I. COMMENCED TRADING IN OCTOBER

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

Achillion
Pharmaceuticals
Inc. (ACHN)1

4/3/06

10/26/06

4.5S

$11.50

14.85

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

$51.75

$170.8

Cadence
Pharmaceuticals
Inc. (CADX)2

7/17/06

10/25/06

6S

$9

28.05

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

$54

$252.5

Innate Pharma
SAS (France;
Euronext:IPH)3

10/19/06

10/31/06

5.54S

€4.50

22.74

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

€24.9
($31.8)

€102.3

OctoPlus
Technologies NV
(the Netherlands;
Euronext:OCTO)4

8/28/06

10/4/06

4.3S

€4.65

16.16

Cowen International, Fortis Bank (co-lead), Kempen & Co.

€20 ($25)

€75.1

Trubion
Pharmaceuticals
Inc. (TRBN)5

6/2/06

10/18/06

4S

$13

16.91

Morgan Stanley & Co., Banc of America Securities (co-lead), Pacific Growth Equities, Lazard Capital Market

$52

$219.8

Total: $214.55M

Number of IPOs in October: 5

Average value of October IPOs: $42.91M

Number of IPOs in 2006: 24

Total raised in IPOs in 2006: $1,082.53M

Average value of IPOs in 2006: $45.10M

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)%

Dynavax
Technologies
Corp. (DVAX)6

9/27/06

10/4/06

7.13S

$4.40

37.72

Pacific Growth Equities

$31.4

$166.0

Exelixis Inc.
(EXEL)7

9/27/06

10/5/06

11.5S

$8.40

95.65

Goldman, Sachs & Co., Cowen and Co. (co-lead), Banc of America Securities, Piper Jaffray & Co.

$96.6

$803.5

Viragen Inc.
(AMEX:VRA)8

7/31/06

10/31/06

67S and and 67W

$0.26

115.3

Dawson James Securities

$17.4

$30.0

Total: $145.4M

Number of follow-on offerings in October: 3

Average value of October follow-ons: $48.47M

Number of follow-on offerings in 2006: 31

Total raised in follow-ons in 2006: $2,887.73M

Average value of follow-ons in 2006: $93.15M

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. Achillion raised $51.75M in an IPO of 4.5M shares. Underwriters have an option to purchase up to 675,000 additional shares to cover overallotments.

2. Cadence raised $54M in an IPO of 6M shares. Underwriters have an option to purchase up to 900,000 additional shares to cover overallotments.

3. Innate Pharma raised €24.9 in an IPO on the Euronext Exchange. Underwriters have an option to purchase up to 830,000 additional shares to cover overallotments. Totals do not include a separate €5M investment made by Novo Nordisk A/S.

4. OctoPlus raised €20M in an IPO on the Euronext Exchange. Underwriters have an option to purchase up to 645,161 additional shares to cover overallotments.

5. Trubion raised $52M in an IPO of 4M shares. Underwriters have an option to purchase up to 600,000 additional shares to cover overallotments. Totals do not include 800,000 shares purchased concurrently by Wyeth.

6. Dynavax raised about $31.4M in a follow-on offering. Totals include the underwriter's purchase of 930,000 shares per its overallotment option.

7. Exelixis raised $96.6M in a follow-on offering. Totals include the underwriters' purchase of 1.5M shares per their overallotment option.

8. Viragen raised about $17.4M in a follow-on offering of stock and warrants. The five-year warrants are exercisable at $0.31 per share. The underwriter has an option to purchase up to 10.05M additional units to cover overallotments.

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

ActivBiotics
Inc. (ACTV)1

8/14/06

4S

$12-$14

N/A

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

$52

Affymax Inc.
(AFFY)2

7/28/06

N/A

N/A

N/A

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

$115.0

Catalyst
Pharmaceutical
Partners Inc.
(CPRX)3

7/25/06

3S

$11-$13

N/A

First Albany Capital, Stifel Nicolaus (co-lead)

$36


Emergent
BioSolutions
Inc. (EBSI)4

8/15/06

5S

$14-16

N/A

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

$75

ImaRx
Therapeutics
Inc. (IMRX)5

5/19/06

5S

$10-$12

N/A

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

$55

Light Sciences
Oncology Inc.
(LSON)6

4/21/06

5.25S

$14-$16

N/A

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

$78.75

Metabolix
Inc. (MBLX)7

7/14/06

5.8S

$12-$14

N/A

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

$75.4

Molecular
Insight
Pharmaceuticals
Inc. (MIPI)8

11/8/05

N/A

N/A

N/A

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

$57.5

Perlegen
Sciences Inc.
(PERL)9

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)10

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)11

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)12

9/7/06

3S

$11-$13

N/A

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

$36

Sucampo
Pharmaceuticals
Inc. (SCMP)13

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

Aradigm Corp.
(ARDM)14

10/24/06

23S

$1.43

N/A

Punk Ziegel & Co.

$32.9

Pharmacyclics
Inc. (PCYC)15

10/30/06

3.81S

$5.33

N/A

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

$20.3

WITHDRAWN AND POSTPONED

Company
(Symbol/
Proposed
Symbol)#*

Date
Filed/
Date
Pulled

Shares/
Units
(M)

Price
Range

Shares
Out
(M)@

Lead, Other
Underwriters

Value
(M)

BioVex
Group Inc.
(BVEX)16

6/20/06
10/20/06

3.4S

$11-$13

N/A

Janney Montgomery Scott, Stifel Nicolaus

$40.8

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. ActivBiotics filed to raise up to $46M in an IPO. The shares and price range were estimated in October. The value is based on the midpoint of those estimates.

2. Affymax filed to raise up to $115M in an IPO.

3. Catalyst filed to raise up to $40.25M in an IPO. The shares and price range were estimated in October. The value is based on the midpoint of those estimates.

4. Emergent filed to raise up to $86.25M in an IPO. The shares and price range were estimated in October. The value is based on the midpoint of those estimates.

5. 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.

6. 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.

7. Metabolix filed to raise up to $86.25M in an IPO. The shares and price range were estimated in October. The value is based on the midpoint of those estimates.

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

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

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

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

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

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

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

15. Pharmacyclics filed to sell 3.81M shares from a shelf registration. The value is based on the Oct. 30 closing price.

16. BioVex cited market conditions in withdrawing its proposed IPO.