in addition to our current and anticipated clinical development activities , we are engaged in preclinical development and evaluation of multistem in other disease indications in the cardiovascular , neurological , inflammatory & immune disorder areas . we conduct such work both through our own internal research efforts and through a broad network of collaborations we have established with investigators at leading research institutions across the united states and in europe . we are also working with our collaborator , rti , to develop products for certain orthopedic applications in the bone graft substitutes market using our stem cell technologies . we are also engaged in the development of novel small molecule therapies to treat obesity and other conditions . currently , we are focused on the development of potent , highly selective compounds that act through stimulation of a specific receptor in the brain , the 5ht2c serotonin receptor . we are conducting preclinical evaluation of novel compounds that we have developed that exhibit outstanding receptor selectivity and are working towards the selection of a clinical development candidate for this program . we may elect to enter into a partnership to advance the development of this program . financial we have incurred losses since inception of operations in 1995 and had an accumulated deficit of $ 219 million at december 31 , 2011. our losses have resulted principally from costs incurred in research and development , clinical and preclinical product development , acquisition and licensing costs , and general and administrative costs associated with our operations . we have used the financing proceeds from private equity and debt offerings and other sources of capital to develop our technologies , to discover and develop therapeutic product candidates , develop business collaborations and to acquire certain technologies and assets . in march 2012 , we completed a private placement generating net proceeds of approximately $ 8.0 million through the issuance of 4,347,827 shares of common stock and five-year warrants to purchase 4,347,827 shares of common stock with an exercise price of $ 2.07 per share . the securities were sold in multiples of a fixed combination of one share of common stock and a warrant to purchase one share of common stock at an offering price of $ 2.07 per fixed combination . in connection with this offering , our former lenders were entitled to a milestone payment in the amount of $ 0.9 million , of which 75 % was settled through the issuance of our common stock at $ 1.94 per share to the former lenders at our election . in november 2011 , we entered into a purchase agreement with aspire capital , which provides that aspire capital is committed to purchase up to an aggregate of $ 20.0 million of shares of our common stock over a two-year term , subject to our election to sell any such shares , and the terms and conditions set forth therein . under the purchase agreement , we have the right to sell shares , subject to certain volume limitations and a minimum floor price , at a modest discount to the prevailing market price . as part of the agreement , aspire capital made an initial investment of $ 1.0 million in us through the purchase of 666,667 shares of our common stock at $ 1.50 per share , and received 266,667 additional shares as compensation for its commitment . in connection with this initial investment , our former lenders were entitled to a milestone payment in the amount of $ 100,000 , of which $ 25,000 was paid in cash and $ 75,000 was paid through the issuance of our common stock to the former lenders at our election at $ 1.50 per share in november 2011. in 2012 , we sold an additional 200,000 shares to aspire capital at an average price of $ 1.85 per share and made milestone payments amounting to $ 37,000 , of which $ 9,000 was paid in cash and $ 28,000 was paid through the issuance of our common stock to the former lenders at our election . in march 2012 , in connection with the private placement financing , we agreed not to sell any shares of common stock , including to aspire capital , until the earlier of the 180 th day after the closing date or the 30 th day after the resale registration statement covering the resale of the shares sold in the financing is declared effective . in february 2011 , we completed a registered direct offering of 4,366,667 shares of common stock and five-year warrants to purchase 1,310,000 shares of common stock with an exercise price of $ 3.55 per share , generating net proceeds of $ 11.8 million . the securities were sold in multiples of a fixed combination of one share of common stock and a warrant to purchase 0.3 of a share of common stock at an offering price of $ 3.00 per fixed combination . 39 in connection with this offering , our former lenders were entitled to a milestone payment in the amount of $ 810,000 , of which 75 % was settled through the issuance of our common stock to the former lenders at our election . during 2011 , we were awarded grants aggregating approximately $ 800,000 for projects spanning over the next few years , including our alliance with fast forward , llc , or fast forward . in early 2012 , we were awarded grant funding aggregating $ 3.6 million to further advance our multistem programs and cell therapy platform , including further development of multistem for the treatment of tbi and further development of our cell therapy formulations and manufacturing capabilities . the sources of funding including federal , state , european and private organizations and are generally aimed at the advancement of our preclinical multistem programs and multistem process development . story_separator_special_tag we expect that our capital equipment expenditures will continue at similar levels in 2012 compared to 2011. financing activities provided cash of $ 12.6 million in 2011 related to the february 2011 registered direct offering and the initial aspire capital investment in november 2011 , and financing activities neither used nor provided cash in 2010 and 2009. investors in our march 2012 private placement received five-year warrants to purchase an aggregate of 4,347,827 shares of common stock with an exercise price of $ 2.07 per share . the exercise of such warrants could provide us with cash proceeds . investors in our february 2011 registered direct offering received five-year warrants to purchase an aggregate of 1,310,000 shares of common stock with an exercise price of $ 3.55 per share . the exercise of such warrants could provide us with cash proceeds . no warrants have been exercised at december 31 , 2011. investors in our equity offering in june 2007 received five-year warrants to purchase an aggregate of 3,250,000 shares of common stock with an exercise price of $ 6.00 per share . the lead investor in the june offering received additional five-year warrants to purchase an aggregate of 500,000 shares of common stock with a cash or cashless exercise price of $ 6.00 per share . the placement agents for the june 2007 offering received five-year warrants to purchase an aggregate of 1,093,525 shares of common stock with a cash or cashless exercise price of $ 6.00 per share . also , investors that participated in a bridge financing in 2006 received in the june 2007 offering five-year warrants to purchase an aggregate of 132,945 shares of common stock with an exercise price of $ 6.00 per share . the exercise of such warrants could provide us with cash proceeds . no warrants have been exercised at december 31 , 2011. in february 2012 , we were awarded grant funding aggregating $ 3.6 million to further advance our multistem product programs and cell therapy platform . specifically , we were awarded a small business innovation research fast-track grant of up to $ 1.9 million from the national institute of neurological disorders and stroke to develop multistem for the treatment of traumatic brain injury . in addition , our subsidiary based in belgium was awarded a $ 1.2 million ( 0.9 million ) grant from belgium 's agency for innovation by science and technology to further develop cell therapy formulations and manufacturing capabilities , as well as funding from a local grant to work in other areas , such as using multistem to treat chronic cardiovascular disease . in october 2011 , we entered into an alliance with fast forward , a nonprofit subsidiary of the national multiple sclerosis society , pursuant to which fast forward will fund the development of multistem for the treatment of multiple sclerosis through the filing of an ind . fast forward will commit up to $ 640,000 to fund the advancement of the program to clinical development stage . in return , upon successful achievement of certain development and commercialization milestones , we would remit certain milestone payments to fast forward . our contractual payment obligations as of december 31 , 2011 are as follows : payment due by period replace_table_token_6_th we lease office and laboratory space under an operating lease . the lease began in 2000 and currently expires in march 2013 , and we expect to extend the lease option periods . our rent is $ 267,000 per year and our rental rate has not changed since the lease inception in 2000. also , we lease office and laboratory space for our belgian subsidiary that includes options to renew annually through december 2014 and the annual rent is subject to adjustments based on an inflationary index . we executed an option to renew this lease through december 31 , 2012. our annual rent in belgium was $ 93,000 in 2011. the research funding in the table above represents our current funding commitment for a research program that began in 2007 and ends in august 2012 . 46 in connection with our private placement in march 2012 , we intend to promptly file a resale registration statement with the sec for 8,695,654 shares of common stock , which includes all shares of common stock issued in the equity offering in march 2012 and shares of common stock issuable upon exercise of the warrants issued in the offering . if the registration statement is not timely filed , is not declared effective within the requisite time period or , once effective , ceases to remain effective , a 1 % cash penalty will be assessed upon a default under the registration rights agreement and for each 30-day period until the default is cured during the first year after the closing of the private placement , capped at 10 % the aggregate gross proceeds we received from the private placement . because the penalty is based on the number of unregistered shares of common stock held by investors in the offering , our maximum penalty exposure will decline over time as investors sell their shares of common stock that are required to be included in the registration statement . in connection with our private financing in 2007 , we filed a resale registration statement with the sec for 18,508,251 shares of common stock , which includes all shares of common stock issued in the equity offering in june 2007 and shares of common stock issuable upon exercise of the warrants issued in the offering ( as well as the 531,781 shares of common stock issued to the bridge investors and the 132,945 shares underlying their warrants ) . the resale registration statement was declared effective by the sec on october 18 , 2007. under the registration rights agreement entered into in connection with the offering , subject to certain exceptions , if the resale registration statement ceases to remain effective , a 1 % cash

liquidity and capital resources our sources of liquidity include our cash balances and available-for-sale securities . at december 31 , 2011 , we had $ 8.8 million in cash and cash equivalents and $ 4.0 million in available-for-sale securities . we have primarily financed our operations through business collaborations , grant funding and equity financings . we conduct all of our operations through our subsidiary , abt holding company . consequently , our ability to fund our operations depends on abt holding company 's financial condition and its ability to make dividend payments or other cash distributions to us . there are no restrictions such as government regulations or material contractual arrangements that restrict the ability of abt holding company to make dividend and other payments to us . in march 2012 , we completed a private placement generating net proceeds of approximately $ 8.0 million through the issuance of 4,347,827 shares of common stock and five-year warrants to purchase 4,347,827 shares of common stock with an exercise price of $ 2.07 per share . the securities were sold in multiples of a fixed combination of one share of common stock and a warrant to purchase one share of common stock at an offering price of $ 2.07 per fixed combination . in connection with this offering , our former lenders were entitled to a milestone payment in the amount of $ 0.9 million , of which 75 % was settled through the issuance of our common stock at $ 1.94 per share to the former lenders at our election . in november 2011 , we entered into a purchase agreement with aspire capital , which provides that aspire capital is committed to purchase up to an aggregate of $ 20.0 million of shares of our common stock over a two-year term , subject to our election to sell any such shares , and the terms and conditions set forth therein . under the purchase agreement , we have the right to sell shares , subject to certain volume limitations and a minimum floor price , at a modest discount to the prevailing market price .


 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 our sources of liquidity include our cash balances and available-for-sale securities . at december 31 , 2011 , we had $ 8.8 million in cash and cash equivalents and $ 4.0 million in available-for-sale securities . we have primarily financed our operations through business collaborations , grant funding and equity financings . we conduct all of our operations through our subsidiary , abt holding company . consequently , our ability to fund our operations depends on abt holding company 's financial condition and its ability to make dividend payments or other cash distributions to us . there are no restrictions such as government regulations or material contractual arrangements that restrict the ability of abt holding company to make dividend and other payments to us . in march 2012 , we completed a private placement generating net proceeds of approximately $ 8.0 million through the issuance of 4,347,827 shares of common stock and five-year warrants to purchase 4,347,827 shares of common stock with an exercise price of $ 2.07 per share . the securities were sold in multiples of a fixed combination of one share of common stock and a warrant to purchase one share of common stock at an offering price of $ 2.07 per fixed combination . in connection with this offering , our former lenders were entitled to a milestone payment in the amount of $ 0.9 million , of which 75 % was settled through the issuance of our common stock at $ 1.94 per share to the former lenders at our election . in november 2011 , we entered into a purchase agreement with aspire capital , which provides that aspire capital is committed to purchase up to an aggregate of $ 20.0 million of shares of our common stock over a two-year term , subject to our election to sell any such shares , and the terms and conditions set forth therein . under the purchase agreement , we have the right to sell shares , subject to certain volume limitations and a minimum floor price , at a modest discount to the prevailing market price .
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 Suspicious Activity Report : in addition to our current and anticipated clinical development activities , we are engaged in preclinical development and evaluation of multistem in other disease indications in the cardiovascular , neurological , inflammatory & immune disorder areas . we conduct such work both through our own internal research efforts and through a broad network of collaborations we have established with investigators at leading research institutions across the united states and in europe . we are also working with our collaborator , rti , to develop products for certain orthopedic applications in the bone graft substitutes market using our stem cell technologies . we are also engaged in the development of novel small molecule therapies to treat obesity and other conditions . currently , we are focused on the development of potent , highly selective compounds that act through stimulation of a specific receptor in the brain , the 5ht2c serotonin receptor . we are conducting preclinical evaluation of novel compounds that we have developed that exhibit outstanding receptor selectivity and are working towards the selection of a clinical development candidate for this program . we may elect to enter into a partnership to advance the development of this program . financial we have incurred losses since inception of operations in 1995 and had an accumulated deficit of $ 219 million at december 31 , 2011. our losses have resulted principally from costs incurred in research and development , clinical and preclinical product development , acquisition and licensing costs , and general and administrative costs associated with our operations . we have used the financing proceeds from private equity and debt offerings and other sources of capital to develop our technologies , to discover and develop therapeutic product candidates , develop business collaborations and to acquire certain technologies and assets . in march 2012 , we completed a private placement generating net proceeds of approximately $ 8.0 million through the issuance of 4,347,827 shares of common stock and five-year warrants to purchase 4,347,827 shares of common stock with an exercise price of $ 2.07 per share . the securities were sold in multiples of a fixed combination of one share of common stock and a warrant to purchase one share of common stock at an offering price of $ 2.07 per fixed combination . in connection with this offering , our former lenders were entitled to a milestone payment in the amount of $ 0.9 million , of which 75 % was settled through the issuance of our common stock at $ 1.94 per share to the former lenders at our election . in november 2011 , we entered into a purchase agreement with aspire capital , which provides that aspire capital is committed to purchase up to an aggregate of $ 20.0 million of shares of our common stock over a two-year term , subject to our election to sell any such shares , and the terms and conditions set forth therein . under the purchase agreement , we have the right to sell shares , subject to certain volume limitations and a minimum floor price , at a modest discount to the prevailing market price . as part of the agreement , aspire capital made an initial investment of $ 1.0 million in us through the purchase of 666,667 shares of our common stock at $ 1.50 per share , and received 266,667 additional shares as compensation for its commitment . in connection with this initial investment , our former lenders were entitled to a milestone payment in the amount of $ 100,000 , of which $ 25,000 was paid in cash and $ 75,000 was paid through the issuance of our common stock to the former lenders at our election at $ 1.50 per share in november 2011. in 2012 , we sold an additional 200,000 shares to aspire capital at an average price of $ 1.85 per share and made milestone payments amounting to $ 37,000 , of which $ 9,000 was paid in cash and $ 28,000 was paid through the issuance of our common stock to the former lenders at our election . in march 2012 , in connection with the private placement financing , we agreed not to sell any shares of common stock , including to aspire capital , until the earlier of the 180 th day after the closing date or the 30 th day after the resale registration statement covering the resale of the shares sold in the financing is declared effective . in february 2011 , we completed a registered direct offering of 4,366,667 shares of common stock and five-year warrants to purchase 1,310,000 shares of common stock with an exercise price of $ 3.55 per share , generating net proceeds of $ 11.8 million . the securities were sold in multiples of a fixed combination of one share of common stock and a warrant to purchase 0.3 of a share of common stock at an offering price of $ 3.00 per fixed combination . 39 in connection with this offering , our former lenders were entitled to a milestone payment in the amount of $ 810,000 , of which 75 % was settled through the issuance of our common stock to the former lenders at our election . during 2011 , we were awarded grants aggregating approximately $ 800,000 for projects spanning over the next few years , including our alliance with fast forward , llc , or fast forward . in early 2012 , we were awarded grant funding aggregating $ 3.6 million to further advance our multistem programs and cell therapy platform , including further development of multistem for the treatment of tbi and further development of our cell therapy formulations and manufacturing capabilities . the sources of funding including federal , state , european and private organizations and are generally aimed at the advancement of our preclinical multistem programs and multistem process development . story_separator_special_tag we expect that our capital equipment expenditures will continue at similar levels in 2012 compared to 2011. financing activities provided cash of $ 12.6 million in 2011 related to the february 2011 registered direct offering and the initial aspire capital investment in november 2011 , and financing activities neither used nor provided cash in 2010 and 2009. investors in our march 2012 private placement received five-year warrants to purchase an aggregate of 4,347,827 shares of common stock with an exercise price of $ 2.07 per share . the exercise of such warrants could provide us with cash proceeds . investors in our february 2011 registered direct offering received five-year warrants to purchase an aggregate of 1,310,000 shares of common stock with an exercise price of $ 3.55 per share . the exercise of such warrants could provide us with cash proceeds . no warrants have been exercised at december 31 , 2011. investors in our equity offering in june 2007 received five-year warrants to purchase an aggregate of 3,250,000 shares of common stock with an exercise price of $ 6.00 per share . the lead investor in the june offering received additional five-year warrants to purchase an aggregate of 500,000 shares of common stock with a cash or cashless exercise price of $ 6.00 per share . the placement agents for the june 2007 offering received five-year warrants to purchase an aggregate of 1,093,525 shares of common stock with a cash or cashless exercise price of $ 6.00 per share . also , investors that participated in a bridge financing in 2006 received in the june 2007 offering five-year warrants to purchase an aggregate of 132,945 shares of common stock with an exercise price of $ 6.00 per share . the exercise of such warrants could provide us with cash proceeds . no warrants have been exercised at december 31 , 2011. in february 2012 , we were awarded grant funding aggregating $ 3.6 million to further advance our multistem product programs and cell therapy platform . specifically , we were awarded a small business innovation research fast-track grant of up to $ 1.9 million from the national institute of neurological disorders and stroke to develop multistem for the treatment of traumatic brain injury . in addition , our subsidiary based in belgium was awarded a $ 1.2 million ( 0.9 million ) grant from belgium 's agency for innovation by science and technology to further develop cell therapy formulations and manufacturing capabilities , as well as funding from a local grant to work in other areas , such as using multistem to treat chronic cardiovascular disease . in october 2011 , we entered into an alliance with fast forward , a nonprofit subsidiary of the national multiple sclerosis society , pursuant to which fast forward will fund the development of multistem for the treatment of multiple sclerosis through the filing of an ind . fast forward will commit up to $ 640,000 to fund the advancement of the program to clinical development stage . in return , upon successful achievement of certain development and commercialization milestones , we would remit certain milestone payments to fast forward . our contractual payment obligations as of december 31 , 2011 are as follows : payment due by period replace_table_token_6_th we lease office and laboratory space under an operating lease . the lease began in 2000 and currently expires in march 2013 , and we expect to extend the lease option periods . our rent is $ 267,000 per year and our rental rate has not changed since the lease inception in 2000. also , we lease office and laboratory space for our belgian subsidiary that includes options to renew annually through december 2014 and the annual rent is subject to adjustments based on an inflationary index . we executed an option to renew this lease through december 31 , 2012. our annual rent in belgium was $ 93,000 in 2011. the research funding in the table above represents our current funding commitment for a research program that began in 2007 and ends in august 2012 . 46 in connection with our private placement in march 2012 , we intend to promptly file a resale registration statement with the sec for 8,695,654 shares of common stock , which includes all shares of common stock issued in the equity offering in march 2012 and shares of common stock issuable upon exercise of the warrants issued in the offering . if the registration statement is not timely filed , is not declared effective within the requisite time period or , once effective , ceases to remain effective , a 1 % cash penalty will be assessed upon a default under the registration rights agreement and for each 30-day period until the default is cured during the first year after the closing of the private placement , capped at 10 % the aggregate gross proceeds we received from the private placement . because the penalty is based on the number of unregistered shares of common stock held by investors in the offering , our maximum penalty exposure will decline over time as investors sell their shares of common stock that are required to be included in the registration statement . in connection with our private financing in 2007 , we filed a resale registration statement with the sec for 18,508,251 shares of common stock , which includes all shares of common stock issued in the equity offering in june 2007 and shares of common stock issuable upon exercise of the warrants issued in the offering ( as well as the 531,781 shares of common stock issued to the bridge investors and the 132,945 shares underlying their warrants ) . the resale registration statement was declared effective by the sec on october 18 , 2007. under the registration rights agreement entered into in connection with the offering , subject to certain exceptions , if the resale registration statement ceases to remain effective , a 1 % cash

