I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $439.7M

Company

Location

Date

Amt. (M)

Details


AgraQuest
Inc.

Davis, Calif.

6/7/05

$14.35

The financing round was co-led by Otter Capital LLC and new investors Texas Pacific Group and Halcyon Capital; also participating were existing investors SAM Sustainability Private Equity LP, Sustainable Performance Group NV, Swiss Re Investors, Berndt Trusts, JSS Management, Vivo Ventures and Boldcap Ventures

AmpliMed
Corp.

Tucson, Ariz.

6/21/05

$5

Biotech Insight Ventures led the Series B financing round, which included previous investors InvestBio Ventures, Valley Ventures and Solstice Capital

Borean
Pharma A/S

Aarhus, Denmark

6/15/05

€1.5 (US$1.8)

New investor ABN Amro invested €1.5M in a second closing in the Series A round; Borean raised €4M in the first closing in March

Codon Devices

Cambridge, Mass.

6/1/05

$13

Founding investor Flagship Ventures led the Series A financing round, which also included Alloy Ventures, Kleiner Perkins and Vinod Khosla

Diabetica
Ltd.

Coleraine, Northern Ireland

6/15/05

ND

UUTech Ltd., the technology transfer arm of the University of Ulster, and Seroba BioVentures provided funding for the university spin-off

DrugAbuse
Sciences SAS

Lyon, France

6/27/05

€5 (US$6)

Existing shareholders including 3i, Alpinvest, Canaan Partners, CDC Innovation, Nomura Phase IV Ventures, Philippe Pouletty and CDC participated in the convertible bridge loan financing; a new management team was named and a relocation to Paris was planned

Endotis
Pharma

Paris

6/20/05

€4 (US$4.9)

Sofinnova Partners provided the funding for the company's Series A financing round

Exiqon A/S

Copenhagen, Denmark

6/2/05

$20

Teknoinvest led the Series C financing round, which also included Scandinavian Life Science Venture, Nobel Group, LD Pensions, BioFund and Danske Bank

GNI Ltd.

Tokyo

6/20/05

$13

GNI raised the money concurrent with its merger with Shanghai Genomics Inc.; the financing was led by Nomura, Healthcare Partners and other U.S. and Japanese private equity firms

iCeutica Inc.

Philadelphia

6/20/05

ND

Phoenix IP Ventures led the company's Series A round of financing

Inimex
Pharmaceuticals
Inc.

Vancouver, British Columbia

6/15/05

C$4 (US$3.2)

Completion of 2005 R&D milestones triggered release of another C$4M in funds from Series A investors, which invested C$6M in the company in July 2004

Innovive
Pharmaceuticals
Inc.

New York

6/29/05

$2.25

The money was raised in a convertible note financing; Paramount BioCapital Inc. was placement agent (6/29)

Jazz
Pharmaceuticals
Inc.

Palo Alto, Calif.

6/27/05

$80

Lehman Brothers Principal Investments led the debt financing Series C round, which closed along with Jazz's acquisition of Orphan Medical Inc.; other investors included General Electric Pension Trust, Deep Cove Mezzanine LLC and entities related to Oak Hill Advisors and Oak Hill Investment Management

Morria Bio-
pharmaceuticals
plc

London

6/8/05

£2.1 (US$3.8)

Financial consultants Charles Street Securities led the Series A financing round, which followed a £0.2M private bridge financing

Osiris
Therapeutics
Inc.

Baltimore

6/8/05

$50

The company sold equity and convertible debt in the financing round; Friedli Corporate Finance Inc. arranged the financing

Santaris
Pharma A/S

Copenhagen, Denmark

6/29/05

€4.4 (US$5.3)

The financing is the first closing of what is expected to be a €20M second round that closes later in 2005; investors were BankInvest, Novo, LD Pension, InnovationsKapital, Dansk Kapitalanaeg and Dansk Erhvervsinvestering

Somaxon
Pharmaceuticals
Inc.

San Diego

6/6/05

$65

MPM Capital Partners led the Series C round, which included additional new investor Prospect Ventures; existing investors Domain Associates LLC, BA Venture Partners, Montreux Equity Partners and CDIB BioScience Ventures also participated (6/6)

Therion
Biologics
Corp.

Cambridge, Mass.

6/17/05

$30

The financing round was led by Hans-Werner Hector, and included Loeb Investors, SRK Management Co. and Cheng Xin Venture Capital Group

Tioga
Pharmaceuticals

San Diego

6/15/05

ND

Forward Ventures provided Series A financing for Tioga, which was formed to develop asimadoline, a product acquired from Merck KGaA

TriMed
Research Inc.

Omaha, Neb.

6/20/05

€5 (US$6)

Inventages Venture Capital Investments Inc. and Seroba Bioventures participated in the Series A financing round

Verus
Pharmaceuticals
Inc.

San Diego

6/9/05

$98

The Series A financing included $78M in equity and $20M in product-specific royalty financing from Paul Royalty Fund; the equity investment was led by Domain Associates and Prospect Venture Partners and included Paul Royalty Fund, MPM Capital, Montreux Equity Partners, Athenian Venture Partners, Windamere Venture Partners and private investors

Ziopharm
Inc.

Charleston, Mass.

6/6/05

$18.1

Paramount BioCapital Inc. was the lead placement agent in the Series A convertible preferred stock sale

II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM EXISTING CORPORATE PARTNERS: $27.35M

Company
(Symbol)#*

Partner
(Country)

Amt.
(M)

Triggering Event

Details (Date)


Archemix
Corp.*

Eyetech Pharmaceuticals Inc. (EYET)

ND

Milestone payment

Eyetech selected a preclinical candidate from their 2004 collaboration; it is an aptamer directed against platelet-derived growth factor for use in neovascular age-related macular degeneration (6/22)

Avantogen
Ltd.
(Australia; ASX:ACU)

Endocyte Inc.*

ND

Milestone payment

Triggered by Avantogen's submission of a drug master file to the FDA for the vaccine adjuvant GPI-0100, for use in treating kidney cancer (6/15)

Codexis Inc.*

Pfizer Inc.

ND

Milestone payment

Codexis reached a milestone in their July 2004 deal focused on applying Codexis' process R&D platform to certain Pfizer small molecules (6/1)

Depomed Inc.
(DEPO)

Biovail Corp. (Canada)

$25

Milestone payment

Triggered by receipt of an approval letter from the FDA for Glumetza for treating Type II diabetes (6/3)

Diversa
Corp.
(DVSA)

XOMA Ltd. (XOMA)

ND

Milestone payment

Triggered by successful generation of an antibody that binds with sub-picomolar affinity to an undisclosed XOMA target (6/1)

Evotec OAI
AG
(Germany;
FSE:EVT)

Boehringer Ingelheim GmbH (Germany)

ND

Milestone payment

Triggered by identification of a number of lead series for a priority target in their collaboration (6/7)

Innate
Pharma SAS*
(France)

Novo Nordisk A/S (Denmark)

ND

Milestone payment

The milestone relates to an antibody candidate specific for an NK cell receptor discovered under their November 2003 alliance (6/20)

Ligand
Pharmaceuticals
Inc.
(LGNDE)

GlaxoSmithKline plc (UK)

$2

Milestone payment

Triggered by GSK's filing of an IND for SB- 559448, a small-molecule drug that mimics the activity of thrombopoietin (6/6)

NeoPharm
Inc.
(NEOL)

Unnamed private biotech company

$0.35

Milestone payment

NeoPharm provided customized NeoPhectin (liposomal) formulations for the partner's compounds (6/23)

Sareum
Holdings plc
(UK; AIM:SRA)

Undisclosed UK- based company

ND

Milestone payment

Triggered by delivery of structural data under their December 2004 collaboration (6/30)

Speedel Group*
(Switzerland)

Locus Pharmaceuticals Inc.*

ND

Milestone payment

Speedel produced a series of lead compounds (SPP800 series) under their 2003 collabora- tion on renin inhibitors for treating cardiovascular and metabolic diseases (6/16)


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.

AIM = Alternative Investment Market; ASX = Australian Stock Exchange; FSE = Frankfurt Stock Exchange.

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