I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $220.29M | ||||
Company |
Location |
Date |
Amt. (M) |
Details |
| ||||
Applied |
Gainesville, Fla. |
12/1/03 |
$15.25 |
Applied Genetics closed on a Series A-1 round led by InterWest Partners; other investors were InterSouth Partners, MedImmune Ventures Inc. and Skyline Ventures |
BioNumerik Pharmaceuticals |
San Antonio |
12/17/03 |
$29 |
BioNumerik said existing investors participated in the $29M financing; details were not disclosed |
Endomatrix Inc. |
Santa Rosa, Calif. |
12/17/03 |
$3.5 |
Endomatrix raised $3.5M in a Series C preferred-shares financing that included Cargill Ventures and undisclosed investors; Madison Keats served as financial adviser |
Exiqon A/S |
Vedbaek, Denmark |
12/18/03 |
$3 |
Exiqon raised $3M in a fifth round of funding; existing investors Scandinavian Life Science Venture, TeknoInvest, Nobel Group and LD participated |
GlycoFi Inc. |
Lebanon, N.H. |
12/10/03 |
$10 |
GlycoFi completed a Series C round led by Fletcher Spaght Ventures and including Borealis Ventures, Boston Millennia Partners, Polaris Ventures, Schroder Ventures Life Sciences and Village Ventures |
Guava |
Hayward, Calif. |
12/17/03 |
$27 |
Guava raised $27M in a Series D round led by HLM Venture Partners and including Abingworth Management, ProQuest Investments, Skyline Ventures, St. Paul Ventures, Fog City Fund, Yasuda Enterprises, Granite Global Ventures, MDS Capital, Integra Ventures, Peninsula Equity Partners, Stanford University and others |
Gyros AB |
Uppsala, Sweden |
12/15/03 |
SEK145 (US$19.9) |
Gyros raised US$19.9M in its third funding round led by Scandinavian Life Science Venture and including Investor Growth Capital, Schroder Ventures Life Sciences, 3i, Ettena Förvaltnings AB Swedish Industrial Development Fund, InnovationsKapital, Health & Brand Capital and Life Equity Sweden |
Ingenium AG |
Munich, Germany |
12/11/03 |
€$13.8 (US$16.9) |
Ingenium raised US$16.9M in its third funding round; the round was led by new investor HBM BioVentures (Cayman) Ltd. and prior investors TVM Techno Venture Management and Polaris Venture Partners, and included Ascenion GmbH, Index Ventures, IKB, Schroder Ventures Life Sciences and Sofinnova Partners (12/11) |
KAI |
South San Francisco |
12/4/03 |
$17 |
KAI raised $17M in a Series A round led by Skyline Ventures and including InterWest Partners, Intersouth Partners and Delphi Ventures |
Linguagen Corp. |
Cranbury, N.J. |
12/29/03 |
$12.2 |
Linguagen increased its Series A round to $12.2M; investors were S.R. One Ltd., NJTC Venture Fund SBIC LP, Cargill Ventures, Danisco Venture A/S, DuPont Ventures, Aperture Venture Partners LLC and RK Ventures Group LLC |
Medisyn Technologies Inc. |
Minneapolis |
12/10/03 |
$1.5 |
Medisyn completed a $1.5M bridge financing led by current investor Sherpa Partners and including new venture and angel investors |
NsGene A/S |
Ballerup, Denmark |
12/29/03 |
DKK18 (US$3.04) |
NsGene raised $3.04M in a second round of funding with existing investors NeuroSearch A/S, Dansk Kapitalanlaeg A/S, Karolinska Investment Fund and others |
Portola Pharmaceuticals |
South San Francisco |
12/8/03 |
$21 |
Portola raised $21M in a Series A financing round; Sutter Hill Ventures, Prospect Ventures and MPM Capital led the round, which included Abingworth Management and Frazier Healthcare Ventures |
Sophion |
Ballerup, Denmark |
12/20/03 |
DKK25 (US$4.2) |
Sophion raised US$4.2M in a third financing round supported by parent firm NeuroSearch A/S and Scandinavian Life Science Venture, Dansk Kapitalanlaeg, Dansk Erhvervsinvestering and Vaekstfonden |
Tranzyme Inc. |
Research Triangle Park, N.C. |
12/18/03 |
$6 |
Investment was received in conjunction with Tranzyme's merger with Neokimia Inc.; investors were Pacific Rim Ventures, BDC Venture Capital, Desjardins Venture Capital, Medtech Partners Inc., Research Triangle Ventures, S.C.O.U.T. Healthcare Fund and Redmont Venture Partners; Vengate Capital Partners Co. advised the companies on the merger and concurrent financing |
Xanthus Life |
Cambridge, Mass. |
12/12/03 |
$30.8 |
Xanthus raised $30.8M in a Series B round led by new investor Oxford Bioscience Partners; also investing were CDP Capital-Technology Ventures, Hambrecht & Quist Capital Management, GIMV, Genechem, China Development Industrial Bank, CDIB BioScience Ventures, Yasuda, HealthCare Ventures, Still River Fund and Kestrel Management |
Xcellerex LLC |
Marlborough, Mass. |
12/16/03 |
ND |
Xcellerex said it raised an undisclosed amount in its initial financing round; details were not disclosed |
II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM EXISTING CORPORATE PARTNERS: $101.55M | ||||
Company (Symbol)#* |
Partner (Country) |
Amt. (M) |
Triggering Event |
Details (Date) |
| ||||
Altus Biologics Inc.* |
Cystic Fibrosis Foundation Therapeutics Inc. |
ND |
Milestone payment |
Triggered by successful completion of Phase I study of TheraCLEC for treating cystic fibrosis (12/19) |
Antares Pharma Inc. (OTC BB:ANTR) |
Eli Lilly and Co. |
ND |
Milestone payment |
Triggered by meeting with FDA at which regulatory expectations were clarified regarding development of needle-free injection product for diabetes and obesity (12/9) |
Arqule Inc. (ARQL) |
Pfizer Inc. |
$3 |
Equity investment |
Pfizer made the investment based on Arqule achieving its 2003 goals in their collaboration; it is the third and final equity investment, for a total of $18M, stemming from their December 2001 collaboration (12/19) |
Avant Immunotherapeutics Inc. (AVAN) |
GlaxoSmithKline plc (UK) |
$1 |
Milestone payment |
Triggered by GSK's initiation of Phase III program for Rotarix for rotavirus infection (12/3) |
CombiMatrix Group (unit of Acacia Research Corp.; CMBX) |
Toppan Printing Corp. |
$1.25 |
Milestone payment |
Triggered by progress in collaboration on development of microarray product suite (12/2) |
DeCode Genetics Inc. (Iceland; DCGN) |
Roche Diagnostics (Switzerland) |
ND |
Milestone payments |
DeCode said it reached two milestones in the alliance to develop diagnostic tests; it developed gene expression assays that can predict responsiveness to common asthma and hypertension treatments (12/17) |
Inologic Inc.* |
Cystic Fibrosis Foundation Therapeutics Inc. |
ND |
Milestone payment |
Triggered by completion of toxicology studies of INO-4995 for cystic fibrosis, and receipt of orphan drug designation from FDA (12/2) |
Morphotek Inc. * |
Abgenix Inc. |
ND |
Milestone payment |
Triggered by the development of an antibody- producing cell line from the companies' research collaboration (12/16) |
Nautilus Biotech* (France) |
Aventis Pasteur (France) |
ND |
Milestone payment |
Triggered by development of a number of cell clones that have shown improvement of virus yield (12/16) |
Neurogen Corp. (NRGN) |
Aventis SA (France) |
$1 |
Milestone payment |
Triggered by preclinical progress in their collaboration targeting corticotrophin-releasing factor for treating depression (12/23) |
Neurogen Corp. (NRGN) |
Merck & Co. Inc. |
$15 |
Equity investment |
Merck bought $15M in Neurogen stock at a 25-day average price as part of deal to develop small molecules for pain (12/1) |
NeuroSearch A/S (Denmark; CSE:NEUS) |
GlaxoSmithKline plc (UK) |
€17.7 (US$22.3) |
Equity investment |
Glaxo purchased 616,000 shares, or 8% of NeuroSearch, as part of a collaboration in ion channels to treat CNS diseases (12/19) |
NitroMed Inc. (NTMD) |
Merck & Co. Inc. |
$5 |
Milestone payment |
Triggered by continued development of a nitric oxide-enhancement compound entering Phase I trials (12/4) |
Onyx Pharmaceuticals Inc. (ONXX) |
Bayer Pharmaceuticals Corp. |
$15 |
Milestone payment |
Triggered by start of the first Phase III trial of BAY 43-9006, a cancer compound they are co-developing (12/18) |
Oxford BioMedica plc (LSE:OXB) |
Wyeth |
ND |
Milestone payment |
Triggered by Wyeth's completion of certain preclinical studies of Oxford BioMedica's anti- tumor monoclonal antibody linked to calicheamicin (12/18) |
Pharmacopeia Inc. (PCOP) |
Daiichi Pharmaceutical Co. Ltd. (Japan) |
ND |
Milestone payment |
Triggered by initiation of clinical trials by Daiichi of a small molecule identified and optimized by the companies (12/2) |
Seattle Genetics Inc. (SGEN) |
Genentech Inc. |
$7 |
Equity investment |
Genentech paid a fee of $3M and made a $7M investment in Seattle Genetics for rights to additional targets in the collaboration (12/19) |
SomaLogic Inc.* |
Mitsui & Co. Ltd. (Japan) and Sumitomo Bakelite Co. Ltd. (Japan) |
$11 |
Equity investment |
Mitsui invested $10M to support development of SomaLogic's aptamer technology and to establish a jointly managed division in Asia; Sumitomo invested $1M as part of a deal to develop surfaces for microarrays (12/17) |
Structural GenomiX Inc.* |
Cystic Fibrosis Foundation Therapeutics Inc. |
ND |
Milestone payment |
Triggered by determination of 3-dimensional cry-stal structure of the nucleotide-binding domain 1 of the murine cystic fibrosis transmembrane conductance regulator (12/11) |
Tularik Inc. (TLRK) |
Eli Lilly and Co. |
ND |
Milestone payment |
Triggered by Lilly starting Phase II trials of an oral Factor Xa inhibitor for thrombotic dis- eases (12/4) |
ViaCell Inc.* |
Amgen Inc. |
$20 |
Equity investment |
Amgen made a $20M equity investment in ViaCell as part of cellular therapy collaboration and license agreement |
Vicuron Pharmaceuticals Inc. (MICU) |
Novartis Pharma AG (Switzerland) |
ND |
Milestone payment |
Triggered by entry into Phase I of a product from their alliance to develop a peptide deformylase inhibitor as an antibacterial (12/4) |
Notes: | ||||
# Unless otherwise indicated, shares are traded on the Nasdaq exchange. | ||||
* = Private company. | ||||
ND = Not disclosed. | ||||
CSE = Copenhagen Stock Exchange; OTC BB = Over-the-Counter Bulletin Board; LSE = London Stock Exchange. |