I. COMMENCED TRADING IN MAY

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

BioMimetic
Therapeutics
Inc.
(BMTI)1

2/10/06

5/12/06

4.6S

$8

15.57

Deutsche Bank Securities, Pacific Growth Equities (co-lead), First Albany Capital, AG Edwards

$36.8

$124.6

Novacea Inc.
(NOVC)2

2/10/06

5/10/06

6.25S

$6.50

22.32

Bear, Stearns & Co., Cowen & Co. (co-lead), Pacific Growth Equities, HSBC Securities

$40.6

$139.5

OVERALLOTMENT OPTIONS

Omrix Bio-
pharmaceuticals
Inc.
(OMRI)3

1/18/06

5/8/06

0.516S

$10

14.84

UBS Investment Bank, CIBC World Markets (co-lead), Leerink Swann & Co., Oppenheimer & Co.

$5.2

$148.4

Total: $82.6M

Number of IPOs in May: 2

Average value of May IPOs: $38.7M

Number of IPOs in 2006: 12

Total raised in IPOs in 2006: $608.98M

Average value of IPOs in 2006: $50.75M

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)%


Illumina Inc.
(ILMN)4

5/11/06

5/19/06

4.025S

$25.50

45.20

Goldman, Sachs & Co., Merrill Lynch & Co. (co-lead), Cowen and Co., Robert W. Baird & Co.

$102.6

$1,152.6

Sirna
Therapeutics
Inc.
(RNAI)5

5/15/06

5/24/06

10.35S

$5

72.63

UBS Investment Bank, JP Morgan Securities (co-lead), CIBC World Markets, Leerink Swann & Co., Brean Murray, Carret & Co.

$51.75

$363.2

OVERALLOTMENT OPTIONS

Labopharm
Inc.
(Canada;
TSE:DDS)6

4/18/06

5/3/06

1.65S

$8

56.55

Merrill Lynch & Co., Banc of America (co-lead), Canaccord Capital, Leerink Swann & Co., Orion Securities, Dundee Securities, Westwind Partners

$13.2

$452.4

Medarex
Inc.
(MEDX)7

4/3/06

5/8/06

1.5S

$11.75

123.4

Goldman, Sachs & Co., JP Morgan Securities (co-lead), Janney Montgomery Scott

$17.6

$1,450.0

Total: $185.15M

Number of follow-on offerings in May: 2

Average value of May follow-ons: $77.18M

Number of follow-on offerings in 2006: 22

Total raised in follow-ons in 2006: $2,184.32M

Average value of follow-ons in 2006: $99.29M


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.

TSE = Toronto Stock Exchange.

1. BioMimetic raised $36.8M in an initial public offering. Underwriters have an option to purchase up to 690,000 additional shares to cover overallotments.

2. Novacea raised $40.6M in an initial public offering. Underwriters have an option to purchase up to 937,500 additional shares to cover overallotments.

3. Underwriters of Omrix's IPO that priced in April exercised their option to purchase 515,625 additional shares. The IPO totaled about 3.956M shares and $39.6M in gross proceeds.

4. Illumina raised about $102.6M in a follow-on offering from a shelf registration. Totals include the underwriters' purchase of 525,000 shares per their overallotment option.

5. Sirna raised $51.75M in a follow-on offering from a shelf registration. Totals include the underwriters' purchase of 1.35M shares per their overallotment option.

6. Underwriters of Labopharm's follow-on offering that priced in April exercised their option to purchase 1.65M additional shares. The offering totaled about 12.65M shares and $101.2M in gross proceeds.

7. Underwriters of Medarex's follow-on offering that priced in April exercised their option to purchase 1.5M additional shares. The offering totaled 11.5M shares and $135.1M in gross proceeds.

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

Achillion
Pharmaceuticals
Inc.
(ACHN)1

4/3/06

N/A

N/A

N/A

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

$75

Amicus
Therapeutics
Inc.
(AMTX)2

5/17/06

N/A

N/A

N/A

Morgan Stanley, Goldman, Sachs & Co. (co-lead), Pacific Growth Equities

$86.25

BioNumerik
Pharmaceuticals
Inc.
(BNPI)3

6/9/04

5S

$14-$16

N/A

UBS Investment Bank, Needham & Co., Leerink Swann & Co., Punk, Ziegel & Co.

$75

Cleveland
BioLabs Inc.
(CBLI)4

2/17/06

N/A

N/A

N/A

Sunrise Securities

$13.8

ImaRx
Therapeutics
Inc.
(IMRX)5

5/19/06

N/A

N/A

N/A

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

$75

Light Sciences
Oncology Inc.
(LSON)6

4/21/06

N/A

N/A

N/A

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

$86.25

Molecular
Insight
Pharmaceuticals
Inc.
(MIPI)7

11/8/05

N/A

N/A

N/A

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

$57.5

Osiris
Therapeutics
Inc.
(OSIR)8

5/12/06

N/A

N/A

N/A

Deutsche Bank Securities

$80

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

QuatRx
Pharmaceuticals
Co.
(QTRX)12

2/3/06

6S

$11-$13

N/A

Banc of America Securities, Pacific Growth Equities Cowen & Co. (co-lead) Lazard Capital Markets

$72

Replidyne Inc.
(RDYN)13

4/6/06

N/A

N/A

N/A

Merrill Lynch & Co., Morgan Stanley & Co. (co-lead), Cowen & Co. Pacific Growth Equities

$100

WITHDRAWN AND POSTPONED

Company
(Symbol/
Proposed
Symbol)#*

Date
Filed/
Date
Pulled

Shares/
Units
(M)

Price
Range

Shares
Out
(M)
@

Lead, Other Underwriters

Value
(M)


Adventrx
Pharmaceuticals
Inc.
(AMEX:ANX)14

5/16/06/ 5/22/06

15.5S

$4.64

N/A

UBS Investment Bank, CIBC World Markets, RBC Capital Markets, Fortis Securities

$69.6


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. Achillion filed to raise up to $75M in an IPO.

2. Amicus filed to raise up to $86.25M in an IPO.

3. BioNumerik filed to raise up to $86.25M in an IPO. It later proposed selling 5M shares at $14 to $16 per share. The value is based on the midpoint of that price range.

4. Cleveland BioLabs filed to raise up to $13.8M in an IPO.

5. ImaRx filed to raise up to $75M in an IPO.

6. Light Sciences Oncology filed to raise up to $86.25M in an IPO.

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

8. Osiris filed to raise up to $80M 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. QuatRx filed to raise up to $86.25M in an IPO. Terms were proposed in April. The value is based on the midpoint of that estimate.

13. Replidyne filed to raise up to $100M in an IPO.

14. Adventrx cited market conditions in withdrawing its proposed follow-on offering.

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