I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $220.29M

Company

Location

Date

Amt. (M)

Details


Applied 
Genetics Inc.

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
Inc.
 

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
Technologies
Inc.

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
Pharmaceuticals
Inc.

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
Inc.

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
Bioscience A/S

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
Sciences Inc.

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.