For the full year ended December 31, 2011, total operating expenses were $140.6 million compared to $152.6 million for 2010. R&D expenses were $100 million in 2011, down $12.3 million from 2010 primarily due to lower purchases of raw materials as a result of the termination of our insulin supply agreement. We repurchased only 8.4 million of insulin in 2011 compared to 16.3 million in 2010. We also incurred reduced salary and other compensation expenses as a result of a reduction in force in February 2011.

G&A expenses were relatively flat, increasing by $0.3 million to $40.6 million for 2011 as compared to 2010, with lower salaries and benefits costs from the 2011 reduction in force offset by increased financing transaction costs and legal fees.

The net loss applicable to common stockholders for 2011 was $160.8 million or $1.32 per share based on 121.8 million weighted average shares outstanding compared to the net loss applicable to common stockholders of $170.6 million or $1.50 per share based on 113.7 million weighted average shares outstanding for 2010.

Our cash, cash equivalents and marketable securities at the end of the year totaled $3.2 million, which compared to $23.3 million as of September 30, 2011, and $70.4 million at December 31, 2010. Financial resources, including the remaining credit facility from Al, amounted to $48.2 million as of December 31, 2011.

Our cash burn decreased during 2011 from $32 million spent in the first quarter of 2011, $42 million -- $40.2 million in Q2, $37 million in Q3 and $20.1 million spent in Q4. We expect to accelerate our spending in 2012 as we complete the trials and approach commercialization.

On February 8, we sold $86.3 million worth of units in an underwritten public offering, with each unit consisting of 1 share of common stock and a warrant to purchase 0.6 of a share of common stock. The offering was upsized in light of the strong demand and the total also reflects the full exercise of an over-allotment option granted to the underwriters. Net proceeds from this offering were approximately $80.6 million, excluding any potential future warrant exercises. Concurrent with this public offering, The Mann Group LLC committed to purchase $77.2 million worth of restricted shares of common stock, which will be paid for by cancellation of principal indebtedness under the amended loan agreement.

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