Type of financing Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. Total ($M) Public offerings 542.2 486.8 922.3 574.3 267.8 317.4 32.2 141.8 325.6 360.0 1,559.3 1,097.3 6,626.85 Private biotechs 476.3 306.3 380.8 377.1 511.6 398.1 276.1 578.0 477.7 529.7 692.4 124.2 5,128.23 Public/other 386.5 532.5 1,214.1 1,945.1 424.6 228.6 459.3 124.1 183.8 759.1 1,062.9 1,211.1 8,531.59 Total ($M) 1,405 1,325.6 2,517.2 2,896.4 1,203.9

U.S. Public Follow-On Stock Offerings Company Offering Month Offering Price 2005 Close % Change Acusphere Inc. September $5.25 $5.34 -1% Alexion Pharmaceuticals Inc. August $26.75 $20.25 -24% Amylin Pharmaceuticals Inc. August $31 $39.92 +29% Amylin Pharmaceuticals Inc. January $22 $39.92 -81% Anadys Pharmaceuticals Inc. August $12.40 $8.80 -29% Arena Pharmaceuticals Inc. February $6 $14.21 +137% Ariad Pharmaceuticals Inc. August $7.20 $5.85 -19% Barrier

U.S. Initial Public Offerings Company Offering Month Offering Price 2005 Close % Change Accentia Biopharmaceuticals Inc. October $8 $5.05 -37% Advanced Life Sciences Holdings Inc. August $5 $3.92 -22% Aspreva Pharmaceuticals Corp. March $11 $15.72 +43% Avalon Pharmaceuticals Inc. September $10.50 $4.50 -57% CardioVascular BioTherapeutics Inc. March $10 $4.55 -55% Coley Pharmaceutical Group Inc. August $16 $15.16 -5% Combinatorx Inc. November $7 $8.18 +17

Company (Symbol) Date Filed Date Comm. Shares/ Units (M) Price Shares Out (M) Lead, Other Underwriters Gross (M) Post- Offering Market Cap (M)@ JANUARY Narhex Life Sciences Ltd. (Australia; ASX:NLS) 10/24/04 1/12/05 66.9S A$0.20 161.4 Montagu Stockbrokers A$13.4 ($10.4) A$32.3 ViaCell Inc. (VIAC) 4/5/04 1/21/05 8.625S $7 37.20 Credit Suisse First Boston UBS Investment Bank (co-lead) Lazard Freres & Co. Leerink Swann & Co. $60.38 $260.4 FEBRUARY Favrille Inc. (FVRL

Company (Symbol) Date Filed Date Comm. Shares/ Units (M) Price Shares Out (M) Lead, Other Underwriters Gross (M) Post-Offering Market Cap (M)@ JANUARY Amylin Pharmaceuticals Inc. (AMLN) 12/11/03 1/21/05 9.2S $22 103.7 Morgan Stanley & Co. Goldman, Sachs & Co. (co-lead) Banc of America Securities JP Morgan Securities Wachovia Capital Markets $202.4 $2,281.4 ISTA Pharmaceuticals Inc. (ISTA) 4/23/04 1/20/05 6.325S $8.88 25.70 Banc of America Securities Thomas Weisel

Underwriter (Number Of Offerings As Lead Underwriter) Gross Proceeds (M) Piper Jaffray & Co. (4) $281.70 Banc of America Securities (4) $236.40 Credit Suisse First Boston (3) $218.80 Thomas Weisel Partners (2) $120.60 Pacific Growth Equities (3) $93.30 WR Hambrecht + Co. (3) $90.20 Adams Harkness (1) $86.30 Citigroup (1) $86.30 Lazard Capital Markets (2) $76.60 C.E. Unterberg, Towbin (1) $32.00 ThinkEquity Partners (1) $32.00 Robert W. Baird & Co. (1) $31.50 Needham

Type of financing Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total ($M) Public offerings 585.7 799.4 303.9 71.2 143.3 599.6 390.9 730.5 491 527.8 562.7 373.8 5,579.57 Private biotechs 406.3 636.6 276.4 182.4 611.1 439.7 262.4 435.4 361.6 588.8 293.7 314.9 4,808.88 Public/other 744.9 701.1 717 309.2 202.6 1,796.70 2,393.90 764.7 570.9 266.3 503.4 755.8 9,726.41 Total ($M) 1,736.90 2,137.10 1,297.30 562.7 957 2,835

Underwriter (Number Of IPOs As Lead Or Co-lead Underwriter) Gross Proceeds (M) Bear, Stearns & Co. (1) $42.00 CIBC World Markets (1) $37.30 C.E. Unterberg, Towbin (1) $32.00 ThinkEquity Partners (1) $32.00 WR Hambrecht + Co. (1) $28.90 First Dunbar Securities (1) $17.30 Jefferies & Co. (1) $19.20

Underwriter (Number Of Offerings As Lead Underwriter/Number Of Offerings As Lead Or Co-Manager) Gross Proceeds (M) Lehman Brothers (6/7) $638.00 Needham & Co. (1/11) $632.90 Banc of America Securities (4/6) $569.20 First Albany Capital (0/4) $540.60 Pacific Growth Equities (3/8) $446.70 Thomas Weisel Partners (2/6) $316.20 Lerrink Swann & Co. (0/4) $316.00 Deutsche Bank Securities (4/4) $315.20 JMP Securities (0/3) $260.90 Wachovia Capital Markets (1/2) $223.70 Credit

Underwriter (Number Of IPOs As Lead/Number Of IPOs As Lead Or Co-Manager) Percentage Change In Stock Price Post-IPO To Year-End A.G. Edwards (0/2) -13% Lerrink Swann & Co. (0/2) -13% JP Morgan Securities (4/4) -15% Piper Jaffray & Co. (0/2) -17% Thomas Weisel Partners (0/2) -17% UBS Investment Bank (2/2) -20% Credit Suisse First Boston (1/1) -20% C.E. Unterberg, Towbin (1/1) -22% ThinkEquity Partners (1/1) -22% Merriman Curhan Ford & Co. (0/1) -22% JMP Securities (0/1) -24

Underwriter (Number Of IPOs As Lead/Number Of IPOs As Lead Or Co-Manager) Percentage Change In Stock Price Post-IPO To Year-End C.E. Unterberg, Towbin (1) -22% ThinkEquity Partners (1) -22% Lehman Brothers (2) -27% Jefferies & Co. (1) -37% Bear, Stearns & Co. (1) -42% First Dunbar Securities (1) -55% WR Hambrecht + Co. (1) -57%

Underwriter (Number Of IPOs As Lead/Number Of IPOs As Lead Or Co-Manager) Gross Proceeds (M) Lehman Brothers (2/2) $102.20 UBS Investment Bank (2/2) $101.20 BMO Nesbitt Burns (0/1) $91.10 SG Cowen & Co. (2/2) $90.30 A.G. Edwards (0/2) $90.30 Needham & Co. (0/2) $84.00 Credit Suisse First Boston (1/1) $60.40 Deutsche Bank Securities (1/1) $52.50 Bear, Stearns & Co. (1/1) $42.00 William Blair & Co. (0/1) $37.30 C.E. Unterberg, Towbin (1/1) $32.00 ThinkEquity Partners (1/1

Company Symbol 12/31/04* 3/31/05 6/30/05 9/30/05 12/30/05 %YTD Aastrom Biosciences ASTM 1.42 2.08 3.12 2.35 2.11 48.6 Abgenix ABGX 10.34 7.00 8.58 12.68 21.49 107.8 Acadia Pharma ACAD 6.77 6.90 8.40 11.37 9.85 45.5 Accelrys ACCL 7.80 5.93 4.95 6.76 8.03 2.9 Access Pharma AKC 3.54 2.49 1.85 0.88 0.52 -85.3 Acusphere ACUS 6.13 5.41 4.77 5.44 5.34 -12.9 Adolor ADLR 9.92 9.92 9.25 10.68 14.60 47.2 Advancis Pharma AVNC 3.82 3.70 1.72

Ranked By Percent Change In Closing Price From 2005 Year-End (Or IPO Price For IPOs In 2005) Company Symbol 12/31/04* 12/31/05 % YTD I. STOCKS THAT GAINED VALUE Deltagen DGEN .07 .40 471.40 ViroPharma VPHM 3.25 18.50 469.23 Myogen MYOG 8.07 30.09 272.86 New River Pharma NRPH 14.96 51.84 246.52 Cerus CERS 2.95 10.15 244.07 Momenta Pharma MNTA 7.06 22.04 212.18 Hana Bioscience HBX 1.90 5.87 208.95 BioCryst Pharma BCRX 5.78 16.75 189.79 Trinity

Company Symbol 12/31/04* 3/31/05 6/30/05 9/30/05 12/30/05 YTD Adherex Technologies AHX 0.42 0.30 0.34 1.29 0.96 128.6 Angiotech Pharma ANP 22.22 18.65 16.87 16.19 15.34 -31.0 AnorMED AOM 5.65 4.25 3.65 4.14 4.77 -15.6 Bioniche Life Sciences BNC 1.66 1.35 1.30 1.00 0.70 -57.8 Chromos Molecular CHR 0.62 0.40 0.18 0.20 0.16 -74.2 ConjuChem CJC 4.20 3.70 3.93 0.78 1.09 -74.0 Cangene CNJ 11.15 8.50 7.75 8.10 10.20 -8.5 Cardiome Pharma

Company Symbol 12/31/04 3/31/05 6/30/05 9/30/05 12/30/05 %YTD Acambis ACM 251.5 237.25 220.50 238.00 208.75 -17.0 Ark Therapeutics AKT 16.25 23.00 18.52 20.80 19.05 17.2 Antisoma ASM 85.00 109.50 103.00 104.75 103.00 21.2 Cambridge Antibody CAT 721.00 661.00 643.50 744.00 698.00 -3.2 Oxford Biomedica OXB 17.50 20.00 33.50 45.75 30.25 72.9 Pharmagene PGN 31.00 26.00 21.50 23.40 16.00 -48.4 Phytopharm PYM 235.00 122.50 85.00 51.35 53.00

Company* (Symbol) Product Description Indication Action/Date Abbott Laboratories Humira (FDA-approved) Adalimumab; fully human antibody designed to block TNF-alpha Ankylosing spondylitis Filed application with European officials seeking approval in that indication (10/4) Abbott Laboratories Humira (FDA-approved) Adalimumab; fully human antibody designed to block TNF-alpha Psoriatic arthritis and rheumatoid arthritis The product was approved in Europe for treating PA and early RA (8

Company* (Symbol) Product Description Indication Action/Date Advanced Magnetics Inc. (AMEX:AVM) and Cytogen Corp. (CYTO) Combidex Molecular imaging agent Cancer diagnosis An FDA advisory panel voted 15-4 against recommending approval for differentiating metastatic from non-metastatic lymph nodes across all cancer types (3/3) Chiron Corp. (CHIR) Pulminiq Cyclosporine inhalation solution For use in patients getting lung transplants An FDA advisory panel split 8-8 on whether the drug