we continue to actively explore opportunities to acquire complementary pharmaceuticals , compounds , technologies , and businesses . during the year ended december 31 , 2011 , we completed a number of strategic transactions including : in january 2011 , we acquired all of the outstanding stock of curna , inc. ( curna ) , a privately held therapeutics company , in exchange for $ 10.6 million in cash . curna is engaged in the discovery of new drugs for the treatment of a wide variety of illnesses , including cancer , heart disease , metabolic disorders and a range of genetic anomalies . in march 2011 , we received $ 104.8 million in net proceeds from the issuance of 29,397,029 shares of our common stock in an underwritten public offering at a price of $ 3.75 per share . we initially issued 27,000,000 shares of our common stock on march 14 , 2011 , and on march 15 , 2011 , the underwriters exercised a portion of their overallotment option and we issued an additional 2,397,029 shares of our common stock . in august 2011 , we made a $ 2.0 million investment in neovasc inc. ( neovasc ) , a medical technology company based in vancouver , canada . neovasc is developing unique devices to treat cardiovascular diseases and is also a leading supplier of tissue components for the manufacturer of replacement heart valves . we received 2 million neovasc common shares , and two-year warrants to purchase an additional one million shares for $ 1.25 a share . we have also entered into an agreement with neovasc to provide strategic advisory services to neovasc as it continues to develop and commercialize its novel cardiac devices . in september 2011 , we announced that we entered into an agreement with optos , inc. , a subsidiary of optos plc ( collectively optos ) to sell our ophthalmic instrumentation business . upon closing of the transaction in october 2011 , we received $ 17.5 million of cash and we will be eligible to receive royalties up to $ 22.5 million on future sales . as a result of this sale , we recast certain information to classify the results of operations of the instrumentation business , assets , and liabilities as discontinued operations . 46 in october 2011 , we acquired claros diagnostics , inc. ( claros ) a privately held woburn , massachusetts based company that has developed a novel microfluidics-based test system consisting of a disposable test cassette and a desktop analyzer . used together , they provide high performance quantitative blood test results quickly and permit the transition of immunoassays and other tests from the centralized reference laboratory to the physician 's office or hospital nurses station . we paid $ 10.0 million in cash , subject to certain set-offs and deductions , and $ 22.5 million in shares of our common stock based on the closing sales price per share of the company 's common stock as reported by the nyse on the closing date of the merger , or $ 5.04 per share . the number of shares issued at closing was determined based on the average closing sales price per share of our common stock as reported by the nyse for the ten trading days immediately preceding the date of the merger , or $ 4.45 per share . in addition , the merger agreement provides for the payment of up to an additional $ 19.125 million in shares of our common stock upon and subject to the achievement of certain milestones . in december 2011 , we acquired all of the issued and outstanding shares of finetech pharmaceuticals , ltd. ( finetech ) , a privately held israeli company focused on the development and production of specialty apis . at closing , we paid $ 10.0 million in cash , and $ 17.7 million in shares of our common stock . the shares delivered at closing were valued at $ 17.7 million based on the closing sales price per share of our common stock as reported on the nyse on the actual date of closing , or $ 4.90 per share . the number of shares issued was based on the average closing sales price per share of the company 's common stock as reported on the nyse for the ten trading days immediately preceding the execution of purchase agreement , or $ 4.84 per share . upon finalization of the closing financial statements of finetech , we accrued an additional $ 0.5 million for working capital surplus which was paid to the seller during february 2012. in addition , the purchase agreement provides for the payment of additional cash payments to the seller upon the achievement of certain sales milestones . results of operations for the years ended december 31 , 2011 and december 31 , 2010 revenue . revenue for the year ended december 31 , 2011 was $ 28.0 million compared to $ 28.5 million for the year ended december 31 , 2010. revenue from our pharmaceutical products increased during 2011 compared to 2010. revenue generated by our pharmaceutical business in chile and mexico increased by $ 6.1 million as we increased the number of customers in each country . offsetting the increase in pharmaceutical product sales was decreased license revenue . in december 2010 , we outlicensed our nk-1 development program to tesaro , inc. ( tesaro ) for an upfront cash payment of $ 6.0 million , future milestone payments of up to $ 115.0 million , 1.5 million shares of tesaro series o preferred stock ( tesaro preferred stock ) , and royalty payments on future sales . we recorded the tesaro preferred stock at fair value and recognized $ 6.7 million as license revenue , including $ 6.0 million in cash . story_separator_special_tag other income and expenses . other expense was $ 0.8 million for the year ended december 31 , 2010 , compared to $ 1.9 million for the year ended december 31 , 2009. other expenses primarily consist of interest expense incurred on our $ 12.0 million line of credit with the frost group , partially offset by interest earned on our cash and cash equivalents . on june 2 , 2010 , we repaid all amounts outstanding on the line of credit including $ 12.0 million in principal and $ 4.1 million in interest . discontinued operations . loss from discontinued operations was $ 6.3 million for the year ended december 31 , 2010 compared to $ 5.7 million for the year ended december 31 , 2009. loss from discontinued operations increased during 2010 from 2009 as a result of increased selling , general and administrative expenses primarily related to a legal settlement and recording increased allowance for doubtful accounts . partially offsetting this increase was the reduction of other operating expenses related to the $ 1.1 million impairment of goodwill recorded during 2009 . 49 story_separator_special_tag style= `` margin-top:6px ; margin-bottom:0px ; text-indent:4 % `` > accounting estimates . the preparation of financial statements in conformity with generally accepted accounting principles 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 the reported amounts of sales and expenses during the reporting period . actual results could differ from those estimates . equity-based compensation . we recognize equity based compensation as an expense in our financial statements and that cost is measured at the fair value of the awards and expensed over their vesting period . equity-based compensation arrangements to non-employees are recorded at their fair value on the measurement date . we estimate the grant-date fair value of our stock option grants using a valuation model known as the black-scholes-merton formula or the black-scholes model and allocate the resulting compensation expense over the corresponding requisite service period associated with each grant . the black-scholes model requires the use of several variables to estimate the grant-date fair value of stock options including expected term , expected volatility , expected dividends and risk-free interest rate . we perform significant analyses to calculate and select the appropriate variable assumptions used in the black-scholes model . we also perform significant analyses to estimate forfeitures of equity-based awards . we are required to adjust our forfeiture estimates on at least an annual basis based on the number of share-based awards that ultimately vest . the selection of assumptions and estimated forfeiture rates is subject to significant judgment and future changes to our assumptions and estimates may have a material impact on our consolidated financial statements . 51 goodwill and intangible assets . the allocation of the purchase price for acquisitions requires extensive use of accounting estimates and judgments to allocate the purchase price to the identifiable tangible and intangible assets acquired , including in-process research and development , and liabilities assumed based on their respective fair values . additionally , we must determine whether an acquired entity is considered to be a business or a set of net assets , because a portion of the purchase price can only be allocated to goodwill in a business combination . appraisals inherently require significant estimates and assumptions , including but not limited to , determining the timing and estimated costs to complete the in-process research and development projects , projecting regulatory approvals , estimating future cash flows , and developing appropriate discount rates . we believe the estimated fair values assigned to the curna , claros and finetech assets acquired and liabilities assumed are based on reasonable assumptions . however , the fair value estimates for the purchase price allocation may change during the allowable allocation period , which is up to one year from the acquisition date , if additional information becomes available that would require changes to our estimates . allowance for doubtful accounts and revenue recognition . generally , we recognize revenue from product sales when goods are shipped and title and risk of loss transfer to our customers . our estimates for sales returns are based upon the historical patterns of products returned matched against the sales from which they originated , and management 's evaluation of specific factors that may increase the risk of product returns . we analyze accounts receivable and historical bad debt levels , customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts using the specific identification method . our reported net loss is directly affected by management 's estimate of the collectability of accounts receivable . the allowance for doubtful accounts recognized in our consolidated balance sheets at december 31 , 2011 and december 31 , 2010 was $ 0.4 million and $ 0.3 million , respectively . recent accounting pronouncements . in may 2011 , the financial accounting standards board ( fasb ) issued a new standard on fair value measurement and disclosure requirements . the new standard changes fair value measurement principles and disclosure requirements including measuring the fair value of financial instruments that are managed within a portfolio , the application of applying premiums and discounts in a fair value measurement , and additional disclosure about fair value measurements . the new standard is effective for interim and annual periods beginning after december 15 , 2011. we do not expect a material impact with the adoption of this new standard . in june 2011 , the fasb issued a new standard on the presentation of comprehensive income . the new standard eliminated the current option to report other comprehensive income and its components in the statement of changes in equity . under the new standard , companies can elect to present items of net income and other comprehensive income in one continuous statement or in

liquidity and capital resources at december 31 , 2011 , we had cash and cash equivalents of approximately $ 71.5 million compared to $ 18.0 million on december 31 , 2010. cash used in operations during 2011 primarily reflects expenses related to selling , general and administrative activities related to our corporate operations , research and development activities as well as our operations in chile and mexico . cash used in investing activities primarily reflects $ 28.2 million used to acquire curna , claros and finetech , partially offset by the $ 17.5 million received from the sale of our ophthalmic instrumentation business to optos . the proceeds from our underwritten public offering in march 2011 resulting in approximately $ 104.8 million in net proceeds , more than offsets the cash used in operations and investing activities . since our inception , we have not generated sufficient gross margins to offset our operating and other expenses and our primary source of cash has been from the public and private placement of stock and credit facilities available to us . in december 2011 , we acquired finetech and paid $ 10.5 million in cash , including a $ 0.5 million working capital surplus adjustment , and $ 17.7 million in shares of our common stock . in addition , the merger agreement provides for the payment of additional consideration upon and subject to the achievement of certain sales milestones . in november 2011 , our board of directors declared a cash dividend to all series d preferred stockholders as of november 3 , 2011. the total cash dividend paid was approximately $ 4.7 million . in october 2011 , we acquired claros and paid $ 10.0 million in cash , subject to certain set-offs and deductions , and $ 22.4 million in shares of our common stock . in addition , the merger agreement provides for the payment of up to an additional $ 19.125 million in shares of our common stock upon and subject to the achievement of certain milestones . in september 2011 , we entered into an agreement to sell our ophthalmic instrumentation business to optos .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources at december 31 , 2011 , we had cash and cash equivalents of approximately $ 71.5 million compared to $ 18.0 million on december 31 , 2010. cash used in operations during 2011 primarily reflects expenses related to selling , general and administrative activities related to our corporate operations , research and development activities as well as our operations in chile and mexico . cash used in investing activities primarily reflects $ 28.2 million used to acquire curna , claros and finetech , partially offset by the $ 17.5 million received from the sale of our ophthalmic instrumentation business to optos . the proceeds from our underwritten public offering in march 2011 resulting in approximately $ 104.8 million in net proceeds , more than offsets the cash used in operations and investing activities . since our inception , we have not generated sufficient gross margins to offset our operating and other expenses and our primary source of cash has been from the public and private placement of stock and credit facilities available to us . in december 2011 , we acquired finetech and paid $ 10.5 million in cash , including a $ 0.5 million working capital surplus adjustment , and $ 17.7 million in shares of our common stock . in addition , the merger agreement provides for the payment of additional consideration upon and subject to the achievement of certain sales milestones . in november 2011 , our board of directors declared a cash dividend to all series d preferred stockholders as of november 3 , 2011. the total cash dividend paid was approximately $ 4.7 million . in october 2011 , we acquired claros and paid $ 10.0 million in cash , subject to certain set-offs and deductions , and $ 22.4 million in shares of our common stock . in addition , the merger agreement provides for the payment of up to an additional $ 19.125 million in shares of our common stock upon and subject to the achievement of certain milestones . in september 2011 , we entered into an agreement to sell our ophthalmic instrumentation business to optos .
```    
 Suspicious Activity Report : we continue to actively explore opportunities to acquire complementary pharmaceuticals , compounds , technologies , and businesses . during the year ended december 31 , 2011 , we completed a number of strategic transactions including : in january 2011 , we acquired all of the outstanding stock of curna , inc. ( curna ) , a privately held therapeutics company , in exchange for $ 10.6 million in cash . curna is engaged in the discovery of new drugs for the treatment of a wide variety of illnesses , including cancer , heart disease , metabolic disorders and a range of genetic anomalies . in march 2011 , we received $ 104.8 million in net proceeds from the issuance of 29,397,029 shares of our common stock in an underwritten public offering at a price of $ 3.75 per share . we initially issued 27,000,000 shares of our common stock on march 14 , 2011 , and on march 15 , 2011 , the underwriters exercised a portion of their overallotment option and we issued an additional 2,397,029 shares of our common stock . in august 2011 , we made a $ 2.0 million investment in neovasc inc. ( neovasc ) , a medical technology company based in vancouver , canada . neovasc is developing unique devices to treat cardiovascular diseases and is also a leading supplier of tissue components for the manufacturer of replacement heart valves . we received 2 million neovasc common shares , and two-year warrants to purchase an additional one million shares for $ 1.25 a share . we have also entered into an agreement with neovasc to provide strategic advisory services to neovasc as it continues to develop and commercialize its novel cardiac devices . in september 2011 , we announced that we entered into an agreement with optos , inc. , a subsidiary of optos plc ( collectively optos ) to sell our ophthalmic instrumentation business . upon closing of the transaction in october 2011 , we received $ 17.5 million of cash and we will be eligible to receive royalties up to $ 22.5 million on future sales . as a result of this sale , we recast certain information to classify the results of operations of the instrumentation business , assets , and liabilities as discontinued operations . 46 in october 2011 , we acquired claros diagnostics , inc. ( claros ) a privately held woburn , massachusetts based company that has developed a novel microfluidics-based test system consisting of a disposable test cassette and a desktop analyzer . used together , they provide high performance quantitative blood test results quickly and permit the transition of immunoassays and other tests from the centralized reference laboratory to the physician 's office or hospital nurses station . we paid $ 10.0 million in cash , subject to certain set-offs and deductions , and $ 22.5 million in shares of our common stock based on the closing sales price per share of the company 's common stock as reported by the nyse on the closing date of the merger , or $ 5.04 per share . the number of shares issued at closing was determined based on the average closing sales price per share of our common stock as reported by the nyse for the ten trading days immediately preceding the date of the merger , or $ 4.45 per share . in addition , the merger agreement provides for the payment of up to an additional $ 19.125 million in shares of our common stock upon and subject to the achievement of certain milestones . in december 2011 , we acquired all of the issued and outstanding shares of finetech pharmaceuticals , ltd. ( finetech ) , a privately held israeli company focused on the development and production of specialty apis . at closing , we paid $ 10.0 million in cash , and $ 17.7 million in shares of our common stock . the shares delivered at closing were valued at $ 17.7 million based on the closing sales price per share of our common stock as reported on the nyse on the actual date of closing , or $ 4.90 per share . the number of shares issued was based on the average closing sales price per share of the company 's common stock as reported on the nyse for the ten trading days immediately preceding the execution of purchase agreement , or $ 4.84 per share . upon finalization of the closing financial statements of finetech , we accrued an additional $ 0.5 million for working capital surplus which was paid to the seller during february 2012. in addition , the purchase agreement provides for the payment of additional cash payments to the seller upon the achievement of certain sales milestones . results of operations for the years ended december 31 , 2011 and december 31 , 2010 revenue . revenue for the year ended december 31 , 2011 was $ 28.0 million compared to $ 28.5 million for the year ended december 31 , 2010. revenue from our pharmaceutical products increased during 2011 compared to 2010. revenue generated by our pharmaceutical business in chile and mexico increased by $ 6.1 million as we increased the number of customers in each country . offsetting the increase in pharmaceutical product sales was decreased license revenue . in december 2010 , we outlicensed our nk-1 development program to tesaro , inc. ( tesaro ) for an upfront cash payment of $ 6.0 million , future milestone payments of up to $ 115.0 million , 1.5 million shares of tesaro series o preferred stock ( tesaro preferred stock ) , and royalty payments on future sales . we recorded the tesaro preferred stock at fair value and recognized $ 6.7 million as license revenue , including $ 6.0 million in cash . story_separator_special_tag other income and expenses . other expense was $ 0.8 million for the year ended december 31 , 2010 , compared to $ 1.9 million for the year ended december 31 , 2009. other expenses primarily consist of interest expense incurred on our $ 12.0 million line of credit with the frost group , partially offset by interest earned on our cash and cash equivalents . on june 2 , 2010 , we repaid all amounts outstanding on the line of credit including $ 12.0 million in principal and $ 4.1 million in interest . discontinued operations . loss from discontinued operations was $ 6.3 million for the year ended december 31 , 2010 compared to $ 5.7 million for the year ended december 31 , 2009. loss from discontinued operations increased during 2010 from 2009 as a result of increased selling , general and administrative expenses primarily related to a legal settlement and recording increased allowance for doubtful accounts . partially offsetting this increase was the reduction of other operating expenses related to the $ 1.1 million impairment of goodwill recorded during 2009 . 49 story_separator_special_tag style= `` margin-top:6px ; margin-bottom:0px ; text-indent:4 % `` > accounting estimates . the preparation of financial statements in conformity with generally accepted accounting principles 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 the reported amounts of sales and expenses during the reporting period . actual results could differ from those estimates . equity-based compensation . we recognize equity based compensation as an expense in our financial statements and that cost is measured at the fair value of the awards and expensed over their vesting period . equity-based compensation arrangements to non-employees are recorded at their fair value on the measurement date . we estimate the grant-date fair value of our stock option grants using a valuation model known as the black-scholes-merton formula or the black-scholes model and allocate the resulting compensation expense over the corresponding requisite service period associated with each grant . the black-scholes model requires the use of several variables to estimate the grant-date fair value of stock options including expected term , expected volatility , expected dividends and risk-free interest rate . we perform significant analyses to calculate and select the appropriate variable assumptions used in the black-scholes model . we also perform significant analyses to estimate forfeitures of equity-based awards . we are required to adjust our forfeiture estimates on at least an annual basis based on the number of share-based awards that ultimately vest . the selection of assumptions and estimated forfeiture rates is subject to significant judgment and future changes to our assumptions and estimates may have a material impact on our consolidated financial statements . 51 goodwill and intangible assets . the allocation of the purchase price for acquisitions requires extensive use of accounting estimates and judgments to allocate the purchase price to the identifiable tangible and intangible assets acquired , including in-process research and development , and liabilities assumed based on their respective fair values . additionally , we must determine whether an acquired entity is considered to be a business or a set of net assets , because a portion of the purchase price can only be allocated to goodwill in a business combination . appraisals inherently require significant estimates and assumptions , including but not limited to , determining the timing and estimated costs to complete the in-process research and development projects , projecting regulatory approvals , estimating future cash flows , and developing appropriate discount rates . we believe the estimated fair values assigned to the curna , claros and finetech assets acquired and liabilities assumed are based on reasonable assumptions . however , the fair value estimates for the purchase price allocation may change during the allowable allocation period , which is up to one year from the acquisition date , if additional information becomes available that would require changes to our estimates . allowance for doubtful accounts and revenue recognition . generally , we recognize revenue from product sales when goods are shipped and title and risk of loss transfer to our customers . our estimates for sales returns are based upon the historical patterns of products returned matched against the sales from which they originated , and management 's evaluation of specific factors that may increase the risk of product returns . we analyze accounts receivable and historical bad debt levels , customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts using the specific identification method . our reported net loss is directly affected by management 's estimate of the collectability of accounts receivable . the allowance for doubtful accounts recognized in our consolidated balance sheets at december 31 , 2011 and december 31 , 2010 was $ 0.4 million and $ 0.3 million , respectively . recent accounting pronouncements . in may 2011 , the financial accounting standards board ( fasb ) issued a new standard on fair value measurement and disclosure requirements . the new standard changes fair value measurement principles and disclosure requirements including measuring the fair value of financial instruments that are managed within a portfolio , the application of applying premiums and discounts in a fair value measurement , and additional disclosure about fair value measurements . the new standard is effective for interim and annual periods beginning after december 15 , 2011. we do not expect a material impact with the adoption of this new standard . in june 2011 , the fasb issued a new standard on the presentation of comprehensive income . the new standard eliminated the current option to report other comprehensive income and its components in the statement of changes in equity . under the new standard , companies can elect to present items of net income and other comprehensive income in one continuous statement or in

