (in shares) 130,500        
Common Stock Issued to Phosphangenics Limited pursuant to an Exclusive License Agreement (Note 3) 1 2,576     2,577
Common Stock Issued to Phosphangenics Limited pursuant to an Exclusive License Agreement (Note 3) (in shares) 1,440,000        
Common stock granted pursuant to an employment agreement   60     60
Common stock granted pursuant to an employment agreement (in shares) 36,111        
Common stock granted pursuant to a compensation agreement   90     90
Common stock granted pursuant to a compensation agreement (in shares) 67,625        
Share-based compensation expense   42     42
Tax benefits from exercise of stock options   42     42
Tax benefit allowance   (42)     (42)
Balance at Dec. 31, 2010 10 40,627 (1,989) (25,188) 13,460
Balance (in shares) at Dec. 31, 2010 14,707,619        
Net loss     (2,710)   (2,710)
Common stock granted pursuant to an employment agreement   294     294
Common stock granted pursuant to an employment agreement (in shares) 341,254        
Common stock granted pursuant to a compensation agreement   500     500
Common stock granted pursuant to a compensation agreement (in shares) 466,710        
Share-based compensation expense   131     131
Treasury stock purchase (Note 8)       (449) (449)
Treasury stock purchase (Note 8) (in shares) (690,000)        
Balance at Dec. 31, 2011 $ 10 $ 41,552 $ (4,699) $ (25,637) $ 11,226
Balance (in shares) at Dec. 31, 2011 14,825,583