Quarterly report pursuant to Section 13 or 15(d)

Condensed Balance Sheets (Unaudited)

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Condensed Balance Sheets (Unaudited) (USD $)
Sep. 30, 2012
Dec. 31, 2011
CURRENT ASSETS    
Cash and cash equivalents $ 22,213,000 $ 20,661,000
Marketable securities 552,000 556,000
Royalty receivables 1,373,000 760,000
Other current assets 182,000 156,000
Total Current Assets 24,320,000 22,133,000
OTHER ASSETS:    
Deferred Tax Asset 6,194,000 6,903,000
Patents, net of accumulated amortization 67,000 74,000
Security deposits 19,000 19,000
Total Other Assets 6,280,000 6,996,000
TOTAL ASSETS 30,600,000 29,129,000
LIABILITIES:    
Accounts payable 149,000 180,000
Accrued expenses 519,000 1,551,000
TOTAL LIABILITIES 668,000 1,731,000
COMMITMENTS AND CONTINGENCIES      
STOCKHOLDERS' EQUITY    
Common stock - $0.01 par value ; authorized 50,000,000 shares; 25,963,094 and 25,037,518 shares issued and outstanding at September 30,2012 and December 31,2011, respectively 260,000 250,000
Additional paid-in capital 59,506,000 57,728,000
Accumulated deficit (29,825,000) (30,575,000)
Other comprehensive income (loss) (9,000) (5,000)
TOTAL STOCKHOLDERS' EQUITY 29,932,000 27,398,000
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY $ 30,600,000 $ 29,129,000