Total: $532.47M

Company
(Symbol)#
(M)

Type Of
Financing

Number Of Shares,
Units Or
Warrants

Amount
Raised
(M)

Investors; Placement Agents;
Details (Date)@


Access
Pharmaceuticals
Inc.
(PK:AKCA)

Private placement of convertible notes and warrants

N/A

$5

The 7.5% notes, due March 31, 2007, are convertible into stock at $0.22 per share; six-year warrants are exercisable at $0.26 per share; SCO Capital Partners LLC was lead investor (2/17)

Advanced
Life Sciences
Holdings Inc.
(ADLS)

Private placement of stock and warrants

10.2S and 5.1W

$36

The shares were sold at $3.53 each, and the five- year warrants are exercisable at $3.81 per share; Lazard Capital Markets LLC was placement agent (2/28)

Advaxis Inc.
(OTC BB:ADXS)

Private placement of convertible notes and warrants

N/A and 4.5W

$3

Cornell Capital Partners LP purchased the 6% notes; it can convert up to $300,000 of notes per month at the lesser of $0.287 per share or 95% of the lowest average 30-day price; the warrants are exercisable at $0.287 per share (2/6)

AGI
Therapeutics
plc
(Ireland;
IEX:AGI)

Private placement of stock

33.73S

€42.5 ($50.3)

AGI gained a listing on the Alternative Investment Market and the Irish Stock Exchange through the placement with new and existing investors; Davy was broker for the deal (2/27)

Amphioxus
Cell
Technologies
Inc.
(OTC BB:SCLL)

Private placement of securities

N/A

$3.8

The financing was completed along with the merger between Amphioxus and Stem Cell Innovations Inc. (formerly Interferon Sciences Inc.); the financing included the sale of notes, convertible stock and warrants (2/15)

Antares
Pharma Inc.
(AMEX:AIS)

Private placement of stock and warrants

8.77S and 6.56W

$10.96

The shares were sold at $1.25 each; the warrants are exercisable at $1.50 per share (2/28)

Avalon
Pharmaceuticals
Inc.
(AVRX)

Private placement of stock

1.667S

$7.25

Biotechnology Value Fund LP and other investors purchased the shares at $4.35 each; W.R. Ham- brecht was financial adviser (2/27)

Avanir
Pharmaceuticals
Inc.
(AMEX:AVN.R)

Warrants exercise

0.697S

$4.87

Class A warrants issued in December 2003 were exercised to purchase 697,096 shares at $7 per share (2/6)

Bioxel Pharma
Inc.
(Canada;CDNX:BIP)

Private placement of stock and warrants

13.82S and 0.25W

C$4.7 ($4.1)

The shares were sold at C$0.34 each; investor Fonds de solidarite des travailleurs du Quebec, which now owns 14.9% of Bioxel, got the two- year warrants exercisable at C$0.34 per share (2/16)

Callisto
Pharmaceuticals
Inc.
(AMEX:KAL)

Private
placement of
stock and warrants

4.3S and
1.07W

$5.14

The shares were sold at $1.20 each; the 18-month warrants are exercisable at $1.60 per share (2/8)

Cel-Sci Corp.
(AMEX:CVM)

Private placement of stock and warrants

2.5S and 0.75W

$1

The stock was sold at $0.40 per share; the five- year warrants are exercisable at $0.56 per share; the deal was made with a single investor (2/10)

Chelsea
Therapeutics
International
Ltd.
(OTC BB:
CHTP)

Private placement of stock and warrants

7.2S and 2.2W

$21.5

Five-year warrants issued in the deal are exercisable at $4.20 per share; lead investor was Healthcor Management LP; others included RA Capital Management, Great Point Partners, GMT Capital and Vivo Ventures; Paramount BioCapital Inc. was placement agent (2/14)

Chromos
Molecular
Systems Inc.
(Canada; TSE:CHR)

Private placement of stock and warrants

30.05S and 30.05W

C$6 ($5.2)

Units consisting of one share and one warrant were sold at C$0.20 each; warrants are exercisable at C$0.25 per share for two years (2/2)

ConjuChem
Inc.
(Canada;
TSE:CJC)

Private placement of convertible notes

N/A

C$6.4 ($5.6)

The investment group 1211417 Alberta Inc. purchased the debt as part of a reorganization of the company (2/24)

EntreMed Inc.
(ENMD)

Private placement of stock and warrants

13S and 6.5W

$30

The shares were sold at about $2.31 each; the warrants are exercisable at $2.50 per share; investors included Celgene Corp.; SG Cowen & Co. LLC was lead placement agent; Rodman & Renshaw LLC was co-agent (2/3)

EpiCept Corp.(EPCT)

Private
placement of
stock and warrants

4.1S and 1W

$11.6

The shares were sold at $2.85 each; the five-year warrants are exercisable at $4 per share; Rodman & Renshaw LLC was placement agent (2/8)

EQiTX Ltd.
(Australia; ASX:
EQX)

Private placement of stock

2.4S

A$0.48 ($0.35)

The shares were sold at A$0.20 each; Capital Investment Partners was placement agent (2/13)

Generex
Biotechnology
Corp.
(Canada;
GNBT)

Warrants exercise

ND

$11

Investors exercised previously issued warrants to purchase $11M in stock, at prices from $0.82 to $1.25 per share; investors got 4.77M new five-year warrants exercisable at $3 per share (2/28)

GPC Biotech
AG
(Germany;
GPCB)

Private placement of stock

2.86S

€36.2 ($43.2)

Two investment companies owned by the family of SAP AG co-founder Dietmar Hopp purchased the shares at €12.67 each, gaining an 8.7% stake (2/23)

Hollis-Eden
Pharmaceuticals
Inc.
(HEPH)

Private placement of stock and warrants

4S and 0.8W

$26

The shares were sold from a shelf registration at $6.50 each; the four-year warrants are exercisable at $8.75 per share; Rodman & Renshaw LLC was lead placement agent; Canaccord Adams Inc. was co-agent (2/2)

MacroChem Corp.
(OTC BB: placement of
MACM)

Private convertible notes and warrants

N/A and 5.48W

$5.75

The second closing of the financing brought the total to $8.25; $2.5M was raised in December; the six-year warrants are exercisable at $1.26 per share; SCO Capital Partners LLC was lead investor; others included Perceptive Life Sciences, DAC Fonds, Midsouth Investors Fund LP, Quogue Capital LLC and Iroquois Master Fund Ltd.; SCO Securities LLC was placement agent (2/13)

Medistem
Laboratories
Inc.
(OTC BB:
MDSM)

Private placement of convertible stock and warrants

4.28S and 4.28W

$1.5

The convertible shares were sold at $0.35 each; the warrants are exercisable at $0.50 and $0.75 per share (2/28)

NeoRx Corp.
(NERX)

Private placement of stock and warrants

92.9S and 25.4W

$65

The deal includes a $3.5M bridge loan until the financing closes; shares were sold at $0.70 each, and the five-year warrants are exercisable at $0.77 per share; investors include MPM Capital, which would own 30% of NeoRx after closing, and Bay City Capital, Deerfield Management Co., Abingworth and T. Rowe Price (2/1)

Neurochem
Inc.
(Canada;
NRMX)

Warrants exercise

1.2S

C$9.4 ($8.1)

Picchio Pharma Inc. exercised warrants to purchase 1.2M shares; the warrants were issued in a February 2003 financing; Picchio now owns 28.6% of Neurochem's outstanding shares (2/16)

Novavax Inc.
(NVAX)

Registered direct offering

4.598S

$20

The stock was sold to Kleiner Perkins Caufield & Byers ($12.5M) and Prospect Venture Partners ($7.5M) in a direct offering at $4.35 per share (2/27)

Pro-
Pharmaceuticals
Inc.
(AMEX:PRW)

Private placement of convertible notes and warrants

N/A and 1.5W

$10

The 7% notes will be redeemed in 18 monthly payments beginning in August, with cash or stock discounted 5%; they are convertible into stock at $3.35 per share; the five-year warrants are exercisable at $3.35 per share (2/15)

Santarus Inc.
(SNTS)

Committed
equity deal

N/A

N/A

Kingsbridge Capital Ltd. committed to provide up to $75M of capital for three years through the purchase of shares at discounts of 6% to 10%; Santarus will determine the timing and amount of any draw-down (2/3)

Tapestry
Pharmaceuticals
Inc.
(TPPH)

Private placement of stock and warrants

12.75S and 12.75W

$25.5

Shares were sold at $2 each on a post-split basis; the five-year warrants are exercisable at $2.40 per share; investors were led by Special Situations Funds, Tang Capital Partners LP and Baker Brothers Investments (2/2)

Tripep AB
(Sweden; SSE: TPEP)

Private placement of stock

2S

SEK26 ($3.1)

Shares were sold to a small group of investors at SEK13 each; Remium was adviser in the deal (2/10)

VASTox plc
(UK; AIM:VOX)

Private placement of stock

5.9S

£10.45 ($18.3)

The shares were placed at 177 pence each; the deal was fully underwritten by Evolution Securities Ltd. (2/27)

VaxGen Inc.
(PK:VXGN)

Private placement of stock and warrants

3.5S and 0.7W

$26.95

Five-year warrants issued in the deal are exercisable at $9.24 per share (2/9)

ViRexx
Medical Corp.
(Canada; TSE:VIR)

Private placement of stock and warrants

10.9S and 10.9W

C$12 ($10.4)

Units consisting of one share and one warrant were sold at C$1.10 each; the two-year warrants are exercisable at C$1.50 per share (2/16)

XOMA Ltd.
(XOMA)

Private placement of
convertible notes

N/A

$12

$60M in existing notes were exchanged and $12M in new notes issued; the 6.5% notes are due in 2012; Piper Jaffray & Co. and Canaccord Adams Inc. managed the exchange and placement (2/9)

YM
BioSciences
Inc.
(Canada;
AMEX:YMI)

Registered direct offering

9.436S

$40

Great Point Partners LLC was lead investor; SG Cowen & Co. LLC was lead placement agent; Dundee Securities Corp. and Canaccord Capital Corp. were co-agents (2/14)


Notes:

This chart does not include real estate or manufacturing plant financings, or debt deals done to replace existing debt.

# Unless otherwise indicated, shares are traded on the Nasdaq exchange.

Currency conversions are based on exchange rates at the time of the deal.

N/A = Not applicable; ND = Not disclosed.

AIM = Alternative Investment Market; AMEX = American Stock Exchange; ASX = Australian Stock Exchange; CDNX = Canadian Venture Exchange; ISE = Irish Stock Exchange; OTC BB = Over-the-Counter Bulletin Board; PK = Pink Sheets; SSE = Stockholm Stock Exchange; TSE = Toronto Stock Exchange.

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