I. COMMENCED TRADING IN MAY

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

Arpida Ltd.
(Switzerland;
SWX:ARPN)¹

4/11/05

5/4/05

5.4S

CHF18

16.37

Deutsche Bank, Julius Baer, Lombard Odier Darier, Hentsch, Swissfirst

CHF97.2 (US$80.7)

CHF294.7

Galapagos NV
(Belgium;
Euronext:GLPG)²

4/15/05

5/5/05

2.857S

€7

8.88

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

€20 (US$25.6)

€62.2

Total: $106.3M

Number of IPOs in May: 2

Average value of May IPOs: $53.15M

Number of IPOs in 2005: 14

Total raised in IPOs in 2005: $734.66M

Average value of IPOs in 2005: $52.48M

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)^%

SeraCare
Life Sciences
Inc. (SRLS)³

4/18/05

5/25/05

3.024S

$12.25

12.98

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

$37.04

$159.0

Total: $37.04M

Number of follow-on offerings in May: 1

Average value of May follow-ons: $37.04M

Number of follow-on offerings in 2005: 19

Total raised in follow-ons in 2005: $1,168.84M

Average value of follow-ons in 2005: $61.52M

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.

SWX = Swiss Stock Exchange.

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

¹ Arpida raised CHF97.2M in an IPO on the Swiss Stock Exchange. The lead underwriter has an option to purchase another 810,000 shares to cover overallotments.

² Galapagos raised €20M in an IPO on Euronext Brussels and Euronext Amsterdam. Underwriters have an option to purchase another 428,571 shares to cover overallotments.

³ SeraCare raised about $37.04M in a follow-on offering. The totals do not include 476,000 shares sold by existing shareholders. Underwriters have an option to purchase up to 525,000 additional shares (up to 453,600 shares from the company) to cover overallotments.

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, Lazard Freres & Co., Citigroup (co- read), Piper Jaffray & 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

XenoPort Inc.
(XNPT)¹⁷

1/19/05

N/A

N/A

N/A

Morgan Stanley & Co., Deutsche Bank Securities, Pacific Growth Equities, Lazard Freres & Co.

$86.25

FOLLOW-ON OFFERINGS

Allos
Therapeutics
Inc. (ALTH)¹⁸

3/5/04

N/A

N/A

N/A

N/A

$75

Anadys
Pharmaceuticals
Inc. (ANDS)¹⁹

4/22/05

N/A

N/A

N/A

N/A

$75

Antigenics
Inc. (AGEN)²⁰

8/12/04

N/A

N/A

N/A

N/A

$100

Atrix
Laboratories
Inc. (ATRX)²¹

1/16/04

N/A

N/A

N/A

N/A

$150

Biomira Inc.
(Canada; BIOM)²²

7/14/04

N/A

N/A

N/A

N/A

$100

CancerVax
Corp. (CNVX)²³

11/8/04

N/A

N/A

N/A

N/A

$80

Cephalon Inc.
(CEPH)²⁴

2/6/04

N/A

N/A

N/A

N/A

$1B

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

Nabi Bio-
pharmaceuticals
(NABI)³⁰

12/7/04

N/A

N/A

N/A

N/A

$175

Nektar
Therapeutics
(NKTR)³¹

3/8/04

9.5S

$22.13

N/A

Lehman Brothers

$210.2

Orchid
BioSciences
Inc. (ORCH)³²

1/13/04

N/A

N/A

N/A

N/A

$30

Orphan Medical
Inc. (ORPH)³³

4/14/04

4S

$11.17

N/A

N/A

$44.7

Point
Therapeutics
Inc. (POTP)³⁴

12/17/04

N/A

N/A

N/A

N/A

$50

Pozen Inc.
(POZN)³⁵

2/3/04

8.54S

$11.91

N/A

N/A

$101.7

Santarus
Inc. (SNTS)³⁶

5/12/05

N/A

N/A

N/A

N/A

$75

Seattle Genetics
Inc. (SGEN)³⁷

11/23/04

N/A

N/A

N/A

N/A

$75

Sequenom
Inc. (SQNM)³⁸

1/30/04

N/A

N/A

N/A

N/A

$50

Sonus
Pharmaceuticals
Inc. (SNUS)³⁹

4/1/05

N/A

N/A

N/A

N/A

$50

Targeted
Genetics
Corp. (TGEN)⁴⁰

6/17/04

16.3S

$1.51

N/A

N/A

$24.6

Titan
Pharmaceuticals
Inc. (AMEX:TTP)⁴¹

2/6/04

N/A

N/A

N/A

N/A

$50

United
Therapeutics
Corp. (UTHR)⁴²

2/10/05

5S

$44.57

N/A

N/A

$222.9

Vertex
Pharmaceuticals
Inc. (VRTX)⁴³

4/1/05

9.5S

$13.92

N/A

Merrill Lynch, JP Morgan Securities, UBS Securities

$132.2

V.I.
Technologies
Inc. (VITX)⁴⁴

5/13/05

N/A

N/A

N/A

N/A

$50

Vion
Pharmaceuticals
Inc. (VION)⁴⁵

12/14/04

N/A

N/A

N/A

N/A

$75

WITHDRAWN

Company
(Proposed
Symbol)^#*

Date
Filed/
Pulled

Shares/
Units
(M)

Price
Range

Shares Out (M)^@

Lead, Other Underwriters

Value
(M)

EpiCept Corp.
(EPCT)⁴⁶

1/10/05/
5/19/05

5.5S

$6-$7

N/A

Wachovia Capital Markets, C.E. Unterberg, Towbin (co-lead)

$35.75

Notes:

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

* 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. XenoPort filed to raise up to $86.25M in an IPO.

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

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

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

21. Atrix filed a shelf registration statement to sell up to $150M in various securities.

22. 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.

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

24. Cephalon filed a $1B universal shelf registration statement covering the sale of 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.

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

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

31. 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.

32. Orchid filed a shelf registration statement to sell up to $30M in common stock.

33. Orphan Medical filed a shelf registration statement covering 4M common shares. The value is based on the April 13, 2004, closing price.

34. 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.

35. Pozen registered to sell 8.54M shares, including an overallotment option, at a maximum price of $11.91 each.

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

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

38. Sequenom filed a shelf registration statement to sell up to $50M in stock and warrants.

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

40. 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.

41. 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.

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

43. Vertex on May 31 said it was selling 9.5M shares from a shelf registration. The value is based on the May 31 closing price.

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

45. 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.

46. EpiCept filed to raise up to $75M in an IPO. It withdrew the filing in May, after having reduced the price range, citing market conditions and strategic reasons.