I. COMMENCED TRADING IN JUNE

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

Devgen NV
(Belgium;
Euronext:DEVG)1

5/20/05

6/7/05

4.5S

€7.5

13.86

KBC Securities, Code Securities, Bank Degroof

€33.7
(US$40.2) (US$124)

€104

Gentium SpA
(Italy; AMEX:GNT)2

1/24/05

6/16/05

2.4S

$9

7.70

Maxim Group, I-Bankers Securities (co-lead)

$21.6

$69.3

ProStrakan
Group plc
(UK; LSE:PSK)3

5/19/05

6/10/05

40S

£1

186.0

Morgan Stanley & Co., Credit Suisse First Boston, Code Securities

£40
(US$72.9)

£186
(US$339)

TopoTarget
A/S
(Denmark;
CSE:TOPO)4

5/30/05

6/10/05

11.5S

DKK22.5

39.93

ABN AMRO Rothschild, Danske Markets, Handelsbanken Capital

DKK259 (US$41.5)

DKK898 (US$144)

XenoPort Inc.
(XNPT)5

1/19/05

6/2/05

5S

$10.5

19.23

Morgan Stanley & Co., Deutsche Bank Securities (co-lead), Pacific Growth Equities, Lazard Freres & Co.

$52.5

$201.9

OVERALLOTMENTS

Galapagos NV
(Belgium;
Euronext:GLPG)6

4/15/05

6/3/05

0.29S

€7

9.17

KBC Securities, Kempen & Co. (co-lead), Fortis Bank

€2
(US$2.5)

€64.2
(US$80.3)

Total: $231.20M

Number of IPOs in June: 5

Average value of June IPOs: $45.74M

Number of IPOs in 2005: 19

Total raised in IPOs in 2005: $965.86M

Average value of IPOs in 2005: $50.83M

FOLLOW-ON OFFERINGS

CV Therapeutics
Inc.
(CVTX)7

6/22/05

6/29/05

7.3S

$21.60

43.40

Lehman Brothers, Merrill Lynch & Co. (co-lead), Piper Jaffray & Co., SG Cowen & Co., First Albany Capital

$157.7

$937.4

Progenics
Pharmaceuticals
Inc.
(PGNX)8

5/26/04

6/10/05

1.53S

$19.25

20.81

UBS Investment Bank

$29.5

$400.6

Vertex
Pharmaceuticals
Inc.
(VRTX)9

4/1/05

6/7/05

13.51S

$13

94.71

Merrill Lynch, JP Morgan Securities, UBS Securities

$175.6

$1,231.2

OVERALLOTMENTS

SeraCare
Life Sciences
Inc.
(SRLS)10

4/18/05

6/1/05

0.454S

$12.25

13.43

CIBC World Markets, Thomas Weisel Partners, William Blair & Co.

$5.56

$164.5

Total: $368.36M

Number of follow-on offerings in June: 3

Average value of June follow-ons: $120.93M

Number of follow-on offerings in 2005: 22

Total raised in follow-ons in 2005: $1,537.20M

Average value of follow-ons in 2005: $69.87M


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.

AMEX = American Stock Exchange; CSE = Copenhagen Stock Exchange; LSE = London Stock Exchange.

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

1. Devgen raised €33.7M in an IPO of 4.5M shares on the Euronext exchange in Belgium. The totals include an underwriters' purchase of shares and exercise of warrants under an overallotment option.

2. Gentium raised $21.6M in an IPO of 2.4M American depository shares, each of which represents one common share. Underwriters have an option to purchase up to 360,000 additional shares to cover overallotments.

3. ProStrakan raised £40M (US$72.9M) in an IPO of 40M shares on the London Stock Exchange.

4. TopoTarget raised DKK259M (US$41.5M) in an IPO on the Copenhagen Stock Exchange. The totals include the purchase of 1.5M shares per the underwriters' overallotment option.

5. XenoPort raised $52.5M in an IPO of 5M shares. Underwriters have an option to purchase up to 750,000 additional shares to cover overallotments.

6. Underwriters of Galapagos' IPO in May exercised their option on 289,795 addtional shares, bringing the totals to about 3.15M shares and €22M in gross proceeds. The totals do not include €0.4M raised concurrently through the exercise of warrants.

7. CV Therapeutics raised $157.7M in a follow-on offering of 7.3M shares. Underwriters have an option to purchase up to 1.05M additional shares to cover overallotments. Concurrently, the company raised $130M from the sale of convertible notes.

8. Progenics raised $29.5M in a follow-on offering of 1.532M shares. Progenics completed a $30.5M offering from the same shelf registration in April.

9. Vertex raised about $175.6M in a follow-on offering of 13.51M shares. The totals include the underwriters' purchase of 1,762,500 shares per their overallotment option.

10. Underwriters of SeraCare's follow-on offering in May exercised their option on 525,000 additional shares (453,600 shares from the company) to cover overallotments. The offering totaled about 3.48M shares and $42.6M in proceeds to the company. Totals do not include shares sold in the deal by an existing shareholder.

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

Accentia Bio-
pharmaceuticals
Inc.
(ABPI)1

2/11/05

N/A

N/A

N/A

Jefferies & Co.,
Robert W. Baird & Co.,
Ferris, Baker Watts,
Stifel, Nicolaus & Co.

$86.25

Advanced Life
Sciences
Holdings Inc.
(ADLS)2

4/28/05

N/A

N/A

N/A

C.E. Unterberg, Towbin, ThinkEquity Partners (co-lead)

$86.25

AlgoRx
Pharmaceuticals
Inc.
(AGRX)3

11/29/04

6.8S

$7-$8

N/A

Credit Suisse First Boston, Citigroup (co-lead), Piper Jaffray & Co., Lazard Freres & Co.

$51

Avalon
Pharmaeuticals
Inc.
(AVRX)4

5/4/05

N/A

N/A

N/A

Legg Mason Wood Walker, Jefferies & Co.

$57.5

BioNumerik
Pharmaceuticals
Inc.
(BNPI)5

6/9/04

N/A

N/A

N/A

UBS Investment Bank, Needham & Co., Leerink Swann & Co., Punk, Ziegel &Co.

$86.25

Celldex
Therapeutics
Inc.
(CDEX)6

4/09/04

N/A

N/A

N/A

Janney Montgomery Scott

$50

Coley
Pharmaceutical
Group Inc.
(COLY)7

4/20/05

N/A

N/A

N/A

Merrill Lynch & Co., JP Morgan Securities (co-lead), Lazard Freres & Co., Leerink Swann & Co.

$115

CombinatoRx
Inc.
(CRXX)8

12/13/04

N/A

N/A

N/A

SG Cowen & Co., Pacific Growth Equities (co-lead), SunTrust Robinson Humphrey, A.G. Edwards

$100

Corus
Pharma Inc.
(CSPH)9

8/27/04

N/A

N/A

N/A

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

$100

Intarcia
Therapeutics
Inc.
(ITCA)10

2/7/05

N/A

N/A

N/A

Credit Suisse First Boston, Pacific Growth Equities, Lazard Freres & Co.

$86.25

Prestwick
Pharmaceuticals
Inc.
(PWCK)11

4/22/05

N/A

N/A

N/A

UBS Investment Bank, Deutsche Bank Securities, CIBC World Markets

$74.75

Reliant
Pharmaceuticals
Inc.
(NYSE:RRX)12

5/20/05

N/A

N/A

N/A

Goldman, Sachs & Co., Banc of America Securities, Deutsche Bank Securities, JP Morgan Securities William Blair & Co., Lazard Capital Markets

$300

Salmedix Inc.
(SMDX)13

4/23/04

N/A

N/A

N/A

SG Cowen & Co., Pacific Growth Equities (co-lead), JMP Securities, ThinkEquity Partners

$86.25

Sunesis
Pharmaceuticals
Inc.
(SNNS)14

12/23/04

N/A

N/A

N/A

Lehman Brothers, SG Cowen & Co. (co-lead), Needham & Co.

$86.25

Synta
Pharmaceuticals
Corp.
(SNTA)15

1/18/05

6S

$14-$16

N/A

Morgan Stanley & Co., Lehman Bothers, Lazard Freres & Co.

$90

Valera
Pharmaceuticals
Inc.
(VLRX)16

3/14/05

N/A

N/A

N/A

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

$74.75

FOLLOW-ON OFFERINGS

Allos
Therapeutics
Inc.
(ALTH)17

3/5/04

N/A

N/A

N/A

N/A

$75

Anadys
Pharmaceuticals
Inc.
(ANDS)18

4/22/05

N/A

N/A

N/A

N/A

$75

Antigenics
Inc.
(AGEN)19

8/12/04

N/A

N/A

N/A

N/A

$100

Avanir
Pharmaceuticals
Inc.
(AMEX:AVN)20

6/20/05

N/A

N/A

N/A

N/A

$100

Biomira Inc.
(Canada; BIOM)21

7/14/04

N/A

N/A

N/A

N/A

$100

CancerVax
Corp.
(CNVX)22

11/8/04

N/A

N/A

N/A

N/A

$80

Cephalon Inc.
(CEPH)23

2/6/04

N/A

N/A

N/A

N/A

$1B

Cytokinetics
Inc.
(CYTK)24

6/14/05

N/A

N/A

N/A

N/A

$100

Encysive
Inc.
(ENCY)25

6/7/04

N/A

N/A

N/A

N/A

$150

Exelixis
Pharmaceuticals
Inc.
(EXEL)26

10/27/04

N/A

N/A

N/A

N/A

$200

Geron Corp.
(GERN)27

5/5/04

N/A

N/A

N/A

N/A

$150

Immunicon
Corp.
(IMMC)28

5/6/05

N/A

N/A

N/A

N/A

$75

Keryx Bio-
pharmaceuticals
Inc.
(KERX)29

9/29/04

5S

$11.45

N/A

N/A

$57.3

Myogen Inc.
(MYOG)30

6/3/05

N/A

N/A

N/A

N/A

$125

Nabi Bio-
pharmaceuticals
(NABI)31

12/7/04

N/A

N/A

N/A

N/A

$175

Nektar
Therapeutics
(NKTR)32

3/8/04

9.5S

$22.13

N/A

Lehman Brothers

$210.2

Point
Therapeutics
Inc.
(POTP)33

12/17/04

N/A

N/A

N/A

N/A

$50

RegeneRx Bio-
pharmaceuticals
Inc.
(AMEX:RGN)34

6/16/05

N/A

N/A

N/A

N/A

$60

Santarus
Inc.
(SNTS)35

5/12/05

N/A

N/A

N/A

N/A

$75

Seattle Genetics
Inc.
(SGEN)36

11/23/04

N/A

N/A

N/A

N/A

$75

Sonus
Pharmaceuticals
Inc.
(SNUS)37

4/1/05

N/A

N/A

N/A

N/A

$50

Targeted
Genetics
Corp.
(TGEN)38

6/17/04

16.3S

$1.51

N/A

N/A

$24.6

Titan
Pharmaceuticals
Inc.
(AMEX:TTP)39

2/6/04

N/A

N/A

N/A

N/A

$50

United
Therapeutics
Corp.
(UTHR)40

2/10/05

5S

$44.57

N/A

N/A

$222.9

V.I.
Technologies
Inc.
(VITX)41

5/13/05

N/A

N/A

N/A

N/A

$50

Vion
Pharmaceuticals
Inc.
(VION)42

12/14/04

N/A

N/A

N/A

N/A

$75

ZymoGenetics
Inc.
(ZGEN)43

6/17/05

N/A

N/A

N/A

N/A

$200


Notes:

# Unless otherwise indicated, shares are traded on the Nasdaq exchange; shelf registrations that have been inactive more than 12-14 months may be removed from the listing.

* 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.

AMEX = American Stock Exchange; NYSE = New York Stock Exchange.

1. Accentia filed to raise up to $86.25M in an IPO.

2. Advanced Life Sciences filed to raise up to $86.25M in an IPO.

3. AlgoRx filed to raise up to $75M in an IPO. It reduced the price range in February. The value is based on the midpoint of that price range.

4. Avalon filed to raise up to $57.55M in an IPO.

5. BioNumerik filed to raise up to $86.25M in an IPO.

6. Celldex filed to raise $50M in an IPO. After the sale Medarex Inc. would own about 75% of the company.

7. Coley filed to raise up to $115M in an IPO.

8. CombinatoRx filed to raise up to $100M in an IPO.

9. Corus filed to raise up to $100M in an IPO.

10. Intarcia filed to raise up to $86.25M in an IPO.

11. Prestwick filed to raise up to $74.75M in an IPO.

12. Reliant filed to raise up to $300M in an IPO. An undisclosed minority portion of the shares would be sold by an existing shareholder.

13. Salmedix filed to raise up to $86.25M in an IPO. The company on May 12 announced an agreement to be acquired by Cephalon Inc. for $160M.

14. Sunesis filed to raise up to $86.25M in an IPO.

15. Synta filed to raise up to $115M in an IPO. It set the price range and shares on April 22. The value is based on the midpoint of that estimate. The company said on May 3 it was postponing the IPO.

16. Valera filed to raise up to $74.75M in an IPO.

17. Allos filed a shelf registration statement to sell up to $75M of various securities. It placed $52M in convertible stock in March.

18. Anadys filed a shelf registration statement to sell up to $75M of common stock.

19. Antigenics filed a shelf registration statement to sell up to $100M in various securities. It sold $50M in notes in January.

20. Avanir filed a shelf registration statement covering the sale of up to $100M in various securities.

21. Biomira filed a shelf registration statement in both Canada and the U.S. to sell up to $100M of securities. It placed $12.57M in stock in December.

22. CancerVax filed a shelf registration statement to sell up to $80M in common stock.

23. Cephalon filed a $1B universal shelf registration statement covering the sale of various securities. It sold $800M in convertible notes in June.

24. Cytokinetics filed a shelf registration statement covering up to $100M in various securities.

25. Encysive filed a shelf registration statement to sell up to $150M in various securities. It raised $36.5M through the sale of 4.6M shares in September.

26. Exelixis filed a shelf registration statement covering up to $200M in various securities.

27. Geron filed a shelf registration statement covering the sale of up to $150M of various securities. It sold $40M in stock and warrants in November, and $4M more in April.

28. Immunicon filed a shelf registration statement covering up to $75M in various securities. It placed $17.9M in stock on June 30.

29. Keryx filed to sell up to 5M shares. The value is based on the Sept. 29 closing price.

30. Myogen filed a universal shelf registration statement covering the sale of $125M of various securities.

31. Nabi filed a shelf registration statement to sell up to $175M in various securities.

32. Nektar said on March 8, 2004, it was selling 9.5M shares from an existing shelf registration statement. The value is based on the closing price that day.

33. Point Therapeutics filed a shelf registration statement to sell up to $50M of common stock and warrants. It raised $16.43M in March through the sale of 3.65M shares.

34. RegeneRx filed a shelf registration statement covering the sale of up to $60M in common stock and warrants.

35. Santarus filed a shelf registration statement to sell up to $75M in debt or equity securities.

36. Seattle Genetics filed a shelf registration statement to sell up to $75M in stock.

37. Sonus filed a shelf registration statement to sell up to $50M in common stock.

38. Targeted Genetics filed a shelf registration statement to sell up to 16.3M shares. The value is based on the June 17, 2004, closing price. It raised $6M in a private placement in January.

39. Titan filed a shelf registration statement for the sale of up to $50M in common or preferred stock. It privately placed $15M in stock in March 2004.

40. United Therapeutics filed a shelf registration statement covering 5M shares. The value is based on the Feb. 10 closing price.

41. V.I. Technologies filed a shelf registration statement covering up to $50M of equity securities.

42. Vion filed a shelf registration statement covering up to $75M of common stock and warrants. It raised $32.5M through the sale of 10M shares on Jan. 26.

43. ZymoGenetics filed a shelf registration statement covering the sale of up to $200M of common stock.

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