during the fourth quarter of 2011 , we received a total of $ 14,000,000 in milestone payments from genentech relating to the fda 's acceptance of genentech 's new drug application , or nda , for erivedge and the european medicines agency 's , or ema 's , acceptance for review of a marketing authorization application , or maa for erivedge , that was submitted by roche in december 2011. the genentech nda and roche maa applications were based on positive clinical data from erivance bcc/shh4476g , a pivotal phase ii study of erivedge in patients with advanced bcc . we will receive an additional milestone payment if erivedge also receives ema marketing authorization , as well as royalties on any future sales in this territory . genentech is also conducting a separate phase ii clinical trial of erivedge in patients with operable nodular basal cell carcinoma , which is a less severe form of the disease and accounts for a significant percentage of the approximately two million bccs diagnosed annually in the united states . we anticipate that the study will be completed during early 2013. in addition to the bcc clinical trials being conducted directly by genentech and roche , erivedge is also currently being tested in other cancers in trials under collaborative agreements between genentech and either third-party investigators or the u.s. national cancer institute , or nci . 47 network-targeted cancer programs our internal drug development efforts are focused on our network-targeted cancer programs , in which we are seeking to design single novel small molecule drug candidates that inhibit multiple signaling pathways that are believed to play roles in cancer cell proliferation . we refer to this approach as cancer network disruption . we believe that our approach of targeting multiple nodes in cancer signaling pathway networks may provide a better therapeutic effect than many of the cancer drugs currently marketed or in development since our drug candidates are being designed to disrupt multiple targets in the cancer network environment as compared to most other cancer drugs which are designed to disrupt only one target . cudc-101 . our lead candidate from these programs is cudc-101 , a first-in-class small molecule compound designed to simultaneously target histone deacetylase , or hdac , epidermal growth factor receptor , or egfr , and human epidermal growth factor receptor 2 , or her2 , all of which are validated cancer targets . a significant amount of our capital resources are focused on the ongoing clinical development of this molecule . to date , we have completed a phase i dose escalation clinical trial of cudc-101 in 25 patients with advanced , refractory solid tumors and we have completed enrollment in a phase i expansion trial to test cudc-101 in 46 patients with specific tumor types , including breast , gastric , head and neck , liver and non-small cell lung cancers . the phase i expansion trial is designed as an open-label study in which patients are treated with cudc-101 at the maximum tolerated dose , which was determined in the phase i dose escalation study to be 275 milligrams per meter 2 . the primary objectives of this study are to compare the safety and tolerability of cudc-101 in subjects with these specific advanced solid tumors when the drug is administered via one-hour intravenous infusion either on a five days per week schedule ( one week on/one week off ) or on a three days per week schedule ( three weeks on/one week off ) . during the second quarter of 2011 , we initiated a phase i clinical trial of cudc-101 in locally advanced head and neck cancer patients whose cancer is human papilloma virus , or hpv , negative . we have treated four patients in this trial as of february 24 , 2012. the primary objectives of this study are to evaluate the safety and tolerability of cudc-101 when administered in combination with the current standard-of-care of cisplatin , a chemotherapeutic drug , and radiation . upon determination of the maximum tolerated dose and assuming the otherwise successful completion of the phase i trial , we intend to conduct a randomized phase ii two-arm clinical trial in which head and neck cancer patients will receive cisplatin and radiation plus or minus cudc-101 . the phase ii study would seek to evaluate whether the addition of cudc-101 can improve the efficacy of cisplatin and radiation therapy in this patient population . we currently estimate initiating this phase ii study in the first half of 2013. we are also working on an oral formulation of cudc-101 , which we believe has the potential to make cudc-101 more competitive in certain cancers such as non-small cell lung cancer or in other cancers where there are investigational or competing commercially available molecules that are orally administered . pending the successful completion of ongoing formulation and preclinical development work , we intend to begin a phase i study of an oral formulation of cudc-101 in the second half of 2012. cudc-907 . in january 2011 , we selected development candidate cudc-907 , an orally bioavailable , network-targeted small molecule that is designed to inhibit hdac and phosphatidylinositol-3-kinase , or pi3k . our scientists are developing cudc-907 based on published and internally generated data demonstrating that hdac and pi3k inhibitors have synergistic interaction in certain preclinical cancer models . we believe that this synergistic mechanism of cancer signaling network disruption , which demonstrated efficacy and a favorable safety profile in a number of preclinical xenograft models , could translate into clinical advantages over single agents . in november 2011 , we entered into an agreement under which the leukemia & lymphoma society , or lls , will provide a portion of the funding of the development of cudc-907 if we succeed in advancing this development candidate into a clinical trial for patients with b-cell lymphoma and multiple myeloma . story_separator_special_tag maa review means that roche has filed an maa with the ema , and the ema has accepted and is currently reviewing the application for potential approval to commercialize erivedge in europe . phase ii means that genentech is currently treating human patients in a phase ii clinical trial , the primary objective of which is a therapeutic response in the patient population . phase i expansion means that we are currently treating human patients with specific tumor types in an extension of our phase i dose escalation trial , at the maximum tolerated dose from such trial , the principal purpose of which is to evaluate the safety and tolerability of the compound being tested . phase ib means that debiopharm is further assessing the safety profile , pharmacokinetics and pharmacodynamics of debio 0932 at the recommended phase ii dose level , and seeking to make a preliminary assessment of anti-tumor activity in patients with advanced solid tumors . phase i means that we are currently treating human patients in separate phase i clinical trials with cudc-101 , the principal purpose of which is to evaluate the safety and tolerability of the compound being tested . development candidate means that we have selected a single lead candidate for potential future clinical 52 development and are seeking to complete the relevant safety , toxicology , and other studies required to submit an ind application with the fda seeking to commence a phase i clinical trial based on our testing in several preclinical models of human disease of various compounds from a particular compound class . preclinical means that we are seeking to obtain evidence of therapeutic efficacy and safety in preclinical models of human disease of one or more compounds within a particular class of drug candidates . because of the early stages of development of these programs , our ability and that of our collaborators and licensees to successfully complete preclinical studies and clinical trials of these drug candidates , and the timing of completion of such programs , is highly uncertain . there are numerous risks and uncertainties associated with developing drugs which may affect our and our collaborators ' future results , including : the scope , quality of data , rate of progress and cost of clinical trials and other research and development activities undertaken by us or our collaborators ; the results of future preclinical studies and clinical trials ; the cost and timing of regulatory approvals ; the cost and timing of establishing sales , marketing and distribution capabilities ; the cost of establishing clinical and commercial supplies of our drug candidates and any products that we may develop ; the effect of competing technological and market developments ; and the cost and effectiveness of filing , prosecuting , defending and enforcing any patent claims and other intellectual property rights . we can not reasonably estimate or know the nature , timing and estimated costs of the efforts necessary to complete the development of , or the period in which material net cash inflows are expected to commence from any of our drug candidates . any failure to complete the development of our drug candidates in a timely manner could have a material adverse effect on our operations , financial position and liquidity . a further discussion of some of the risks and uncertainties associated with completing our research and development programs on schedule , or at all , and some consequences of failing to do so , are set forth above in part i , item 1arisk factors. general and administrative . general and administrative expense consists primarily of salaries , stock-based compensation expense and other related costs for personnel in executive , finance , accounting , business development , legal , information technology , corporate communications and human resource functions . other costs include facility costs not otherwise included in research and development expense , insurance , and professional fees for legal , patent and accounting services . patent costs include certain patents covered under collaborations , a portion of which is reimbursed by collaborators and a portion of which is borne by us . we expect that our general and administration expenses will increase in future periods as patent costs related to our hedgehog pathway inhibitor collaboration with genentech increase as well as an increase in our non-cash stock-based compensation expense in 2012 as compared to prior periods . critical accounting policies and estimates the preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the united states requires that we make estimates and assumptions that affect the reported amounts and disclosure of certain assets and liabilities at our balance sheet date . such estimates and judgments include the carrying value of property and equipment and intangible assets , revenue recognition , the value of certain liabilities , including our warrant liability , and stock-based compensation . we base our estimates on historical experience and on various other factors that we believe to be appropriate under the circumstances , the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources . actual results may differ from these estimates under different assumptions or conditions . 53 while our significant accounting policies are more fully described in our consolidated financial statements , we believe that the following accounting policies are critical to understanding the judgments and estimates we use in preparing our financial statements : revenue recognition our business strategy includes entering into collaborative license and development agreements with biotechnology and pharmaceutical companies for the development and commercialization of our product candidates . the terms of the agreements typically include non-refundable license fees , funding of research and development , payments based upon achievement of clinical development milestones and royalties on product sales . we follow the provisions of the financial accounting standards board , or fasb , codification topic 605 , revenue recognition

liquidity and capital resources sources of liquidity we have financed our operations primarily through license fees , contingent cash payments and research and development funding from our collaborators and licensors , the private and public placement of our equity securities , debt financings and the monetization of certain royalty rights . during the fourth quarter of 2011 , we received $ 14,000,000 in milestone payments from genentech for the achievement of clinical development objectives for erivedge . erivedge received fda approval in january 2012 for which we received an additional milestone payment of $ 10,000,000 and we will be entitled to receive royalties on any future sales . if erivedge receives ema marketing authorization , we will be entitled to receive an additional milestone payment and royalties on any future sales . on june 13 , 2011 , we entered into an at market issuance sales agreement , or atm agreement , with mcnicoll , lewis & vlak llc , or mlv , pursuant to which we may issue and sell shares of our common stock , $ 0.01 par value per share , with an aggregate offering price of up to $ 20,000,000 from time to time through mlv . upon delivery of a 64 placement notice and subject to the terms and conditions of the atm agreement , mlv may sell the common stock by methods deemed to be an at-the-market offering as defined in rule 415 of the securities act of 1933 , including without limitation , sales made directly on the nasdaq global market , on any other existing trading market for the common stock or to or through a market maker . with our prior written approval , mlv may also sell the common stock by any other method permitted by law , including in privately negotiated transactions . we or mlv may suspend or terminate the offering of common stock upon notice and subject to other conditions . mlv will act as sales agent on a commercially reasonable best efforts basis consistent with its normal trading and sales practices and applicable state and federal law , rules and regulations and the rules of nasdaq .


 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 sources of liquidity we have financed our operations primarily through license fees , contingent cash payments and research and development funding from our collaborators and licensors , the private and public placement of our equity securities , debt financings and the monetization of certain royalty rights . during the fourth quarter of 2011 , we received $ 14,000,000 in milestone payments from genentech for the achievement of clinical development objectives for erivedge . erivedge received fda approval in january 2012 for which we received an additional milestone payment of $ 10,000,000 and we will be entitled to receive royalties on any future sales . if erivedge receives ema marketing authorization , we will be entitled to receive an additional milestone payment and royalties on any future sales . on june 13 , 2011 , we entered into an at market issuance sales agreement , or atm agreement , with mcnicoll , lewis & vlak llc , or mlv , pursuant to which we may issue and sell shares of our common stock , $ 0.01 par value per share , with an aggregate offering price of up to $ 20,000,000 from time to time through mlv . upon delivery of a 64 placement notice and subject to the terms and conditions of the atm agreement , mlv may sell the common stock by methods deemed to be an at-the-market offering as defined in rule 415 of the securities act of 1933 , including without limitation , sales made directly on the nasdaq global market , on any other existing trading market for the common stock or to or through a market maker . with our prior written approval , mlv may also sell the common stock by any other method permitted by law , including in privately negotiated transactions . we or mlv may suspend or terminate the offering of common stock upon notice and subject to other conditions . mlv will act as sales agent on a commercially reasonable best efforts basis consistent with its normal trading and sales practices and applicable state and federal law , rules and regulations and the rules of nasdaq .
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 Suspicious Activity Report : during the fourth quarter of 2011 , we received a total of $ 14,000,000 in milestone payments from genentech relating to the fda 's acceptance of genentech 's new drug application , or nda , for erivedge and the european medicines agency 's , or ema 's , acceptance for review of a marketing authorization application , or maa for erivedge , that was submitted by roche in december 2011. the genentech nda and roche maa applications were based on positive clinical data from erivance bcc/shh4476g , a pivotal phase ii study of erivedge in patients with advanced bcc . we will receive an additional milestone payment if erivedge also receives ema marketing authorization , as well as royalties on any future sales in this territory . genentech is also conducting a separate phase ii clinical trial of erivedge in patients with operable nodular basal cell carcinoma , which is a less severe form of the disease and accounts for a significant percentage of the approximately two million bccs diagnosed annually in the united states . we anticipate that the study will be completed during early 2013. in addition to the bcc clinical trials being conducted directly by genentech and roche , erivedge is also currently being tested in other cancers in trials under collaborative agreements between genentech and either third-party investigators or the u.s. national cancer institute , or nci . 47 network-targeted cancer programs our internal drug development efforts are focused on our network-targeted cancer programs , in which we are seeking to design single novel small molecule drug candidates that inhibit multiple signaling pathways that are believed to play roles in cancer cell proliferation . we refer to this approach as cancer network disruption . we believe that our approach of targeting multiple nodes in cancer signaling pathway networks may provide a better therapeutic effect than many of the cancer drugs currently marketed or in development since our drug candidates are being designed to disrupt multiple targets in the cancer network environment as compared to most other cancer drugs which are designed to disrupt only one target . cudc-101 . our lead candidate from these programs is cudc-101 , a first-in-class small molecule compound designed to simultaneously target histone deacetylase , or hdac , epidermal growth factor receptor , or egfr , and human epidermal growth factor receptor 2 , or her2 , all of which are validated cancer targets . a significant amount of our capital resources are focused on the ongoing clinical development of this molecule . to date , we have completed a phase i dose escalation clinical trial of cudc-101 in 25 patients with advanced , refractory solid tumors and we have completed enrollment in a phase i expansion trial to test cudc-101 in 46 patients with specific tumor types , including breast , gastric , head and neck , liver and non-small cell lung cancers . the phase i expansion trial is designed as an open-label study in which patients are treated with cudc-101 at the maximum tolerated dose , which was determined in the phase i dose escalation study to be 275 milligrams per meter 2 . the primary objectives of this study are to compare the safety and tolerability of cudc-101 in subjects with these specific advanced solid tumors when the drug is administered via one-hour intravenous infusion either on a five days per week schedule ( one week on/one week off ) or on a three days per week schedule ( three weeks on/one week off ) . during the second quarter of 2011 , we initiated a phase i clinical trial of cudc-101 in locally advanced head and neck cancer patients whose cancer is human papilloma virus , or hpv , negative . we have treated four patients in this trial as of february 24 , 2012. the primary objectives of this study are to evaluate the safety and tolerability of cudc-101 when administered in combination with the current standard-of-care of cisplatin , a chemotherapeutic drug , and radiation . upon determination of the maximum tolerated dose and assuming the otherwise successful completion of the phase i trial , we intend to conduct a randomized phase ii two-arm clinical trial in which head and neck cancer patients will receive cisplatin and radiation plus or minus cudc-101 . the phase ii study would seek to evaluate whether the addition of cudc-101 can improve the efficacy of cisplatin and radiation therapy in this patient population . we currently estimate initiating this phase ii study in the first half of 2013. we are also working on an oral formulation of cudc-101 , which we believe has the potential to make cudc-101 more competitive in certain cancers such as non-small cell lung cancer or in other cancers where there are investigational or competing commercially available molecules that are orally administered . pending the successful completion of ongoing formulation and preclinical development work , we intend to begin a phase i study of an oral formulation of cudc-101 in the second half of 2012. cudc-907 . in january 2011 , we selected development candidate cudc-907 , an orally bioavailable , network-targeted small molecule that is designed to inhibit hdac and phosphatidylinositol-3-kinase , or pi3k . our scientists are developing cudc-907 based on published and internally generated data demonstrating that hdac and pi3k inhibitors have synergistic interaction in certain preclinical cancer models . we believe that this synergistic mechanism of cancer signaling network disruption , which demonstrated efficacy and a favorable safety profile in a number of preclinical xenograft models , could translate into clinical advantages over single agents . in november 2011 , we entered into an agreement under which the leukemia & lymphoma society , or lls , will provide a portion of the funding of the development of cudc-907 if we succeed in advancing this development candidate into a clinical trial for patients with b-cell lymphoma and multiple myeloma . story_separator_special_tag maa review means that roche has filed an maa with the ema , and the ema has accepted and is currently reviewing the application for potential approval to commercialize erivedge in europe . phase ii means that genentech is currently treating human patients in a phase ii clinical trial , the primary objective of which is a therapeutic response in the patient population . phase i expansion means that we are currently treating human patients with specific tumor types in an extension of our phase i dose escalation trial , at the maximum tolerated dose from such trial , the principal purpose of which is to evaluate the safety and tolerability of the compound being tested . phase ib means that debiopharm is further assessing the safety profile , pharmacokinetics and pharmacodynamics of debio 0932 at the recommended phase ii dose level , and seeking to make a preliminary assessment of anti-tumor activity in patients with advanced solid tumors . phase i means that we are currently treating human patients in separate phase i clinical trials with cudc-101 , the principal purpose of which is to evaluate the safety and tolerability of the compound being tested . development candidate means that we have selected a single lead candidate for potential future clinical 52 development and are seeking to complete the relevant safety , toxicology , and other studies required to submit an ind application with the fda seeking to commence a phase i clinical trial based on our testing in several preclinical models of human disease of various compounds from a particular compound class . preclinical means that we are seeking to obtain evidence of therapeutic efficacy and safety in preclinical models of human disease of one or more compounds within a particular class of drug candidates . because of the early stages of development of these programs , our ability and that of our collaborators and licensees to successfully complete preclinical studies and clinical trials of these drug candidates , and the timing of completion of such programs , is highly uncertain . there are numerous risks and uncertainties associated with developing drugs which may affect our and our collaborators ' future results , including : the scope , quality of data , rate of progress and cost of clinical trials and other research and development activities undertaken by us or our collaborators ; the results of future preclinical studies and clinical trials ; the cost and timing of regulatory approvals ; the cost and timing of establishing sales , marketing and distribution capabilities ; the cost of establishing clinical and commercial supplies of our drug candidates and any products that we may develop ; the effect of competing technological and market developments ; and the cost and effectiveness of filing , prosecuting , defending and enforcing any patent claims and other intellectual property rights . we can not reasonably estimate or know the nature , timing and estimated costs of the efforts necessary to complete the development of , or the period in which material net cash inflows are expected to commence from any of our drug candidates . any failure to complete the development of our drug candidates in a timely manner could have a material adverse effect on our operations , financial position and liquidity . a further discussion of some of the risks and uncertainties associated with completing our research and development programs on schedule , or at all , and some consequences of failing to do so , are set forth above in part i , item 1arisk factors. general and administrative . general and administrative expense consists primarily of salaries , stock-based compensation expense and other related costs for personnel in executive , finance , accounting , business development , legal , information technology , corporate communications and human resource functions . other costs include facility costs not otherwise included in research and development expense , insurance , and professional fees for legal , patent and accounting services . patent costs include certain patents covered under collaborations , a portion of which is reimbursed by collaborators and a portion of which is borne by us . we expect that our general and administration expenses will increase in future periods as patent costs related to our hedgehog pathway inhibitor collaboration with genentech increase as well as an increase in our non-cash stock-based compensation expense in 2012 as compared to prior periods . critical accounting policies and estimates the preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the united states requires that we make estimates and assumptions that affect the reported amounts and disclosure of certain assets and liabilities at our balance sheet date . such estimates and judgments include the carrying value of property and equipment and intangible assets , revenue recognition , the value of certain liabilities , including our warrant liability , and stock-based compensation . we base our estimates on historical experience and on various other factors that we believe to be appropriate under the circumstances , the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources . actual results may differ from these estimates under different assumptions or conditions . 53 while our significant accounting policies are more fully described in our consolidated financial statements , we believe that the following accounting policies are critical to understanding the judgments and estimates we use in preparing our financial statements : revenue recognition our business strategy includes entering into collaborative license and development agreements with biotechnology and pharmaceutical companies for the development and commercialization of our product candidates . the terms of the agreements typically include non-refundable license fees , funding of research and development , payments based upon achievement of clinical development milestones and royalties on product sales . we follow the provisions of the financial accounting standards board , or fasb , codification topic 605 , revenue recognition

