I. COMMENCED TRADING IN JANUARY

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

Altus
Pharmaceuticals
Inc.
(ALTU)1

10/17/05

1/26/06

7S

$15

21.00

Merrill Lynch & Co., Morgan Stanley (co-lead), SG Cowen & Co.

$105

$315.0

SGX
Pharmaceuticals
Inc.
(SGXP)2

9/2/05

1/31/06

4S

$6

14.20

CIBC World Markets, Piper Jaffray & Co. (co-lead), JMP Securities

$24

$85.2

Total: $129.0M

Number of IPOs in January: 2

Average value of January IPOs: $64.5M

Number of IPOs in 2006: 2

Total raised in IPOs in 2006: $129.0M

Average value of IPOs in 2006: $64.5M

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)%


Alnylam
Pharmaceuticals
Inc.
(ALNY)3

1/23/06

1/31/06

5.116S

$13

31.76

Morgan Stanley & Co., Banc of America (co-lead), Piper Jaffray & Co., SG Cowen & Co., Rodman & Renshaw

$66.5

$412.9

Arena
Pharmaceuticals
Inc.
(ARNA)4

1/17/06

1/27/06

9.752S

$16.90

45.24

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

$164.8

$764.6

NeoPharm
Inc.
(NEOL)5

12/17/03

1/5/06

4.025S

$10.20

27.73

UBS Investment Bank

$41.1

$282.8

Nuvelo Inc.
(NUVO)6

1/24/06

1/31/06

6.5S

$16

48.76

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

$104

$780.2

Tercica Inc.
(TRCA)7

12/1/05

1/24/06

5.75S

$6.40

38.33

Lehman Brothers

$36.8

$245.3

Total: $413.2M

Number of follow-on offerings in January: 5

Average value of January follow-ons: $82.64M

Number of follow-on offerings in 2005: 5

Total raised in follow-ons in 2006: $413.2M

Average value of follow-ons in 2006: $82.64M


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. Altus raised $105M in an IPO of 7M shares. Underwriters have an option to purchase up to 1.05M additional shares to cover overallotments.

2. SGX raised $24M in an IPO of 4M shares. Underwriters have an option to purchase up to 600,000 additional shares to cover overallotments.

3. Alnylam raised $66.5M in a follow-on offering. Underwriters have an option to purchase up to 767,394 additional shares to cover overallotments.

4. Arena raised $164.8M in a follow-on offering. Underwriters have an option to purchase up to 1.463M additional shares to cover overallotments.

5. NeoPharm raised $41.1M in a follow-on offering from a shelf registration. Totals include the underwriter's purchase of 525,000 additional shares per its overallotment option.

6. Nuvelo raised $104M in a follow-on offering. Underwriters have an option to purchase up to 975,000 additional shares to cover overallotments.

7. Tercica raised $36.8M in a follow-on offering. Totals include the underwriter's purchase of 750,000 shares per its overallotment option.

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

Acorda
Therapeutics
Inc.
(ACOR)1

10/5/05

5.5S

$11-$13

N/A

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

$66

Alexza
Pharmaceuticals Inc.
(ALXA)2

12/22/05

N/A

N/A

N/A

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

$86.25

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

Corus
Pharma Inc.
(CSPH)4

8/27/04

N/A

N/A

N/A

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

$100

Iomai Corp.
(IOMI)5

10/3/05

6.3S

$11-$13

N/A

UBS Investment Bank, AG Cowen & Co., First Albany Capital, Susquehanna Financial

$75.6

Molecular
Insight
Pharmaceuticals
Inc.
(MIPI)6

11/8/05

N/A

N/A

N/A

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

$57.5

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

Targacept
Inc.
(TRGT)8

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

Valera
Pharmaceuticals
Inc.
(VLRX)9

3/14/05

3.75S

$10-$12

N/A

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

$41.25

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

Genitope
Corp.
(GTOP)11

1/23/06

4.5S

$9.19

N/A

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

$41.4

Theravance
Inc.
(THRX)12

1/30/06

4.6S

$27.40

N/A

Merrill Lynch & Co., HSBC, Thomas Weisel Partners

$126.0

WITHDRAWN AND POSTPONED

Company
(Symbol/
Proposed
Symbol)#*

Date
Filed/
Date
Pulled

Shares/
Units
(M)

Price
Range

Shares
Out
(M)
@

Lead, Other
Underwriters

Value
(M)


Glycotex Inc.\
(GLTX)13

9/9/05/
1/11/06

N/A

N/A

N/A

Janney Montgomery Scott

$39


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. Acorda filed to raise up to $86.75M in an IPO. It withdrew a previous IPO filing in January 2004. The shares and price range were set in January. The value is based on the midpoint of that price range.

2. Alexza filed to raise up to $86.25M 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. Corus filed to raise up to $100M in an IPO.

5. Iomai filed to raise up to $86.25M in an IPO. It set the terms in January. The value is based on the midpoint of that price range.

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

7. Omrix filed to raise up to $80.5M in an IPO.

8. Targacept filed to raise up to $59.8M in an IPO. A previous IPO filing was withdrawn in March 2005.

9. Valera filed to raise up to $74.75M in an IPO. It set the price range and shares in January. The value is based on the midpoint of that price range.

10. Vanda filed to raise up to $75M in an IPO.

11. Genitope said Jan. 23 it would sell 4.5M shares from an existing registration. The value is based on the Jan. 20 closing price.

12. Theravance registered to sell 4.6M shares. The value is based on the Jan. 27 closing price.

13. Glycotex, a subsidiary of Novogen Ltd., withdrew its IPO filing. It said it planned to file again later in 2006.

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