I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $293.7M | ||||
Company |
Location |
Date |
Amt. (M) |
Details |
Active Pass Pharmaceuticals Inc. |
Vancouver, British Columbia |
8/4 |
C$5 (US$3.37) |
Active Pass concluded a financing of C$5M, led by the Western Technology Seed Investment Fund, and jointly managed by Ventures West, Cascadia Pacific and the Business Development Bank of Canada; investors included Working Opportunity Fund and Navigator Canadian Technology Fund, as well as new investors Future Fund Capital Corp.,BioFuture Fund Capital Corp., and a group of individual investors |
AeroGen Inc. |
Sunnyvale, Calif. |
8/9 |
$16.9 |
AeroGen completed a $16.9M private placement; existing investors included CMEA, Wheatley Partners, Invesco Funds Group Inc., Viridian Capital and Interwest Partners; new investors included MVI Medical Venture Investments Limited, The Kaufmann Fund and Hunt Ventures LP |
|
Arakis Ltd. |
Cambridge, England |
8/29 |
#4(US$6.01) |
Arakis raised #4M from MB Venture Capital Fund I and the Merlin Biosciences Fund, #2M from each; the financing will be made in two tranches, one immediately and one Feb. 2001 |
|
Atairgin Technologies Inc. |
Irvine, Calif. |
8/23 |
$7.2 |
Atairgin completed a private placement Series D round of financing totaling $7.2M; investors included Fremont Ventures and new investors LabInvest Associates Inc. and Oakwood Medical Investors of St. Louis |
BioQuest Inc. |
Houston |
8/25 |
$3 |
BioQuest closed an initial $3M investment by Merck Finck & Co.; the investment is part of a private placement of up to $6M in Series A 8% convertible preferred stock; the stock is convertible at $4 per share and each share will be accompanied by one half a warrant to purchase a share at $5 |
CombiMatrix Corp. |
Snoqualmie, Wash. |
8/3 |
$36 |
CombiMatrix raised $36M in a private financing; investors included Acacia Research, Emerging Growth Management, JDS Capital, OrbiMed Advisors, Oracle Partners, SAC Capital Management, Seneca Capital and Wheatley Partners, among others |
Cytos Biotechnology |
Zurich, Switzerland |
8/2 |
CHF50 (US$32) |
Cytos received CHF50M (US$32M) in a second round of venture capital financing |
Elitra Pharmaceuticals Inc. |
San Diego |
8/23 |
$22 |
Elitra completed a $22M preferred stock financing, its third round with financial investors |
|
Evolutec Ltd. |
Oxford, England |
8/16 |
#2.7(US$4) |
Evolutec raised #2.7M (US$4M) in its second round of fund raising |
Hyalose LLC |
Oklahoma City |
8/25 |
$0.15 |
Hyalose received a $150,000 commitment from the Oklahoma Center for the Advancement of Science and Technology |
Integrative Proteomics Inc. |
Toronto |
8/17 |
US$8 |
Integrative Proteomics completed an initial US$8M equity financing, involving a range of U.S., European and Canadian investors; investors included Lombard Odier Immunology Fund and CC Capital Partners Inc. |
Morphochem AG |
Munich, Germany |
8/2 |
EUR40.7 (US$37.5) |
MorphoChem raised $37.5M as part of a third round private placement; investors included Techno Venture Management, Alta Partners, IKB Venture Capital, Alta Berkeley, Domain Associates and 3i Bioscience Investment trust; new investors led by Merlin BioSciences, included Nomura International, Julius Bar, West LB and Viscardi, as well as private investors |
MorphoGen Pharmaceuticals Inc. |
San Diego |
8/23 |
|
MorphoGen received its initial round of equity funding, raising an undisclosed amount |
|
NeuralStem |
College Park, Md. |
8/8 |
$5 |
NeuralStem completed a $5M Series B financing from SJRJ LLC, an investment company |
Panacea Pharmaceuticals |
Rockville, Md. |
8/3 |
|
Panacea closed its initial round of financing, raising an undisclosed amount |
Revotar Biopharmaceuticals AG |
Germany |
8/1 |
DM30 (US$14.2) |
Texas Biotechnology Corp. entered into an agreement for the initial financing of its German subsidiary, Revotar Biopharmaceuticals AG, with equity investments by bmp AG and Mediport AG; Revotar raised DM 10M in equity and has in place funding through government grants and loans expected to increase start-up funding to DM 30M |
Syrrx Inc. |
San Diego |
8/3 |
$5.07 |
Syrrx completed a $5.07M Series A round of venture financing; participants included Bay City Capital, Chemicals and Materials Enterprise Associates, MPM Asset Management, and Versant Ventures |
Targacept Inc. |
Winston-Salem, N.C. |
8/24 |
$30.4 |
Targacept completed a $30.4M private placement; the lead investor was EuclidSR Partners; other investors were Burrill & Co., Advent Venture Partners, Auriga Ventures, CDCInnovation, Genavent, Societe Generale Asset Management Finance and Longleaf Venture Fund |
Xcyte Therapies Inc. |
Seattle |
8/16 |
$28 |
Xcyte closed a $28M Series D equity financing; investors included Alta Partners, ARCH Venture Partners, Falcon Technology Partners, Fluke Capital Management, The Sprout Group/DLJ, Tredegar Investments and Vulcan Northwest; new investor MPM Capital led the round, with additional funding from Vector Fund Management and MGN Opportunity Group |
Xenova Group plc |
Slough, UK |
8/4 |
$11.7 |
Xenova received payment for 1.5M units offered under the open offer for 2.89M units at 345 pence (US$5.18) per unit; the remaining 1.4M units will be taken up by investors pursuant to the placing by Nomura International plc |
II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM EXISTING CORPORATE PARTNERS: $19M | ||||
Company (Symbol)# |
Partner (Symbol; Country) |
Amt. (M) |
Triggering Event |
Details (Date) |
Avax Technologies Inc. (AVXT) |
Australian Vaccine Technologies Ltd. |
$3 |
Equilty purchase |
Avax Technologies' Australian joint venture, Avax Australia Pty. Ltd., received $3M from the joint venture's partner, Australian Vaccine; this is the final payment in investments totaling $10M for a 50 percent interest in Avax Australia (8/23) |
DeCode Genetics (DCGN) |
F. Hoffmann-La Roche(Switzerland) |
ND |
Development milestone |
deCode scientists mapped a novel gene that contributes to the occurrence of the common form of Alzheimer's disease; deCode received an undisclosed milestone payment (8/18) |
|
Enchira Biotechnology (ENBC) |
Genencor International Inc.(GCOR) |
$1 |
Follow-on agreement |
Genencor will provide $1M of funding to Enchira over the next two years as part of a follow-on to a licensing agreement made in May, under which Genencor gained access to Enchira's technology to develop gene-based products (8/28) |
Exelixis Inc.(EXEL) |
Genoptera LLC* |
ND |
Development milestone |
Genoptera, a joint venture between Exelixis and Bayer AG, selected several novel insecticide targets for assay development and screening, triggering an undisclosed milestone payment to Exelixis (8/10) |
Paradigm Genetics Inc. (PDGM) |
Pharmacia Corp.(NYSE:PHA) |
ND |
Development milestone |
Paradigm exceeded milestones in a functional genomics collaboration with Pharmacia by delivering 20 percent moregene function data than required, triggering an undisclosed milestone payment (8/21) |
Phylos Inc.* |
Amgen Inc.(AMGN) |
ND |
Development milestone |
Phylos reached milestones in its collaboration with Amgen to identify high-affinity binding agents to potential therapeutic targets; financial details of the achievement were not disclosed (8/24) |
Rosetta Inpharmatics Inc. (RSTA) |
Agilent Technologies Inc. (NYSE:A) |
$10 |
IPO |
Agilent invested $10M in Rosetta through a private placement concurrent with Rosetta's IPO (see p. 4) |
Targeted Genetics Corp. (TGEN) |
Elan Corp. plc (Ireland; NYSE:ELN) |
$5 |
Investment agreement |
Elan agreed to make a $5M equity investment in July 1999 when a joint venture was established, and Elan agreed to an additional $5M investment on the one-year anniversary date of the agreement; the 382,739 issued shares were priced at a premium to Targeted's average closing share price (8/16) |
Notes: |
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