I. COMMENCED TRADING IN MAY

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

Addex Pharmaceuticals SA (Switzerland; SWX:ADXN)1

5/16/07**

5/23/07

1.875S

CHF73

5.86S

N/A

CHF136.9 ($111.3)

CHF428 ($348)

Amicus Therapeutics Inc. (FOLD)2

3/30/07

5/31/07

5S

$15

22.2

Morgan Stanley, Merrill Lynch (co-lead), J.P. Morgan Securities Inc., Lazard Capital Markets LLC, Pacific Growth Equities

$75

$333

Biodel Inc. (BIOD)3

2/7/07

5/11/07

5.75S

$15

20.15

Banc of America Sec., Morgan Stanley (co-lead), Leerink Swann & Co., Natexis Bleichroeder

$86.25

$302.25

Eurand International SpA (Italy; EURX)4

5/1/07

5/17/07

7S

$16

43.86

Deutsche Bank Sec., Lehman Brothers (co-lead), Banc of America Securities, Lazard Capital Markets, Thomas Weisel Partners

$112

$701.76

HalcyGen Pharmaceuticals Ltd. (Australia; ASX) 5/31/07 5/31/07 25S

A$0.50

76 Tolhurst Ltd. A$12.5 ($10.3) A$38 ($31.6)

Helicos BioSciences Corp. (HLCS)5

3/1/07

5/24/07

5.4S

$9

20.5

UBS Investment Bank, JP Morgan (co-lead), Leerink Swann & Co., Pacific Growth Equities

$48.6

$184.5

NeurogesX Inc. (NGSX)6

2/8/07

5/2/07

4S

$11

12.5

Morgan Stanley, Pacific Growth Equities, Lazard Capital Markets, Susquehanna Financial

$44

$112.5

Sirtris Pharmaceuticals Inc. (SIRT)7

3/1/07

5/23/07

6.9S

$10

28.7

JP Morgan, CIBC World Markets, Piper Jaffray, JMP Securities, Rodman & Renshaw

$69

$287

Total: $556.45M
Number of IPOs in May: 8
Average value of May IPOs: $69.56
Number of IPOs in 2007: 24
Total raised in IPOs in 2007: $1,244.30M
Average value of IPOs in 2007: $51.85M
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)%


Advanced Magnetics Inc.

(AMAG)8

5/16/07

5/23/07

2.5S

$65.14

16.7

Morgan Stanley, Bear Stearns (co-lead), Deutsche Bank Sec., Jefferies & Co., ThinkEquity Partners

$162.9

$1,088

Array BioPharma Inc. (ARRY)9

4/24/07

5/2/07

7S

$13

47

J.P. Morgan Securities Inc., Banc of America (co-lead), Jefferies & Co. Inc., Piper Jaffray & Co.

$91

$611

BioMS Medical Corp. (Canada;

TSX:MS)10

4/10/07

5/15/07

16.1U

C$2.75

N/A

Orion Securities, Desjardins Sec. (co-lead), Versant Partners Inc., Jefferies & Co. Inc., Janney Montgomery Scott

C$44.3 ($40.8)

N/A

Cypress Bioscience Inc. (CYPB)11

5/30/07

5/30/07

4.7S

$15.50

37

UBS Investment Bank, CIBC World Markets (co-lead), Jefferies & Co. (co-lead)

$72.9

$573.5

Genomic Health Inc. (GHDX)12

5/15/07

5/22/07

3S

$15.50

27.6

J.P. Morgan Securities, Lehman Brothers (co-lead), Piper Jaffray & Co., JMP Securities LLC

$46.5

$427.8

Javelin Pharmaceuticals Inc. (AMEX:JAV)13

5/2/07

5/11/07

7.1S

$6

47.86

JP Morgan Securities, Pacific Growth Equities, Leerink Swann & Co., Allen & Co. LLC, Fortis Securities, Punk Ziegel & Co.

$42.6

$287.16

Pharmacopeia Inc. (PCOP)14

4/24/07

5/2/07

8S

$5

29.5

CIBC World Markets, Canaccord Adams, Merriman Curhan Ford

$40

$147.5

Pharmion Corp. (PHRM)15

5/3/07

5/11/07

4S

$30

36.15

Banc of America Sec., Cowen and Co. (co-lead),

Pacific Growth Equities, Friedman, Billings, Ramsey, HSBC Securities (USA) Inc.

$120

$1,084.5

Rigel Pharmaceuticals Inc. (RIGL)16

4/30/07

5/3/07

5S

$9.75

30.2

Credit Suisse Sec., Lehman Brothers (co-lead), Thomas Weisel Partners

$48.8

$294.45

Sunesis Pharmaceuticals Inc. (SNSS)

11/16/06

5/24/07

4.75S

$4.43

34.2

Lehman Brothers Inc., Cowen & Co. LLC, C.E. Unterberg Towbin

$21

$151.5

OVERALLOTMENTS

Genitope Corp. (GTOP)17

4/19/07

5/18/07

0.5S

$3.85

42.05

Punk, Ziegel & Co.,

$1.9

$161.9

Orexigen Therapeutics Inc. (OREX)18

12/16/06

5/2/07

1.05S

$12

26.95

Merrill Lynch & Co., JP Morgan Securities (co-lead),JMP Securities, Leerink Swann & Co.

$12.6

$323.4

Total: $701M
Number of follow-on offerings in May: 10
Average value of May follow-ons: $70.1M
Number of follow-on offerings in 2007: 32
Total raised in follow-ons in 2007: $1,975.19M
Average value of follow-ons in 2007: $61.72M

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.

AMEX = American Stock Exchange; ASX = Australian Stock Exchange; SWX = Swiss Stock Exchange; TSX = Toronto Stock Exchange

1. Addex's overallotment option: 281,250 shares.

2. Amicus' overallotment option: 750,000 shares

3. Includes Biodel's overallotment option: 750,000 shares.

4. Eurand's overallotment option: 1.05M shares.

5. Helicos' overallotment option: 810,000 shares.

6. NeurogesX's overallotment option: 600,000 shares.

7. Includes Sirtris' overallotment option: 900,000 shares

8. Advanced Magnetics' overallotment option:375,000 shares.

9. Array's overallotment option: 1.05M shares.

10. Includes BioMS' overallotment option: 2.1M units. Each unit equals one-common share and one-half of one warrant, with each whole warrant entitling the holder to purchase one common share at C$4.

11. Cypress' overallotment option: 705,000 shares.

12. Genomic Health's overallotment option: 450,000 shares.

13. Javelin's overallotment option: 1.1M shares.

14. Pharmacopeia's offering includes 1.05M-share overallotment option.

15. Pharmion's overallotment option: 600,000 shares.

16. Overallotment option: 750,000 shares

17. Genitope's total offering was 6M shares for $23.1M.

18. Orexigen's underwriters exercised in full their overallotment option, bringing the total shares offered to 8.05M and the gross amount raised to $96.6.

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

5S

$12-$14

18.6

Lehman Brothers, CIBC World Markets,

Thomas Weisel Partners, C.E. Unterberg Towbin

$65

Bioheart Inc. (BHRT)

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)

2/27/07

5.75S

$7-$9

N/A

First Albany Capital, Oppenheimer & Co., Stifel Nicolaus

$46

ImaRx Therapeutics
Inc.
(IMRX)2

5/4/07

3S

$6.50- $7.50

9.1

Maxim Group LLC

$21

Jazz Pharmaceuticals
Inc.
(JAZZ)3

3/9/07

6S

$20-$21

24.55

Morgan Stanley, Credit Suisse,

Lehman Brothers, Natexis Bleichroeder

$123

Light Sciences Oncology Inc.
(LSON)

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)4

4/3/07

N/A

N/A

N/A

Punk, Ziegel & Co. Goodbody Stockbrokers, Stanford Group Co.

$46

MonoSol Rx Inc. (MSRX)

5/14/07

N/A

N/A

N/A

Cowen and Co. CIBC World Markets Susquehanna Financial

$86.25

NovaBay Pharmaceuticals
Inc.
(AMEX:NBY; TSX:NBY)5

2/15/07

N/A

N/A

31.8

N/A

$23

NovaCardia Inc. (NCAR)

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

Quark Biotech Inc. (QURK)

3/30/07

N/A

N/A

37.5

JPMorgan, CIBC World Markets, Banc of America Securities, C.E. Unterberg, Towbin

$86.3

Sucampo Pharmaceuticals
Inc.
(SCMP)

6/19/06

N/A

N/A

N/A

Banc of America Securities, Deutsche Bank Securities (co-lead), Leerink Swann & Co.

$86.25

Targanta Therapeutics
Corp.
(TARG)

5/14/07

N/A

N/A

N/A

Credit Suisse Securities, Cowen and Co., Lazard Capital Markets, Leerink Swann and Co.

$86.25

FOLLOW-ON OFFERINGS

A.P. Pharma Inc. (APPA)

4/6/07

N/A

N/A

N/A

Merriman Curhan Ford

$28.8

Chemokine Therapeutics
Corp.
(Canada; TSX:CTI; OTC BB: CHKT)

5/30/07

N/A

N/A

N/A

GMP Securities

$25

Neurochem Inc. (NRMX)

1/18/07

N/A

N/A

N/A

N/A

$102

WITHDRAWN OR POSTPONED

Company (Symbol/
Proposed
Symbol)#*

Date Filed/
Date
Pulled

Shares/ Units (M)

Price Range

Shares Out (M)@

Lead, Other Underwriters

Value (M)


Perlegen Sciences Inc. (PERL)6

4/10/06 5/1/07

N/A

N/A

N/A

Lehman Brothers, Deutsche Bank Securities (co-lead), Piper Jaffray & Co., Allen & Co.

$115

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.
The value of all offerings is based on either the midpoint of the price range listed in the company's SEC filing or the most recent closing stock price before the offering was announced. In some cases, the company has not disclosed the number of shares to be offered or a price range. Then, the value is the maximum aggregate offering price listed in the SEC filing.
N/A = Not available, applicable or reported.
AMEX = American Stock Exchange; OTC BB = Over-the-Counter Bulletin Board; TSX = Toronto Stock Exchange.
1 Aegerion's overallotment option: 750,000 shares.
2 ImaRx's overallotment option: 450,000 shares.
3 Jazz's overallotment option: 900,000 shares.
4 Merrion 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."
5 NovaBay is seeking a dual listing on the American and Toronto stock exchanges.
6 Perlegen withdrew its IPO after underwriters advised the company to do so pending the outcome of certain genetic studies in connection with an ongoing research initiative. The company also cited questions of a government contract and market conditions as reasons for the withdrawal.