I. COMMENCED TRADING IN NOVEMBER

Company
(Symbol)#

Date
Filed

Date
Comm.

Shares/
Units (M)

Price

Shares
Out
(M)@

Lead, Other
Underwriters

Gross
(M)

Post-Offering
Market
Cap (M)%


INITIAL OFFERINGS

Catalyst
Pharmaceutical
Partners Inc.
(CPRX)1

7/25/06

11/9/06

3.35S

$6

12.52

First Albany Capital, Stifel Nicolaus (co-lead)

$20.1

$75.1

Emergent
BioSolutions
Inc.
(NYSE:EBS)2

8/15/06

11/15/06

5S

$12.50

27.42

JP Morgan Securities, Cowen and Co. (co-lead), HSBC Securities

$62.5

$342.8

Metabolix
Inc.
(MBLX)3

7/14/06

11/17/06

7.82S

$14

20.41

Piper Jaffray & Co., Jefferies & Co., Thomas Weisel Partners, Ardour Capital Investments

$109.5

$285.7

Santhera
Pharmaceuticals
AG
(Switzerland;
SWX:SANN)4

10/23/06

11/3/06

0.984S

CHF90

2.95

Deutsche Bank AG, Piper Jaffray, WestLB AG, Zurcher Kantonalbank

CHF88.5
($71)

CHF265.5
($213.5)

Wilex AG
(Germany;
FSE:WL6)5

10/11/06

11/10/06

4S

€13.80

11.96

WestLB AG, Sal. Oppenheim (co-lead)

€55.2
($70.8)

€165.1
($211.9)

OVERALLOTMENT OPTIONS

Achillion
Pharmaceuticals
Inc.
(ACHN)6

4/3/06

11/8/06

0.675S

$11.50

15.53

Cowen & Co., CIBC World Markets (co- Lead), JMP Securities

$7.75

$178.6

Cadence
Pharmaceuticals
Inc.
(CADX)7

7/17/06

11/13/06

0.9S

$9

28.95

Merrill Lynch & Co., Deutsche Bank Securities (co-lead), Pacific Growth Equities, JMP Securities

$8.1

$260.6

Innate Pharma
SAS
(France;
Euronext:IPH)8

10/19/06

11/3/06

0.83S

€4.50

24.75

Bryan, Garnier & Co., Societe Generale (co-lead)

€3.7 ($4.9)

€111.4 ($147.5)

Total: $354.65M

Number of IPOs in November: 5

Average value of November IPOs: $66.78M

Number of IPOs in 2006: 29

Total raised in IPOs in 2006: $1,437.18M

Average value of IPOs in 2006: $49.56M

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)%


Alexion
Pharmaceuticals
Inc.
(ALXN)9

9/12/05

11/15/06

3.45S

$43

35.12

Goldman, Sachs & Co., Morgan Stanley & Co. (co-lead), Bear, Stearns & Co., Credit Suisse, Cowen and Co., Piper Jaffray & Co

$148.4

1,510.2

Celgene
Corp.
(CELG)10

11/1/06

11/3/06

20S

$51.60

372.4

JP Morgan Securities, Merrill Lynch & Co. (co-lead), Bear, Stearns & Co., CitiGroup, Goldman, Sachs & Co., Morgan Stanley, Friedman Billings Ramsey, JMP Securities, Lazard Capital Markets, Leerink, Swann & Co., Piper Jaffray & Co., Rodman & Renshaw, Thomas Weisel Partners

$1,032.0

$19,218.6

Pharmacyclics
Inc.
(PCYC)11

10/30/06

11/7/06

4.83S

$4.75

25.78

RBC Capital Markets, Thomas Weisel Partners (co-lead)

$22.94

$122.5

OVERALLOTMENT OPTIONS

Viragen Inc.
(AMEX:VRA)12

7/31/06

11/3/06

5S and and 5W

$0.26

120.3

Dawson James Securities

$1.3

$31.3

Total: $1,204.64M

Number of follow-on offerings in November: 3

Average value of November follow-ons: $401.1M

Number of follow-on offerings in 2006: 34

Total raised in follow-ons in 2006: $4,092.37M

Average value of follow-ons in 2006: $120.36M


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.

1. Catalyst raised $20.1M in an IPO of 3.35M shares. Underwriters have an option to purchase up to 502,500 additional shares to cover overallotments.

2. Emergent raised $62.5M in an IPO of 5M shares. Underwriters have an option to purchase up to 480,000 additional shares to cover overallotments, 270,000 of them from the company.

3. Metabolix raised $109.5M in an IPO of 7.82M shares. Totals include the underwriters' purchase of 1.02M shares per their overallotment option.

4. Santhera raised CHF88.5M in an IPO on the Swiss Stock Exchange. The lead underwriter has an option to purchase up to 147,579 additional shares to cover overallotments.

5. Wilex raised €55.2M in an IPO on the Frankfurt Stock Exchange. Underwriters have an option to purchase up to 600,000 additional shares to cover overallotments.

6. Underwriters of Achillion's IPO that priced in October exercised their overallotment option on another 675,000 shares. The IPO totaled 5.175M shares and $59.5M in gross proceeds.

7. Underwriters of Cadence's IPO that priced in October exercised their overallotment option on another 900,000 shares. The IPO totaled 6.9M shares and $62.1M in gross proceeds.

8. Underwriters of Innate Pharma's IPO that priced in October exercised their overallotment option on about 830,000 additional shares. The IPO totaled about 6.37M shares and €28.6M in gross proceeds. Totals do not include a concurrent €5M investment made by Novo Nordisk A/S.

9. Alexion raised $148.4M in a follow-on offering of 3.45M shares. Totals include the underwriters' purchase of 450,000 shares per their overallotment option.

10. Celgene raised about $1.032B in a follow-on offering of 20M shares. Underwriters have an option to purchase up to 900,000 additional shares to cover overallotments.

11. Pharmacyclics raised $22.94M in follow-on offering of 4.83M shares. Totals include the underwriters' purchase of 630,000 shares per their overallotment option.

12. The underwriter of Viragen's offering of 67M units that priced in October exercised its option to purchase 5M additional units. The offering totaled $18.7M in gross proceeds. The five-year warrants are exercisable at $0.31 per share.

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

Affymax Inc.
(AFFY)1

7/28/06

3.5S

$22-$24

N/A

Morgan Stanley & Co., Cowen and Co. (co-lead), Thomas Weisel Partners (co-lead), RBC Capital Markets

$80.5

ImaRx
Therapeutics
Inc.
(IMRX)2

5/19/06

5S

$10-$12

N/A

CIBC World Markets , Jefferies & Co., First Albany Capital

$55

Light Sciences
Oncology Inc.
(LSON)3

4/21/06

5.25S

$14-$16

N/A

Cowen & Co., Wachovia Securities (co-lead), Jefferies & Co., Thomas Weisel Partners

$78.75

Molecular
Insight
Pharmaceuticals
Inc.
(MIPI)4

11/8/05

N/A

N/A

N/A

Piper Jaffray & Co., Cowen & Co. (co-lead), Oppenheimer & Co., Roth Capital Partners

$57.5

Optimer
Pharmaceuticals
Inc.
(OPTR)5

11/9/06

N/A

N/A

N/A

Piper Jaffray & Co., Jefferies & Co. (co-lead), JMP Securities, Rodman & Renshaw

$86.25

Perlegen
Sciences Inc.
(PERL)6

4/10/06

N/A

N/A

N/A

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

$115

Pharmasset
Inc.
(VRUS)7

5/9/06

N/A

N/A

N/A

Banc of America Securities, UBS Investment Bank (co-lead), JMP Securities

$75

PTC
Therapeutics
Inc.
(PTCT)8

3/31/06

N/A

N/A

N/A

Morgan Stanley & Co., JP Morgan Securities (co-lead), Pacific Growth Equities

$86.25

Rosetta
Genomics Ltd.
(Israel; ROSG)9

9/7/06

3S

$11-$13

N.A

C.E. Unterberg, Towbin, Oppenheimer & Co., Maxim Group

$36

Sucampo
Pharmaceuticals
Inc.
(SCMP)10

6/19/06

N/A

N/A

N/A

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

$86.25

Synta
Pharmaceuticals
Corp.
(SNTA)11

11/22/06

N/A

N/A

N/A

Bear, Stearns & Co., Lehman Brothers (co-lead), Lazard Capital Markets, Montgomery & Co.

$115

FOLLOW-ON OFFERINGS

Aradigm Corp.
(ARDM)12

10/24/06

23S

$1.43

N/A

Punk Ziegel & Co.

$32.9

Arena
Pharmaceuticals
Inc.
(ARNA)13

11/28/06

8S

$14.09

N/A

CIBC World Markets, Cowen and Co. (co-lead), Piper Jaffray & Co.(co-lead) Needham & Co., Leerink Swann & Co., Fortis Securities, Morgan Joseph & Co., Oppenheimer & Co.

$112.7

MannKind
Corp.
(MNKD)14

11/27/06

17.5S

$17.20

N/A

JP Morgan Securities, Merrill Lynch & Co. (co-lead), Wachovia Capital Markets, CIBC World Markets, Leerink Swann & Co.

$301

WITHDRAWN AND POSTPONED

Company
(Symbol/
Proposed
Symbol)#*

Date
Filed/
Date
Pulled

Shares/
Units
(M)

Price
Range

Shares
Out
(M)
@

Lead, Other Underwriters

Value
(M)

ActivBiotics
Inc.
(ACTV)15

8/14/06/
11/13/06

4S

$12-$14

N/A

HSBC Securities, Needham & Co., BMO Capital Markets, Susquehanna Financial

$52


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.

1. Affymax filed to raise up to $115M in an IPO. The shares and price range were estimated in November. The value is based on the midpoint of those estimates.

2. ImaRx filed to raise up to $75M in an IPO. The shares and price range were estimated in September. The value is based on the midpoint of those estimates.

3. 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.

4. Molecular Insight filed to raise up to $57.5M in an IPO.

5. Optimer filed to raise up to $86.25M in an IPO.

6. Perlegen filed to raise up to $115M in an IPO.

7. Pharmasset filed to raise up to $75M in an IPO.

8. PTC Therapeutics filed to raise up to $86.25M in an IPO.

9. Rosetta filed to raise $36M in an IPO on Nasdaq, based on the midpoint of the estimated price range.

10. Sucampo filed to raise up to $86.25M in an IPO.

11. Synta filed to raise up to $115M in an IPO. A previous IPO attempt was postponed in 2005.

12. Aradigm filed to sell up to 23M shares in a follow-on offering. The value is based on the Oct. 23 closing price.

13. Arena filed to sell up to 8M shares in a follow-on offering. The value is based on the Nov. 28 closing price.

14. MannKind filed to sell up to 17.5M shares in a follow-on offering. The value is based on the Nov. 27 closing price.

15. ActivBiotics cited market conditions in withdrawing its proposed IPO.

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