• 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.