I. COMMENCED TRADING IN MARCH

INITIAL OFFERINGS

OVERALLOTMENT OPTIONS

Total: $55.02M

Number of IPOs in March: 1

Average value of March IPOs: $50.6M

Number of IPOs in 2006: 6

Total raised in IPOs in 2006: $286.78M

Average value of IPOs in 2006: $47.80M

FOLLOW-ON OFFERINGS

Total: $867.30M

Number of follow-on offerings in March: 8

Average value of March follow-ons: $108.41M

Number of follow-on offerings in 2006: 17

Total raised in follow-ons in 2006: $1,664.52M

Average value of follow-ons in 2006: $97.91M

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.

1. Alexza raised $50.6M in an IPO of 6.325M shares. Totals include the underwriters' purchase of 825,000 shares per their overallotment option.

2. Underwriters of Acorda's IPO in February exercised their option to purchase 575,614 additional shares. The offering totaled about 6.076M shares and $36.5M in gross proceeds.

3. Underwriters of SGX's IPO in January exercised their option to purchase 152,904 additional shares. The offering totaled about 4.153M shares and $24.9M in gross proceeds.

4. Advanced Magnetics raised about $33.8M in a follow-on offering of 1.233M shares from an existing shelf registration.

5. Amylin raised $465M in a follow-on offering. Underwriters have an option to purchase up to 1.5M additional shares to cover overallotments.

6. BioMarin raised about $134.6M in a follow-on offering. Totals include the underwriters' purchase of 1.35M shares per their overallotment. BioMarin separately sold $172.5M in convertible notes.

7. Cepheid raised $86M in a follow-on offering. Underwriters have an option to purchase up to 1.5M additional shares to cover overallotments.

8. Cerus raised about $45.3M in a follow-on offering from a shelf registration. Totals include the underwriters' purchase of 675,000 shares per their overallotment option.

9. Dyax raised $31.1M in a follow-on offering from a shelf registration. The underwriter has an option to purchase up to 825,000 additional shares to cover overallotments.

10. Insmed raised $46M in a follow-on offering from a shelf registration. Totals include the underwriters' purchase of 3M shares per their overallotment option.

11. Kosan raised $25.5M in a follow-on offering. Totals include the shares purchased by underwriters per their overallotment option.

II. FILED AND PENDING

INITIAL OFFERINGS

WITHDRAWN AND POSTPONED

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. BioMimetic filed to raise up to $50M in an IPO.

2. 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.

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

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

5. Novacea filed to raise up to $75.4M in an IPO.

6. Omrix filed to raise up to $80.5M in an IPO. It set the price range in March.

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

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

9. Targacept filed to raise up to $59.8M in an IPO. Terms were set in March. A previous IPO filing was withdrawn in March 2005.

10. Vanda filed to raise up to $75M in an IPO. Terms were set in March.

11. Corautus terminated an already-priced offering following the release of negative clinical developments the following week.