I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $262.4M

Company

Location

Date

Amt. (M)

Details


Affymax Inc.

Palo Alto, Calif.

7/18/05

$60

The Series D financing was co-led by new investor JAFCO Co. Ltd. and existing investor Bear Stearns Health Innoventures; also participating were new investors Bessemer Venture Partners, Merlin BioMed Group and Diamond Capital Co. and existing investors Apax Partners, MPM Capital and Sprout Group; Montgomery & Co. LLC was placement agent

Altea
Therapeutics
Corp.

Atlanta

7/28/05

$30

The Series C financing was led by Aperture Venture Partners and included Series B investors Domain, Venrock and vSpring Capital, as well as KBC, Quilvest, CX Ventures and Rockport Ventures

APT
Pharmaceuticals
Inc.

Tucson, Ariz.

7/21/05

$6

The Series A financing round was led by new investor Charter Life Sciences and existing investor Research Corporation Technologies

BrainCells Inc.

San Diego

7/14/05

$8

Technology Partners and seed investors Oxford Bioscience Partners and Bay City Capital led the Series A round, and were joined by A. M. Pappas & Associates and Neuro Ventures; they will invest another $9.7M if certain milestones are met

4SC AG

Martinsried, Germany

7/12/05

€6.5 (US$7.9)

The company's Series D financing round had two closings; investors were KfW SME Bank, Bayern Kapital, Deutsche Venture Capital Gesellschaft, 3i, BioM and Mulligan BioCapital

Ilypsa Inc.

Santa Clara, Calif.

7/19/05

$36

The Series B financing round was co-led by new investors US Venture Partners, Johnson & John- son Development Corp. and Delphi Ventures; also participating were new investors CMEA Ventures and Mediphase Venture Partners and existing investors Sprout Group and 5AM Ventures

Immune
Control Inc.

Conshohocken, Pa.

7/14/05

$11.3

Series A financing for the Drexel University spin- out was provided by BioAdvance Ventures, Domain Associates, NewSpring Capital and Anthem Capital

NovaThera
Ltd.

Cambridge, UK

7/12/05

£2.75 (US$4.8)

The company completed a Series A funding round of up to £2.75M

Panacea
Pharmaceuticals
Inc.

Gaithersburg, Md.

7/7/05

$7

Investors in the Series C financing included Mitsubishi Corp. Life Sciences Venture, Olympus, JSR, Shin-Etsu Chemical, Fuji Photo Film, Dai Nippon Printing and Tokio Marine & Nichido Fire Insurance; Cosmos Alliance assisted in the deal

Pepscan
Systems BV

Lelystad, the Netherlands

7/8/05

€5 (US$6)

Convertible notes were sold in the company's first financing round to Dutch investors PPM Oost NV, Lupus Ventures BV, Wageningen Business Generator BV, Technofund Flevoland BV and private and existing investors

Peptimmune
Inc.

Cambridge, Mass.

7/15/05

$20.4

Participating in the Series C round were existing investors New Enterprise Associates, MPM Capital, Prism Venture Partners, Vanguard Ventures, Hunt Ventures LP and Boston Medical Investors Inc. and new investors Itochu Corp. and Silicon Valley Bank Capital

Primera
Biosystems
Inc.

Providence, R.I.

7/11/05

$11

Investing in the Series A preferred stock round were MPM Capital, Burrill & Co. and the Malaysian Technology Development Corp.

Protalix
Biotherapeutics
Ltd.

Karmiel, Israel

7/17/05

$5.3

The Series C financing included investments from Tamares Capital, Docor International BV, Atara Technology Ventures Ltd. and returning investors Biocell Ltd., Marathon Investments Ltd. and private investors

StemCyte
Inc.

Arcadia, Calif.

7/19/05

$13.7

Details on the financing round were not disclosed

Vitae
Pharmaceuticals
Inc.

Fort Washington, Pa.

7/13/05

$15

GlaxoSmithKline plc led the financing round, following the closing of a collaboration with Vitae; existing investors also participated

Xention
Discovery Ltd.

Cambridge, UK

7/13/05

£11 (US$20)

The Series B financing round was led by new investor ABN AMRO Capital and included new investor Crédit Agricole Private Equity and existing investors MVM, Quester, BTG International, Isis Equity Partners, Albany Ventures and Enterprise VCT plc

II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM EXISTING CORPORATE PARTNERS: $27.6M

Company
(Symbol)#*

Partner (Country)

Amt. (M)

Triggering Event

Details (Date)


Arena
Pharmaceuticals
Inc.
(ARNA)

Merck & Co.
Inc.

$2

Milestone payment

Triggered by Merck's initiation of a Phase I trial of an oral drug candidate for treating ath- erosclerosis and related disorders (7/26)

Diversa
Corp.
(DVSA)

DuPont Bio-Based Materials

$0.5

Milestone payments

Two milestones were met relating to delivery by Diversa of candidate enzymes under their biorefinery program that exceeded performance targets set by the Department of Energy (7/11)

Emisphere
Technologies
Inc.
(EMIS)

Hoffmann-La Roche Inc.

ND

Milestone payment

Roche began a clinical trial using Emisphere's eligen delivery technology under their deal to develop oral formulations of a Roche small-molecule compound for treating bone-related diseases (7/5)

454 Life
Sciences
(majority owned
by CuraGen
Corp.; CRGN)

F. Hoffmann-La Roche Ltd. (Switzerland)

$11.5

Milestone payments

454 achieved all initial milestones under a May 2005 deal in which Roche is selling 454's Genome Sequencing Systems (7/26)

Inovio
Biomedical
Corp.
(AMEX:INO)

Merck & Co. Inc.

$2

Milestone payment

Merck reached a clinical milestone on a plas-mid-based vaccine using Inovio's MedPulser DNA Delivery System under their May 2004 collaboration (7/13)

Ligand
Pharmaceuticals
Inc.
(LGNDE)

Eli Lilly and Co.

$1.6

Milestone payment

Triggered by Lilly's initiation of Phase II studies on LY674, a peroxisome proliferation activated receptor modulator for the treatment of atherosclerosis (7/13)

Onyx
Pharmaceuticals
Inc.
(ONXX)

Bayer Pharmaceuticals Corp.

$10

Milestone payment

Triggered by the submission of an NDA with the FDA for sorafenib (BAY 43-9006) for treating advanced renal-cell carcinoma (7/11)

Transgene SA France; TRGNY)

Merck & Co. Inc.

ND

Milestone payment

Triggered by Phase I trials by Merck of a vaccine constructed with Transgene's homologous recombination technology (7/21)


Notes:

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

* Private company.

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

ND = Not disclosed.

AMEX = American Stock Exchange.

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