Quarterly report pursuant to sections 13 or 15(d)

BALANCE SHEETS

v2.4.0.6
BALANCE SHEETS (USD $)
Jul. 31, 2012
Oct. 31, 2011
ASSETS    
Cash $ 5,288 $ 1,096,538
Other Current Asset Receivable 0 477,788
Prepaid expenses 39,926 37,474
Other Current Assets 33,182 2,221
Total Current Assets 78,396 1,614,021
Deferred expenses - clinical 1,014,178 1,380,103
Property, Plant & Equipment (net of accumulated depreciation) 82,660 0
Intangible Assets (net of accumulated amortization) 2,405,934 2,256,852
Deferred Financing Cost 68,188 65,848
Interest Receivable & Other Assets 473,848 323,738
TOTAL ASSETS 4,123,204 5,640,562
LIABILITIES AND SHAREHOLDERS' DEFICIENCY    
Accounts payable and Accrued Expenses 6,053,853 5,396,594
Deferred Investment Funds 50,000 0
Notes Payable - convertible promissory notes and fair value of embedded derivative 1,085,571 5,091,298
Notes payable - Officer (including interest payable) 395,566 408,069
Notes Payable - other 250,000 0
Interest Payable - other 2,260 0
Total Current Liabilities 7,837,250 10,895,961
Deferred Rent 19,212 62,441
Long-term Convertible Notes 0 570,802
Common Stock Warrant 1,265,985 6,391,071
Total Liabilities 9,122,447 17,920,275
Shareholders' Deficiency:    
Preferred stock, $0.001 par value; 5,000,000 shares authorized; Series B Preferred Stock; issued and outstanding 740 at July 31, 2012 and at October 31, 2011.      
Common Stock - $0.001 par value; authorized 500,000,000 shares, issued and outstanding 375,135,008 at July 31, 2012 and 250,173,570 at October 31, 2011. 375,135 250,173
Additional Paid-In Capital 50,235,200 33,000,064
Promissory Note Receivable (9,998,210) (9,998,210)
Deficit accumulated during the development stage (45,611,368) (35,531,740)
Total Shareholders' Deficiency (4,999,243) (12,279,713)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIENCY $ 4,123,204 $ 5,640,562