protalix ltd. is entitled to an upfront , non-refundable , non-creditable payment of $ 25.0 million from chiesi and additional payments of up to a maximum of $ 20.0 million to cover development costs for prx-102 , subject to a maximum of $ 7.5 million per year . protalix ltd. is also eligible to receive an additional up to a maximum of $ 760.0 million , in the aggregate , in regulatory and commercial milestone payments . chiesi will also make tiered payments of 15 % to 40 % of its net sales under the chiesi u.s. agreement to protalix ltd. , depending on the amount of annual sales , subject to certain terms and conditions , as consideration for product supply . in december 2017 , the european commission granted orphan drug designation for pegunigalsidase alfa for the treatment of fabry disease . the designation was granted after the european medicine agency 's committee for orphan medicinal products , or the comp , issued a positive opinion supporting the designation noting that we had established that there was medically plausible evidence that pegunigalsidase alfa will provide a significant benefit over existing approved therapies in the european union for the treatment of fabry disease . the comp cited clinical and non-clinical justifications we provided to establish the significant benefit of pegunigalsidase alfa , noting that the comp considered the justifications to constitute a clinically relevant advantage . orphan drug designation for pegunigalsidase alfa qualifies protalix ltd. for access to a centralized marketing authorization procedure , including applications for inspections and for protocol assistance . if the orphan drug designation is maintained at the time pegunigalsidase alfa is approved for marketing in the european union , if at all , we expect that prx-102 will benefit from 10 years of market exclusivity within the european union . the market exclusivity will not have any effect on fabry disease treatments already approved at that time . 61 in january 2018 , the fda granted fast track designation to prx-102 . fast track designation is a process designed to facilitate the development and expedite the review of drugs and vaccines for serious conditions that fill an unmet medical need . on may 1 , 2012 , the fda approved for sale our first commercial product , taliglucerase alfa for injection , an ert for the long-term treatment of adult patients with a confirmed diagnosis of type 1 gaucher disease . subsequently , taliglucerase alfa was approved for marketing by the regulatory authorities of other countries . taliglucerase alfa is marketed under the name alfataliglicerase in brazil and certain other latin american countries , and under the name elelyso in other territories . since its approval by the fda , taliglucerase alfa has been marketed by pfizer , as provided in the pfizer agreement . in october 2015 , we entered into the amended pfizer agreement which amends and restates the pfizer agreement in its entirety . pursuant to the amended pfizer agreement , we sold to pfizer our share in the collaboration created under the initial pfizer agreement for the commercialization of elelyso in exchange for a cash payment equal to $ 36.0 million . as part of the sale , we agreed to transfer our rights to elelyso in israel to pfizer , while gaining full rights to elelyso in brazil . we will continue to manufacture drug substance for pfizer , subject to certain terms and conditions . under the amended pfizer agreement , pfizer is responsible for 100 % of expenses , and entitled to all revenues globally for elelyso , excluding brazil , where we are responsible for all expenses and retain all revenues . for the first 10-year period after the execution of the amended pfizer agreement , we have agreed to sell drug substance to pfizer for the production of elelyso , and pfizer maintains the right to extend the supply period for up to two additional 30-month periods subject to certain terms and conditions . any failure to comply with our supply commitments may subject us to substantial financial penalties , which will have a material adverse effect on our business , results of operations and financial condition . the amended pfizer agreement also includes customary provisions regarding cooperation for regulatory matters , patent enforcement , termination , indemnification and insurance requirements . on june 18 , 2013 , we entered into the brazil agreement with fiocruz , an arm of the brazilian moh , for taliglucerase alfa . fiocruz 's purchases of alfataliglicerase to date have been significantly below certain agreed upon purchase milestones and , accordingly , we have the right to terminate the brazil agreement . notwithstanding our termination right , we are , at this time , continuing to supply alfataliglicerase to fiocruz under the brazil agreement , and patients continue to be treated with alfataliglicerase in brazil . we are discussing with fiocruz potential actions that fiocruz may take to comply with its purchase obligations and , based on such discussions , we will determine what we believe to be the course of action that is in our best interest . we are developing an innovative product pipeline using our procellex protein expression system . our product pipeline currently includes , among other candidates : ( 1 ) pegunigalsidase alfa , or prx-102 , a therapeutic protein candidate for the treatment of fabry disease , a rare , genetic lysosomal disorder in humans , currently in an ongoing phase iii clinical trial . ( 2 ) alidornase alfa , or prx-110 , a proprietary plant cell recombinant human deoxyribonuclease 1 under development for the treatment of cystic fibrosis , or cf , to be administered by inhalation . we recently completed a phase iia efficacy and safety study of alidornase alfa for the treatment of cf . story_separator_special_tag in clinical trial activity during 2018. we expect research and development expenses to continue to be our primary expense as we enter into a more advanced stage of preclinical and clinical trials for certain of our product candidates , primarily with respect to pegunigalsidase alfa . selling , general and administrative expenses selling , general and administrative expenses were $ 10.9 million for the year ended december 31 , 2018 , a decrease of $ 0.6 million , or 5 % , from $ 11.5 million for the year ended december 31 , 2017. the decrease resulted primarily from a decrease in sales expenses . financial expenses and income financial expense was $ 7.1 million for the year ended december 31 , 2018 , compared to financial expenses of $ 48.9 million for the year ended december 31 , 2017. financial expenses for the year ended december 31 , 2017 included a charge of $ 38.1 million as a result of the re-measurement of the fair value of the 2021 notes embedded derivative . in addition , financial expenses are comprised primarily from interest expense on our outstanding convertible notes . year ended december 31 , 2017 compared to the year ended december 31 , 2016 revenues from selling goods we recorded revenues of $ 19.2 million for the year ended december 31 , 2017 , an increase of approximately $ 10.0 million , or 109 % , compared to revenues of $ 9.2 million for the year ended december 31 , 2016. revenues include $ 7.1 million of products sold in brazil and $ 12.1 million of drug substance sold to pfizer . the increase resulted from an increase in the amount of $ 3.1 million of product sold to brazil and $ 7.0 million of drug substance sold to pfizer . 66 revenues from license and r & d services we recorded revenues of $ 1.8 million for the year ended december 31 , 2017. revenues from the license agreement represent the revenues we recognized in connection with the chiesi ex-us agreement . cost of goods sold cost of goods sold was $ 15.2 million for the year ended december 31 , 2017 , an increase of $ 6.8 million or 81 % , compared to the cost of revenues of $ 8.4 million for the year ended december 31 , 2016. the increase resulted primarily from costs related to the production of drug substance for sale to pfizer , and of drug product for sale to brazil . research and development expenses research and development expenses were $ 32.2 million for the year ended december 31 , 2017 , an increase of $ 1.8 million , or 6 % , from $ 30.4 million for the year ended december 31 , 2016. the increase resulted primarily from an increase of $ 2.4 million in clinical trial related costs , which was partially offset by a decrease of $ 0.7 million in materials . we expect research and development expenses to continue to be our primary expense as we enter into a more advanced stage of preclinical and clinical trials for certain of our product candidates , primarily with respect to pegunigalsidase alfa . selling , general and administrative expenses selling , general and administrative expenses were $ 11.5 million for the year ended december 31 , 2017 , an increase of $ 2.2 million , or 23 % , from $ 9.4 million for the year ended december 31 , 2016. the increase resulted primarily from an increase in sales and marketing activities in connection with the sale of alfataliglicerase in brazil . financial expenses and income financial expense was $ 48.9 million for the year ended december 31 , 2017 , compared to financial income of $ 4.0 million for the year ended december 31 , 2016. financial expenses included a charge of $ 38.1 million as a result of the re-measurement of the fair value of the 2021 notes embedded derivative . in addition , financial expenses is comprised primarily from interest expense on convertible notes . story_separator_special_tag commitments for future external funding , except with respect to the development-related payments and milestone payments that may become payable under the chiesi agreement . we may need to raise additional funds more quickly if one or more of our assumptions prove to be incorrect or if we choose to expand our product development efforts more rapidly than we presently anticipate . we may also decide to raise additional funds even before we need them if the conditions for raising capital are favorable . any sale of additional equity or debt securities will likely result in dilution to our shareholders . the incurrence of indebtedness would result in increased fixed obligations and could also result in covenants that would restrict our operations . additional equity or debt financing , grants or corporate collaboration and licensing arrangements may not be available on acceptable terms , if at all . if adequate funds are not available , we may be required to delay , reduce the scope of or eliminate our research and development programs , reduce our planned commercialization efforts or obtain funds through arrangements with collaborators or others that may require us to relinquish rights to certain product candidates that we might otherwise seek to develop or commercialize independently . effects of inflation and currency fluctuations inflation generally affects us by increasing our cost of labor and clinical trial costs . we do not believe that inflation has had a material effect on our results of operations during the years ended december 31 , 2016 , 2017 or 2018. currency fluctuations could affect us by increased or decreased costs mainly for goods and services acquired outside of israel . we do not believe currency fluctuations have had a material effect on our results of operations during the years ended december 31 , 2016 , 2017 or 2018. off-balance sheet arrangements we have no off-balance sheet arrangements as

liquidity and capital resources sources of liquidity as a result of our significant research and development expenditures and the lack of significant revenue from sales of taliglucerase alfa , we have generated operating losses from our continuing operations since our inception . to date , we have funded our operations primarily with proceeds equal to $ 31.3 million from the sale of shares of convertible preferred and ordinary shares of protalix ltd. , and an additional $ 14.1 million in connection with the exercise of warrants issued in connection with the sale of such shares , through december 31 , 2008. in addition , on october 25 , 2007 , we generated gross proceeds of $ 50.0 million in connection with an underwritten public offering of our common stock and on each of march 23 , 2011 and february 22 , 2012 , we generated gross proceeds of $ 22.0 million and $ 27.2 million , respectively , in connection with underwritten public offerings of our common stock . we believe that the funds currently available to us as are sufficient to satisfy our capital needs for at least 12 months . the following table summarizes our public funding sources since 2007 : replace_table_token_3_th 67 in addition to the foregoing , on september 18 , 2013 , we completed a private placement of $ 69.0 million in aggregate principal amount of our 2018 notes , including $ 9.0 million aggregate principal amount of 2018 notes related to the offering 's initial purchaser 's over-allotment option , which was exercised in full . in december 2016 , we completed a private placement of $ 22.5 million in aggregate principal amount of 2021 notes . finally , on july 25 , 2017 , we completed a private placement of an additional $ 10.0 million in aggregate principal amount of 2021 notes .


 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 as a result of our significant research and development expenditures and the lack of significant revenue from sales of taliglucerase alfa , we have generated operating losses from our continuing operations since our inception . to date , we have funded our operations primarily with proceeds equal to $ 31.3 million from the sale of shares of convertible preferred and ordinary shares of protalix ltd. , and an additional $ 14.1 million in connection with the exercise of warrants issued in connection with the sale of such shares , through december 31 , 2008. in addition , on october 25 , 2007 , we generated gross proceeds of $ 50.0 million in connection with an underwritten public offering of our common stock and on each of march 23 , 2011 and february 22 , 2012 , we generated gross proceeds of $ 22.0 million and $ 27.2 million , respectively , in connection with underwritten public offerings of our common stock . we believe that the funds currently available to us as are sufficient to satisfy our capital needs for at least 12 months . the following table summarizes our public funding sources since 2007 : replace_table_token_3_th 67 in addition to the foregoing , on september 18 , 2013 , we completed a private placement of $ 69.0 million in aggregate principal amount of our 2018 notes , including $ 9.0 million aggregate principal amount of 2018 notes related to the offering 's initial purchaser 's over-allotment option , which was exercised in full . in december 2016 , we completed a private placement of $ 22.5 million in aggregate principal amount of 2021 notes . finally , on july 25 , 2017 , we completed a private placement of an additional $ 10.0 million in aggregate principal amount of 2021 notes .
```    
 Suspicious Activity Report : protalix ltd. is entitled to an upfront , non-refundable , non-creditable payment of $ 25.0 million from chiesi and additional payments of up to a maximum of $ 20.0 million to cover development costs for prx-102 , subject to a maximum of $ 7.5 million per year . protalix ltd. is also eligible to receive an additional up to a maximum of $ 760.0 million , in the aggregate , in regulatory and commercial milestone payments . chiesi will also make tiered payments of 15 % to 40 % of its net sales under the chiesi u.s. agreement to protalix ltd. , depending on the amount of annual sales , subject to certain terms and conditions , as consideration for product supply . in december 2017 , the european commission granted orphan drug designation for pegunigalsidase alfa for the treatment of fabry disease . the designation was granted after the european medicine agency 's committee for orphan medicinal products , or the comp , issued a positive opinion supporting the designation noting that we had established that there was medically plausible evidence that pegunigalsidase alfa will provide a significant benefit over existing approved therapies in the european union for the treatment of fabry disease . the comp cited clinical and non-clinical justifications we provided to establish the significant benefit of pegunigalsidase alfa , noting that the comp considered the justifications to constitute a clinically relevant advantage . orphan drug designation for pegunigalsidase alfa qualifies protalix ltd. for access to a centralized marketing authorization procedure , including applications for inspections and for protocol assistance . if the orphan drug designation is maintained at the time pegunigalsidase alfa is approved for marketing in the european union , if at all , we expect that prx-102 will benefit from 10 years of market exclusivity within the european union . the market exclusivity will not have any effect on fabry disease treatments already approved at that time . 61 in january 2018 , the fda granted fast track designation to prx-102 . fast track designation is a process designed to facilitate the development and expedite the review of drugs and vaccines for serious conditions that fill an unmet medical need . on may 1 , 2012 , the fda approved for sale our first commercial product , taliglucerase alfa for injection , an ert for the long-term treatment of adult patients with a confirmed diagnosis of type 1 gaucher disease . subsequently , taliglucerase alfa was approved for marketing by the regulatory authorities of other countries . taliglucerase alfa is marketed under the name alfataliglicerase in brazil and certain other latin american countries , and under the name elelyso in other territories . since its approval by the fda , taliglucerase alfa has been marketed by pfizer , as provided in the pfizer agreement . in october 2015 , we entered into the amended pfizer agreement which amends and restates the pfizer agreement in its entirety . pursuant to the amended pfizer agreement , we sold to pfizer our share in the collaboration created under the initial pfizer agreement for the commercialization of elelyso in exchange for a cash payment equal to $ 36.0 million . as part of the sale , we agreed to transfer our rights to elelyso in israel to pfizer , while gaining full rights to elelyso in brazil . we will continue to manufacture drug substance for pfizer , subject to certain terms and conditions . under the amended pfizer agreement , pfizer is responsible for 100 % of expenses , and entitled to all revenues globally for elelyso , excluding brazil , where we are responsible for all expenses and retain all revenues . for the first 10-year period after the execution of the amended pfizer agreement , we have agreed to sell drug substance to pfizer for the production of elelyso , and pfizer maintains the right to extend the supply period for up to two additional 30-month periods subject to certain terms and conditions . any failure to comply with our supply commitments may subject us to substantial financial penalties , which will have a material adverse effect on our business , results of operations and financial condition . the amended pfizer agreement also includes customary provisions regarding cooperation for regulatory matters , patent enforcement , termination , indemnification and insurance requirements . on june 18 , 2013 , we entered into the brazil agreement with fiocruz , an arm of the brazilian moh , for taliglucerase alfa . fiocruz 's purchases of alfataliglicerase to date have been significantly below certain agreed upon purchase milestones and , accordingly , we have the right to terminate the brazil agreement . notwithstanding our termination right , we are , at this time , continuing to supply alfataliglicerase to fiocruz under the brazil agreement , and patients continue to be treated with alfataliglicerase in brazil . we are discussing with fiocruz potential actions that fiocruz may take to comply with its purchase obligations and , based on such discussions , we will determine what we believe to be the course of action that is in our best interest . we are developing an innovative product pipeline using our procellex protein expression system . our product pipeline currently includes , among other candidates : ( 1 ) pegunigalsidase alfa , or prx-102 , a therapeutic protein candidate for the treatment of fabry disease , a rare , genetic lysosomal disorder in humans , currently in an ongoing phase iii clinical trial . ( 2 ) alidornase alfa , or prx-110 , a proprietary plant cell recombinant human deoxyribonuclease 1 under development for the treatment of cystic fibrosis , or cf , to be administered by inhalation . we recently completed a phase iia efficacy and safety study of alidornase alfa for the treatment of cf . story_separator_special_tag in clinical trial activity during 2018. we expect research and development expenses to continue to be our primary expense as we enter into a more advanced stage of preclinical and clinical trials for certain of our product candidates , primarily with respect to pegunigalsidase alfa . selling , general and administrative expenses selling , general and administrative expenses were $ 10.9 million for the year ended december 31 , 2018 , a decrease of $ 0.6 million , or 5 % , from $ 11.5 million for the year ended december 31 , 2017. the decrease resulted primarily from a decrease in sales expenses . financial expenses and income financial expense was $ 7.1 million for the year ended december 31 , 2018 , compared to financial expenses of $ 48.9 million for the year ended december 31 , 2017. financial expenses for the year ended december 31 , 2017 included a charge of $ 38.1 million as a result of the re-measurement of the fair value of the 2021 notes embedded derivative . in addition , financial expenses are comprised primarily from interest expense on our outstanding convertible notes . year ended december 31 , 2017 compared to the year ended december 31 , 2016 revenues from selling goods we recorded revenues of $ 19.2 million for the year ended december 31 , 2017 , an increase of approximately $ 10.0 million , or 109 % , compared to revenues of $ 9.2 million for the year ended december 31 , 2016. revenues include $ 7.1 million of products sold in brazil and $ 12.1 million of drug substance sold to pfizer . the increase resulted from an increase in the amount of $ 3.1 million of product sold to brazil and $ 7.0 million of drug substance sold to pfizer . 66 revenues from license and r & d services we recorded revenues of $ 1.8 million for the year ended december 31 , 2017. revenues from the license agreement represent the revenues we recognized in connection with the chiesi ex-us agreement . cost of goods sold cost of goods sold was $ 15.2 million for the year ended december 31 , 2017 , an increase of $ 6.8 million or 81 % , compared to the cost of revenues of $ 8.4 million for the year ended december 31 , 2016. the increase resulted primarily from costs related to the production of drug substance for sale to pfizer , and of drug product for sale to brazil . research and development expenses research and development expenses were $ 32.2 million for the year ended december 31 , 2017 , an increase of $ 1.8 million , or 6 % , from $ 30.4 million for the year ended december 31 , 2016. the increase resulted primarily from an increase of $ 2.4 million in clinical trial related costs , which was partially offset by a decrease of $ 0.7 million in materials . we expect research and development expenses to continue to be our primary expense as we enter into a more advanced stage of preclinical and clinical trials for certain of our product candidates , primarily with respect to pegunigalsidase alfa . selling , general and administrative expenses selling , general and administrative expenses were $ 11.5 million for the year ended december 31 , 2017 , an increase of $ 2.2 million , or 23 % , from $ 9.4 million for the year ended december 31 , 2016. the increase resulted primarily from an increase in sales and marketing activities in connection with the sale of alfataliglicerase in brazil . financial expenses and income financial expense was $ 48.9 million for the year ended december 31 , 2017 , compared to financial income of $ 4.0 million for the year ended december 31 , 2016. financial expenses included a charge of $ 38.1 million as a result of the re-measurement of the fair value of the 2021 notes embedded derivative . in addition , financial expenses is comprised primarily from interest expense on convertible notes . story_separator_special_tag commitments for future external funding , except with respect to the development-related payments and milestone payments that may become payable under the chiesi agreement . we may need to raise additional funds more quickly if one or more of our assumptions prove to be incorrect or if we choose to expand our product development efforts more rapidly than we presently anticipate . we may also decide to raise additional funds even before we need them if the conditions for raising capital are favorable . any sale of additional equity or debt securities will likely result in dilution to our shareholders . the incurrence of indebtedness would result in increased fixed obligations and could also result in covenants that would restrict our operations . additional equity or debt financing , grants or corporate collaboration and licensing arrangements may not be available on acceptable terms , if at all . if adequate funds are not available , we may be required to delay , reduce the scope of or eliminate our research and development programs , reduce our planned commercialization efforts or obtain funds through arrangements with collaborators or others that may require us to relinquish rights to certain product candidates that we might otherwise seek to develop or commercialize independently . effects of inflation and currency fluctuations inflation generally affects us by increasing our cost of labor and clinical trial costs . we do not believe that inflation has had a material effect on our results of operations during the years ended december 31 , 2016 , 2017 or 2018. currency fluctuations could affect us by increased or decreased costs mainly for goods and services acquired outside of israel . we do not believe currency fluctuations have had a material effect on our results of operations during the years ended december 31 , 2016 , 2017 or 2018. off-balance sheet arrangements we have no off-balance sheet arrangements as

