• Akesis Pharmaceuticals Inc., of San Diego, entered a common stock and warrant purchase agreement on March 31 with certain accredited investors and has consummated an initial closing for gross proceeds of $150,000. Akesis is authorized to sell up to 250,000 shares of common stock at $2 per share and issue warrants for up to 125,000 shares of common stock. For each two shares of common stock purchased, each investor will receive a warrant to purchase one share of common stock at $3 per share. The warrants are exercisable for a period of three years following the initial closing date. Akesis is focused on diabetes and other metabolic disorders.

• Amylin Pharmaceuticals Inc., of San Diego, said the underwriters exercised an overallotment option to purchase 1.5 million shares of common stock associated with the follow-on stock offering priced in late March. Including the overallotment shares, the offering will total 11.5 million shares at $46.50 each, resulting in net proceeds to the company of about $508 million. Morgan Stanley & Co. Inc. acted as the sole bookrunner and co-lead manager, while Goldman, Sachs & Co. acted as the other co-lead manager. Co-managers were Bear, Stearns & Co. Inc. and Lehman Brothers Inc. (See BioWorld Today, March 31, 2006.)

• Ingenium Pharmaceuticals AG, of Munich, Germany, conducted the first closing of its Series D financing at €9.2 million (US$11.3 million). The round was lead by existing investors HBM Bioventures (Cayman) Ltd. and TVM Capital. Ingenium Pharmaceuticals is focused on novel therapeutics to treat pain and inflammatory diseases.

• Kosan Biosciences Inc., of Hayward, Calif., closed its previously announced public offering of 5.1 million shares of common stock, including 100,000 shares to cover overallotments, at a price of $5 each. Net proceeds are about $24.2 million. Kosan is developing a heat-shock protein 90 (Hsp90) inhibitor, KOS-953, in Phase I and Phase II development for multiple myeloma and HER2-positive breast cancer, and has a second-generation Hsp90 inhibitor, KOS-1022, in Phase I testing. Credit Suisse Securities LLC acted as sole bookrunner, and Cowen & Co. LLC acted as co-lead manager.

• Ortec International Inc., of New York, entered definitive agreements for a private placement sale of its 6 percent Series E convertible preferred stock, with warrants attached, for gross proceeds of about $6.2 million. The placement was made in connection with the anticipated merger with Jerusalem-based Hapto Biotech Inc., and proceeds will be held in escrow pending formal approval of the merger by Hapto's shareholders. Rodman & Renshaw LLC acted as adviser and served as the lead placement agent. Riverbank Capital Securities Inc. assisted in the placement.

• Pluristem Life Systems Inc., of Haifa, Israel, closed a 7 percent senior secured convertible debenture private placement for gross proceeds of $3 million. Funds will be used to develop a suite of stem cell therapy products and for working capital.