View Filing Data

Document and Entity Information - shares	3 Months Ended
Mar. 31, 2014	Mar. 27, 2014
Document And Entity Information
Entity Registrant Name	Imprimis Pharmaceuticals, Inc.
Entity Central Index Key	0001360214
Document Type	10-Q
Document Period End Date	Mar. 31, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		9,085,715
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2014

Consolidated Balance Sheets - USD ($)	Mar. 31, 2014	Dec. 31, 2013
Current assets
Cash and cash equivalents	$ 14,201,144	$ 15,579,309
Restricted short-term investment	50,127	50,097
Accounts receivable	1,410
Due from Pharmacy Creations, LLC	41,356
Prepaid expenses and other current assets	123,664	105,067
Total current assets	14,417,701	15,734,473
Furniture and equipment, net	34,230	26,892
TOTAL ASSETS	14,451,931	15,761,365
Current liabilities
Accounts payable and accrued expenses	457,105	311,924
Accrued payroll and related liabilities	198,362	338,703
Total current liabilities	655,467	650,627
Commitments and contingencies
STOCKHOLDERS' EQUITY
Common stock, $0.001 par value, 395,000,000 shares authorized, 9,085,715 and 8,970,364 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively	9,086	8,970
Additional paid-in capital	47,859,933	46,849,160
Deficit accumulated during the development stage	(34,072,555)	(31,747,392)
TOTAL STOCKHOLDERS' EQUITY	13,796,464	15,110,738
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 14,451,931	$ 15,761,365

Consolidated Statements of Operations - USD ($)	3 Months Ended		188 Months Ended
Consolidated Statements of Operations - USD ($)	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Revenues:
License revenues	$ 1,410	$ 2,500	$ 111,410
Operating Expenses:
Selling, general and administrative	2,276,730	1,019,949	20,911,228
Research and development	60,152	455,100	10,794,995
Total operating expenses	2,336,882	1,475,049	31,706,223
Loss from operations	(2,335,472)	(1,472,549)	(31,594,813)
Other income (expense):
Interest expense			(1,730,892)
Interest income	10,309	7,068	197,055
Loss on extinguishment of debt			(1,195,410)
Gain on settlement			375,000
Gain on forgiveness of liabilities			176,505
Total other income (expense), net	10,309	7,068	(2,177,742)
Net loss	(2,325,163)	(1,465,481)	(33,772,555)
Deemed dividend to preferred stockholders			(300,000)
Net loss attributable to common stockholders	$ (2,325,163)	$ (1,465,481)	$ (34,072,555)
Net loss attributable to common stockholders per share of common stock, basic and diluted:	$ (.26)	$ (.19)
Weighted average number of shares of common stock outstanding, basic and diluted	9,010,602	7,788,236

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		188 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (2,325,163)	$ (1,465,481)	$ (33,772,555)
Adjustments to reconcile net loss to net cash used in operating activities:
Estimated fair value of contributed services			2,475,000
Gain on forgiveness of liabilities			(176,505)
Amortization of prepaid consulting fees	26,649		1,127,395
Depreciation	2,556	899	14,313
Loss on extinguishment of debt			1,195,410
Non-cash interest on notes payable			1,730,892
Stock-based compensation	661,288	410,715	7,788,551
Payments made on behalf of Company by related party			254,142
Changes in assets and liabilities:
Accounts receivable	(1,410)		(1,410)
Prepaid expenses and other current assets	(45,276)	(142,898)	(263,792)
Accounts payable and accrued expenses	145,181	65,411	557,213
Accrued payroll and related liabilities	(140,341)	72,746	284,953
Deferred revenue		833
NET CASH USED IN OPERATING ACTIVITIES	(1,676,516)	(1,057,775)	(18,786,393)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of restricted short-term investment		(50,000)	(50,000)
Cash advances to Pharmacy Creations, LLC	(41,356)		(41,356)
Purchases of furniture and equipment	(9,894)	(1,449)	(48,543)
NET CASH USED IN INVESTING ACTIVITIES	(51,250)	(51,449)	(139,899)
CASH FLOWS FROM FINANCING ACTIVITIES
Cancelled common stock		(192)	(192)
Proceeds from issuance of notes payable to a related party			976,300
Proceeds received in connection with debt modification			50,000
Proceeds from issuance of preferred stock			100,000
Proceeds from notes payable			2,500,000
Preferred stock deemed dividend paid at conversion			(200,000)
Cash advances to and from related parties			27,537
Cash advances from related party			(281,679)
Capital contributions			168,707
Net proceeds from purchase of common stock and exercise of warrants and stock options	349,601		449,851
Proceeds from issuance of common stock and warrants for cash, net of offering costs		10,052,832	29,336,911
NET CASH PROVIDED BY FINANCING ACTIVITIES	349,601	10,052,640	33,127,436
NET CHANGE IN CASH AND CASH EQUIVALENTS	(1,378,165)	8,943,416	14,201,144
CASH AND CASH EQUIVALENTS, beginning of period	15,579,309
CASH AND CASH EQUIVALENTS, end of period	14,201,144		14,201,144
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	800	1,600	14,400
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Issuance of and adjustment to common stock and warrants to consulting firms for prepaid consulting fees			751,793
Conversion of related party accounts payable into common stock			56,087
Conversion of notes payable and accrued interest into common stock			3,435,314
Forgiveness of notes payable and accrued interest to shareholders			241,701
Conversion of advances to notes payable to shareholders			196,300
Accretion of preferred stock discount			100,000
Related party acquisition of Phase 3 liabilities			56,087
Conversion of preferred stock into common stock			1,500
Reclassification of deferred offering costs to additional paid-in capital in connection with equity offering		596,281	596,281
Issuance of common stock for consulting services previously included in accounts payable and accrued expenses			$ 139,444

Overview, Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Overview, Basis of Presentation and Summary of Significant Accounting Policies

NOTE 1. OVERVIEW, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Company and Background

Imprimis Pharmaceuticals, Inc. (“Imprimis” or the “Company”) is a vertically-integrated specialty pharmaceutical company dedicated to delivering high quality, novel and customizable medicines to physicians and patients at accessible prices. Imprimis is pioneering a new commercial pathway using compounding pharmacies for the formulation and distribution of its proprietary drug therapies which include formulations in ophthalmology, wound management and urology.

Basis of Presentation

Imprimis has prepared the accompanying unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. For further information, refer to the Company’s audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.

Principles of Consolidation

On September 17, 2007, Imprimis entered into an Agreement of Merger and Plan of Reorganization (the “Merger Agreement”) by and among Imprimis, Transdel Pharmaceuticals Holdings, Inc., a privately held Nevada corporation (“Transdel Holdings”), and Trans-Pharma Acquisition Corp., a newly formed, wholly-owned Delaware subsidiary of Imprimis (“Acquisition Sub”). Upon closing of the merger transaction contemplated under the Merger Agreement (the “Merger”), Acquisition Sub merged with and into Transdel Holdings, and Transdel Holdings, as the surviving corporation, became a wholly-owned subsidiary of Imprimis. As a result of the Merger, the former owners of Transdel Holdings became the controlling stockholders of Imprimis. Accordingly, the merger of Transdel Holdings and Imprimis is a reverse merger that has been accounted for as a recapitalization of Transdel Holdings.

Effective on September 17, 2007, and for all reporting periods thereafter, Imprimis’ operating activities, including any prior comparative period, include only those of Transdel Holdings. All references to share and per share amounts in the accompanying condensed consolidated financial statements and footnotes have been restated to reflect the aforementioned share exchange. All significant intercompany accounts and transactions have been eliminated in consolidation.

On June 20, 2011, Transdel Holdings was merged with Imprimis Pharmaceuticals, Inc., at which time Transdel Holdings ceased as a corporation, and Imprimis Pharmaceuticals, Inc. remains as the sole surviving corporation.

Development Stage Enterprise

The Company is a development stage company as defined under Financial Accounting Standards Board (“FASB”) guidance. All losses accumulated since inception have been considered as part of the Company’s development stage activities.

These condensed consolidated financial statements contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. The Company is a development stage enterprise and has incurred recurring operating losses, has had negative operating cash flows and has not recognized any significant revenues since July 24, 1998 (Inception). In addition, the Company has a deficit accumulated during the development stage of approximately $34.1 million at March 31, 2014, and anticipates incurring further losses through the remainder of the fiscal year 2014 and beyond. The Company has not yet generated significant sales revenue and has funded its operating losses to date through debt and equity offerings and borrowings under its line of credit. The Company believes that its existing cash and cash equivalents will be sufficient to cover its cash flow requirements for at least the next twelve months. The Company’s pharmacy operations commenced on April 1, 2014. This change in the nature of the Company’s operations is expected to have a significant impact on our financial results in the future, including the recognition of significant revenues; as a result the Company will no longer be defined as a development stage company for reporting dates post April 1, 2014.

Research and Development

The Company expenses all costs related to research and development as they are incurred. Research and development expenses consist of expenses incurred in performing research and development activities including salaries and benefits, and other overhead expenses, and costs related to clinical trials, contract services and outsourced contracts.

Intellectual Property

The costs of acquiring intellectual property rights to be used in the research and development process, including licensing fees and milestone payments, are charged to research and development expense as incurred in situations where the Company has not identified an alternative future use for the acquired rights, and are capitalized in situations where the Company has identified an alternative future use. No costs associated with acquiring intellectual property rights have been capitalized to date. Costs of maintaining intellectual property rights are expensed as incurred.

Revenue Recognition and Deferred Revenue

The Company will recognize revenues when all of the following criteria have been met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. The Company believes it will begin to generate significant revenues beginning in the second quarter of 2014, which will include sales of our compounded drug formulations.

Product Revenues

Determination of criteria (3) and (4) will be based on management’s judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments will be provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or for which services have not been rendered or are subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or services have been rendered or no refund will be required.

License Revenues

License arrangements may consist of non-refundable upfront license fees, data transfer fees, research reimbursement payments, exclusive licensed rights to patented or patent pending compounds, technology access fees, and various performance or sales milestones. These arrangements can be multiple element arrangements.

Non-refundable fees that are not contingent on any future performance by us, and require no consequential continuing involvement on our part, are recognized as revenue when the license term commences and the licensed data, technology and/or compounded drug preparations is delivered. Such deliverables may include physical quantities of compounded drug preparations, design of the compounded drug preparations and structure-activity relationships, the conceptual framework and mechanism of action, and rights to the patents or patents pending for such compounded drug preparations. We defer recognition of non-refundable fees if we have continuing performance obligations without which the technology, right, product or service conveyed in conjunction with the non-refundable fee has no utility to the licensee that is separate and independent of our performance under the other elements of the arrangement. In addition, if we have required continuing involvement through research and development services that are related to our proprietary know-how and expertise of the delivered technology, or can only be performed by us, then such up-front fees are deferred and recognized over the period of continuing involvement. Guaranteed minimum annual royalties are recognized on a straight-line basis over the applicable term.

During the three months ended March 31, 2014 and 2013, the Company recorded $1,410 and $2,500, respectively, in revenues, related to royalty payments. In January 2013, the Company entered into a license agreement with ResolutionMD, LLC granting ResolutionMD, LLC rights to its Accudel delivery technology to be used for anti-cellulite formulations. Under the license agreement, the Company received $10,000 as a guaranteed minimum royalty amount for the year ended December 31, 2013. The Company is due annual guaranteed minimum royalty payments and additional royalty payments based on a percent (generally, 5%-7%) of net sales of any products covered under the license agreement in excess of the guaranteed amounts. The license agreement with ResolutionMD, LLC, unless terminated earlier, has a term of ten years following the first commercial sale of a product that is covered under the license agreement. The Company does not anticipate that the license agreement with ResolutionMD, LLC will generate significant revenues for the 2014 fiscal year.

Income Taxes

The Company accounts for income taxes under the provisions of Accounting Standards Codification (“ASC”) 740, “Income Taxes”, or ASC 740. As of March 31, 2014, there were no unrecognized tax benefits included in the condensed consolidated balance sheets that would, if recognized, affect the effective tax rate. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had no accrual for interest or penalties in its condensed consolidated balance sheets at March 31, 2014 and December 31, 2013, and has not recognized interest and/or penalties in the condensed consolidated statements of operations for the periods ended March 31, 2014 and 2013. The Company is subject to taxation in the United States and California. The Company’s tax years for 2000 and forward are subject to examination by the federal and state tax authorities due to the carry forward of unutilized net operating losses.

Cash and Cash Equivalents

Cash equivalents include short-term, highly liquid investments with maturities of three months or less at the time of acquisition.

Concentrations of Credit Risk

The Company places its cash with financial institutions deemed by management to be of high credit quality. The Federal Deposit Insurance Corporation (“FDIC”) provides basic deposit coverage with limits to $250,000 per owner. At March 31, 2014, the Company had approximately $14.0 million in cash deposits in excess of FDIC limits.

Furniture and Equipment

Furniture and equipment is stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of three to five years.

Deferred Rent

The Company accounts for rent expense related to its operating leases by determining total minimum rent payments on the leases over their respective periods and recognizing the rent expense on a straight-line basis. The difference between the actual amount paid and the amount recorded as rent expense in each fiscal year is recorded as an adjustment to deferred rent.

Fair Value Measurements

Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. GAAP establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The established fair value hierarchy prioritizes the use of inputs used in valuation methodologies into the following three levels:

●	Level 1: Applies to assets or liabilities for which there are quoted prices (unadjusted) for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and must be used to measure fair value whenever available.

●	Level 2: Applies to assets or liabilities for which there are significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

●	Level 3: Applies to assets or liabilities for which there are significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. For example, level 3 inputs would relate to forecasts of future earnings and cash flows used in a discounted future cash flows method.

At March 31, 2014 and December 31, 2013, the Company did not have any financial assets or liabilities which are measured on a recurring basis. At March 31, 2014 and December 31, 2013, the Company’s financial instruments include cash and cash equivalents, a restricted short-term investment, accounts receivable, accounts payable and accrued expenses, and accrued payroll and related liabilities. The carrying amount of these financial instruments, except for the restricted short-term investment, approximates fair value due to the short-term maturities of these instruments. The Company’s restricted short-term investment is carried at amortized cost which approximates fair value.

Stock-Based Compensation

All stock-based payments to employees and consultants, including grants of stock options, warrants, restricted stock units (“RSUs”) and restricted stock, are recognized in the consolidated financial statements based upon their fair values. The Company uses the Black-Scholes-Merton option pricing model and Monte Carlo Simulation to estimate the fair value of stock-based awards. The fair value is determined at the date of grant. The financial statement effect of forfeitures is estimated at the time of grant and revised, if necessary, if the actual effect differs from those estimates.

The Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows FASB guidance. As such, the value of the applicable stock-based compensation is periodically remeasured and income or expense is recognized during their vesting terms. The measurement date for the fair value of the equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor’s performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is primarily recognized over the term of the consulting agreement. In accordance with FASB guidance, an asset acquired in exchange for the issuance of fully vested, nonforfeitable equity instruments should not be presented or classified as an offset to equity on the grantor’s balance sheet once the equity instrument is granted for accounting purposes. Accordingly, the Company records the fair value of nonforfeitable equity instruments issued for future consulting services as prepaid stock-based consulting expenses in its consolidated balance sheets.

The Company recorded stock-based compensation (including the amortization of stock-based prepaid consulting fees) related to equity instruments granted to employees, directors and consultants as follows:

	For the		For the
	Three Months Ended		Three Months Ended
	March 31, 2014		March 31, 2013
Employees - selling, general and administrative	$	557,134	$	86,003
Employees - research and development		-		67,131
Directors - selling, general and administrative		42,146		202,792
Consultants - selling, general and administrative		84,555		117,389
Consultants - research and development		4,102		(62,600	)
Total	$	687,937	$	410,715

Basic and Diluted Net Loss per Common Share

Basic net loss per common share is computed by dividing net loss attributable to common stockholders for the period by the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders for the period by the weighted average number of common and common equivalent shares, such as stock options and warrants outstanding during the period.

Basic and diluted net loss applicable to common stock per share is computed using the weighted average number of shares of common stock outstanding during the period. Common stock equivalents (using the treasury stock or, “if converted” method) from convertible notes, preferred stock, stock options, unvested restricted stock units (“RSUs”) and warrants were 3,380,095 and 1,854,354 at March 31, 2014 and 2013, respectively, and are excluded from the calculation of diluted net loss per share for all periods presented because the effect is anti-dilutive.

The following table shows the computation of basic and diluted loss per share of common stock for the three months ended March 31, 2014 and 2013:

	For the			For the
	Three Months Ended			Three Months Ended
	March 31, 2014			March 31, 2013

Numerator – net loss attributable to common stockholders	$	(2,325,163	)	$	(1,465,481	)
Denominator – weighted average number of shares outstanding, basic and diluted		9,010,602			7,788,236
Net loss per share, basic and diluted	$	(0.26	)	$	(0.19	)

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. Significant estimates made by management are, among others, valuation of deferred taxes, realization of long-lived assets and valuation of stock-based compensation issued to employees and non-employees. Actual results could differ from those estimates.

Reclassifications

Certain prior period items and amounts have been reclassified to conform to the classifications used to prepare the 2014 condensed consolidated financial statements. These reclassifications had no material impact on the Company’s financial position, results of operations, or cash flows as previously reported.

Recently Adopted Accounting Pronouncements

In July 2013, the FASB issued Accounting Standards Update (“ASU”) No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU 2013-11 provides explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013, with an option for early adoption. This pronouncement is effective for reporting periods beginning on or after January 1, 2013. The adoption of ASU 2011-11 did not have a material impact on the Company’s condensed consolidated financial statements.

Proposed Amendments to Current Accounting Standards. The FASB is currently developing amendments to existing accounting standards governing a number of areas including, but not limited to, revenue recognition and lease accounting.

In June 2010, the FASB issued an exposure draft, Revenue from Contracts with Customers, which would supersede most of the existing guidance on revenue recognition in Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition. In November 2011, the FASB re-exposed this draft and it expects a final standard to be issued in the year ending December 31, 2014. As the standard-setting process is still ongoing, the Company is unable to determine the impact this proposed change in accounting will have in the Company’s condensed consolidated financial statements at this time.

In August 2010, the FASB issued an exposure draft, Leases, which would result in significant changes to the accounting requirements for both lessees and lessors in ASC Topic 840, Leases. In May 2013, the FASB re-exposed this draft and the comment period was closed in September 2013. As the standard-setting process is still ongoing, the Company is unable to determine the impact this proposed change in accounting will have in the Company’s condensed consolidated financial statements at this time.

In November 2013, the FASB issued an exposure draft, Development Stage Entities. The amendments in this proposed update would remove the definition of a development stage entity from ASC Topic 915, Development Stage Entities, thereby removing the distinction between development stage entities and other reporting entities from GAAP. In addition, the proposed amendments would eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows, and shareholder’s equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The comment period for this exposure draft was closed in December 2013. The Company expects to record significant revenues beginning April 1, 2014. Accordingly, the presentation and disclosure requirements for development stage activities will not be required.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

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+ Details

Stockholders' Equity

3 Months Ended

Mar. 31, 2014

Equity [Abstract]

Stockholders' Equity

NOTE 4. STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION

Common Stock

During the three months ended March 31, 2014, the Company issued a total of 89,906 shares of common stock for gross proceeds of $330,854 for stock option exercises.

In the three months ended March 31, 2014, the Company issued 22,281 shares of common stock to net settle common stock options to purchase 41,664 shares of common stock with exercise prices of $3.60 - $3.68 per share pursuant to cashless exercise provisions.

During the three months ended March 31, 2014, the Company issued 3,164 shares of common stock for gross proceeds of $18,747 for warrant exercises.

Preferred Stock

At March 31, 2014, the Company had 5,000,000 shares of preferred stock, $0.001 par value, authorized and no shares of preferred stock issued and outstanding.

Stock Option Plan

On September 17, 2007, the Company’s Board of Directors and stockholders adopted the Company’s 2007 Incentive Stock and Awards Plan, which was subsequently amended on November 5, 2008, February 26, 2012, July 18, 2012 , May 2, 2013 and September 27, 2013 (as amended, the “Plan”). As of March 31, 2014, the Plan provides for the issuance of a maximum of an aggregate of 5,000,000 shares of the Company’s common stock. The purpose of the Plan is to provide an incentive to attract and retain directors, officers, consultants, advisors and employees whose services are considered valuable, to encourage a sense of proprietorship and to stimulate an active interest of such persons in the Company’s development and financial success. Under the Plan, the Company is authorized to issue incentive stock options intended to qualify under Section 422 of the Internal Revenue Code, non-qualified stock options and restricted stock. The Plan is administered by the Compensation Committee of the Company’s Board of Directors.

A summary of the Plan activity with respect to options to purchase common stock for the three months ended March 31, 2014 is as follows:

	Number of shares			Weighted Avg. Exercise Price		Weighted Avg. Remaining Contractual Life		Aggregate Intrinsic Value
Options outstanding - January 1, 2014		1,328,790		$	5.31
Options granted		95,029			6.46
Options exercised		(131,570	)		3.67
Options cancelled/forfeit		(20,000	)		5.87
Options outstanding - March 31, 2014		1,272,249			5.56		6.35	$	2,426,496
Options exercisable		776,379			4.76		4.58	$	1,963,208
Options vested and expected to vest		1,222,662			5.51		6.23	$	2,380,167

The aggregate intrinsic value in the table above represents the total pre-tax amount of the proceeds, net of exercise price, which would have been received by option holders if all option holders had exercised and immediately sold all options with an exercise price lower than the market price on March 31, 2014, based on the closing price of the Company’s common stock of $6.71 on that date. The intrinsic value of stock options exercised during the three months ended March 31, 2014 was $572,904.

During the three months ended March 31, 2014, the Company granted stock options to certain employees, directors and consultants. The stock options were granted with an exercise price equal to the current market price of the Company’s common stock, as reported by the applicable quotation system of securities exchange on which the common stock was then quoted or listed, at the grant date and have contractual terms ranging from 5 to 10 years. Vesting terms for options granted to employees, directors and consultants typically included one of the following vesting schedules: 25% or 33% of the shares subject to the option vest and become exercisable on the first anniversary of the grant date and the remaining 75% or 67%, respectively, of the shares subject to the option vest and become exercisable quarterly in equal installments thereafter over two or three years, respectively; quarterly vesting over a three year period; annual vesting over three years; or monthly, quarterly or 100% vesting associated with the provision or completion of services provided under contracts with consultants. Certain option awards provide for accelerated vesting if there is a change in control (as defined in the Plan) and in the event of certain modifications to the option award agreement.

The fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option pricing model. Prior to April 1, 2013, expected volatilities were based on historical volatility of the Company’s common stock and other factors. Following April 1, 2013, the expected volatility is based on the historical volatilities of the common stock of comparable publicly traded companies based on the Company’s belief that it has significantly changed its business operations and focus, and as a result, it currently has limited relevant historical data regarding the volatility of its stock price on which to base a meaningful estimate of expected volatility. The expected term of options granted was determined in accordance with the “simplified approach” as the Company has limited, relevant, historical data on employee exercises and post-vesting employment termination behavior. The expected risk-free interest rate is based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. The financial statement effect of forfeitures is estimated at the time of grant and revised, if necessary, if the actual effect differs from those estimates. For option grants to employees and directors, the Company assigns a forfeiture factor of 10%. These factors could change in the future, affecting the determination of stock-based compensation expense in future periods. Utilizing these assumptions, the fair value is determined at the date of grant.

The table below illustrates the fair value per share determined by the Black-Scholes-Merton option pricing model with the following assumptions used for valuing options granted to employees:

	2014
Weighted-average fair value of options granted	$	5.05
Expected terms (in years)		5.81 - 6.91
Expected volatility		100 - 102	%
Risk-free interest rate		1.37 - 1.65	%
Dividend yield		-

The table below illustrates the fair value per share determined by the Black-Scholes-Merton option pricing model with the following assumptions used for valuing options granted to consultants:

	2014
Weighted-average fair value of options granted	$	6.71
Expected terms (in years)		2.84 - 5
Expected volatility		83 - 91	%
Risk-free interest rate		0.12 - 0.78	%
Dividend yield		-

The following table summarizes information about stock options outstanding and exercisable at March 31, 2014:

	Options Outstanding						Options Exercisable
			Weighted
			Average		Weighted				Weighted
			Remaining		Average				Average
	Number		Contractual		Exercise		Number		Exercise
Range of Exercise Prices	Outstanding		Life in Years		Price		Exercisable		Price
$2.40 - $3.20		250,000		5.32	$	2.80		250,000	$	2.80
$3.60 - $4.51		553,746		5.03	$	4.21		398,789	$	4.29
$6.00 - $9.00		454,100		8.54	$	8.10		113,187	$	8.20
$10.75		7,603		3.71	$	10.75		7,603	$	10.75
$28.00 - $80.00		6,800		5.88	$	40.86		6,800	$	40.86
		1,272,249		6.35	$	5.56		776,379	$	4.76

As of March 31, 2014, there was approximately $2,545,000 of total unrecognized compensation expense related to unvested stock options granted under the Plan. That expense is expected to be recognized over the weighted-average remaining vesting period of 2.59 years. The stock-based compensation for all stock options was $324,294 during the three months ended March 31, 2014.

Restricted Stock Units

Restricted stock unit, or RSU, awards are granted subject to certain vesting requirements and other restrictions, including performance and market based vesting criteria. The grant-date fair value of the RSUs, which has been determined based upon the market value of the Company’s shares on the grant date, is expensed over the vesting period. Unvested portions of RSUs issued to consultants are remeasured on an interim basis until vesting criteria is met. On May 2, 2013, the Board of Directors of the Company amended and restated the Plan to provide for the issuance of RSUs under the Plan.

During March 2014, the Company terminated its agreement with a consultant that provided for the grant of 100,000 RSUs that had vesting criteria based on the satisfaction of certain market-based conditions subject to the consultant’s continued service, among other things. Upon termination of the agreement, all 100,000 RSUs were forfeited and deemed reconveyed to the Company.

A summary of the Company’s RSU activity and related information for the three months ended March 31, 2014 is as follows:

	Number of RSUs			Weighted Average Grant Date Fair Value
RSUs outstanding - January 1, 2014		1,389,960		$	3.19
RSUs granted		-		$	-
RSUs vested		-		$	-
RSUs cancelled/forfeited		(100,000	)	$	2.88
Balance at March 31, 2014		1,289,960		$	3.22

As of March 31, 2014, the total unrecognized compensation expense related to unvested RSUs was approximately $2,758,000 which is expected to be recognized over a weighted-average period of 2.05 years, based on estimated vesting schedules. The stock-based compensation for RSU’s during the three months ended March 31, 2014 was $336,994.

Warrants

From time to time, the Company issues warrants to purchase shares of the Company’s common stock to investors, note holders, underwriters and to non-employees for services rendered or to be rendered in the future.

A summary of the activity of the warrants for the three months ended March 31, 2014 is as follows:

	Number of Shares Subject to Warrants Outstanding			Weighted Avg. Exercise Price

Warrants outstanding - January 1, 2014		821,050		$	5.94
Granted		-		$	-
Exercised		(3,164	)	$	5.93
Expired		-		$	-
Warrants outstanding and exercisable - March 31, 2014		817,886		$	5.94
Weighted average remaining contractual life of the outstanding warrants in years - March 31, 2014		1.95

The fair value of each warrant is estimated on the date of grant using the Black-Scholes-Merton option pricing model. The intrinsic value of warrants exercised during the three months ended March 31, 2014 was $5,078.

A list of the warrants outstanding as of March 31, 2014 is included in the table below:

	Warrants Outstanding					Warrants Exercisable
		Warrants		Exercise		Warrants		Expiration
Warrant Series	Issue Date	Outstanding		Price		Exercisable		Date
Investors	4/25/2012		48,262	$	5.93		48,262		4/25/2015
Investors	4/25/2012		499,764	$	5.93		499,764		4/25/2015
Underwriter	2/7/2013		179,860	$	5.25		179,860		2/7/2018
Consultant	2/28/2013		30,000	$	5.25		30,000		2/28/2016
Consultant	7/19/2013		60,000	$	8.50		60,000		7/19/2018
			817,886	$	5.94		817,886

The stock-based compensation for warrants was $26,649 for the three months ended March 31, 2014.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 6. COMMITMENTS AND CONTINGENCIES

Commitments

In April 2013, the Company entered into a lease agreement for 3,874 square feet of office space from May 1, 2013 to September 30, 2016, effective May 1, 2013. Monthly rent began on May 1, 2013 in the amount of $10,406, with a 3% increase in the base rent amount on an annual basis. The lease agreement allows for the monthly rent amount to be abated for five months at various times during the lease agreement.

Legal

In the ordinary course of business, the Company may face various claims brought by third parties and the Company may, from time to time, make claims or take legal actions to assert the Company’s rights, including intellectual property rights, contractual disputes and other commercial disputes. Any of these claims could subject the Company to litigation. Management believes the outcomes of currently pending claims will not likely have a material effect on the Company’s condensed consolidated financial position and results of operations.

Indemnities and Guarantees

In addition to the indemnification provisions contained in the Company’s charter documents, the Company generally enters into separate indemnification agreements with the Company’s directors and officers. These agreements require the Company, among other things, to indemnify the director or officer against specified expenses and liabilities, such as attorneys’ fees, judgments, fines and settlements, paid by the individual in connection with any action, suit or proceeding arising out of the individual’s status or service as the Company’s director or officer, other than liabilities arising from willful misconduct or conduct that is knowingly fraudulent or deliberately dishonest, and to advance expenses incurred by the individual in connection with any proceeding against the individual with respect to which the individual may be entitled to indemnification by the Company. The Company also indemnifies its lessor in connection with its facility lease for certain claims arising from the use of the facility. These guarantees and indemnities do not provide for any limitation of the maximum potential future payments the Company could be obligated to make. Historically, the Company has not been obligated nor incurred any payments for these obligations and, therefore, no liabilities have been recorded for these indemnities and guarantees in the accompanying condensed consolidated balance sheets.

PCCA License Agreement

Professional Compounding Centers of America, or PCCA, has granted to the Company and its affiliates certain exclusive rights under PCCA’s proprietary formulations, other technologies and data, and the Company has agreed to pay to PCCA certain royalties on net sales relating to the sale of certain future products, which royalties range from 4.5% to 9% for each product, subject to certain minimum royalty payments. PCCA may terminate the PCCA License Agreement if the Company fails to commence efforts to research and develop future products within certain time periods, as set forth in the PCCA License Agreement.

PCCA Strategic Alliance Agreement

On February 18, 2013, the Company entered into a Strategic Alliance Agreement with PCCA. Under this agreement, PCCA has agreed that during the term of the agreement, it will not introduce any of PCCA’s members or customers meeting certain criteria (the “Member/Customers”) to any third party whereby such third party licenses or otherwise acquires the intellectual property rights of such Member/Customer, without first presenting such an opportunity to the Company. PCCA may, but is not required to, present such opportunities to the Company, use reasonable efforts to facilitate an introductory meeting between the Member/Customer and the Company, and to further provide certain key technical assistance to a potential development project associated with the Member/Customer’s intellectual property rights. In the event the Company and a Member/Customer introduced to the Company by PCCA enter into a commercial agreement for the license or acquisition of the intellectual property rights owned by the Member/Customer, PCCA will be entitled to receive certain cash fees up to an aggregate of $100,000, as well as a commission based on net sales, if any, generated by the Company as a result of the acquired intellectual property rights. The agreement has a term of one year and is automatically extended for successive one year periods unless either party gives the other written notice of non-renewal. This agreement automatically renewed for a one-year term on February 18, 2014.

Asset Purchase Agreements

The Company has acquired intellectual property rights related to certain proprietary innovations from certain inventors (the “Inventors”) through multiple asset purchase agreements. The asset purchase agreements provide that the Inventors will cooperate with the Company in obtaining patent protection for the acquired intellectual property and that the Company will use commercially reasonable efforts to research, develop and commercialize a product based on the acquired intellectual property. In addition, the Company has acquired a right of first refusal on additional intellectual property and drug development opportunities presented by these Inventors.

In consideration for the acquisition of the intellectual property rights, the Company is obligated to make payments to the Inventors based on the completion of certain milestones, generally consisting of: (1) a payment payable within 30 days after the issuance of the first patent in the United States arising from the acquired intellectual property (if any); (2) a payment payable within 30 days after the Company files the first Investigational New Drug application (“IND”) with the FDA for the first product arising from the acquired intellectual property (if any); (3) for certain of the Inventors, a payment payable within 30 days after the Company files the first New Drug application with the FDA for the first product arising from the acquired intellectual property (if any); and (4) certain royalty payments based on the net receipts received by the Company in connection with the sale or licensing of any product based on the acquired intellectual property (if any), after deducting (among other things) the Company’s development costs associated with such product. If, following five years after the date of the applicable asset purchase agreement, the Company either (a) for certain of the Inventors, has not filed an IND or, for the remaining Inventors, has not initiated a study where data is derived, or (b) has failed to generate royalty payments to the Inventors for any product based on the acquired intellectual property, the Inventors may terminate the applicable asset purchase agreement and request that the Company re-assign the acquired technology to the Inventors.

Overview, Basis of Presentation and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

Company and Background

Company and Background

Basis of Presentation

Basis of Presentation

Principles of Consolidation

Principles of Consolidation

Development Stage Enterprise

Development Stage Enterprise

Research and Development

Research and Development

Intellectual Property

Intellectual Property

Revenue Recognition and Deferred Revenue

Revenue Recognition and Deferred Revenue

Product Revenues

License Revenues

Income Taxes

Income Taxes

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash equivalents include short-term, highly liquid investments with maturities of three months or less at the time of acquisition.

Concentrations of Credit Risk

Concentrations of Credit Risk

Furniture and Equipment

Furniture and Equipment

Furniture and equipment is stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of three to five years.

Deferred Rent

Deferred Rent

Fair Value Measurements

Fair Value Measurements

●	Level 1: Applies to assets or liabilities for which there are quoted prices (unadjusted) for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and must be used to measure fair value whenever available.

●	Level 2: Applies to assets or liabilities for which there are significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

●	Level 3: Applies to assets or liabilities for which there are significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. For example, level 3 inputs would relate to forecasts of future earnings and cash flows used in a discounted future cash flows method.

Stock-Based Compensation

Stock-Based Compensation

	For the		For the
	Three Months Ended		Three Months Ended
	March 31, 2014		March 31, 2013
Employees - selling, general and administrative	$	557,134	$	86,003
Employees - research and development		-		67,131
Directors - selling, general and administrative		42,146		202,792
Consultants - selling, general and administrative		84,555		117,389
Consultants - research and development		4,102		(62,600	)
Total	$	687,937	$	410,715

Basic and Diluted Loss per Common Share

Basic and Diluted Net Loss per Common Share

The following table shows the computation of basic and diluted loss per share of common stock for the three months ended March 31, 2014 and 2013:

	For the			For the
	Three Months Ended			Three Months Ended
	March 31, 2014			March 31, 2013

Numerator – net loss attributable to common stockholders	$	(2,325,163	)	$	(1,465,481	)
Denominator – weighted average number of shares outstanding, basic and diluted		9,010,602			7,788,236
Net loss per share, basic and diluted	$	(0.26	)	$	(0.19	)

Use of Estimates

Use of Estimates

Reclassifications

Reclassifications

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Stockholders' Equity (Details Narrative)	3 Months Ended
Stockholders' Equity (Details Narrative)	Mar. 31, 2014 USD ($) $ / shares shares
Shares issued upon exercise of stock options, shares \| shares	89,906
Shares issued upon exercise of stock options	$ 330,854
Common stock issued shares \| shares	22,281
Option issue to purchase number of common stock \| shares	41,664
Shares issued upon warrants exercise \| shares	3,164
Proceeds form warrants exercise	$ 18,747
Preferred stock, shares authorized \| shares	5,000,000
Preferred stock, par value \| $ / shares	$ .001
Preferred stock, shares issued \| shares	0
Preferred stock, shares outstanding \| shares	0
stock option exercise price \| $ / shares	$ 6.71
Intrinsic value of stock options exercised	$ 572,904
Stock options granted vesting terms	<p style="margin: 0pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Vesting terms for options granted to employees, directors and consultants typically included one of the following vesting schedules: 25% or 33% of the shares subject to the option vest and become exercisable on the first anniversary of the grant date and the remaining 75% or 67%, respectively, of the shares subject to the option vest and become exercisable quarterly in equal installments thereafter over two or three years, respectively; quarterly vesting over a three year period; annual vesting over three years; or monthly, quarterly or 100% vesting associated with the provision or completion of services provided under contracts with consultants.</font></p>
Total unrecognized compensation expense related to unvested stock options granted under the Plan	$ 2,545,000
Expense expected to recognize over the weighted-average remaining vesting period	2 years 7 months 2 days
Stock-based compensation	$ 324,294
Intrinsic value of warrants exercised	$ 5,078
2007 Incentive Stock And Awards Plan [Member]
Maximum number of common stock issuance under the plan \| shares	5,000,000
Restricted Stock Units [Member]
Total unrecognized compensation expense related to unvested stock options granted under the Plan	$ 2,758,000
Expense expected to recognize over the weighted-average remaining vesting period	2 years 18 days
Stock-based compensation	$ 336,994
RSUs were forfeited	100,000
Warrant [Member]
Stock-based compensation	$ 26,649
Minimum [Member]
Common stock exercise price per share \| $ / shares	$ 3.60
Contractual term of stock options granted	5 years
Maximum [Member]
Common stock exercise price per share \| $ / shares	$ 3.68
Contractual term of stock options granted	10 years

Stockholders' Equity - Schedule of Stock Option Plan Activity (Details)	3 Months Ended
	Mar. 31, 2014 USD ($) $ / shares shares
Number of shares, Outstanding, Beginning balance
Number of shares, Options exercised	89,906
Number of shares, Outstanding, Ending balance	1,272,249
Weighted Avg. Remaining Contractual Life, Options outstanding	6 years 4 months 6 days
Stock Option Plan [Member]
Number of shares, Outstanding, Beginning balance	1,328,790
Number of shares, Options granted	95,029
Number of shares, Options exercised	(131,570)
Number of shares, Options cancelled/forfeit	(20,000)
Number of shares, Outstanding, Ending balance	1,272,249
Number of shares, Options exercisable	776,379
Number of shares, Options vested and expected to vest	1,222,662
Weighted Avg. Exercise Price, Outstanding, Beginning balance \| $ / shares	$ 5.31
Weighted Avg. Exercise Price, Options granted \| $ / shares	6.46
Weighted Avg. Exercise Price, Options exercised \| $ / shares	3.67
Weighted Avg. Exercise Price, Options cancelled/forfeit \| $ / shares	5.87
Weighted Avg. Exercise Price, Outstanding, Ending balance \| $ / shares	5.56
Weighted Avg. Exercise Price, Exercisable Ending Balance \| $ / shares	4.76
Weighted Avg. Exercise Price, Vested and expected to vest - end of period \| $ / shares	$ 5.51
Weighted Avg. Remaining Contractual Life, Options outstanding	6 years 4 months 6 days
Weighted Avg. Remaining Contractual Life, Options exercisable	4 years 6 months 29 days
Weighted Avg. Remaining Contractual Life, Options vested and expected to vest	6 years 2 months 23 days
Aggregate Intrinsic Value, Options outstanding \| $	$ 2,426,496
Aggregate Intrinsic Value, Options exercisable \| $	1,963,208
Aggregate Intrinsic Value, Options vested and expected to vest \| $	$ 2,380,167

Subsequent Events (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended
Subsequent Events (Details Narrative) - USD ($)	May 14, 2014	Apr. 30, 2014	Mar. 31, 2014
Shares issued upon exercise of stock options			$ 330,854
Shares issued upon exercise of stock options			89,906
Common stock issued shares			22,281
Option issue to purchase number of common stock			41,664
Shares issued upon warrants exercise			3,164
Proceeds form warrants exercise			$ 18,747
Payment of cash to contigent			50,000
Minimum revenue for contingent payment			$ 3,500,000
Contigent stock payment			215,910
Contingencies One [Member]
Condition for contigent stock payment			<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">if Pharmacy Creations earns revenue of over $7,500,000 during the 12 month period ending March 31, 2016, all 215,190 shares</font></p>
Contingencies Two [Member]
Condition for contigent stock payment			<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">if Pharmacy Creations earns revenue of between $3,500,000 and $7,500,000 during the 12 month period ending March 31, 2016, an aggregate of that number of shares of our common stock equal to the amount that such revenue exceeds $3,500,000 divided by 18.5882, rounded down to the lower whole number (not to exceed 215,190 shares).</font></p>
Subsequent Event [Member]
Shares issued upon exercise of stock options	$ 27,600
Shares issued upon exercise of stock options	7,500
Common stock issued shares	984
Option issue to purchase number of common stock	2,500
Common stock exercise price per share	$ 4.27
Shares issued upon warrants exercise	3,164
Proceeds form warrants exercise	$ 18,747
Common stock issued for resolution of contract dispute, shares		6,868
Common stock issued for resolution of contract dispute		$ 50,000
Payement of cash purchase price			$ 600,000

Overview, Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended	188 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Mar. 31, 2014
Accumulated deficit during development stage	$ 34,100,000			$ 34,100,000
Revenue	1,410	$ 2,500		111,410
License revenues	1,410	2,500		111,410
Deposit coverage limits by FDIC	250,000
Cash deposits in excess of FDIC limits	15,300,000
Unrecognized tax benefits			$ 0
Deferred offering costs	14,417,701		$ 15,734,473	14,417,701
Depreciation expense	$ 2,556	$ 899		$ 14,313
Common stock equivalents, dilutive instruments	1,682,678		3,539,800	1,682,678
Minimum [Member]
Additional royalty payments based on percent of net sales			5.00%
Maximum [Member]
Additional royalty payments based on percent of net sales			7.00%

Overview, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Stock Based Compensation and Equity Intruments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Compensation Expenses	$ 687,937	$ 410,715
Employees - Selling, General And Administrative [Member]
Compensation Expenses	557,134	86,003
Employees - Research And Development [Member]
Compensation Expenses		67,131
Directors - Selling, General And Administrative [Member]
Compensation Expenses	42,146	202,792
Consultants - Selling, General And Adminstrative [Member]
Compensation Expenses	84,555	117,389
Consultants - Research And Development [Member]
Compensation Expenses	$ 4,102	$ (62,600)

Restricted Short-Term Investment (Details Narrative) - USD ($)	Mar. 31, 2014	Dec. 31, 2013
Restricted Short-Term Investment
Certificate of deposit	$ 50,127	$ 50,097

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($)	Mar. 31, 2014	Dec. 31, 2013
Debt Disclosure [Abstract]
Accounts payable	$ 357,105	$ 261,924
Other accrued expenses	100,000	50,000
Total accounts payable and accrued expenses	$ 457,105	$ 311,924

Stockholders' Equity - Schedule of Fair Value Assumption (Details)	3 Months Ended
	Mar. 31, 2014 $ / shares
Options Granted To Employees [Member]
Weighted-average fair value of options granted	$ 5.05
Expected volatility, minimum	100.00%
Expected volatility, maximum	102.00%
Risk-free interest rate, minimum	1.37%
Risk-free interest rate, maximum	1.65%
Dividend yield	0.00%
Options Granted To Employees [Member] \| Minimum [Member]
Expected terms (in years)	5 years 9 months 22 days
Options Granted To Employees [Member] \| Maximum [Member]
Expected terms (in years)	6 years 10 months 28 days
Options Granted To Consultants [Member]
Weighted-average fair value of options granted	$ 6.71
Expected volatility, minimum	83.00%
Expected volatility, maximum	91.00%
Risk-free interest rate, minimum	0.12%
Risk-free interest rate, maximum	0.78%
Dividend yield	0.00%
Options Granted To Consultants [Member] \| Minimum [Member]
Expected terms (in years)	2 years 10 months 2 days
Options Granted To Consultants [Member] \| Maximum [Member]
Expected terms (in years)	5 years

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	395,000,000	395,000,000
Common stock, shares issued	9,085,715	8,970,364
Common stock, shares outstanding	9,085,715	8,970,364

Stockholders' Equity - Schedule of Shares Outstanding and Exercisable (Details)	3 Months Ended
	Mar. 31, 2014 $ / shares shares
Number of Options Outstanding \| shares	1,272,249
Weighted Average Remaining Contractual Life in Years	6 years 4 months 6 days
Weighted Average Exercise Price	$ 5.56
Number Exercisable \| shares	776,379
Weighted Average Exercisable Exercise Price	$ 4.76
Range One [Member]
Range of Exercise Prices, minimum	2.40
Range of Exercise Prices, maximum	$ 3.20
Number of Options Outstanding \| shares	250,000
Weighted Average Remaining Contractual Life in Years	5 years 3 months 26 days
Weighted Average Exercise Price	$ 2.80
Number Exercisable \| shares	250,000
Weighted Average Exercisable Exercise Price	$ 2.80
Range Two [Member]
Range of Exercise Prices, minimum	3.60
Range of Exercise Prices, maximum	$ 4.51
Number of Options Outstanding \| shares	553,746
Weighted Average Remaining Contractual Life in Years	5 years 11 days
Weighted Average Exercise Price	$ 4.21
Number Exercisable \| shares	398,789
Weighted Average Exercisable Exercise Price	$ 4.29
Range Three [Member]
Range of Exercise Prices, minimum	6.00
Range of Exercise Prices, maximum	$ 9.00
Number of Options Outstanding \| shares	454,100
Weighted Average Remaining Contractual Life in Years	8 years 6 months 15 days
Weighted Average Exercise Price	$ 8.10
Number Exercisable \| shares	113,187
Weighted Average Exercisable Exercise Price	$ 8.20
Range Four [Member]
Range of Exercise Prices, minimum
Range of Exercise Prices, maximum	$ 10.75
Number of Options Outstanding \| shares	7,603
Weighted Average Remaining Contractual Life in Years	3 years 8 months 16 days
Weighted Average Exercise Price	$ 10.75
Number Exercisable \| shares	7,603
Weighted Average Exercisable Exercise Price	$ 10.75
Range Five [Member]
Range of Exercise Prices, minimum	28.00
Range of Exercise Prices, maximum	$ 80.00
Number of Options Outstanding \| shares	6,800
Weighted Average Remaining Contractual Life in Years	5 years 10 months 17 days
Weighted Average Exercise Price	$ 40.86
Number Exercisable \| shares	6,800
Weighted Average Exercisable Exercise Price	$ 40.86

Stockholders' Equity - Schedule of Restrited Stock Units Activity (Details) - Restricted Stock Units [Member]	3 Months Ended
	Mar. 31, 2014 $ / shares shares
Number of RSUs, Outstanding, Beginning balance \| shares	1,389,960
Number of RSUs granted \| shares
Number of RSUs vested \| shares
Number of RSUs cancelled/forfeit \| shares	(100,000)
Number of RSUs, Outstanding, Ending balance \| shares	1,289,960
Weighted Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 3.19
Weighted Average Grant Date Fair Value, RSUs granted \| $ / shares
Weighted Average Grant Date Fair Value, RSUs vested \| $ / shares
Weighted Average Grant Date Fair Value, RSUs cancelled/forfeit \| $ / shares	2.88
Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 3.22

Stockholders' Equity - Schedule of Warrants Outstanding and Warrants Exercisable (Details) - $ / shares	Mar. 31, 2014	Dec. 31, 2013
Investors [Member]
Issue Date	Apr. 25, 2012
Warrants Outstanding	48,262
Exercise Price	$ 5.93
Warrants Exercisable	48,262
Expiration Date	Apr. 25, 2015
Investors [Member]
Issue Date	Apr. 25, 2012
Warrants Outstanding	499,764
Exercise Price	$ 5.93
Warrants Exercisable	499,764
Expiration Date	Apr. 25, 2015
Underwriter [member]
Issue Date	Feb. 07, 2013
Warrants Outstanding	179,860
Exercise Price	$ 5.25
Warrants Exercisable	179,860
Expiration Date	Feb. 07, 2018
Consultant [Member]
Issue Date	Feb. 28, 2013
Warrants Outstanding	30,000
Exercise Price	$ 5.25
Warrants Exercisable	30,000
Expiration Date	Feb. 28, 2016
Consultant 2 [Member]
Issue Date	Jul. 19, 2013
Warrants Outstanding	60,000
Exercise Price	$ 8.50
Warrants Exercisable	60,000
Expiration Date	Jul. 19, 2018
Warrant [Member]
Warrants Outstanding		817,886
Exercise Price		$ 5.94
Warrants Exercisable		817,886

Employee Savings Plan (Details Narrative)	3 Months Ended
Employee Savings Plan (Details Narrative)	Mar. 31, 2014 USD ($)
Compensation and Retirement Disclosure [Abstract]
Percentage of salary deposits in tax deferred investment account	100.00%
Percentage of contributions made by the company	3.00%
Contributions by the company	$ 21,000

Commitments and Contingencies (Details Narrative)	1 Months Ended
Commitments and Contingencies (Details Narrative)	Apr. 30, 2013 USD ($) ft²	Mar. 31, 2014	Feb. 18, 2013 USD ($)
Lease agreement for office space (Square feet) \| ft²	3,874
Operating lease Expiry	Sep. 30, 2016
Operating lease, monthly rental	$ 10,406
Operating lease, rent increase percentage	3.00%
Maximum aggregate value of cash fees			$ 100,000
Minimum [Member]
Royalties range percentage		4.50%
Maximum [Member]
Royalties range percentage		9.00%