I. COMMENCED TRADING IN MARCH

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

Ardana plc
(UK; LSE:ARA)1

2/17/05

3/4/05

16.4S

£1.28

55.56

Nomura International

£21
(US$40.5)

£71.1

Aspreva
Pharmaceuticals

Corp.
(Canada;
ASPV; TSE:ASV)2

1/24/05

3/3/05

8.28S

$11

34.03

Merrill Lynch & Co., Banc of America (co-lead), Pacific Growth Equities, BMO Nesbitt Burns

$91.1

$374.3

CardioVascular
BioTherapeutics

Inc.
(OTC BB:CVBT)3

9/27/04

3/14/05

1.725S

$10

122.8

First Dunbar Securities

$17.25

$1,228.0

OVERALLOTMENT OPTIONS

Icagen Inc.
(ICGN)4

4/8/04

3/10/05

0.1S

$8

21.54

UBS Investment Bank, JP Morgan Securities (co- lead), CIBC World Markets

$0.8

$172.3

Intercell AG
(Austria; ATX:ICLL)5

2/14/05

3/18/05

0.989S

€5.5

33.01

Goldman Sachs, Lehman Brothers, Bank Vontobel, DZ BANK, Erste Bank

€5.4 (US$7)

€181.6

MediciNova
Inc.
(Osaka:4875)6

10/1/04

3/8/05

1.573S

Y400 (US$3.88)

98.85

Daiwa Securities SMBC

$6.1

$383.5

Total: $162.75M

Number of IPOs in March: 3

Average value of March IPOs: $49.61M

Number of IPOs in 2005: 11

Total raised in IPOs in 2005: $587.66M

Average value of IPOs in 2005: $53.42M

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)%


Cardiome
Pharma Corp.

(Canada; CRME)7

3/1/05

3/18/05

9.775S

$6

50.82

UBS Investment Bank, CIBC World Markets (co-lead), GMP Securities, Leerink Swann & Co., First Associates Investments, Orion Securities

$58.65

$304.9

Neurochem Inc.
(Canada; NRMX)8

2/23/05

3/4/05

4S

$15.30

34.41

UBS Investment Bank, CIBC World Markets, Piper Jaffray & Co., Desjardins Securities, Wells Fargo Securities, BMO Nesbitt Burns, Fortis Securities LLC

$61.2

$526.5

Vivus Inc.
(VVUS)9

12/22/04

3/10/05

6.25S

$3.40

44.47

SG Cowen & Co., Wachovia Capital Markets (co-lead)

$21.25

$151.2

Total: $449.25M

Number of follow-on offerings in March: 3

Average value of March follow-ons: $47.0M

Number of follow-on offerings in 2005: 17

Total raised in follow-ons in 2005: $1,101.3M

Average value of follow-ons in 2005: $64.78M


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.

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

ATX = Austrian Stock Exchange; LSE = London Stock Exchange; OTC BB = Over-the-Counter Bulletin Board; TSE = Toronto Stock Exchange.

1. Ardana raised £21M in an IPO on the London Stock Exchange. The underwriter has an option to purchase up to 2.46M additional shares to cover overallotments.

2. Aspreva raised $91.1M in an IPO in the U.S. and Canada. The totals include the underwriters' purchase of 1.08M shares per their overallotment option.

3. CardioVascular raised $17.25M in an IPO of 1.725M shares. The underwriter had an option to purchase another 300,000 shares to cover overallotments.

4. Underwriters of Icagen's IPO in February exercised their option on another 100,000 shares. The IPO totaled 5.1M shares and $40.8M in gross proceeds.

5. Underwriters of Intercell's IPO in February on the Austrian Stock Exchange exercised their option on another 989,132 shares, bringing the IPO total to about €52.2M.

6. The underwriter of MediciNova's IPO in February in Japan exercised its option on another 1.573M shares, bringing the IPO total to about $122.5M.

7. Cardiome raised $58.65M in a follow-on offering of 9.775M shares in the U.S. and Canada. The totals include the underwriters' purchase of 1.275M shares per their overallotment option.

8. Neurochem raised $61.2M in a follow-on offering of 4M shares in the U.S. and Canada. Underwriters have an option to purchase up to 600,000 additional shares to cover overallotments.

9. Vivus raised $21.25M in a follow-on offering of 6.25M shares. Underwriters have an option to purchase up to 937,500 additional shares 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

AlgoRx Pharmaceuticals
Inc.
(AGRX)2

11/29/04

6.8S

$7-$8

N/A

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

$51

Atrium
Biotechnologies
Inc.
(Canada)3

2/17/05

4.167S

C$12

N/A

RBC Dominion Securities, National Bank Financial (co-lead), HSBC Securities, BMO Nesbitt Burns, CIBC World Markets, GMP Securities, Loewen, McCutcheon

C$50 (US$41.3)

BioNumerik
Pharmaceuticals
Inc.
(BNPI)4

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)5

4/09/04

N/A

N/A

N/A

Janney Montgomery Scott

$50

CombinatoRx
Inc.
(CRXX)6

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)7

8/27/04

N/A

N/A

N/A

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

$100

EpiCept Corp.
(EPCT)8

1/10/05

N/A

N/A

N/A

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

$75

Intarcia
Therapeutics

Inc.
(ITCA)9

2/7/05

N/A

N/A

N/A

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

$86.25

Peninsula
Pharmaceuticals

Corp.
(PPRX)10

12/16/03

N/A

N/A

N/A

Credit Suisse First Boston, Piper Jaffray & Co., Citigroup, First Albany Capital

$86.25

Salmedix Inc.
(SMDX)11

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)12

12/23/04

N/A

N/A

N/A

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

$86.25

Synta
Pharmaceuticals

Corp.
(SNTA)13

1/18/05

N/A

N/A

N/A

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

$115

Valera
Pharmaceuticals

Inc.
(VLRX)14

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)15

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)16

3/5/04

N/A

N/A

N/A

N/A

$75

Antigenics
Inc.
(AGEN)17

8/12/04

N/A

N/A

N/A

N/A

$100

Atrix
Laboratories

Inc.
(ATRX)18

1/16/04

N/A

N/A

N/A

N/A

$150

Avanir
Pharmaceuticals

Inc.
(AMEX:AVN)19

4/12/04

N/A

N/A

N/A

N/A

$50

Biomira Inc.
(Canada; BIOM)20

7/14/04

N/A

N/A

N/A

N/A

$100

CancerVax
Corp.
(CNVX)21

11/8/04

N/A

N/A

N/A

N/A

$80

Cephalon Inc.
(CEPH)22

2/6/04

N/A

N/A

N/A

N/A

$1B

Dyax Corp.
(DYAX)23

3/11/04

7.5S

$13.78

N/A

N/A

$103.4

Emisphere
Technologies

Inc.
(EMIS)24

7/8/04

5S

$3.53

N/A

N/A

$17.7

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

Keryx Bio-pharmaceuticals
Inc.
(KERX)28

9/29/04

5S

$11.45

N/A

N/A

$57.3

Nabi Bio-
pharmaceuticals

(NABI)29

12/7/04

N/A

N/A

N/A

N/A

$175

Nektar
Therapeutics

(NKTR)30

3/8/04

9.5S

$22.13

N/A

Lehman Brothers

$210.2

Orchid
BioSciences

Inc.
(ORCH)31

1/13/04

N/A

N/A

N/A

N/A

$30

Orphan Medical
Inc.
(ORPH)32

4/14/04

4S

$11.17

N/A

N/A

$44.7

Point
Therapeutics

Inc.
(POTP)33

12/17/04

N/A

N/A

N/A

N/A

$50

Pozen Inc.
(POZN)34

2/3/04

8.54S

$11.91

N/A

N/A

$101.7

Progenics
Pharmaceuticals

Inc.
(PGNX)35

5/26/04

N/A

N/A

N/A

N/A

$60

Seattle Genetics
Inc.
(SGEN)36

11/23/04

N/A

N/A

N/A

N/A

$75

Sequenom
Inc.
(SQNM)37

1/30/04

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

Vion
Pharmaceuticals

Inc.
(VION)41

12/14/04

N/A

N/A

N/A

N/A

$75

WITHDRAWN AND POSTPONED

Company
(Symbol/
Proposed
Symbol)#*

Date
Filed/
Date
Pulled

Shares/
Units (M)

Price Range

Shares
Out (M)
@

Lead, Other
Underwriters

Value (M)


Targacept
Inc.
(TRGT)42

5/14/04/
3/16/05

N/A

N/A

N/A

Morgan Stanley & Co., Deutsche Bank Securities, CIBC World Markets, Pacific Growth Equities

$86.25


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.

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

2. 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 the price range.

3. Atrium plans to raise C$50M in an IPO in Canada. The totals do not include C$25 being sold in the offering by a shareholder. AEterna Zentaris Inc.'s stake in Atrium would be reduced to 50.7 percent.

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

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

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

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

8. EpiCept filed to raise up to $75M in an IPO.

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

10. Peninsula filed to raise up to $86.25M in an IPO. It delayed the pricing in February, saying it was in discussions regarding its possible acquisition.

11. Salmedix filed to raise up to $86.25M in an IPO.

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

13. Synta filed to raise up to $115M in an IPO.

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

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

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

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

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

19. Avanir filed a shelf registration statement to sell up to $50M in Class A common stock. It raised $25M in May through the sale of 19.7M Class A shares.

20. 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.

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

22. Cephalon filed a $1B universal shelf registration statement covering the sale of various securities.

23. Dyax filed a shelf registration statement to sell up to 7.5M shares. The value is based on the March 10, 2004, closing price.

24. Emisphere filed a shelf registration statement covering 5M shares. The value is based on the July 7 closing price.

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.

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

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

30. 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.

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

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

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

35. Progenics filed a shelf registration statement to sell up to $60M of common stock.

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

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

38. Targeted Genetics filed a shelf registration statement to sell up to 16.3M shares. The value is based on the June 17 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. 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.

42. Targacept cited unfavorable market conditions in postponing its proposed IPO in February, and it withdrew the filing in March.