| I. COMMENCED TRADING IN APRIL | ||||||||
| Company (Symbol)# |
Date Filed |
Date Comm. |
Shares/ Units (M) |
Price | Shares Out (M)@ |
Lead, Other Underwriters |
Gross (US$M) |
Post- Offering Market Cap (M)% |
| | ||||||||
| INITIAL OFFERINGS | ||||||||
|
CardioVascular Biotherapeutics Inc. (UK; AIM:BPH)1 |
4/4/07 | 4/4/07 | N/A | N/A | N/A | N/A | $30 | N/A |
|
Orexigen Therapeutics Inc. (OREX)2 |
12/16/06 | 4/26/07 | 7S | $12 | 25.9 | Merrill Lynch & Co., JP Morgan Securities (co-lead), JMP Securities, Leerink Swann & Co. | $84 | $310.8 |
|
Pharmasset Inc. (VRUS)3 |
5/9/06 | 4/27/07 | 5S | $9 | 20.5 | Banc of America Sec., UBS Investment (co-lead), JMP Securities | $45 | $184.5 |
|
Stem Cell Sciences plc (UK; AIM:STEM; ASX)4 |
4/11/07 | 4/11/07 | 11.2S | A$1.07 | 46.4 | N/A | A$12 ($9.9) |
A$49.6 |
| Total: $168.9M Number of IPOs in April: 4 Average value of April IPOs: $42.225 Number of IPOs in 2007: 16 Total raised in IPOs in 2007: $687.85M Average value of IPOs in 2007: $42.99M | ||||||||
| FOLLOW-ON OFFERINGS | ||||||||
| Company (Symbol)# |
Date Filed |
Date Comm. |
Shares/ Units (M) |
Price | Shares Out (M)@ | Lead, Other Underwriters | Gross (M) |
Post- Offering Market Cap (M)% |
| | ||||||||
|
Acadia Pharmaceuticals Inc. (ACAD)5 |
4/2/07 | 4/5/07 | 6.6S | $15.50 | 35.86 | Banc of America, Lehman Brothers (co-lead), Deutsche Bank (co-lead), Piper Jaffray & Co., JMP Securities LLC, Rodman & Renshaw LLC | $102.3 | $555.8 |
|
Alexza Pharmaceuticals Inc. (ALXA)6 |
4/18/07 | 4/27/07 | 6.9S | $10.25 | 30.8 | Merrill Lynch & Co., Morgan Stanley (co-lead), Pacific Growth Equities, RBC Capital Markets | $70.73 | $315.7 |
|
Altus Pharmaceuticals Inc. (ALTU)7 |
4/10/07 | 4/19/07 | 6S | $14.75 | 30 | Merrill Lynch & Co., Morgan Stanley & Co. (co-lead), Cowen & Co., Leerink Swann & Co. | $88.5 | $442.5 |
|
Avigen Inc. (AVGN)8 |
10/10/00 | 4/26/07 | 3.974S | $6.94 | 29.1 | Pacific Growth Equities, UBS Investment Bank (co-lead) | $27.6 | $201.95 |
|
Genitope Corp. (GTOP)9 |
4/19/07 | 4/27/07 | 5.5S | $3.85 | 41.55 | Punk, Ziegel & Co. | $21.18 | $159.97 |
|
Poniard Pharmaceuticals Inc. (PARD)10 |
4/13/07 | 4/25/07 | 11.8S | $6.33 | 34.6 | CIBC World Markets, Lazard Capital Markets (co-lead), Pacific Growth Equities, Leerink Swann & Co. | $74.7 | $219.02 |
| OVERALLOTMENTS | ||||||||
|
La Jolla Pharmaceutical Co. (LJPC)11 |
3/20/07 | 4/11/07 | 0.87S | $6 | 39.51 | Needham & Co. LLC, AG Edwards & Sons | $5.22 | $237.06 |
| Total: $390.23M Number of follow-on offerings in April: 6 Average value of April follow-ons: $65.04M Number of follow-on offerings in 2007: 22 Total raised in follow-ons in 2007: $1,275.19M Average value of follow-ons in 2007: $57.96M | ||||||||
| | ||||||||
| Notes: | ||||||||
| # Unless otherwise indicated, shares are traded on the Nasdaq exchange. | ||||||||
| @ This column reflects the shares outstanding following the offering, when disclosed. | ||||||||
| % Market capitalization is calculated based on the offering price. | ||||||||
| Currency conversions are based on exchange rates at the time of the deal. | ||||||||
| AIM = Alternative Investment Market; ASX = Australian Stock Exchange. | ||||||||
| 1. CardioVascular went public on the Altenrative Investment Market in London. It also is listed on the Over-the-Counter Bulletin Board in the U.S. | ||||||||
| 2. Orexigen's underwriters have an overallotment option for another 1.05M shares. | ||||||||
| 3. Pharmasset priced its IPO of 5M shares at $9 each, below the $12 to $14 price range. Underwriters have an overallotment option for 750,000 shares. | ||||||||
| 4. Stem Cell Sciences went public on the Australian Stock Exchange, listing 11.2M shares in the form of CHESS Depository Interests. The owners of CDIs can move them between the Alternative Investment Market in London and the Australian Stock Exchange. | ||||||||
| 5. Acadia's offering includes the underwriters' exercise of an overallotment option for another 862,500 shares. | ||||||||
| 6. Alexza's offering includes a 900,000-share overallotment option. | ||||||||
| 7. Altus' underwriters have an overallotment option for 900,000 additional shares. | ||||||||
| 8. Avigen's underwriters have an overallotment option for 596,000 additional shares. | ||||||||
| 9. Genitope's underwriters have an overallotment option for 825,000 shares. | ||||||||
| 10. Poniard's offering includes the exercise of the underwriters' overallotment option for 1.5M shares. | ||||||||
| 11. La Jolla's underwriters exercised in full the overallotment option for 870,000 shares, bringing the total amount of shares offered to 6.67M, and the total amount raised to $40.02M. | ||||||||
| II. FILED AND PENDING | ||||||||
| Company (Symbol/ Proposed Symbol)#* |
Date Filed |
Shares/ Units (M) |
Price Range |
Shares Out (M)@ |
Lead, Other Underwriters |
Value (M) |
| INITIAL OFFERINGS | ||||||
|
Aegerion Pharmaceuticals Inc. (AEGR)1 |
3/21/07 | N/A | N/A | N/A | Lehman Brothers, CIBC World Markets, Thomas Weisel Partners, C.E. Unterberg Towbin | $86 |
|
Amicus Therapeutics Inc. (FOLD)2 |
3/30/07 | N/A | N/A | N/A | Morgan Stanley & Co. Inc., Merrill Lynch & Co. (co-lead), J.P. Morgan Securities Inc., Lazard Capital Markets LLC, Pacific Growth Equities | $86.3 |
|
Biodel Inc. (BIOD)3 |
2/7/07 | 5S | $14-$16 | N/A | Banc of America Securities, Morgan Stanley (co-lead), Leerink Swann & Co., Natexis Bleichroeder | $75 |
|
Bioheart Inc. (BHRT)4 |
2/13/07 | N/A | N/A | 21.5 | BMO Capital Markets Corp., Janney Montgomery Scott (co-lead), Merriman Curhan Ford & Co. | $35 |
|
EndoCeutics Inc. (Canada; ENCX)5 |
2/27/07 | 5.75S | $11-$13 | N/A | First Albany Capital, Oppenheimer & Co., Stifel Nicolaus | $69 |
|
Helicos BioSciences Corp. (HLCS)6 |
3/1/07 | N/A | N/A | N/A | UBS Investment Bank, JP Morgan, Leerink Swann & Co., Pacific Growth Equities | $100 |
|
Jazz Pharmaceuticals Inc. (JAZZ)7 |
3/9/07 | N/A | N/A | N/A | Morgan Stanley, Credit Suisse, Lehman Brothers, Natexis Bleichroeder | $172 |
|
Light Sciences Oncology Inc. (LSON)8 |
4/21/06 | 5.25S | $14-$16 | 18.5 | Cowen & Co., Wachovia Securities (co-lead), Jefferies & Co., Thomas Weisel Partners | $78.75 |
|
Merrion Pharmaceuticals Ltd. (MERR)9 |
4/3/07 | N/A | N/A | N/A | Punk, Ziegel & Co., Goodbody Stockbrokers, Stanford Group Co. | $46 |
|
NeurogesX Inc. (NGSX)10 |
2/8/07 | 4S | $13-$15 | N/A | Morgan Stanley, Pacific Growth Equities, Lazard Capital Markets, Susquehanna Financial | $56 |
|
NovaBay Pharmaceuticals Inc. (AMEX:NBY; TSX:NBY)11 |
2/15/07 | N/A | N/A | 31.8 | N/A | $23 |
|
NovaCardia Inc. (NCAR)12 |
3/30/07 | N/A | N/A | 88.1 | J.P. Morgan Securities Inc., Credit Suisse Securities (co-lead), Pacific Growth Equities LLC, Albany Capital Inc. | $86.3 |
|
Perlegen Sciences Inc. (PERL)13 |
4/10/06 | N/A | N/A | N/A | Lehman Brothers, Deutsche Bank Securities (co-lead), Piper Jaffray & Co., Allen & Co. | $115 |
|
Quark Biotech Inc. (QURK)14 |
3/30/07 | N/A | N/A | 37.5 | JPMorgan, CIBC World Markets, Banc of America Securities, C.E. Unterberg, Towbin | $86.3 |
|
Sirtris Pharmaceuticals Inc. (SIRT)15 |
3/1/07 | 5S | $9-$11 | N/A | JP Morgan, CIBC World Markets, Piper Jaffray, JMP Securities, Rodman & Renshaw | $50 |
|
Sucampo Pharmaceuticals Inc. (SCMP)16 |
6/19/06 | N/A | N/A | N/A | Banc of America Securities, Deutsche Bank Securities (co-lead), Leerink Swann & Co. | $86.25 |
| FOLLOW-ON OFFERINGS | ||||||
| Company (Symbol/ Proposed Symbol)#* |
Date Filed | Shares/ Units (M) | Price Range | Shares Out (M)@ | Lead, Other Underwriters | Value (M) |
| A.P. Pharma Inc. (APPA)17 | 4/6/07 | N/A | N/A | N/A | Merriman Curhan Ford | $28.8 |
|
Array BioPharma Inc. (ARRY)18 |
4/24/07 | 7S | $13.91 | N/A | J.P. Morgan Securities Inc., Banc of America (co-lead), Jefferies & Co. Inc., Piper Jaffray & Co. | $97.4 |
|
BioMS Medical Corp. (Canada; TSX:MS)19 |
4/10/07 | N/A | N/A | N/A | Orion Securities, Desjardins Securities (co-lead) | ($30.5) C$35 |
|
Neurochem Inc. (NRMX)20 |
1/18/07 | N/A | N/A | N/A | N/A | $102 |
|
Pharmacopeia Inc. (PCOP)21 |
4/24/07 | 6.25S | $6.44 | N/A | CIBC World Markets, Canaccord Adams, Merriman Curhan Ford | $40.25 |
|
Rigel Pharmaceuticals Inc. (RIGL)22 |
4/30/07 | 5S | $11.30 | 30.2 | Credit Suisse Sec., Lehman Brothers (co-lead), Thomas Weisel Partners | $56.5 |
| WITHDRAWN OR POSTPONED | ||||||
| Company (Symbol/ Proposed Symbol)#* |
Date Filed/ Date Pulled | Shares/ Units (M) | Price Range | Shares Out (M)@ | Lead, Other Underwriters | Value (M) |
|
PTC Therapeutics Inc. (PTCT)23 |
3/31/06 4/20/07 |
N/A | N/A | N/A | Morgan Stanley & Co., JP Morgan Securities (co-lead), Pacific Growth Equities | $86.25 |
| Notes: | ||||||
| # Unless otherwise indicated, shares are traded on the Nasdaq exchange; general shelf registration statements are not included until action is taken on the filing. | ||||||
| * Stock symbols for companies seeking to complete IPOs are proposed. | ||||||
| @ This column reflects the shares outstanding following the offering, when disclosed. | ||||||
| N/A = Not available, applicable or reported. | ||||||
| AMEX = American Stock Exchange; TSX = Toronto Stock Exchange. | ||||||
| 1. Aegerion filed to raise $86M in an IPO; the price per share and number of shares to be offered have not yet been disclosed. | ||||||
| 2. Amicus filed to raise $86.3M in an IPO. | ||||||
| 3. Biodel set the number of shares to be offered and the price range in April. The value is based on the midpoint of that range. | ||||||
| 4. Bioheart filed for a $35M IPO. | ||||||
| 5. EndoCeutics' expected IPO value is based on the midpoint of the price range. | ||||||
| 6. Helicos filed to raise $100M in its IPO. The number of shares to be offered and the price range were not disclosed. | ||||||
| 7. Jazz filed for its IPO to raise $172M, but has not yet disclosed the number of shares to be offered or the price range. | ||||||
| 8. Light Sciences Oncology filed to raise up to $86.25M in an IPO. The shares and price range were estimated in September. The value is based on the midpoint of those estimates. | ||||||
| 9. Merrion filed to go public and plans to list American depositary shares on Nasdaq and ordinary shares in a secondary listing on the Irish Enterprise Exchange, both under the ticker "MERR." | ||||||
| 10. NeurogesX amended the terms of its IPO in April, offering to sell 4M shares at a range between $13 and $15 each. At the midpoint of the range, the value is $56M. The company could raise up to $69M if underwriters exercise a 600,000-share overallotment option and the offering is priced at the high end of the range. | ||||||
| 11. NovaBay is seeking a dual listing on the American and Toronto stock exchanges, hoping to raise $23M. | ||||||
| 12. NovaCardia filed to raise $86.3M in its IPO. | ||||||
| 13. Perlegen filed to raise up to $115M in an IPO. | ||||||
| 14. Quark Biotech filed to raise $86.3M in its IPO. | ||||||
| 15. Sirtris set the number of shares to be offered and the price range in April. The value is based on the midpoint of the expected price range. | ||||||
| 16. Sucampo filed to raise up to $86.25M in an IPO. | ||||||
| 17. AP Pharma filed to raise $28.8M in a public offering. | ||||||
| 18. Array plans to offer 7M shares, which would raise $97.4M based on the April 23 closing stock price. The underwriters have an overallotment option on 1.05M shares. | ||||||
| 19. BioMS granted the underwriters an overallotment option to purchase an additional 15% of shares offered; Jefferies & Co. Inc. is acting as a U.S. placement agent for the offering. | ||||||
| 20. Neurochem filed registration statements for $102M in Canada and the U.S. including the resale of up to $60M of its common shares and the resale of 6% senior convertible notes. | ||||||
| 21. Pharmacopeia plans to offer 6.25M shares, which would bring the company $40.25M based on the April 23 closing stock price. The underwriters have an overallotment option for 937,500 additional shares. | ||||||
| 22. Rigel's proposed offering is based on the closing stock price on April 27. The underwriters will have an overallotment option for another 750,000 shares. | ||||||
| 23. PTC withdrew its IPO filing because of an improved financial position as a private entity. | ||||||