http://biz.yahoo.com/e/050330/kal10ksb.html We had no revenues during the twelve months ended December 31, 2004 and 2003 because we do not have any commercial biopharmaceutical products and we do not expect to have such products for several years, if at all. Research and development expenses increased approximately $1,447,402, or 106%, to $2,817,387 for the twelve months ended December 31, 2004 from $1,369,985 for the twelve months ended December 31, 2003. Net loss for the twelve months ended December 31, 2004 was $7,543,467 On March 9, 2005 we sold and issued in a private placement an aggregate 1,985,791 shares of common stock On April 19, 2004, we sold and issued in a private placement to accredited investors an aggregate 2,151,109 shares To date, our sources of cash have been primarily limited to the sale of our equity securities. We cannot be certain that additional funding will be available on acceptable terms, or at all.We expect that our existing capital resources will be sufficient to fund our operations for at least the next 12 months.
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