Underwriter

Biotechnology
Company
(Symbol)

Date
Priced

Offering
Price Per
Share

6/30/05
Share
Price

Offering
Gross
(M)

After-Market
Performance
(%)

Adams Harkness

Martek Biosciences Corp. (MATK) (co-lead)

1/21/05

$49.10

$37.96

$86.3

-23%

A.G. Edwards
& Sons

Favrille Inc. (FVRL) (IPO)

2/2/05

$7

$4.25

$42

-39%

Banc of America
Securities

Amylin Pharmaceuticals Inc. (AMLN)

1/21/05

$22

$20.93

$202.4

-5%

Aspreva Pharmaceuticals Corp. (ASPV) (IPO; co-lead)

3/3/05

$11

$15.49

$91.1

+41%

ISTA Pharmaceuticals Inc. (ISTA) (co-lead)

1/20/05

$8.88

$8.32

$56.2

-6%

Threshold Pharmaceuticals Inc. (THLD) (IPO; co-lead)

2/4/05

$7

$8.25

$37.3

+18%

Bear, Stearns
& Co.

Favrille Inc. (FVRL) (IPO; lead)

2/2/05

$7

$4.25

$42

-39%

BMO Nesbitt
Burns

Aspreva Pharmaceuticals Corp. (ASPV) (IPO)

3/3/05

$11

$15.49

$91.1

+41%

Neurochem Inc. (NRMX)

3/4/05

$15.30

$10.05

$61.2

-34%

C.E. Unterberg,
Towbin

ISTA Pharmaceuticals Inc. (ISTA)

1/20/05

$8.88

$8.32

$56.2

-6%

CIBC World
Markets

Arena Pharmaceuticals Inc. (ARNA) (co-lead)

2/1/05

$6

$6.82

$51.75

+14%

Bioenvision Inc. (BIVN)

2/3/05

$8

$7.28

$60

-9%

Cardiome Pharma Corp. (CRME) (co-lead)

3/18/05

$6

$5.29

$58.65

-12%

CoTherix Inc. (CTRX) (co-lead)

2/10/05

$8.90

$10.19

$37.83

+14%

Favrille Inc. (FVRL) (IPO)

2/2/05

$7

$4.25

$42

-39%

Icagen Inc. (ICGN) (IPO)

2/3/05

$8

$7.85

$40.8

-2%

Neurochem Inc. (NRMX)

3/4/05

$15.30

$10.05

$61.2

-34%

Nuvelo Inc. (NUVO)

2/2/05

$7.50

$7.73

$73.31

+3%

Progenics Pharmaceuticals Inc. (PGNX) (co-lead)

4/1/05

$15.25

$20.86

$30.5

+37%

SeraCare Life Sciences Inc. (SRLS) (lead)

5/25/05

$12.25

$13.99

$42.6

+14%

Threshold Pharmaceuticals Inc. (THLD) (IPO; co-lead)

2/4/05

$7

$8.25

$37.3

+18%

Citigroup

Martek Biosciences Corp. (MATK) (co-lead)

1/21/05

$49.10

$37.96

$86.3

-23%

Credit Suisse
First Boston

ViaCell Inc. (VIAC) (IPO; co-lead)

1/21/05

$7

$10.65

$60.38

+52%

D.A. Davidson
& Co.

Martek Biosciences Corp. (MATK)

1/21/05

$49.10

$37.96

$86.3

-23%

Desjardins
Securities

Neurochem Inc. (NRMX)

3/4/05

$15.30

$10.05

$61.2

-34%

Deutsche Bank
Securities

Nuvelo Inc. (NUVO) (co-lead)

2/2/05

$7.50

$7.73

$73.31

+3%

XenoPort Inc. (XNPT) (IPO; co-lead)

6/2/05

$10.50

$12.79

$52.5

+22%

First Albany
Capital

CV Therapeutics Inc. (CVTX)

6/29/05

$21.60

$22.42

$180.4

+4%

Martek Biosciences Corp. (MATK)

1/21/05

$49.10

$37.96

$86.3

-23%

First Associates
Investments

Cardiome Pharma Corp. (CRME)

3/18/05

$6

$5.29

$58.65

-12%

First Dunbar
Securities

CardioVascular BioTherapeutics Inc. (OTC BB:CVBT) (IPO; lead)

3/14/05

$10

$7.60

$17.25

-24%

Friedman, Billings,
Ramsey

Bioenvision Inc. (BIVN)

2/3/05

$8

$7.28

$60

-9%

Tercica Inc. (TRCA)

2/8/05

$8

$8.69

$55.2

+9%

Fortis Securities

Neurochem Inc. (NRMX)

3/4/05

$15.30

$10.05

$61.2

-34%

GMP Securities

Cardiome Pharma Corp. (CRME)

3/18/05

$6

$5.29

$58.65

-12%

Goldman, Sachs
& Co.

Amylin Pharmaceuticals Inc. (AMLN) (co-lead)

1/21/05

$22

$20.93

$202.4

-5%

Granite Financial
Group

Arena Pharmaceuticals Inc. (ARNA)

2/1/05

$6

$6.82

$51.75

+14%

Harris Nesbitt

Northfield Laboratories Inc. (NFLD)

2/4/05

$15

$14.31

$77.63

-5%

Tercica Inc. (TRCA)

2/8/05

$8

$8.69

$55.2

+9%

Jefferies & Co.

Neose Technologies Inc. (NTEC)

2/18/05

$4

$3.15

$32.2

-21%

JP Morgan
Securities

Amylin Pharmaceuticals Inc. (AMLN)

1/21/05

$22

$20.93

$202.4

-5%

Barrier Therapeutics Inc. (BTRX)

2/10/05

$19.50

$7.93

$39

-59%

Bioenvision Inc. (BIVN) (co-lead)

2/3/05

$8

$7.28

$60

-9%

Icagen Inc. (ICGN) (IPO; co-lead)

2/3/05

$8

$7.85

$40.8

-2%

Neose Technologies Inc. (NTEC)

2/18/05

$4

$3.15

$32.2

-21%

Telik Inc. (TELK)

1/28/05

$18.75

$16.25

$151

-13%

Vertex Pharmaceuticals Inc. (VRTX)

6/7/05

$13

$16.33

$175.6

+26%

Lazard Freres
& Co.

ISTA Pharmaceuticals Inc. (ISTA)

1/20/05

$8.88

$8.32

$56.2

-6%

Threshold Pharmaceuticals Inc. (THLD) (IPO)

2/4/05

$7

$8.25

$37.3

+18%

ViaCell Inc. (VIAC) (IPO)

1/21/05

$7

$10.65

$60.38

+52%

XenoPort Inc. (XNPT) (IPO)

6/2/05

$10.50

$12.79

$52.5

+22%

Leerink Swann
& Co.

Cardiome Pharma Corp. (CRME)

3/18/05

$6

$5.29

$58.65

-12%

ViaCell Inc. (VIAC) (IPO)

1/21/05

$7

$10.65

$60.38

+52%

Lehman Brothers

CV Therapeutics Inc. (CVTX) (co-lead)

6/29/05

$21.60

$22.42

$180.4

+4%

Telik Inc. (TELK)

1/28/05

$18.75

$16.25

$151

-13%

Tercica Inc. (TRCA) (co-lead)

2/8/05

$8

$8.69

$55.2

+9%

Merrill Lynch
& Co.

Aspreva Pharmaceuticals Corp. (ASPV) (IPO; co-lead)

3/3/05

$11

$15.49

$91.1

+41%

CV Therapeutics Inc. (CVTX) (co-lead)

6/29/05

$21.60

$22.42

$180.4

+4%

Vertex Pharmaceuticals Inc. (VRTX) (lead)

6/7/05

$13

$16.33

$175.6

+26%

Morgan Stanley
& Co.

Amylin Pharmaceuticals Inc. (AMLN) (co-lead)

1/21/05

$22

$20.93

$202.4

-5%

Barrier Therapeutics Inc. (BTRX) (lead)

2/10/05

$19.50

$7.93

$39

-59%

XenoPort Inc. (XNPT) (IPO; co-lead)

6/2/05

$10.50

$12.79

$52.5

+22%

Morgan Joseph
& Co.

Arena Pharmaceuticals Inc. (ARNA)

2/1/05

$6

$6.82

$51.75

+14%

Needham & Co.

Arena Pharmaceuticals Inc. (ARNA)

2/1/05

$6

$6.82

$51.75

+14%

CoTherix Inc. (CTRX)

2/10/05

$8.90

$10.19

$37.83

+14%

Favrille Inc. (FVRL) (IPO)

2/2/05

$7

$4.25

$42

-39%

Martek Biosciences Corp. (MATK)

1/21/05

$49.10

$37.96

$86.3

-23%

Nuvelo Inc. (NUVO)

2/2/05

$7.50

$7.73

$73.31

+3%

Orion Securities

Cardiome Pharma Corp. (CRME)

3/18/05

$6

$5.29

$58.65

-12%

Pacific
Growth Equities

Aspreva Pharmaceuticals Corp. (ASPV) (IPO)

3/3/05

$11

$15.49

$91.1

+41%

Barrier Therapeutics Inc. (BTRX)

2/10/05

$19.50

$7.93

$39

-59%

La Jolla Pharmaceutlcal Co. (LJPC) (lead)

1/28/05

$1.40

$0.80

$17.2

-43%

XenoPort Inc. (XNPT) (IPO)

6/2/05

$10.50

$12.79

$52.5

+22%

Piper Jaffray
& Co.

Arena Pharmaceuticals Inc. (ARNA) (co-lead)

2/1/05

$6

$6.82

$51.75

+14%

CoTherix Inc. (CTRX)

2/10/05

$8.90

$10.19

$37.83

+14%

CV Therapeutics Inc. (CVTX)

6/29/05

$21.60

$22.42

$180.4

+4%

Neurochem Inc. (NRMX)

3/4/05

$15.30

$10.05

$61.2

-34%

Punk, Ziegel
& Co.

Zonagen Inc. (ZONA) (co-lead)

1/27/05

$4

$3.83

$20.2

-4%

Robert W. Baird
& Co.

Tercica Inc. (TRCA)

2/8/05

$8

$8.69

$55.2

+9%

SG Cowen & Co.

CV Therapeutics Inc. (CVTX)

6/29/05

$21.60

$22.42

$180.4

+4%

Northfield Laboratories Inc. (NFLD) (co-lead)

2/4/05

$15

$14.31

$77.63

-5%

Tercica Inc. (TRCA) (co-lead)

2/8/05

$8

$8.69

$55.2

+9%

Vivus Inc. (VVUS) (co-lead)

3/10/05

$3.40

$3.69

$21.25

+9%

Thomas Weisel
Partners

CoTherix Inc. (CTRX)

2/10/05

$8.90

$10.19

$37.83

+14%

ISTA Pharmaceuticals Inc. (ISTA) (co-lead)

1/20/05

$8.88

$8.32

$56.2

-6%

SeraCare Life Sciences Inc. (SRLS)

5/25/05

$12.25

$13.99

$42.6

+14%

UBS Investment
Bank

Bioenvision Inc. (BIVN) (co-lead)

2/3/05

$8

$7.28

$60

-9%

Cardiome Pharma Corp. (CRME) (co-lead)

3/18/05

$6

$5.29

$58.65

-12%

Icagen Inc. (ICGN) (IPO; co-lead)

2/3/05

$8

$7.85

$40.8

-2%

Neose Technologies Inc. (NTEC) (lead)

2/18/05

$4

$3.15

$32.20

-21%

Neurochem Inc. (NRMX) (lead)

3/4/05

$15.30

$10.05

$61.20

-34%

Northfield Laboratories Inc. (NFLD) (co-lead)

2/4/05

$15

$14.31

$77.63

-5%

Nuvelo Inc. (NUVO) (co-lead)

2/2/05

$7.50

$7.73

$73.31

+3%

Progenics Pharmaceuticals Inc. (PGNX) (lead)

6/10/05

$19.25

$20.86

$29.50

+8%

Progenics Pharmaceuticals Inc. (PGNX) (co-lead)

4/1/05

$15.25

$20.86

$30.50

+37%

Telik Inc. (TELK) (lead)

1/28/05

$18.75

$16.25

$151

-13%

Vertex Pharmaceuticals Inc. (VRTX)

6/7/05

$13

$16.33

$175.6

+26%

ViaCell Inc. (VIAC) (IPO; co-lead)

1/21/05

$7

$10.65

$60.38

+52%

Wachovia Capital
Markets

Amylin Pharmaceuticals Inc. (AMLN)

1/21/05

$22

$20.93

$202.4

-5%

Vivus Inc. (VVUS) (co-lead)

3/10/05

$3.40

$3.69

$21.25

+9%

Wells Fargo
Securities

Neurochem Inc. (NRMX)

3/4/05

$15.30

$10.05

$61.2

-34%

William Blair
& Co.

SeraCare Life Sciences Inc. (SRLS)

5/25/05

$12.25

$13.99

$42.6

+14%

Threshold Pharmaceuticals Inc. (THLD) (IPO)

2/4/05

$7

$8.25

$37.3

+18%

WR Hambrecht
+ Co.

Zonagen Inc. (ZONA) (co-lead)

1/27/05

$4

$3.83

$20.2

-4%

Notes:

* The financings in this chart include only public offerings of stock in the U.S. The data were compiled primarily from BioWorld Financial Watch's monthly financing charts covering the period from Jan. 1 to June 30, 2005. The gross proceed totals include money raised through overallotment options, when applicable.

Unless otherwise noted, shares are traded on the Nasdaq exchange.

OTC BB = Over-the-Counter Bulletin Board.