I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $611.1M

Company

Location

Date

Amt. (M)

Details


AC Immune

Ecublens, Switzerland

5/11/05

CHF21
(US$17.2)

New investors contributed two-thirds of the funds in the Series B financing round

Ambit
Biosciences
Corp.

San Diego

5/12/05

$10

Ambit completed the second close of its Series C financing, which now totals $31M; it raised $21M in August 2004; Roche Venture Fund led the round, which included Perseus-Soros Biopharmaceutical Fund, Forward Ventures, GIMV, Avalon Ventures and new investors Canadian Medical Discoveries Fund Inc. and Genechem

Anacor
Pharmaceuticals
Inc.

Palo Alto, Calif.

5/11/05

$25

The Series C financing was co-led by Care Capital and Venrock Associates; other new investors included Red Abbey Venture Partners and individuals associated with Anacor; existing investors Aberdare Ventures and Rho Ventures also participated

Androclus
Therapeutics

San Diego

5/16/05

ND

E. de Rothschild Investment Partners and Matignon Technologies led the company's first institutional financing round

Assay
Designs Inc.

Ann Arbor, Mich.

5/12/05

$5

Ampersand Ventures was the sole investor in the the company's Series A financing round

Avidia Inc.

Mountain View, Calif.

5/4/05

$28.5

Morgenthaler Ventures led the Series B financing, which also included TPG Ventures, MedImmune Ventures, Amgen Ventures and existing Series A shareholders Alloy Ventures, Maxygen Inc., Willem Stemmer and several individuals

Bayhill
Therapeutics
Inc.

Palo Alto, Calif.

5/4/05

$35.4

De Novo Ventures and Lilly Ventures led the Series B financing, and were joined by CMEA Ventures, Latterell Venture Partners, Morgenthaler Ventures, U.S. Venture Partners, the Vertical Group, A.M. Pappas Life Science Ventures, BostonLife Science Venture Corp., Grand Cathay Venture Capital Co. Ltd., Montreux Equity Partners, PAC- LINK Bio Management Corp., Prudence Venture Investment Corp. and Quintiles' PharmaBio Development

BioMimetic
Pharmaceuticals
Inc.

Franklin, Tenn.

5/18/05

$11.8

The follow-on Series C investment brings the Series C investment to $37.5M; $25.7M was raised in November 2004; investors in this closing included Noro-Moseley, PTV Sciences, Axiom Ventures and HSS Ventures

Biopheresis
Technologies
Inc.

Cary, N.C.

5/12/05

€6.5
(US$8.2)

Participating in the Series A round were European investors Scandinavian Life Science Venture and First Ventury

Celator
Pharmaceuticals
Inc.

Princeton, N.J.

5/3/05

$40

New investors Domain Associates, Quaker BioVentures and TL Ventures joined existing investors Ventures West, GrowthWorks Capital and the Business Development Bank of Canada in the financing round

Cellerant
Therapeutics
Inc.

Palo Alto, Calif.

5/11/05

$16

Novel Bioventures led the Series B financing, which included George Rathmann, CX Venture Group, Allen & Co. and MPM Capital

Conforma
Therapeutics
Corp.

San Diego

5/2/05

$11

Conforma added $11M to a Series C round from September 2003, bringing the total to $41.5M; returning investors included Domain Associates, Forward Ventures, Inglewood Ventures, Lilly BioVentures, Novo A/S, ProQuest Investments, RBC Capital Partners, RiverVest Venture Partners and S.R. One Ltd.

Cylene
Pharmaceuticals
Inc.

San Diego

5/25/05

$26.3

The Series B financing was led by Coastview Capital; other new investors included BioVentures Investors, Mitsui & Co. Venture Partners, Morningside Venture Investments, TDL Investors, William Harris Investors, Lakeview Capital and the Viterbi Group; all existing shareholders also participated

Cytochroma
Inc.

Markham, Ontario

5/5/05

C$15 (US$12)

The company received the first tranche of a C$15M financing, which was led by VenGrowth Private Equity Partners Inc. and included all current investors

Elbion AG

Dresden, Germany

5/24/05

€10 (US$12.2)

Elbion added €10M to its Series A funding round, which now totals €35M; it raised €25M in January; additional investors include Techno Venture Management, Temasek Holdings and Mitsubishi Corp.

Evogene Ltd.

Rehovot, Israel

5/31/05

$1.75

The company raised the money from new and existing investors in Israel, France and North America

FASgen Inc.

Baltimore

5/13/05

$2

A private investor provided the funding to support development of the company's tuberculosis drug candidate

Gemin X
Biotechnologies
Inc.

Montreal

5/19/05

$65.2

The Series D funding consists of a $50M equity investment and up to $15.2M in a loan facility; the H.I.G. and Sanderling groups of funds led the financing, which included Merlin BioMed Group, Pinnacle Biotech Ventures Fund and all current investors; Investissement Quebec's Biolevier Program provided the loan

Genomatix
Corp.

Roanoke, Va.

5/17/05

$0.5

NewVa Capital Partners LP provided the funding for the the company's Series B financing

HTG Inc.

Tucson, Ariz.

5/4/05

$3.4

Investing in the Series B round were Solstice Capital, Valley Ventures, Emerging Technology Partners, Deimos Ventures, Village Ventures, members of the Tucson Desert Angels and HTG founder Bruce Seligmann

Intercept
Pharmaceuticals
Inc.

New York

5/4/05

$1.25

Rodman & Renshaw led the convertible debt financing, which also included investments from individuals and institutions

LifeCycle
Pharma A/S

Horsholm, Denmark

5/17/05

€15 (US$19)

Alta Partners led the Series C financing round, which included DG Lux Multimanager I Sicav Lacuna Apo BioTech Subfund and existing investors H. Lundbeck A/S, Novo A/S and Nordic Biotech

Montigen
Pharmaceuticals
Inc.

Salt Lake City

5/13/05

$5.2

Details on the Series A financing were not disclosed

NsGene A/S

Ballerup, Denmark

5/2/05

DKK30 (US$5.2)

NeuroSearch A/S and other existing shareholders invested in the financing round; NeuroSearch's stake increased to 25.3% from 25%

Oxagen Ltd.

Abingdon, UK

5/23/05

$59.8

MPM Capital led the Series B financing round, which included new investors Bessemer Venture Partners, IBT and Red Abbey and existing investors SV Life Sciences, Advent Ventures, 3i, Abingworth and The Wellcome Trust

Phenomix
Corp.

San Diego

5/24/05

$40

New investors JPMorgan Partners and Delphi Ventures co-led the Series B financing, which included new investor Baker Brothers Investments and existing investors Alta Partners, Sofinnova Ventures, Bay City Capital, CMEA Ventures, GBS Venture Partners and Novartis BioVenture Fund

Prolysis Ltd.

Oxford, UK

5/24/05

$9.9

The Series B financing round was led by existing institutional investors, and was joined by Fujisawa Investments for Entrepreneurs LP and Fujisawa Investments for Entrepreneurs II LP

Spherics Inc.

Lincoln, R.I.

5/12/05

$26.4

Advent International led the Series C financing, which included new investors MVM Life Sciences, Oakwood Medical Investors, AM Pappas, Mitsubishi and Vectis Life Sciences Fund, as well as Series A and B investors Zero Stage Capital, CB Health Ventures, POD Holding and Eastman Ventures

Tranzyme
Pharma

Research Triangle Park, N.C.

5/13/05

$32

H.I.G. Ventures; Thomas, McNerney & Partners; and Quaker BioVentures led the Series C financing, which included existing investors Business Development Bank of Canada, Desjardins Venture Capital, Pacific Rim Ventures and The Solidarity Fund

Wilex AG

Munich, Germany

5/10/05

€30 (US$38.4)

Merlin Biosciences led the Series C round, which included new investors Karolinska Investment Fund, Quest for Growth, Quintiles' PharmaBio Development and existing investors Apax Partners, TVM Techno Venture Management, Earlybird Venture Capital and others

Zelos
Therapeutics
Inc.

Waltham, Mass.

5/18/05

$42.5

Alta Partners led the Series B financing, which included other new investors Prospect Venture Partners, Frazier Healthcare Ventures, SR One and the Ontario Teacher's Pension Plan and existing investors VenGrowth Private Equity Partners Inc., Genesys Capital Partners Inc., Seaflower Ventures and the Business Development Bank of Canada; Ferghana Securities managed the financing

II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM EXISTING CORPORATE PARTNERS: $74.8M

Active Biotech
AB*
(Sweden)

Avidex Ltd.*
(UK)

ND

Milestone payment

Triggered by initiaton of Phase I trials of RhuDex in rheumatoid arthritis (5/9)

Array
BioPharma
Inc.
(ARRY)

Amgen Inc.

$1

Milestone payment

The research milestone payment resulted from their January 2002 drug discovery agreement(5/10)

Atugen AG*
(Germany)

Schering AG (Germany)

ND

Milestone payments

Atugen said it has achieved nine milestones under its target validation deal with Schering; financial details were not disclosed (5/9)

Celgene
Corp.
(CELG)

Novartis Pharma AG (Switzerland)

ND

Milestone payments

Triggered by Novartis gaining FDA approval to market Focalin XR extended-release cap- sules for treating attention deficit hyperactivity disorder (5/27)

Cytos
Biotechnology
AG
(Switzerland;
SWX:CYTN)

Novartis Pharma AG (Switzerland)

ND

Milestone payment

Triggered by approval in Sweden for Novartis to start a Phase I trial of the Immunodrug CAD106, an immunotherapeutic for treating Alzheimer's disease (5/18)

Exelixis Inc.
(EXEL)

GlaxoSmithKline plc (UK)

$35

Milestone payments

A $30M milestone was triggered by submis- sion of INDs for the cancer agents XL880, XL820 and XL844; a $5M milestone payment was triggered by progress in earlier-stage programs in their collaboration (5/9)

GW
Pharmaceuticals
plc
(UK; LSE:GWP)

Bayer Healthcare AG (Germany)

£1 (US$1.8)

Milestone payment

Triggered by approval in Canada of Sativex for symptomatic relief of neuropathic pain in multiple sclerosis (5/11)

Memory
Pharmaceuticals
Corp.
(MEMY)

F. Hoffmann-La Roche Ltd. (Switzerland)

$2

Milestone payment

Roche made the milestone payment to maintain its option to obtain an exclusive license to MEM 3454, a nicotinic alpha-7 receptor agonist in Phase I trials (5/3)

Myogen Inc.
(MYOG)

Novartis AG (Switzerland)

ND

Milestone payments

Myogen achieved three milestones related to progress in validation of high-throughput assays in their 2003 collaboration focused on drugs for cardiovascular disease (5/26)

Neose
Technologies
Inc.
(NTEC)

Novo Nordisk A/S (Denmark)

ND

Milestone payment

Neose received a scheduled payment under their 2003 deal to apply Neose's GlycoPEGylation technology to a Novo protein (5/13)

Pharmacopeia
Drug Discovery
Inc.
(PCOP)

NV Organon (the Netherlands)

ND

Milestone payment

Triggered by Organon's initiation of toxicological studies of a development candidate from the collaboration (5/25)

Rigel
Pharmaceuticals
Inc.
(RIGL)

Daiichi Pharmaceuticals Co. Ltd. (Japan)

ND

Milestone payments

The two payments were triggered by Daiichi's selection of two small-molecule compounds from their August 2002 collaboration to identify candidates against a ligase target for cancer indications (5/5)

SkyePharma
plc
(UK; SKYE)

First Horizon
Pharmaceutical
Corp.

$15

Milestone payment

Triggered by FDA approval of Triglide, a formulation of the cardiovascular product fenofibrate; First Horizon has marketing rights (5/9)

Sucampo
Pharmaceuticals
Inc.*

Takeda Pharmaceutical Co. Ltd. (Japan)

$20

Milestone payment

Triggered by initiation of a Phase III trial of lubiprostone in constipation-predominant irri- table bowel syndrome (5/16)


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.

LSE = London Stock Exchange; SWX = Swiss Stock Exchange.