View Filing Data

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
Document And Entity Information - USD ($) $ in Millions	Dec. 31, 2013	Mar. 24, 2014	Jun. 30, 2013
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY
Trading Symbol	VTUS
Entity Common Stock, Shares Outstanding		23,396,259
Entity Registrant Name	VENTRUS BIOSCIENCES INC
Entity Central Index Key	0001426800
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 46.9

Consolidated Balance Sheets - USD ($)	Dec. 31, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 27,061,268	$ 20,489,219
Other current assets	63,672	59,584
Total current assets	27,124,940	20,548,803
Computer equipment, net of accumulated depreciation of $39,266 and $33,050	7,102	6,841
Total assets	27,132,042	20,555,644
Current liabilities:
Accounts payable	2,614,619	1,847,245
Accrued expenses	23,435	898,213
Total liabilities	2,638,054	2,745,458
Stockholders' equity:
Preferred stock, $.001 par value; 5,000,000 shares authorized; Series A non-voting convertible preferred stock: 220,000 and 0 issued and outstanding at December 31, 2013 and December 31, 2012, respectively	220	0
Common stock, $.001 par value; 50,000,000 shares authorized; 20,733,895 and 12,934,350 issued and outstanding at December 31, 2013 and December 31, 2012, respectively	20,734	12,934
Additional paid-in capital	135,827,557	110,116,766
Common stock issuable, 125,000 shares at December 31, 2013	368,750	0
Deficit accumulated during the development stage	(111,723,273)	(92,319,514)
Total stockholders' equity	24,493,988	17,810,186
Total liabilities and stockholders' equity	$ 27,132,042	$ 20,555,644

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2013	Dec. 31, 2012
Computer equipment, depreciation	$ 39,266	$ 33,050
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	20,733,895	12,934,350
Common stock, shares outstanding	20,733,895	12,934,350
Common stock issuable Shares	125,000
Series A Non-Voting Convertible Preferred Stock [Member]
Preferred stock, issued	220,000	0
Preferred Stock, Shares Outstanding	220,000	0

Consolidated Statements Of Operations - USD ($)	12 Months Ended		99 Months Ended
Consolidated Statements Of Operations - USD ($)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Operating expenses:
Research and development	$ 15,029,078	$ 19,514,163	$ 74,072,484
General and administrative	4,575,701	5,341,333	24,162,102
Loss from operations	(19,604,779)	(24,855,496)	(98,234,586)
Other income (expense):
Interest income	201,020	65,066	362,139
Interest expense:
Beneficial conversion charge	0	0	(6,001,496)
Amortization of debt discount and warrants	0	0	(2,865,758)
Interest expense	0	0	(4,983,572)
Total other income (expense)	201,020	65,066	(13,850,826)
Net loss	$ (19,403,759)	$ (24,790,430)	$ (111,723,273)
Basic and diluted net loss per common share (In dollars per share)	$ (1.00)	$ (1.94)
Weighted average common shares outstanding - basic and diluted (In shares)	19,393,486	12,726,551

Consolidated Statements Of Cash Flows - USD ($)	12 Months Ended		99 Months Ended
Consolidated Statements Of Cash Flows - USD ($)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Cash flows from operating activities:
Net loss	$ (19,403,759)	$ (24,790,430)	$ (111,723,273)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	1,676,789	2,831,651	10,448,711
Stock - based payments to consultants	36,158	339,442	4,366,417
Amortization of deferred financing costs and debt discount	0	0	3,466,010
Non-cash research and development	0	0	1,087,876
Expenses paid on behalf of the Company satisfied through the issuance of notes	0	0	227,910
Depreciation	6,216	4,618	41,839
Changes in operating assets and liabilities:
Prepaid research and development	0	0	0
Other current assets	(4,088)	2,545	(63,672)
Accounts payable and accrued expenses	(107,404)	232,384	2,450,518
Net cash used in operating activities	(17,796,088)	(21,379,790)	(79,614,177)
Cash flows from investing activities:
Purchase of office and computer equipment	(6,477)	(3,241)	(48,941)
Net cash used in investing activities	(6,477)	(3,241)	(48,941)
Cash flows from financing activities:
Net Proceeds from initial public offering and other offerings	24,374,614	4,166,494	93,714,274
Proceeds from private placement	0	0	1,146,024
Proceeds from exercise of warrants and options	0	730,322	1,019,054
Proceeds from notes payable to Paramount Credit Partners, LLC	0	0	1,573,000
Repayment of Paramount Credit Partners, LLC Note	0	0	(1,573,000)
Proceeds from notes payable to related parties	0	0	5,041,953
Repayment of notes payable - related party	0	0	(1,500,000)
Payment for deferred financing costs	0	0	(1,431,603)
Proceeds from utilization of short-term note and line of credit	0	0	419,380
Repayment of debt facilities	0	0	(419,380)
Proceeds from term note payable	0	0	800,000
Repayment of term note payable	0	0	(800,000)
Proceeds from receipt of subscriptions	0	0	4,684
Net cash provided by financing activities	24,374,614	4,896,816	106,724,386
Net (decrease) increase in cash and cash equivalents	6,572,049	(16,486,215)	27,061,268
Beginning of period	20,489,219	36,975,434	0
End of period	27,061,268	20,489,219	27,061,268
Supplemental schedule of non-cash financing activities:
Warrants issued to placement agent	0	0	341,334
Warrants issued to investors in connection with convertible notes	0	0	1,166,989
Notes and accrued interest converted to common stock	0	0	14,003,158
Supplemental disclosure - cash paid for interest	0	0	685,397
Senior Notes 2007 [Member]
Adjustments to reconcile net loss to net cash used in operating activities:
Interest payable	0	0	1,598,104
Cash flows from financing activities:
Proceeds from Senior convertible notes	0	0	5,305,000
Senior Notes 2010 [Member]
Adjustments to reconcile net loss to net cash used in operating activities:
Interest payable	0	0	354,269
Cash flows from financing activities:
Proceeds from Senior convertible notes	0	0	3,425,000
Supplemental schedule of non-cash financing activities:
Debt discount	0	0	1,468,254
Related Parties [Member]
Adjustments to reconcile net loss to net cash used in operating activities:
Stock/Warrants issued	0	0	1,255,978
Interest payable	0	0	266,279
Related Parties [Member] \| Senior Notes 2010 [Member]
Supplemental schedule of non-cash financing activities:
Notes and accrued interest converted to common stock	0	0	3,995,667
Paramount Credit Partners, LLC [Member]
Adjustments to reconcile net loss to net cash used in operating activities:
Interest payable	0	0	187,536
Supplemental schedule of non-cash financing activities:
Debt discount	0	0	782,376
License Agreement [Member]
Adjustments to reconcile net loss to net cash used in operating activities:
Stock/Warrants issued	0	0	414,825
Note Conversion [Member]
Adjustments to reconcile net loss to net cash used in operating activities:
Stock/Warrants issued	0	0	6,001,496
Vendor [Member]
Adjustments to reconcile net loss to net cash used in operating activities:
Stock/Warrants issued	$ 0	$ 0	$ 5,000

Consolidated Statements Of Changes In Stockholders’ Equity (Deficiency) - USD ($)	Total	Issuance During Period 1st	Issuance During Period 2nd	Common Stock	Common Stock Issuance During Period 1st	Common Stock Issuance During Period 2nd	Preferred Stock [Member]	Additional Paid-in Capital	Additional Paid-in Capital Issuance During Period 1st	Additional Paid-in Capital Issuance During Period 2nd	Common Stock Issuable [Member]	Deficit Accumulated During the Development Stage	Common And Preferred Stock [Member]
Beginning Balance (in shares) at Oct. 07, 2005				0
Beginning Balance at Oct. 07, 2005				$ 0
Common Stock issued (in shares) \| Founders and Employees					368,012	9,677
Common Stock issued (in shares) \| Licensor				18,401
Common Stock issued \| Founders and Employees		$ 4,564	$ 120		$ 368	$ 10			$ 4,196	$ 110
Common Stock issued \| Licensor	$ 228			$ 18				$ 210
Stock-based compensation	16,655							16,655
Warrants issued	164,284							164,284
Net loss	(4,567,894)											$ (4,567,894)
Ending Balance (in shares) at Dec. 31, 2007				396,090
Ending Balance at Dec. 31, 2007	(4,382,043)			$ 396				185,455				(4,567,894)
Beginning Balance (in shares) at Oct. 07, 2005				0
Beginning Balance at Oct. 07, 2005				$ 0
Net loss	(111,723,273)
Ending Balance at Dec. 31, 2013	24,493,988			$ 20,733,895			$ 220,000	135,827,557			$ 368,750	(111,723,273)	$ 20,954
Beginning Balance (in shares) at Dec. 31, 2007				396,090
Beginning Balance at Dec. 31, 2007	(4,382,043)			$ 396				185,455				(4,567,894)
Common Stock issued (in shares)				18,977
Common Stock issued	929,457			$ 19				929,438
Additional shares issued in January 2011 in connection with the December 22, 2010 conversion of notes into common stock				29,861
Conversion of notes and accrued interest to common stock in December 2010 at $4.20 per share	1,803,234			$ 30				1,803,204
Stock-based compensation	460,822							460,822
Warrants issued		177,050	340,860						177,050	340,860
Net loss	(8,786,430)											(8,786,430)
Ending Balance (in shares) at Dec. 31, 2008				444,928
Ending Balance at Dec. 31, 2008	(9,457,050)			$ 445				3,896,829				(13,354,324)
Common Stock issued (in shares) \| Licensor				2,016
Common Stock issued (in shares) \| Vendor				403
Common Stock issued \| Licensor	25,000			$ 2				24,998
Common Stock issued \| Vendor	5,000							5,000
Stock-based compensation	123,758							123,758
Warrants issued \| Paramount Credit Partners, LLC	480,049							480,049
Net loss	(4,539,405)											(4,539,405)
Ending Balance (in shares) at Dec. 31, 2009				447,347
Ending Balance at Dec. 31, 2009	(13,362,648)			$ 447				4,530,634				(17,893,729)
Common Stock issued (in shares) \| Licensor				64,933
Common Stock issued (in shares)					2,900,000
Common Stock issued \| Licensor	389,596			$ 65				389,531
Common Stock issued		15,184,344			$ 2,900				15,181,444
Additional shares issued in January 2011 in connection with the December 22, 2010 conversion of notes into common stock				3,334,085
Conversion of notes and accrued interest to common stock in December 2010 at $4.20 per share	14,003,158			$ 3,334				13,999,824
Stock-based compensation	2,194,535							2,194,535
Beneficial conversion charge recorded on notes and interest converted to common stock in December 2010	6,001,496							6,001,496
Warrants issued \| Licensor	161,552							161,552
Warrants issued \| Senior Notes 2010	2,344,708							2,344,708
Net loss	(15,290,625)											(15,290,625)
Ending Balance (in shares) at Dec. 31, 2010				6,746,365
Ending Balance at Dec. 31, 2010	11,626,116			$ 6,746				44,803,724				(33,184,354)
Common Stock issued (in shares)					435,000	5,175,000
Common Stock issued		2,420,776	47,568,047		$ 435	$ 5,175			2,420,341	47,562,872
Warrants exercised (in shares)				50,034
Warrants exercised	288,732			$ 50				288,682
Additional shares issued in January 2011 in connection with the December 22, 2010 conversion of notes into common stock				7
Stock-based compensation	2,982,949							2,982,949
Stock-based payments for options issued to consultants	3,990,817							3,990,817
Net loss	(34,344,730)											(34,344,730)
Ending Balance (in shares) at Dec. 31, 2011				12,406,406
Ending Balance at Dec. 31, 2011	$ 34,532,707			$ 12,406				102,049,385				(67,529,084)
Common Stock issued (in shares)					68,240	354,700
Common Stock issued		427,817	4,166,494		$ 68	$ 355			427,749	4,166,139
Warrants exercised (in shares)	11,620				45,834
Warrants exercised		302,505			$ 46				302,459
Stock-based compensation \| Founders and Employees		$ 2,831,651	$ 339,442						2,831,651	339,442
Shares issued in cashless exercise (in shares)					11,620	47,550
Shares issued in cashless exercise					$ 11	$ 48			$ (11)	$ (48)
Net loss	$ (24,790,430)											(24,790,430)
Ending Balance (in shares) at Dec. 31, 2012				12,934,350
Ending Balance at Dec. 31, 2012	17,810,186			$ 12,934				110,116,766				(92,319,514)
Common Stock issued (in shares)				2.46
Common Stock issued	19,204,614			$ 7,799,545				19,196,814					7,800
Preferred Stock issued (in shares)							220,000
Preferred Stock issued	5,170,000						$ 220	5,169,780
Stock-based compensation	1,308,039							1,308,039
Stock-based payments for options issued to consultants	36,158			0			0	36,158			0	0	0
Net loss	(19,403,759)											(19,403,759)
Restricted stock granted to four employees April 2013 expense thru December 2013	368,750										368,750
Ending Balance at Dec. 31, 2013	$ 24,493,988			$ 20,733,895			$ 220,000	$ 135,827,557			$ 368,750	$ (111,723,273)	$ 20,954

Consolidated Statements Of Changes In Stockholders’ Equity (Deficiency) (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008	Dec. 31, 2007
Conversion of notes and accrued interest to common stock, per share			$ 4.20	$ 4.20
Preferred Stock [Member]
Stock issued, per share	$ 25.00
Issuance During Period 1st
Conversion of notes and accrued interest to common stock, per share						$ 60.39
Issuance During Period 1st \| Common Stock [Member]
Stock issued, per share	$ 2.62	$ 12.45	6.00	6.00
Issuance During Period 2nd
Conversion of notes and accrued interest to common stock, per share						$ 60.39
Issuance During Period 2nd \| Common Stock [Member]
Stock issued, per share			$ 10.00
Founders and Employees \| Issuance During Period 1st \| Common Stock [Member]
Stock issued, per share							$ 0.0124
Founders and Employees \| Issuance During Period 2nd \| Common Stock [Member]
Stock issued, per share							0.0124
Licensor \| Common Stock [Member]
Stock issued, per share				$ 6.00	$ 12.40		$ 0.0124
Vendor \| Common Stock [Member]
Stock issued, per share					$ 12.40

Organization, Business and Basis of Presentation

12 Months Ended

Dec. 31, 2013

Organization, Business and Basis Of Presentation [Abstract]

Organization, Business and Basis of Presentation

Note 1 - Organization, Business and Basis of Presentation:

Organization and business:

Ventrus BioSciences Inc. (“Ventrus” or the “Company”) is a development-stage specialty pharmaceutical company focused on the late-stage development and commercialization of gastrointestinal products. Ventrus, formerly known as South Island BioSciences, Inc., was incorporated in the State of Delaware on October 7, 2005 and commenced operations in April 2007.

Basis of presentation:

The accompanying audited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.

The Company’s primary activities since incorporation have been organizational activities, including recruiting personnel, acquiring licenses for its pharmaceutical compound pipeline, performing business and financial planning, conducting clinical and nonclinical trials, performing research and development, and raising funds through the issuance of debt and common stock.

The Company is in the development stage and has funded its operations primarily through the issuance of equity and debt. The Company expects to continue to expend substantial amounts for continued product research, development, and commercialization activities for the foreseeable future. Management believes the Company’s funds are sufficient to continue operations through the U.S. Food and Drug Administration (“FDA”) approval and initial launch and commercialization of diltiazem. Assuming such approval and launch, thereafter, continuation of the Company will be dependent on its ability to achieve profitable operations or obtain additional financing. There is no assurance, however, that such financing will be available or that the Company’s efforts ultimately will be successful.

Capital resources:

The Company has not derived any revenue from product sales to date as our products have not been approved for sale by the FDA or any foreign regulatory agency. Since inception, the Company’s operations have been financed primarily through the sale of equity securities, the proceeds from the exercise of warrants and stock options and issuance of debt. The Company has incurred losses from operations and negative cash flows since inception and expects to continue to incur substantial losses for the next several years as it continues its product development efforts. Management believes the Company currently has sufficient funds to meet its operating requirements for the next twelve months. If the Company cannot generate significant cash from its operations, it intends to obtain any additional funding it requires through strategic relationships, public or private equity or debt financings, or other arrangements and it cannot assure such funding will be available on reasonable terms, or at all.

- Definition

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

+ References

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+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2013

Summary Of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2 - Summary of Significant Accounting Policies:

Cash and cash equivalents:

All highly liquid investments with maturities of three months or less at the time of purchase are considered to be cash equivalents. All of the Company’s cash equivalents have liquid markets and high credit ratings. The Company maintains its cash in bank deposit and other accounts, the balances of which, at times and at December 31, 2013, exceed federally insured limits.

Use of estimates:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Significant estimates inherent in the preparation of the accompanying financial statements include the fair value of stock options and warrants granted to employees, consultants, directors, investors, licensors, placement agents and underwriters.

Additionally, the Company provides a valuation allowance for deferred income tax assets when it is considered more likely than not that all or a portion of such deferred income tax assets will not be realized.

Computer equipment:

Computer equipment is stated at cost and depreciated using the straight-line method over the estimated useful life of the related assets of three years.

Stock-based compensation:

The Company’s share-based compensation cost is measured at grant date, using the Black-Scholes option pricing model to estimate the fair value of stock option and warrant awards, and is recognized as expense over the employee’s or director’s requisite service period on a straight-line basis. The Company accounts for stock options and warrants granted to non-employees on a fair value basis which is estimated using the Black-Scholes option pricing model. The initial non-cash charge to operations for non-employee options and warrants with vesting are revalued at the end of each reporting period until vested and recognized as consulting expense over the related vesting period. The Company valued the restricted stock grant, 75% of which vests in three equal installments when the 20-day trading volume weighted average price of the Company’s common stock is at least $4.15, $5.15 and $6.15, using the Monte Carlo simulation model.

Warrants:

For the purpose of valuing the warrants (See Notes 3 and 8), the Company used the Black-Scholes option pricing model utilizing the following assumptions. To determine the risk-free interest rate, the Company utilized the U.S. Treasury yield curve in effect at the time of grant with a term consistent with the expected term of the Company’s awards. The Company estimated the expected life of the warrants based on the full term of the warrant. The expected dividend yield reflects the Company’s current and expected future policy for dividends on its common stock. The expected stock price volatility for the Company’s stock was calculated by examining historical volatilities for publicly traded industry peers as the Company did not have any trading history for its common stock at the time the grants were issued.

Warrants, or any other detachable instruments issued in connection with debt financing agreement not required to be recorded at fair value, are accounted for using the relative fair value method and allocated to additional paid-in capital and recorded as a reduction in the carrying value of the related debt. This discount is amortized to interest expense from the issuance date through the maturity date of the debt using the effective interest method.

Beneficial conversion feature:

When the conversion feature of conventional convertible debt provides for a rate of conversion that is below market value, this feature is characterized as a beneficial conversion feature (“BCF”). Prior to the determination of the BCF, the proceeds from the debt instrument are first allocated between the convertible debt and any detachable free standing instruments that are included, such as common stock warrants. The Company has disclosed the contingent nature of its BCFs (See Notes 3 and 8) and has recorded their effects.

Research and development:

Research and development expenses include personnel and facility-related expenses, third party contracted services including clinical trial costs, manufacturing and process development costs, research costs and other consulting services. Research and development costs are expensed as incurred. In instances where the Company enters into agreements with third parties for clinical trials, manufacturing and process development, research and other consulting activities, costs are expensed as services are performed. Amounts due under such arrangements may be either fixed fee or fee for service, and may include upfront payments, monthly payments, and payments upon the completion of milestones or receipt of deliverables.

The Company’s accruals for clinical trials are based on estimates of the services received and pursuant to contracts with the respective clinical trial centers and clinical research organizations. In the normal course of business, the Company contracts with third parties to perform various clinical trial activities in the ongoing development of potential products. The financial terms of these agreements are subject to negotiation and variation from contract to contract and may result in uneven payment flows. Payments under the contracts depend on factors such as the achievement of certain events, the successful enrollment of patients, and the completion of portions of the clinical trial or similar conditions. The objective of the Company’s accrual policy is to match the recording of expenses in its financial statements to the actual services received. As such, expense accruals related to clinical trials are recognized based on the estimate of the degree of completion of the event or events specified in the specific clinical study or trial contract.

Income taxes:

The Company’s income tax expense consists of current and deferred income tax expense or benefit. Current income tax expense or benefit is the amount of income taxes expected to be payable or refundable for the current year. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized.

The Company has adopted the provisions that tax positions must meet a “more-likely-than-not” recognition threshold to be recognized. The Company has no unrecognized tax benefits recorded for the years ended December 31, 2013 and 2012. When an accrual for interest and penalties is required, interest and penalties will be recognized in tax expense. The Company files income tax returns in the U.S. federal jurisdiction and in New York. There are currently no federal income tax examinations in process. The 2010 through 2013 tax years remain subject to examination by the Internal Revenue Service and other taxing authorities for U.S. federal and state/local tax purposes. The Company does, however, have prior year net operating losses dating back to 2007, which are subject to examination.

Loss per common share:

Basic net loss per common share excludes dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity unless inclusion of such shares would be anti-dilutive. Since the Company has only incurred losses, basic and diluted net loss per share is the same. The number of potentially dilutive securities (options, warrants and unvested shares) excluded from the diluted loss per share calculation at December 31, 2013 and 2012 was 3,574,537 and 2,753,126, respectively.

Related Party Transactions

12 Months Ended

Dec. 31, 2013

Related Party Transactions Disclosure

Note 3 - Related Party Transactions:

The following are descriptions of the Company’s related party transactions that have been entered into, modified, terminated, or were still in effect in 2013.

Paramount BioSciences, LLC and Affiliates:

Paramount Corporate Development, LLC:

From April 2007 through August 31, 2008, pursuant to a contractual arrangement with Paramount Corporate Development, LLC (“Paramount”), an affiliate of Dr. Lindsay A. Rosenwald, M.D., formerly a significant investor in and stockholder of the Company, the Company incurred $425,000 under this arrangement and as of December 31, 2013 and 2012, owed $100,000, which is included in accounts payable.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

Income Taxes

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Income Tax Disclosure

Note 4 - Income Taxes:

There was no current or deferred income tax provision for the years ended December 31, 2013 and 2012.

The Company’s deferred tax assets as of December 31 consist of the following:

	2013		2012
Net operating loss	$	32,193,000	$	23,792,000
Stock-based compensation		6,617,000		5,808,000
In-Process Research & Development		6,017,000		5,014,000
Research and development credits		2,149,000		783,000
Totals		46,976,000		35,397,000
Less: valuation allowance		(46,976,000)		(35,397,000)
	$	-	$	-

A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The net increase in the total valuation allowance for the years ended December 31, 2013 and 2012 was $11,579,000 and $9,132,000, respectively. The tax benefit assumed the Federal statutory tax rate of 34% and a state and local tax rate of 11% and has been fully offset by the aforementioned valuation allowance.

At December 31, 2013, the Company had potentially utilizable gross Federal net operating loss carry-forwards of approximately $73,000,000, State net operating loss carry-forwards of approximately $67,000,000 and research and development credit carry forward of approximately $2,149,000, all of which expire between 2027 and 2031.

An ownership change under Internal Revenue Code (“IRC”) Section 382 is likely to have occurred due to common stock issued in the IPO and debt conversions in December 2010. Due to the change in ownership provisions of the IRC, the availability of the Company’s net operating loss carry forwards may be subject to annual limitations against taxable income in future periods, which could substantially limit the eventual utilization of such carry forwards. The Company has not analyzed the historical or potential impact of its equity financings on beneficial ownership and therefore no determination has been made whether the net operating loss carry forward is subject to any IRC Section 382 limitation. To the extent there is a limitation, there would be a reduction in the deferred tax asset with an offsetting reduction in the valuation allowance.

	2013			2012
Statutory Federal tax rate		(34)	%		(34)	%
Statutory state and local income taxes (net of Federal)		(11)	%		(7)	%
Effect of valuation allowance		45	%		41	%
Effective tax rate		0	%		0	%

Commitments

12 Months Ended

Dec. 31, 2013

Other Commitments [Abstract]

Commitments

Note 5 - Commitments:

Employment agreements:

The Company’s Chief Executive Officer had an employment agreement which provided for a base salary of $375,000 per year, a guaranteed bonus of $75,000 per year and an annual performance-based bonus of up to 50% of his base salary. The agreement also provided incentive bonuses of $250,000 and $500,000 in the event that the Company’s market capitalization exceeded specified levels. The first threshold was met and the $250,000 bonus was paid in the third quarter of 2011. The second threshold, which was to be paid in a combination of cash and shares of common stock, never occurred. The agreement expired on December 21, 2013, in accordance with its terms.

The Chief Financial Officer had an employment agreement which provided for a base salary of $250,000 per year. The agreement also provided incentive bonuses of $250,000 and $500,000 in the event that the Company’s market capitalization exceeded specified levels. The first threshold was met and the $250,000 bonus was paid in the third quarter of 2011. The second threshold, which was to be paid in a combination of cash and shares of common stock, never occurred. The agreement expired on December 21, 2013, in accordance with its terms.

On January 15, 2014, the Company entered into employment agreements, with the Chief Executive Officer and the Chief Financial Officer, which were effective as of December 22, 2013 (see Note 10).

Stockholders' Transactions

12 Months Ended

Dec. 31, 2013

Stockholders' Transactions [Abstract]

Stockholders' Transactions

Note 6 - Stockholders’ Transactions:

Common and Preferred Stock Transactions:

During March and April 2007, the Company issued 368,012 shares of common stock to its founders for $4,564, or $0.0124 per share.

During May and June 2007, the Company issued 9,677 shares of common stock to its employees for $120, or $0.0124 per share. During August 2007, the Company issued 18,401 shares of common stock at $0.0124 per share in accordance with the license agreement between the Company and S.L.A. Pharma (see Note 7). During 2007, the Company recorded $228 of stock-based research and development expense in connection with this license.

During June through September 2008, the Company issued 18,977 shares of common stock and 3,796 warrants at $60.39 per unit (consisting of a share of common stock with 20% warrant coverage) in connection with a private placement financing at $60.39 per unit. Each warrant has a seven-year term and an exercise price of $66.46. The Company raised $929,457 of net proceeds.

During July 2008, the Company issued 29,861 shares of common stock and 6,151 warrants at $60.39 per unit (consisting of a share of common stock with 20% warrant coverage) to related parties in connection with the conversion of amounts outstanding under certain promissory notes. Each warrant has a seven-year term and an exercise price of $66.46. The warrants had a fair value of $340,860 and were expensed on issuance since the promissory notes were converted.

The fair value of the warrants granted, mentioned in the preceding paragraph, was based on the following assumptions:

Risk-free interest rate	3.89	%

Expected volatility	128.18	%

Expected life of warrants	5 years

Expected dividend yield	0	%

During December 2009, the Company issued 2,016 shares of common stock to S.L.A. Pharma pursuant to an amendment to the license agreement between the Company and S.L.A. Pharma, and 403 shares of common stock to a vendor, each at a value of $12.40 per share, recording an expense of $25,000 and $5,000 to research and development expense, respectively.

In connection with the Company’s IPO, all of the issued and outstanding convertible notes issued in 2007 and 2010 converted into shares of common stock pursuant to the terms of those notes. All principal and accrued interest on the 2007 and 2010 convertible notes converted at per share price of $4.20, which was 70% of the public offering price of $6.00 per share in the IPO, resulting in an aggregate of 1,642,802 shares of common stock issued upon conversion of the 2007 convertible notes and an aggregate of 1,421,834 shares of common stock issued upon conversion of the 2010 convertible notes. Also in connection with the IPO, and pursuant to their terms, the promissory notes issued to Paramount BioSciences, Inc. and Capretti Grandi LLC, were converted at a per share price of $4.20, which was 70% of the public offering price of $6.00 per share in the IPO, resulting in an aggregate of 269,449 shares of common stock issued upon conversion of these notes.

On December 22, 2010, the Company issued 2,900,000 shares of its common stock in an IPO at $6.00 per share and received net proceeds of $15,184,344, after deduction of underwriting discounts, commissions and other expenses related to the IPO.

Pursuant to the terms of the license agreement between the Company and S.L.A Pharma, the Company was obligated to issue to S.L.A. Pharma that number of additional shares of common stock so that, when added to the 18,401 shares initially issued, the new and old shares had an estimated fair market value equal to $500,000 (based on the price per share paid in the financing). The closing of the Company’s IPO triggered this obligation. As a result, the Company issued 64,933 shares of its common stock to S.L.A. Pharma on December 22, 2010. The Company valued the stock issuance to S.L.A. Parma at $389,597 and expensed the full amount to research and development expense as of December 31, 2010.

On January 7, 2011, the Company issued 435,000 shares of its common stock to fulfill the over-allotment option that it granted to the underwriters as part of the IPO and raised net proceeds of $2,420,776.

During the twelve months ended December 31, 2011, the Company issued an aggregate of 50,034 shares of common stock pursuant to the exercise of warrants with an average exercise price of $5.77.

On July 19, 2011, the Company issued 5,175,000 shares of its common stock in an underwritten public offering and raised net proceeds of $47,568,047.

The Company filed a shelf registration statement with the Securities and Exchange Commission, which became effective on February 10, 2012, under which it may offer shares of its common stock and preferred stock, various series of debt securities and/or warrants to purchase any of such securities, either individually or in units, in one or more offerings, up to a total dollar amount of $100,000,000. As part of the shelf registration statement, the Company included a prospectus for an at-the-market common equity sales program for the sale of up to $20,000,000 of common stock. In May and June 2012, the Company sold an aggregate of 354,700 shares under this program, resulting in net proceeds of approximately $4,166,000, or $11.75 per share. In February 2013, the Company sold an aggregate of 6,670,000 shares of common stock and 220,000 shares of Series A Non-Voting Preferred Stock, which are convertible into 2,200,000 shares of common stock, under the shelf registration statement, resulting in net proceeds of approximately $20,800,000. In September 2013, the Company amended its at-the-market sales agreement to cover the sale of up to $20,521,567 of common stock in addition to what had been sold previously. In September and October 2013, the Company sold an aggregate of 1,129,545 shares of common stock under the amended at-the-market common equity sales program, resulting in net proceeds of approximately $3,600,000, or $3.20 per share. As of December 31, 2013, an aggregate of approximately $75,000,000 worth of securities was available under the shelf registration statement out of which approximately $16,900,000 of common stock was available for the at-the-market common equity sales program.

See Note 10 for transactions subsequent to December 31, 2013.

Common Stock Options and Warrants:

Stock Options:

In 2007, the Company established a stock incentive plan (the “2007 Plan”) under which incentive stock and/or options could be granted to officers, directors, consultants and key employees of the Company for the purchase of up to 483,871 shares of the Company’s common stock. The options could have a maximum term of ten years, vest over a period to be determined by the Company’s Board of Directors and have an exercise price at or above fair market value on the date of grant.

There were no options issued under the 2007 Plan in 2008 or 2009.

On May 11, 2010, the Company granted options to purchase 2,016 shares of its common stock to a director under the 2007 Plan with an exercise price of $6.00. The Company valued these options at $9,714 and expensed the full amount on the grant date since the options were fully vested.

The Company terminated the 2007 Plan in July 2010, but the 2,016 options granted under the 2007 Plan remain outstanding.

In August 2010, the Company’s stockholders approved the 2010 Equity Incentive Plan (the “2010 Plan”). In May 2011, the Company’s stockholders approved an amendment to the 2010 Plan to increase the shares reserved for issuance from 2,467,200 to 3,967,200 shares of the Company’s common stock. The 2010 Plan authorizes the Company to issue equity incentive awards in the form of shares, options or other awards based on Ventrus common stock as part of an overall compensation package to provide performance-based compensation to attract and retain qualified personnel.

In November 2010, the Company granted options to non-employee directors to purchase an aggregate of 160,000 shares under the 2010 Plan. In addition, under Dr. Ellison’s and Mr. Barrett’s respective employment agreements, in connection with the closing of the Company’s IPO, the Company granted to Dr. Ellison and Mr. Barrett options under the 2010 plan to purchase shares of the Company’s common stock with an exercise price of $6.00, which was equal to the initial public offering price per share, in an amount equal to 7.5% (573,599 shares) and 4.0% (305,920 shares), respectively, of the Company’s fully diluted capitalization on that date.

In 2011, the Company granted options to purchase 30,000 shares to three of its directors, options to purchase an aggregate of 552,440 shares to four employees and options to purchase an aggregate of 384,240 shares to seven consultants, all pursuant to the 2010 Plan with exercise prices at or greater than the then market value of the Company’s common stock ($6.00 - $15.77 per share).

In 2012, the Company granted options to purchase 35,000 shares to a new director and 228,000 options to purchase shares to eight employees which included three new employees. Additionally, the company granted options to purchase an aggregate of 162,740 shares to seven consultants all pursuant to the 2010 Plan. The exercise prices of the options granted were at the then market value of the Company’s common stock ($3.60 - $10.62 per share).

In 2013, the Company granted options to purchase 30,000 shares to three directors and 500,000 options to purchase shares to five new employees. The exercise prices of the options granted were at the then market value of the Company’s common stock ($2.47 - $3.31 per share).

A summary of the Company’s option activity under its option plans and related information is as follows:

	Year Ended December 31, 2013						Year Ended December 31, 2012
	Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value		Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding at beginning of period		1,878,475	$	6.72	$	-		2,046,455	$	6.40	$	-
Granted		530,000	$	2.88	$	-		425,740	$	7.64	$	-
Exercised		-	$	-		-		(168,240)		6.11		-
Forfeited		(69,984)	$	7.60	$	-		(425,480)		6.64		-
Outstanding at end of year		2,338,491	$	5.87	$			1,878,475	$	6.72	$	-
Options exercisable at end of period		2,322,518	$	6.31	$	-		1,618,820	$	6.51	$	-
Vested or expected to vest at December 31		2,338,491		-		-		1,878,475		-		-
Shares available on December 31 for options that may be granted		1,390,485		-		-		1,920,485		-		-

Included in the options exercised in 2012 were 100,000 options exercised in a cashless exercise for 47,550 shares of common stock.

The Company expects that all outstanding unvested options will vest. The fair value of the options granted for the year ended December 31, 2013 and 2012, was based on the following assumptions:

	2013			2012
Risk-free interest rate		1.23%-2.34	%		1.11%-1.32%
Expected volatility		59.32%-77.34	%		76.31%-78.23%
Expected life of options		7 years			7 years
Expected dividend yield		0	%		0%

Estimated future stock-based compensation expense relating to unvested stock options (for consultants based on the fair value at December 31, 2013) is as follows:

Years Ending December 31,	Future Stock Option Compensation Expense
2014		682,701
2015		275,820
2016		196,419
2017		20,239
Total estimated future stock-based compensation expense - stock options	$	1,175,179

The weighted average remaining contractual life of options outstanding at December 31, 2013 is approximately 7.25 years.

Stock-based compensation expensed to research and development expense for the years ended December 31, 2013 and 2012 was $695,636 and $846,508, respectively. Stock-based compensation expensed to general and administrative expense for the years ended December 31, 2013 and 2012 was $1,017,311 and $2,324,585, respectively.

Warrants:

During 2007, the Company granted 12,903 warrants to various consultants with an exercise price of $7.69 per share. Each warrant granted during 2007 vests equally over a three-year period and has a seven-year term. During 2008, 1,613 of these warrants were forfeited due to the consultant’s relationship with the Company ending prior to the vesting period. All of the warrants that remain outstanding were fully vested at December 31, 2010.

On August 30, 2010, the Company issued a warrant to purchase 13,605 shares of its common stock with an exercise price of $1.24 per share to S.L.A. Pharma (see Note 7) pursuant to an amendment to the license agreement between the Company and S.L.A. Pharma. The warrant was fully vested at issuance and the Company recognized the full amount of $161,552 of stock-based research and development expense as of December 31, 2010.

In connection with the Company’s financings in 2007, 2008, 2009 and 2010, the Company issued warrants to investors and/or placement agents to purchase shares of common stock as well as certain consulting warrants (See Note 8).

A summary of the Company’s warrant activity and related information is as follows:

	Year Ended December 31, 2013			Year Ended December 31, 2012
	Shares	Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
Outstanding at beginning of period	874,651	$	7.67		956,443	$	7.61
Granted	-	$	-		-	$	-
Exercised	-	$	-		81,792	$	7.00
Expired	13,605	$	1.24		-		-

Outstanding at end of year	861,046	$	7.77		874,651	$	7.67

Warrants exercisable at end of period	861,046	$	7.77		874,651	$	7.67

Included in the warrants exercised are 35,958 warrants exercised in a cashless exercise for 11,620 shares during the year ended December 2012. All outstanding warrants have vested and no additional expense is expected to be recorded in the future years.

Common Stock Grant:

On April 5, 2013, the Company granted restricted stock units to four employees under the 2010 Plan for an aggregate of 500,000 shares of common stock. Of these units, 25% vested immediately at the grant date. The remaining 75% of the units will vest in equal 25% tranches if the 20 trading day volume-weighted average price of our common stock as reported on the NASDAQ Capital Market is at least $4.15, $5.15 and $6.15, respectively . The performance period for the unvested restricted stock units ends on June 30, 2016; if one or more of the stock price thresholds are not met by that date the unvested units will expire. Each employee elected to defer receipt of all shares issuable under the units, including the immediately vested shares, until the earliest of termination of employment, a change in control of Ventrus, or April 1, 2015. The restricted stock units were issued to employees and officers at a price equal to the market price of the Company’s stock at the date of grant. The Company estimated the fair value of the restricted stock units using the Monte Carlo valuation model with the following assumptions; volatility of 56.10% , risk free interest rate of 1.934%, and dividend rate of 0%. The total estimated fair value of the restricted stock units is approximately $1,135,000. Compensation costs for restricted stock award are being recognized on a straight-line basis over the performance period. The first 25% of restricted stock was immediately expensed.

A summary of the status of our restricted stock units as of December 31, 2013 is as follows:

	Year Ended December 31, 2013
			Weighted Average
	Shares		Grant Date Fair Value Per Share
Restricted stock units as of January 1, 2013		0	$	-
Granted April 5, 2013		500,000	$	2.27
Shares vested and issuable		(125,000)	$	2.95

Restricted stock units as of December 31, 2013		375,000	$	2.04

- 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

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+ Details

License Agreements

12 Months Ended

Dec. 31, 2013

License Arrangement [Abstract]

License Agreements

Note 7 - License Agreements:

S.L.A. Pharma, AG

In March 2007, pursuant to an Exclusive License Agreement, S.L.A. Pharma, AG (“S.L.A. Pharma”) granted PBS a royalty-bearing license to sell, make and use diltiazem for treatment, through topical administration, of anal fissures and phenylepherine for treatment, through topical administration, of fecal incontinence in the United States, Canada and Mexico. Pursuant to the Exclusive License Agreement, PBS was obligated to form a company to develop the technologies referenced in the Exclusive License Agreement and issue a number of shares equal to 5% of such company’s outstanding common stock as of the effective date of the Exclusive License Agreement. On August 2, 2007, the Company issued 18,401 shares to S.L.A. Pharma to satisfy this obligation. In addition, the Company was obligated to issue to S.L.A. Pharma that number of additional shares of common stock so that the number of shares following specific transactions would have a fair market value equal to $500,000. On December 22, 2010, the Company issued S.L.A Pharma an additional 64,933 shares to satisfy this obligation.

In August 2007, pursuant to an Assignment and Assumption Agreement, PBS sold all of its rights in and arising out of the Exclusive License Agreement with S.L.A. Pharma to Ventrus for $1,087,876. The corresponding U.S. and foreign patents and applications for the two compounds have been licensed to Ventrus under the Assignment and Assumption Agreement (the technology referred to collectively as the “Compound Technology”). As consideration in part for the rights to the Compound Technology, an initial licensing fee of $250,000 was paid to S.L.A. Pharma and $50,000 for reimbursement of clinical development costs incurred by S.L.A. Pharma (these amounts were paid by PBS and were included in the consideration paid by the Company to PBS in connection with the Assignment and Assumption Agreement). In the event that the Compound Technology is commercialized, the Company is obligated to pay to S.L.A. Pharma annual royalties, based upon net sales of the product. In addition, the Company is required to make payments to S.L.A. Pharma up to an aggregate amount of $20 million upon the achievement of various milestones related to regulatory events. Should the Company make any improvements regarding the Compound Technology, the Company is required to grant S.L.A. Pharma licenses to use such improvements.

As compensation for S.L.A. Pharma’s participation in the management and the development of the technologies, Ventrus is required to make separate payments to S.L.A. Pharma equal to $41,500 per month (“Monthly Payments”) for each of diltiazem and phenylephrine. Per the agreement, Ventrus’ obligation to make these monthly payments until S.L.A. Pharma is no longer managing the development program for diltiazem. Pursuant to amendments to the Exclusive License Agreement, the Company, as of September 30, 2010, was no longer required to make additional payments for phenylephrine. At December 31, 2013, the Company had no amounts due to S.L.A. Pharma.

The Company is also required to reimburse S.L.A. Pharma for clinical development costs associated with the technology development of the diltiazem project. The Company’s total payment obligation for the diltiazem project is limited to $4,200,000. The Company made $4,200,000 of payments to S.L.A. Pharma from August 2007 through December 31, 2011.

On June 6, 2011, Ventrus further amended the Exclusive License Agreement with S.L.A. Pharma. The amendment eliminates its potential $800,000 milestone payment to S.L.A. Pharma for the development of diltiazem, previously payable upon the completion of enrollment into the Phase III clinical trial that S.L.A. Pharma is conducting in Europe. It also eliminates S.L.A. Pharma’s ability to terminate the license agreement at any time, with one month’s notice, in the event that Ventrus had failed to make a required payment and a third party wished to enter into a license agreement for diltiazem and phenylephrine, provided the termination would not have been effective if within that one-month period Ventrus paid all the then required payments under the agreement. Pursuant to the amendment, Ventrus must pay S.L.A. Pharma up to $1,000,000 in milestone payments, payable in four equal installments of $250,000 once specified thresholds of randomized patients are achieved in the Phase III trial for diltiazem that S.L.A. Pharma is conducting in Europe. The first two milestones were met and paid in the third quarter of 2011 and the third and fourth milestone was met and paid in the fourth quarter of 2011. Additionally, upon Ventrus’ receipt of a quality controlled final study report of the Phase III trial for diltiazem in Europe, Ventrus must pay S.L.A. Pharma $400,000 in development costs for diltiazem. This report was received and the payment was made in February 2013.

The Company is also required to reimburse S.L.A. Pharma for clinical development costs associated with the technology development of the phenylephrine project. S.L.A. Pharma has been paid $600,000 of services for the phenylephrine project through December 31, 2011. S.L.A. Pharma did not provide Ventrus with any services for the phenylephrine project in 2011 or 2012 and management does not expect any services from SLA Pharma for the phenylephrine project in the foreseeable future.

Sam Amer and Company, Inc.

In March 2008, Ventrus entered into an exclusive worldwide license agreement with Sam Amer & Co., Inc., a California company (“Amer”), whereby Ventrus acquired certain patent rights to iferanserin for the topical treatment of any anorectal disorders. Through November 14, 2011, the Company made all contractual payments relating to the license agreement. The license agreement terminated in November 2011 upon our acquisition of all rights, title and interest to iferanserin from Amer, discussed below.

On June 5, 2011, the Company entered into an agreement with Amer to acquire all rights, title and interest to iferanserin and on November 14, 2011, closed on this transaction. The Company paid an aggregate of $12.5 million to Amer in the transaction. Because the assets purchased (1) do not meet the definition of a business combination and (2) do not have alternative future use since the assets acquired are contingent on further development and clinical risk, we determined that the entire purchase price of the asset be expensed immediately as in-process research and development.

On June 25, 2012, the Company reported that a Phase III, randomized, double-blind, placebo-controlled clinical trial of VEN 309 for the treatment of symptomatic hemorrhoids did not meet its endpoints. Based on the results of that Phase III trial, the Company ceased all activity related to VEN 309 and ended the program.

Therabiome, LLC

On November 8, 2013, the Company entered into an exclusive worldwide License and Collaboration Agreement with Therabiome, LLC (“Therabiome”), for all intellectual property and know-how owned or controlled by Therabiome relating to the oral delivery of pharmaceutical drugs to specific sites in the intestine, using a pH sensitive controlled release platform technology. The Company is solely responsible for all research and development activities with respect to any product it develops under the license. For the license, the Company paid Therabiome an upfront non-refundable license fee of $300,000, which was expensed as research and development. The Company must pay Therabiome clinical and regulatory milestones for each product or therapy advanced from the platform, for U.S. regulatory milestones, depending on whether the milestone occurs before the filing of the first new drug application (“NDA”) for a product or after the first, second or third NDA filings. The Company also must pay Therabiome lesser amounts for foreign regulatory milestones, which vary by country and region, and depend on whether the milestone occurs before the filing of the first NDA filing for a product or after the first, second or third NDA filings, and which will be: one-third of the U.S. milestones paid upon a foreign equivalent of an investigational new drug application, or IND, and marketing approval for each product in the European Union or Japan; 10% of the U.S. milestones paid upon a foreign equivalent of an IND and marketing approval for each product in China; 10% of the U.S. milestone paid upon marketing approval for each product in India and Brazil; and 1% of the U.S. milestone paid upon marketing approval for each product in all other countries. The Company also must pay Therabiome royalties on annual net sales of a product in the low to mid-single digit percentages plus, once annual net sales exceed two certain thresholds, a one-time cash payment upon reaching each threshold.

Private Placements

12 Months Ended

Dec. 31, 2013

Fair Value Of Placement Warrants [Abstract]

Private Placement Disclosure

Note 8 - Private Placements:

2007 Senior convertible notes:

During 2007 and 2008, the Company issued 8% senior convertible notes in connection with a private placement in the aggregate principal amount of $5,305,000 (the “Bridge Notes”). The Bridge Notes were originally scheduled to mature on December 20, 2008, but the Company exercised its option to extend the maturity date to December 20, 2009, at an increased interest rate of 10%. The Company subsequently obtained the consent of the note holders to an additional extension of the maturity date of the Bridge Notes to September 10, 2010 and again to December 31, 2010. The completion of the Company’s IPO triggered the automatic conversion of the Bridge Notes and accrued interest into common stock at 70% conversion price of the IPO price. The Company valued the beneficial conversion feature of the 2007 Notes at $2,957,187, which was recorded as interest expense in 2010. The Company computed the conversion feature to be $2,957,187 by dividing the amount of debt and interest ($6,899,770), which is convertible into common stock by the conversion rate (70%). From this amount ($9,856,957) the amount of debt and interest ($6,899,770) was subtracted to determine the amount by which the instrument if-converted exceeds the conversion amount ($2,957,187).

In connection with the offering of the Bridge Notes, Paramount Biocapital, Inc. (“PCI”) and the Company entered into a placement agency agreement dated October 9, 2007, pursuant to which the Company paid PCI and third party agents cash commissions of $243,600 and $19,250, respectively, for its services. The Company agreed to additional services by PCI during the 18-month period subsequent to March 11, 2008 which expired without any further amounts being paid. PCI is a related party to the Company since it is wholly-owned by Dr. Rosenwald.

In addition, PCI and third party agents received seven-year warrants (the “Placement Warrants”). The amount of shares and the exercise price were to be determined based on whether a qualified financing occurred on or before December 21, 2009. The qualified financing did not occur by such date and as a result the number of shares subject to the Placement Warrants is 42,782 shares, an amount equal to 10% of the principal amount of the Bridge Notes purchased, divided by $12.40, with an exercise price equal to $12.40. PCI subsequently transferred the Placement Warrants among its employees. The Company estimated the value of the Placement Warrants using the Black-Scholes option pricing model at approximately $341,000 and recorded them as deferred financing costs, which were amortized to interest expense over the term of the Bridge Notes. The fair value of the Placement Warrants granted was based on the following assumptions:

Risk-free interest rate	3.01% - 3.84	%
Expected volatility	63.69% - 123.73	%
Expected life of warrants	7 years
Expected dividend yield	0	%

2010 Senior Convertible Notes:

In February, March, April and May 2010, the Company issued 8% senior convertible notes in connection with a private placement in the aggregate principal amount of $3,425,000 (the “2010 Notes”). The 2010 Notes matured on September 10, 2010. Upon the closing of a Qualified Financing (as defined below), the 2010 Notes plus any accrued but unpaid interest thereon were to convert into shares of the Company’s common stock at 70% of the price at which shares of common stock are sold in the Qualified Financing (the “IPO Price”). The completion of the Company’s IPO triggered the automatic conversion of the 2010 Notes. Upon conversion, the 2010 Notes were automatically cancelled.

The Company valued the beneficial conversion feature of the 2010 Notes at $1,619,687, which was recorded as interest expense after the Qualified Financing was completed. The Company computed the conversion feature to be $1,619,687 by dividing the amount of debt and interest ($3,779,269), which is convertible into common stock by the conversion rate (70%). From this amount ($5,398,956) the amount of debt and interest ($3,779,269) was subtracted to determine the amount by which the instrument if-converted exceeds the conversion amount ($1,619,687).

Each 2010 Noteholder holds a warrant to purchase that number of shares of the Company’s common stock equal to 50% of the principal amount of the 2010 Notes purchased by it divided by the IPO Price at a per share exercise price equal to 110% of the IPO Price, subject to adjustment. Each of these warrants will expire and no longer be exercisable after February 26, 2015. In connection with the Company’s IPO, the number of shares of common stock issuable pursuant to these warrants is an aggregate of 285,417 shares with an exercise price of $6.60 per share. The Company valued these warrants at $1,429,590 using the Black-Scholes option pricing model and has expensed such amount as of December 31, 2010. The fair value of the warrants granted was based on the following assumptions:

Risk-free interest rate	2.02	%
Expected volatility	124	%
Expected life of warrants	5 years
Expected dividend yield	0	%

On February 26, 2010, a 2010 Note in the aggregate principal amount of $2,192,433 and related warrant were issued to PBS for the cancellation of certain debt, which is not included in the $3,425,000 of aggregate principal amount of 2010 Notes issued in the private placement. Including such converted debt, the total aggregate principal amount of 2010 Notes was $5,617,433. In connection with the Company’s IPO, these 2010 Notes converted into an aggregate of 1,421,834 shares of common stock. Upon conversion, these 2010 Notes were automatically cancelled.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 9 - Commitments and Contingencies:

Litigation:

In June 2012, the Company announced that is product iferanserin (VEN 309), failed to meet its end point at the completion of its Phase III clinical trial. In May 2013 two purported class action lawsuits alleging violations of the federal securities laws were filed in New York against the Company, two of its executive officers and the lead underwriter of its initial public offering. The lawsuits include allegations that, during the class period between December 17, 2010 and June 25, 2012, the Company and its executive officers and underwriter made various statements related to the Company’s product, iferanserin (VEN 309), including but not limited to, the market for the product, the potential competitors, and the results of clinical trials, thereby inflating the price of our common stock. The complaints seek unspecified damages, interest, attorneys’ fees, and other costs. On July 23, 2013, the Court consolidated the actions and appointed lead plaintiffs and lead counsel. On September 16, 2013, lead plaintiffs filed a consolidated amended complaint. On September 16, 2013, lead plaintiffs filed a consolidated amended complaint. On November 22, 2013, the Company filed a motion to dismiss the consolidated amended complaint (the “Motion to Dismiss”). The Motion to Dismiss has been fully briefed and the Court has taken the Motion to Dismiss under submission. Due to the early stage of these proceedings, the Company is unable to predict the outcome or reasonably estimate a range of possible loss relating to these claims.

Subsequent Event

12 Months Ended

Dec. 31, 2013

Subsequent Events [Abstract]

Subsequent Events

Note 10- Subsequent Event

On January 15, 2014, the Company entered into an employment agreement with its Chief Executive Officer and its Chief Financial Officer, with an effective date of December 22, 2013. Each agreement has a term of two years and will be automatically extended for additional one-year periods unless the Company notifies the officer at least 180 days prior to the then current expiration date that it intends to not extend the employment agreement. The employment agreements provide for a base salary of $475,000 per year for the Chief Executive Officer and $300,000 for the Chief Financial Officer, and an annual discretionary bonus of up to 50% of the officer’s base salary based on financial, clinical development and business milestones established by the Board of Directors.

In January 2014, the Company sold an aggregate of 462,364 shares of its common stock in its at-the-market common equity offering program, resulting in net proceeds of approximately $1,763,000 or $3.81 per share.

In February 2014, all 220,000 outstanding shares of the Company’s Series A non-voting convertible preferred stock converted into an aggregate of 2,200,000 shares of common stock.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2013

Summary Of Significant Accounting Policies [Abstract]

Cash and Cash Equivalents

Cash and cash equivalents:

Use of estimates

Use of estimates:

Computer Equipment

Computer equipment:

Computer equipment is stated at cost and depreciated using the straight-line method over the estimated useful life of the related assets of three years.

Stock-based compensation

Stock-based compensation:

Warrants

Warrants:

Beneficial Conversion Feature

Beneficial conversion feature:

Research and development

Research and development:

Income taxes

Income taxes:

Loss per common share

Loss per common share:

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

The Company’s deferred tax assets as of December 31 consist of the following:

	2013		2012
Net operating loss	$	32,193,000	$	23,792,000
Stock-based compensation		6,617,000		5,808,000
In-Process Research & Development		6,017,000		5,014,000
Research and development credits		2,149,000		783,000
Totals		46,976,000		35,397,000
Less: valuation allowance		(46,976,000)		(35,397,000)
	$	-	$	-

Federal Income Tax Note

To the extent there is a limitation, there would be a reduction in the deferred tax asset with an offsetting reduction in the valuation allowance.

	2013			2012
Statutory Federal tax rate		(34)	%		(34)	%
Statutory state and local income taxes (net of Federal)		(11)	%		(7)	%
Effect of valuation allowance		45	%		41	%
Effective tax rate		0	%		0	%

Stockholders' Transactions (Tables)

12 Months Ended

Dec. 31, 2013

Assumptions for Weighted Average Fair Value of Options Granted

The Company expects that all outstanding unvested options will vest. The fair value of the options granted for the year ended December 31, 2013 and 2012, was based on the following assumptions:

	2013			2012
Risk-free interest rate		1.23%-2.34	%		1.11%-1.32%
Expected volatility		59.32%-77.34	%		76.31%-78.23%
Expected life of options		7 years			7 years
Expected dividend yield		0	%		0%

Estimated Future Stock Based Expenses Relating to Unvested Stock Options

Estimated future stock-based compensation expense relating to unvested stock options (for consultants based on the fair value at December 31, 2013) is as follows:

Years Ending December 31,	Future Stock Option Compensation Expense
2014		682,701
2015		275,820
2016		196,419
2017		20,239
Total estimated future stock-based compensation expense - stock options	$	1,175,179

Schedule of Share-based Compensation, Restricted Stock Units Award Activity

A summary of the status of our restricted stock units as of December 31, 2013 is as follows:

	Year Ended December 31, 2013
			Weighted Average
	Shares		Grant Date Fair Value Per Share
Restricted stock units as of January 1, 2013		0	$	-
Granted April 5, 2013		500,000	$	2.27
Shares vested and issuable		(125,000)	$	2.95

Restricted stock units as of December 31, 2013		375,000	$	2.04

Stock Option [Member]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

A summary of the Company’s option activity under its option plans and related information is as follows:

	Year Ended December 31, 2013						Year Ended December 31, 2012
	Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value		Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding at beginning of period		1,878,475	$	6.72	$	-		2,046,455	$	6.40	$	-
Granted		530,000	$	2.88	$	-		425,740	$	7.64	$	-
Exercised		-	$	-		-		(168,240)		6.11		-
Forfeited		(69,984)	$	7.60	$	-		(425,480)		6.64		-
Outstanding at end of year		2,338,491	$	5.87	$			1,878,475	$	6.72	$	-
Options exercisable at end of period		2,322,518	$	6.31	$	-		1,618,820	$	6.51	$	-
Vested or expected to vest at December 31		2,338,491		-		-		1,878,475		-		-
Shares available on December 31 for options that may be granted		1,390,485		-		-		1,920,485		-		-

Warrant [Member]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

A summary of the Company’s warrant activity and related information is as follows:

	Year Ended December 31, 2013			Year Ended December 31, 2012
	Shares	Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
Outstanding at beginning of period	874,651	$	7.67		956,443	$	7.61
Granted	-	$	-		-	$	-
Exercised	-	$	-		81,792	$	7.00
Expired	13,605	$	1.24		-		-

Outstanding at end of year	861,046	$	7.77		874,651	$	7.67

Warrants exercisable at end of period	861,046	$	7.77		874,651	$	7.67

Related Party Note Conversion [Member]

Schedule Of Fair Value Warrants Granted Assumptions

The fair value of the warrants granted, mentioned in the preceding paragraph, was based on the following assumptions:

Risk-free interest rate	3.89	%

Expected volatility	128.18	%

Expected life of warrants	5 years

Expected dividend yield	0	%

Private Placements (Tables)

12 Months Ended

Dec. 31, 2013

Senior Convertible Notes 2007 [Member]

Schedule Of Fair Value Warrants Granted Assumptions

Warrants granted was based on the following assumptions:

Risk-free interest rate	3.01% - 3.84	%
Expected volatility	63.69% - 123.73	%
Expected life of warrants	7 years
Expected dividend yield	0	%

Senior Convertible Notes 2010 [Member]

Schedule Of Fair Value Warrants Granted Assumptions

The fair value of the warrants granted was based on the following assumptions:

Risk-free interest rate	2.02	%
Expected volatility	124	%
Expected life of warrants	5 years
Expected dividend yield	0	%

Organization, Business and Basis of Presentation - Additional Information (Details)	12 Months Ended
	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Entity Incorporation Date Of Incorporation	Oct. 07, 2005
Entity Incorporation State Country Name	Delaware

Summary of Significant Accounting Policies - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Significant Accounting Policies [Line Items]
Potentially dilutive securities excluded from diluted loss per share calculation	3,574,537	2,753,126
Percentage Of Restricted Stock Units Vested Descriptions	The Company valued the restricted stock grant, 75% of which vests in three equal installments when the 20-day trading volume weighted average price of the Companys common stock is at least $4.15, $5.15 and $6.15, using the Monte Carlo simulation model.
Computer Equipment [Member]
Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	three years

Related Party Transactions - Additional Information (Details) - Paramount [Member] - USD ($)	17 Months Ended
	Aug. 31, 2008	Dec. 31, 2013	Dec. 31, 2012
Related Party Transaction [Line Items]
Monthly Consulting Services Fee	$ 425,000
Consulting Services Fee Payable		$ 100,000	$ 100,000

Income Taxes - Deferred Tax Assets (Details) - USD ($)	Dec. 31, 2013	Dec. 31, 2012
Deferred Tax Assets [Line Items]
Net operating loss	$ 32,193,000	$ 23,792,000
Stock-based compensation	6,617,000	5,808,000
In-Process Research & Development	6,017,000	5,014,000
Research and development credits	2,149,000	783,000
Totals	46,976,000	35,397,000
Less: valuation allowance	(46,976,000)	(35,397,000)
Deferred Tax Assets, Net of Valuation Allowance	$ 0	$ 0

Income Taxes - Effective Income Tax Rate (Details)	12 Months Ended
Income Taxes - Effective Income Tax Rate (Details)	Dec. 31, 2013	Dec. 31, 2012
Effective Income Tax [Line Items]
Statutory Federal tax rate	(34.00%)	(34.00%)
Statutory state and local income taxes (net of Federal)	(11.00%)	(7.00%)
Effect of valuation allowance	45.00%	41.00%
Effective tax rate	0.00%	0.00%

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Income Taxes [Line Items]
Deferred Tax Assets, Net of Valuation Allowance, Current	$ 11,579,000	$ 9,132,000
Statutory Federal tax rate	34.00%	34.00%
Effective Income Tax Rate Reconciliation, Tax Settlements, State and Local	11.00%
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	$ 67,000,000
Deferred Tax Assets, Tax Credit Carryforwards, Research	2,149,000
Deferred Tax Assets, Operating Loss Carryforwards, Federal	$ 73,000,000
Minimum [Member]
Income Taxes [Line Items]
Operating Loss Carryforwards Expiration Period	2027
Maximum [Member]
Income Taxes [Line Items]
Operating Loss Carryforwards Expiration Period	2031

Commitments - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2011	Dec. 31, 2013
Chief Executive Officer [Member]
Commitments and Contingencies Disclosure [Line Items]
Annual base Salary		$ 375,000
Guaranteed bonus		$ 75,000
Annual performance-based bonus, percentage		50.00%
Chief Executive Officer [Member] \| First Threshold [Member]
Commitments and Contingencies Disclosure [Line Items]
Bonus to be paid when the threshold met		$ 250,000
Bonus paid because of the first threshold met	$ 250,000
Chief Executive Officer [Member] \| Second Threshold [Member]
Commitments and Contingencies Disclosure [Line Items]
Bonus to be paid when the threshold met		500,000
Chief Financial Officer [Member]
Commitments and Contingencies Disclosure [Line Items]
Annual base Salary		250,000
Chief Financial Officer [Member] \| First Threshold [Member]
Commitments and Contingencies Disclosure [Line Items]
Bonus to be paid when the threshold met		250,000
Bonus paid because of the first threshold met		250,000
Chief Financial Officer [Member] \| Second Threshold [Member]
Commitments and Contingencies Disclosure [Line Items]
Bonus to be paid when the threshold met		$ 500,000

Stockholders' Transactions - Assumptions for Fair Value of Warrants Granted (Details)	12 Months Ended
	Dec. 31, 2013
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items]
Risk-free interest rate	3.89%
Expected volatility	128.18%
Expected life of warrants	5 years
Expected dividend yield	0.00%

Stockholders' Transactions - Option Activity and Related Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Shares
Outstanding at beginning of period	1,878,475	2,046,455
Granted	530,000	425,740
Exercised	0	(168,240)
Forfeited	(69,984)	(425,480)
Outstanding at end of year	2,338,491	1,878,475
Options exercisable at end of period	2,322,518	1,618,820
Vested or expected to vest at December 31	2,338,491	1,878,475
Shares available on December 31 for options that may be granted	1,390,485	1,920,485
Weighted Average Exercise Price
Outstanding at beginning of period	$ 6.72	$ 6.40
Granted	2.88	7.64
Exercised	0	6.11
Forfeited	7.60	6.64
Outstanding at end of year	5.87	6.72
Options exercisable at end of period	$ 6.31	$ 6.51
Aggregate Intrinsic Value
Outstanding at end of year	$ 0	$ 0
Options exercisable at end of period	$ 0	$ 0

Stockholders' Transactions - Assumptions for Fair Value of Options Granted (Details)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items]
Risk-free interest rate, minimum	1.23%	1.11%
Risk-free interest rate, maximum	2.34%	1.32%
Expected life of options	7 years	7 years
Expected dividend yield	0.00%	0.00%
Maximum [Member]
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items]
Expected volatility	77.34%	78.23%
Minimum [Member]
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items]
Expected volatility	59.32%	76.31%

Stockholders' Transactions - Estimated Future Stock-Based Compensation Expense Relating to Unvested Stock Options (Details)	Dec. 31, 2013 USD ($)
Stockholders Equity Note [Line Items]
2014	$ 682,701
2015	275,820
2016	196,419
2017	20,239
Total estimated future stock-based compensation expense - stock options	$ 1,175,179

Stockholders' Transactions - Warrant Activity and Related Information (Details)	12 Months Ended
	Dec. 31, 2013 $ / shares shares	Dec. 31, 2012 $ / shares shares	Dec. 31, 2007 shares
Shares
Warrant, Outstanding at beginning of period \| shares	874,651	956,443
Warrant, Granted \| shares	0	0
Warrant, Exercised \| shares	0	81,792	12,903
Warrant, Expired \| shares	13,605	0
Warrant, Outstanding at end of year \| shares	861,046	874,651
Warrants exercisable at end of period \| shares	861,046	874,651
Weighted Average Exercise Price
Warrant, Outstanding at beginning of period \| $ / shares	7.67	7.61
Warrant, Granted \| $ / shares	0	0
Warrant, Exercised \| $ / shares	0	7.00
Warrant, Expired \| $ / shares	1.24	0
Warrant, Outstanding at end of year \| $ / shares	7.77	7.67
Warrants exercisable at end of period \| $ / shares	7.77	7.67

Stockholders' Transactions - Summary Of Restricted Stock Units (Details)	12 Months Ended
	Dec. 31, 2013 $ / shares shares
Stockholders Equity Note [Line Items]
Restricted stock units as of January 1, 2013 \| shares	0
Restricted stock units, Granted \| shares	500,000
Restricted stock units, vested and issuable \| shares	(125,000)
Restricted stock units as of December 31, 2013 \| shares	375,000
Restricted stock units, Weighted Average Grant Date Fair Value Per Share as of January 1, 2013 \| $ / shares	$ 0
Restricted stock units, Weighted Average Grant Date Fair Value, Granted \| $ / shares	2.27
Restricted stock units, Weighted Average Grant Date Fair Value, vested and issuable \| $ / shares	2.95
Restricted stock units, Weighted Average Grant Date Fair Value Per Share as of December 31, 2013 \| $ / shares	$ 2.04

Stockholders' Transactions - Additional Information (Details) - USD ($)					1 Months Ended											2 Months Ended		4 Months Ended	12 Months Ended							99 Months Ended
	Aug. 05, 2013	Feb. 12, 2012	Jan. 07, 2011	May 11, 2010	Sep. 30, 2013	Feb. 28, 2013	Jul. 19, 2011	Dec. 22, 2010	Nov. 30, 2010	Aug. 30, 2010	Dec. 31, 2009	Jul. 30, 2008	Aug. 31, 2007	Jun. 30, 2007	Apr. 30, 2007	Oct. 31, 2013	Jun. 30, 2012	Sep. 30, 2008	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008	Dec. 31, 2007	Dec. 31, 2013	May 31, 2011	Aug. 31, 2010	Aug. 02, 2007
Stockholders Equity Note [Line Items]
Net proceeds raised from common stock issued in a public offering																	$ 4,166,000
Warrant, Exercised																			0	81,792					12,903
Warrants Exercised Cashless Feature																				47,550
Stock options granted, exercise price, lower limit																			$ 2.47	$ 3.60
Stock options granted, exercise price, Upper limit																			$ 3.31	$ 10.62
Options, Exercised																			0	168,240
Stock option, weighted average remaining contractual life																			7 years 3 months
Warrants exercised (in shares)												6,151						3,796		11,620
Common stock, shares issued								2,900,000				29,861					354,700	18,977	20,733,895	12,934,350						20,733,895
Common Stock, Value, Issued																			$ 20,734	$ 12,934						$ 20,734
Common stock closing price																	$ 11.75	$ 60.39
Percentage Of Warrant Coverage												20.00%						20.00%
Private Placement Financing Per Unit												$ 60.39						$ 60.39
Investment Warrants, Exercise Price												$ 66.46						$ 66.46			$ 5.77		$ 12.40
Proceeds from Issuance of Warrants																		$ 929,457
Fair Value Of Warrants Outstanding												$ 340,860
Research and development																			15,029,078	19,514,163						74,072,484
Debt Instrument, Convertible, Conversion Price											$ 4.20												$ 4.20
Percentage On Public Offering Price											70.00%
Public Offering Price Per Share											$ 6.00
Net Proceeds from initial public offering and other offerings								$ 15,184,344											24,374,614	$ 4,166,494						93,714,274
Warrants Forfeited In Period																								1,613
Investment Options, Exercise Price								$ 6.00
Warrants Exercise By Cashless Feature																				35,958
Convertible Preferred Stock Conversion Common Stock Shares Issuable						2,200,000
ProceedsFromIssuanceOrSaleOfEquity						$ 20,800,000
Common Stock Sales Incremental Value					$ 20,521,567
Equity Securities Value Available Under Shelf Registration Statement																			$ 75,000,000							75,000,000
Percentage Of Restricted Stock Units Vested Descriptions																			The Company valued the restricted stock grant, 75% of which vests in three equal installments when the 20-day trading volume weighted average price of the Companys common stock is at least $4.15, $5.15 and $6.15, using the Monte Carlo simulation model.
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate																			0.00%	0.00%
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures, Total																			$ 1,135,000
Restricted Stock Expensed Percentage																			25.00%
Series A Preferred Stock [Member]
Stockholders Equity Note [Line Items]
Common Stock issued (in shares)						220,000
Common Stock [Member]
Stockholders Equity Note [Line Items]
Common Stock issued (in shares)						6,670,000										1,129,545			2.46					18,977
Net proceeds raised from common stock issued in a public offering																$ 3,600,000
Warrants exercised (in shares)																					50,034
Share Price					$ 3.20
Equity Securities Value Available Under Shelf Registration Statement																			$ 16,900,000							$ 16,900,000
Research and Development Expense [Member]
Stockholders Equity Note [Line Items]
Stock based compensation expense																			695,636	$ 846,508
Selling, General and Administrative Expenses [Member]
Stockholders Equity Note [Line Items]
Stock based compensation expense																			$ 1,017,311	$ 2,324,585
Exercise of warrants [Member]
Stockholders Equity Note [Line Items]
Warrant, Exercised																					50,034
S L Pharma [Member]
Stockholders Equity Note [Line Items]
Warrants exercised (in shares)										13,605
Common stock, shares issued								64,933			2,016		18,401										2,016						18,401
Common Stock, Value, Issued																						$ 389,597
Investment Warrants, Exercise Price										$ 1.24
Research and development											$ 25,000
Common Stock issued, per share															$ 0.0124
Market Fair Value Of Common Stock Issued								$ 500,000																					$ 500,000
Stock- Based Research And Development Expense										$ 161,552
Employee Stock [Member]
Stockholders Equity Note [Line Items]
Common stock, shares issued														9,677
Common Stock, Value, Issued														$ 120
Common Stock issued, per share														$ 0.0124
Note 2007 [Member]
Stockholders Equity Note [Line Items]
Options, Exercised				2,016
Conversion of Stock, Shares Issued											1,642,802
Investment Options, Exercise Price				$ 6.00																		$ 6.00
Options exercised				$ 9,714
Option Outstanding				$ 2,016
Notes 2010 [Member]
Stockholders Equity Note [Line Items]
Warrant, Exercised																						285,417
Shares approved Equity Incentive Plan																											2,467,200	3,967,200
Investment Warrants, Exercise Price																						$ 6.60
Conversion of Stock, Shares Issued											1,421,834
Underwritten Public Offering [Member]
Stockholders Equity Note [Line Items]
Common stock, shares issued							5,175,000
Net Proceeds from initial public offering and other offerings							$ 47,568,047
Founders [Member]
Stockholders Equity Note [Line Items]
Common Stock issued (in shares)															368,012
Common Stock, Value, Issued															$ 4,564
Common Stock issued, per share													$ 0.0124
Vendor [Member]
Stockholders Equity Note [Line Items]
Common stock, shares issued											403												403
Investment Warrants, Exercise Price																							$ 12.40
Research and development											$ 5,000
Pbs and Capretti Grandi Llc [Member]
Stockholders Equity Note [Line Items]
Debt Instrument, Convertible, Conversion Price																						$ 4.20
Percentage On Public Offering Price																						70.00%
Public Offering Price Per Share																						$ 6.00
Conversion of Stock, Shares Issued																						269,449
Underwriters [Member]
Stockholders Equity Note [Line Items]
Common stock, shares issued			435,000
Net Proceeds from initial public offering and other offerings			$ 2,420,776
Consultants [Member]
Stockholders Equity Note [Line Items]
Investment Options, Exercise Price																									$ 7.69
Eight Employees [Member]
Stockholders Equity Note [Line Items]
Stock options granted																				228,000					228
Options, Exercised																				100,000
Five New Employees [Member]
Stockholders Equity Note [Line Items]
Stock options granted																			500,000
Maximum [Member]
Stockholders Equity Note [Line Items]
Existing Shelf Registration Amount		$ 100,000,000
Investment Options, Exercise Price																					$ 15.77
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate																			77.34%	78.23%
Minimum [Member]
Stockholders Equity Note [Line Items]
Investment Options, Exercise Price																					$ 6.00
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate																			59.32%	76.31%
At-The-Market Common Equity Sales Program [Member] \| Maximum [Member]
Stockholders Equity Note [Line Items]
Existing Shelf Registration Amount		$ 20,000,000
Equity Incentive Plan 2010 [Member] \| Non Employee Directors [Member]
Stockholders Equity Note [Line Items]
Stock options granted									160,000
Investment Options, Exercise Price									$ 6.00
Equity Incentive Plan 2010 [Member] \| Chief Executive Officer [Member]
Stockholders Equity Note [Line Items]
Stock options granted									573,599
Percentage Of Option Granted									7.50%
Equity Incentive Plan 2010 [Member] \| Chief Financial Officer [Member]
Stockholders Equity Note [Line Items]
Stock options granted									305,920
Percentage Of Option Granted									4.00%
Equity Incentive Plan 2010 [Member] \| One Director [Member]
Stockholders Equity Note [Line Items]
Stock options granted																				35,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross																					30,000
Equity Incentive Plan 2010 [Member] \| Seven Employees [Member]
Stockholders Equity Note [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross																					552,440
Equity Incentive Plan 2010 [Member] \| Seven Consultants [Member]
Stockholders Equity Note [Line Items]
Stock options granted																				162,740
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross																					384,240
Equity Incentive Plan 2010 [Member] \| Three Director [Member]
Stockholders Equity Note [Line Items]
Stock options granted																			30,000
Stock Incentive Plan 2007 [Member]
Stockholders Equity Note [Line Items]
Stock Issued During Period, Shares, Employee Stock Purchase Plans																									483,871
Restricted Stock Units (RSUs) [Member]
Stockholders Equity Note [Line Items]
Percentage Of Restricted Stock Units Vested Descriptions	25% vested immediately at the grant date. The remaining 75% of the units will vest in equal 25% tranches if the 20 trading day volume-weighted average price of our common stock as reported on the NASDAQ Capital Market is at least $4.15, $5.15 and $6.15, respectively
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate																			56.10%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate																			1.934%
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate																			0.00%
Restricted Stock Units (RSUs) [Member] \| Four Employees [Member]
Stockholders Equity Note [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	500,000

License Agreements - Additional Information (Details) - USD ($)			1 Months Ended		12 Months Ended		53 Months Ended	99 Months Ended
	Nov. 08, 2013	Nov. 14, 2011	Aug. 31, 2007	Mar. 31, 2007	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013	Jun. 30, 2012	Jun. 06, 2011	Dec. 22, 2010	Dec. 31, 2009	Sep. 30, 2008	Jul. 30, 2008	Aug. 02, 2007
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Common stock, shares issued					20,733,895	12,934,350		20,733,895	354,700		2,900,000		18,977	29,861
Potential milestone payment										$ 250,000
Supplemental disclosure - cash paid for interest					$ 0	$ 0		$ 685,397
Additional Payments To Acquire Intangible Assets		$ 12,500,000
Percent Of Share Issued On License Agreements				5.00%
Payment For Non refundable License Fee	$ 300,000
CHINA
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Percentage Milestones Paid	10.00%
India and Brazil [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Percentage Milestones Paid	10.00%
All Other Countries [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Percentage Milestones Paid	1.00%
S L Pharma [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Common stock, shares issued			18,401								64,933	2,016			18,401
Market Fair Value Of Common Stock Issued											$ 500,000				$ 500,000
Reimbursement Of Clinical Development Costs			$ 50,000
Potential milestone payment			250,000
Payment to acquire license			1,087,876
S.L.A. Pharma [Member] \| License Agreement [Member] \| Eliminated [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Potential milestone payment										800,000
S.L.A. Pharma [Member] \| License Agreement [Member] \| Maximum [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Potential milestone payment			20,000,000							1,000,000
S.L.A. Pharma [Member] \| Diltiazem Project [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
License agreement, monthly payments			41,500
S.L.A. Pharma [Member] \| Diltiazem Project [Member] \| License Agreement [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Development costs										400,000
S.L.A. Pharma [Member] \| Diltiazem Project [Member] \| License Agreement [Member] \| Maximum [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Supplemental disclosure - cash paid for interest							$ 4,200,000
S.L.A. Pharma [Member] \| Phenylephrine Project [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
License agreement, monthly payments			$ 41,500
S.L.A. Pharma [Member] \| Phenylephrine Project [Member] \| License Agreement [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Payment made for services not yet provided										$ 600,000

Private Placements - Fair Value of the Placement Warrants (Details)	12 Months Ended
	Dec. 31, 2013
Fair Value Of The Placement Warrants [Line Items]
Risk-free interest rate	3.89%
Expected dividend yield	0.00%
Senior Convertible Notes 2007 [Member]
Fair Value Of The Placement Warrants [Line Items]
Expected Term	7 years
Expected dividend yield	0.00%
Senior Convertible Notes 2007 [Member] \| Maximum [Member]
Fair Value Of The Placement Warrants [Line Items]
Risk-free interest rate	3.84%
Expected Volatility Rate	123.73%
Senior Convertible Notes 2007 [Member] \| Minimum [Member]
Fair Value Of The Placement Warrants [Line Items]
Risk-free interest rate	3.01%
Expected Volatility Rate	63.69%
Senior Convertible Notes 2010 [Member]
Fair Value Of The Placement Warrants [Line Items]
Risk-free interest rate	2.02%
Expected Volatility Rate	124.00%
Expected Term	5 years
Expected dividend yield	0.00%

Private Placements - Additional Information (Details) - USD ($)	1 Months Ended	4 Months Ended	12 Months Ended
	Jul. 30, 2008	Sep. 30, 2008	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2007	May 31, 2010	Feb. 26, 2010
Private Placements [Line Items]
Debt Conversion, Converted Instrument, Rate								70.00%
Debt Instrument, Face Amount										$ 5,617,433
Debt Instrument, Interest Rate, Effective Percentage								10.00%
Debt Conversion, Description						Each 2010 Noteholder holds a warrant to purchase that number of shares of the Company’s common stock equal to 50% of the principal amount of the 2010 Notes purchased by it divided by the IPO Price at a per share exercise price equal to 110% of the IPO Price, subject to adjustment
Interest Expense, Debt						$ 3,779,269
Debt Instrument Beneficial Convertible Feature and Interrest						5,398,956
Warrant, Exercised			0	81,792				12,903
Percentage Of Warrant On Principal Amount Of Debt Instrument							10.00%
Investment Warrants, Exercise Price	$ 66.46	$ 66.46			$ 5.77		$ 12.40
Deferred Tax Liabilities, Deferred Expense, Deferred Financing Costs							$ 341,000
Debt Instrument, Convertible, Carrying Amount of Equity Component						1,429,590				1,421,834
Paramount [Member]
Private Placements [Line Items]
Payments for Commissions								$ 243,600
Third Party Agents [Member]
Private Placements [Line Items]
Payments for Commissions								$ 19,250
Private Placement [Member] \| Bridge Notes [Member]
Private Placements [Line Items]
Debt Conversion, Converted Instrument, Rate								8.00%
Debt Instrument, Face Amount								$ 5,305,000
Note 2007 [Member]
Private Placements [Line Items]
Debt Instrument, Convertible, Beneficial Conversion Feature								2,957,187
Interest Expense, Debt								6,899,770
Debt Instrument Beneficial Convertible Feature and Interrest								$ 9,856,957
Notes 2010 [Member]
Private Placements [Line Items]
Debt Instrument, Face Amount						$ 3,425,000			$ 3,425,000	$ 2,192,433
Warrant, Exercised						285,417
Investment Warrants, Exercise Price						$ 6.60
Debt Instrument, Convertible, Carrying Amount of Equity Component									$ 1,619,687
Placement Warrants [Member]
Private Placements [Line Items]
Warrant, Exercised							42,782

Subsequent Event - Additional Information (Details) - USD ($)	1 Months Ended		12 Months Ended
	Jan. 31, 2014	Feb. 28, 2013	Dec. 31, 2013	Dec. 31, 2008	Dec. 31, 2012	Jun. 30, 2012	Sep. 30, 2008
Subsequent Event [Line Items]
Stock Issued During Period, Value, New Issues			$ 19,204,614	$ 929,457
Sale Of Stock, Price Per Share						$ 11.75	$ 60.39
Series A Preferred Stock [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, New Issues		220,000
Preferred Stock, Shares Outstanding			220,000		0
Subsequent Event [Member]
Subsequent Event [Line Items]
Percentage Of Discretionary Bonus On Base salary	50.00%
Convertible Preferred Stock, Shares Issued upon Conversion	2,200,000
Subsequent Event [Member] \| Chief Executive Officer [Member]
Subsequent Event [Line Items]
Officers Compensation	$ 475,000
Subsequent Event [Member] \| Chief Financial Officer [Member]
Subsequent Event [Line Items]
Officers Compensation	$ 300,000
Subsequent Event [Member] \| Common Stock [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, New Issues	462,364
Stock Issued During Period, Value, New Issues	$ 1,763,000
Sale Of Stock, Price Per Share	$ 3.81
Subsequent Event [Member] \| Series A Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred Stock, Shares Outstanding	220,000