Quarterly report pursuant to Section 13 or 15(d)

Going Concern and Plan of Operations

Going Concern and Plan of Operations
9 Months Ended
Sep. 30, 2015
Plan Of Operations and Going Concern [Abstract]  
Plan Of Operations And Going Concern [Text Block]
NOTE B – Going Concern and Plan of Operations
The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern.
The Company has experienced net losses and negative cash flows from operations each period since its inception. Through September 30, 2015, the Company had an accumulated deficit of approximately $21.2 million. The Company’s operations have been financed primarily through the sale of equity securities. The Company’s net loss for the twelve months ended December 31, 2014 was approximately $10.2 million and $7.2 million for the nine months ended September 30, 2015.
Assuming the Company obtains FDA approval for one or more of its product candidates, which the Company does not expect to receive until 2019 at the earliest, the Company expects that its expenses will increase once the Company reaches commercial launch. The Company also expects that its research and development expenses will continue to increase as it moves forward for other indications for its lead product candidates and diversifies its R&D portfolio. As a result, the Company expects to continue to incur substantial losses for the foreseeable future, and that these losses will be increasing.
The Company will need to secure additional capital in order to fund operations and to continue and complete its planned clinical and operational activities related to the product candidates and technologies that the Company recently acquired from Aquarius. The Company can provide no assurances that such additional financing will be available to the Company on acceptable terms, or at all. During the third quarter of 2015, the Company instituted some cost deferral and savings measures to preserve its cash. The Company has taken steps to reduce and delay R&D expenses through the timing and monitoring of our preclinical animal programs and as well as reducing professional fees, in the short term. The Company is anticipating that the existing cash balance on hand at September 30, 2015 would be sufficient to meet its operating obligations to June 2016. The Company’s recurring losses from operations, and need for additional funding, raise substantial doubt about its ability to continue as a going concern, and as a result, the Company’s independent registered public accounting firm included an explanatory paragraph in its report on the Company’s financial statements as of and for the year ended December 31, 2014 with respect to this uncertainty.