I. COMMENCED TRADING IN FEBRUARY

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

Acorda
Therapeutics
Inc.
(ACOR)1

10/5/05

2/10/06

5.5S

$6

19.05

Banc of America, Lazard Capital Markets, Piper Jaffray & Co., SG Cowen & Co.

$33

$114.3

Iomai Corp.
(IOMI)2

10/3/05

2/1/06

5S

$7

16.90

UBS Investment Bank, SG Cowen & Co. (co-lead), First Albany Capital, Susquehanna Financial

$35

$118.3

Valera
Pharmaceuticals
Inc.
(VLRX)3

3/14/05

2/2/06

3.8625S

$9

14.81

UBS Investment Bank, Banc of America (co-lead), First Albany Capital, Fortis Securities

$34.76

$133.3

Total: $102.76M
Number of IPOs in February: 3
Average value of February IPOs: $34.25M
Number of IPOs in 2006: 5
Total raised in IPOs in 2006: $231.76M
Average value of IPOs in 2006: $46.35M

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)%


Adolor Corp.
(ADLR)4

2/13/06

2/16/06

5.75S

$25

44.84

Lehman Brothers, Pacific Growth Equities, Banc of America Securities, J.P. Morgan Securities

$143.75

$1,121.0

Genitope
Corp.
(GTOP)5

1/23/06

2/7/06

7.36S

$8.50

35.63

WR Hambrecht + Co., RBC Capital Markets (co-lead), Brean Murray, Carret, Punk, Ziegel & Co.

$62.6

$302.9

Immtech
International
Inc.
(AMEX:IMM)6

1/11/06

2/13/06

2S

$8

13.74

Ferris, Baker Watts

$16

$109.9

Theravance
Inc.
(THRX)7

1/30/06

2/1/06

4.6S

$28.50

49.14

Merrill Lynch & Co., HSBC, Thomas Weisel Partners

$131.1

$1,400.5

OVERALLOTMENT OPTIONS

Arena
Pharmaceuticals
Inc.
(ARNA)8

1/17/06

2/2/06

0.885S

$16.90

46.13

CIBC World Markets, UBS Investment Bank (co-lead), Needham & Co., Piper Jaffray & Co., SG Cowen & Co., Morgan Joseph & Co., Montgomery & Co.

$14.97

$779.6

Nuvelo Inc.
(NUVO)9

1/24/06

2/6/06

0.975S

$16

49.74

JP Morgan Securities, Deutsche Bank Securities (co-lead), Lehman Brothers

$15.6

$795.8


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. Acorda raised $33M in an IPO of 5.5M shares.
2. Iomai raised $35M in an IPO of 5M shares. Underwriters have an option to purchase up to 750,000 additional shares to cover overallotments.
3. Valera raised $34.76 in an IPO of 3.8625M shares. Totals include the underwriters purchase of 112,500 shares per their overallotment option.
4. Adolor raised $143.75M in a follow-on offering.

Totals include the underwriters purchase of 750,000 shares per their overallotment option.

5. Genitope raised about $62.6M in a follow-on offering. Totals include the underwriters purchase of 960,000 shares per their overallotment option.
6. Immtech raised $16M in a follow-on offering of 2M shares.
7. Theravance raised $131.1M in a follow-on offering. Underwriters have an option to purchase up to 600,000 additional shares to cover overallotments.
8. Underwriters of Arena s follow-on offering in January exercised their option to purchase 885,016 additional shares. The offering totaled about 10.64M shares and $179.8M in gross proceeds.
9. Underwriters of Nuvelo s follow-on offering in January exercised their option to purchase 975,000 additional shares. The offering totaled about 7.475M shares and $119.6M in gross proceeds.

Total: $384.02M
Number of follow-on offerings in February: 4
Average value of February follow-ons: $88.36M
Number of follow-on offerings in 2006: 9
Total raised in follow-ons in 2006: $797.22M
Average value of follow-ons in 2006: $88.58M

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

Alexza
Pharmaceuticals
Inc.
(ALXA)1

12/22/05

N/A

N/A

N/A

Piper Jaffray & Co., Pacific Growth Equities (co-lead), RBC Capital Markets, JMP Securities

$86.25

BioMimetic
Therapeutics
Inc.
(BMTI)2

2/10/06

N/A

N/A

N/A

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

$50

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

Molecular
Insight
Pharmaceuticals
Inc.
(MIPI)5

11/8/05

N/A

N/A

N/A

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

$57.5

Novacea Inc.
(NOVC)6

2/10/06

N/A

N/A

N/A

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

$75

Omrix Bio-
pharmaceuticals
Inc.
(OMRI)7

1/18/06

N/A

N/A

N/A

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

$80.5

QuatRx
Pharmaceuticals
Co.
(QTRX)8

2/3/06

N/A

N/A

N/A

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

$86.25

Targacept
Inc.
(TRGT)9

1/17/06

N/A

N/A

N/A

Deutsche Bank Securities, Pacific Growth Equities (co-lead), CIBC World Markets, Lazard Capital Markets

$59.8

Vanda
Pharmaceuticals
Inc.
(VNDA)10

12/29/05

N/A

N/A

N/A

JP Morgan Securities, Banc of America (co-lead), Thomas Weisel Partners

$75

FOLLOW-ON OFFERINGS

Cepheid Inc.
(CPHD)11

2/24/06

10S

$9.08

N/A

UBS Investment Bank, William Blair & Co., Robert W. Baird & Co.

$90.8

Cerus Corp.
(CERS)12

2/27/06

4.5S

$11.62

N/A

Robert W. Baird & Co., JMP Securities (co-lead)

$52.3

Corautus
Genetics Inc.
(VEGF)13

2/24/06

6.5S

$5.26

N/A

Lazard Capital Markets, Jefferies & Co.

$34.2

WITHDRAWN AND POSTPONED

Company
(Symbol/
Proposed
Symbol)#*

Date Filed/
Date
Pulled

Shares/
Units
(M)

Price
Range

Shares
Out
(M)
@

Lead, Other Underwriters

Value
(M)


Corus
Pharma Inc.
(CSPH)14

8/27/04
2/16/06

N/A

N/A

N/A

Merrill Lynch & Co.
Pacific Growth Equities
SunTrust Robinson Humphrey
JMP Securities

$100



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. Alexza filed to raise up to $86.25M in an IPO.
2. BioMimetics filed to raise up to $50M 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. Molecular Insight filed to raise up to $57.5M in an IPO.
6. Novacea filed to raise up to $75M in an IPO.
7. Omrix filed to raise up to $80.5M 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. A previous IPO filing was withdrawn in March 2005.
10. Vanda filed to raise up to $75M in an IPO.
11. Cepheid filed a prospectus supplement to sell 10M shares. The value is based on the Feb. 23 closing price.
12. Cerus registered to sell 4.5M shares from a shelf registration. The value is based on the Feb. 27 closing price.
13. Corautus registered to sell 6.5M shares from a shelf registration. The value is based on the Feb. 24 closing price.
14. Corus withdrew its IPO filing. No reason was cited.

No Comments