I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $636.60M

Company

Location

Date

Amt. (M)

Details


Abeille
Pharmaceuticals
Inc.

Princeton, N.J.

2/22/05

$1.5

Accredited investors participated in the Series A financing round; details were not disclosed

Advanced Cell
Technologies
Inc.

Worcester, Mass.

2/1/05

$8

The company sold Series A preferred stock and warrants just prior to its reverse merger with A.C.T. Holdings Inc. (OTC BB:ACTH); the securities converted into ACTH stock and warrants

Archimedes
Pharma Ltd.

London

2/9/05

$40

Warburg Pincus invested $40M in the new company, which acquired the nasal drug delivery assets of West Pharmaceutical Services Inc.

Biosystems
International

Evry, France

2/4/05

€3 (US$3.8)

Two funds managed by Société Générale Asset Management invested in the company's first financing round

Cavis
Microcaps
GmbH

Mainz, Germany

2/3/05

€5 (US$6.4)

Inventages Venture Capital Investment Inc. and BASF Venture Capital invested in the Series A financing round

FibroGen
Inc.

South San Francisco

2/16/05

$100

Adage Capital Management led the financing; also participating were Apothecary Capital, Brookside Capital Partners, Corriente Biotechnology Partners, Duquesne Capital Management, Goldman Sachs, Janus Capital Group, Merlin BioMed Group, Och-Ziff Capital Management, The Rosewood Corp., Sigma Capital Management, T. Rowe Price, Yamanouchi Pharmaceutical Co. Ltd., SMBC Capital and Bio Fund Management

FivePrime
Therapeutics
Inc.

South San Francisco

2/8/05

$45

Domain Associates LLC led the financing round that also included HealthCap, the JP Morgan Bay Area Equity Fund, Kleiner Perkins Caufield and Byers, Versant Ventures, Texas Pacific Group, Advanced Technology Ventures, The Wellcome Trust, Diamond Capital Co. Ltd. and Singapore BioInnovations Pte. Ltd.; Three Crowns Capital served as adviser to the company

Jerini AG

Berlin

2/14/05

€15.5 (US$20.2)

The financing round was co-lead by NGN Capital, Life Sciences Partners and The Bioscience Investment Trust plc; also participating were existing investors Healthcap, TVM, 3i Group Investments LP and funds managed by IBB Beteiligungsgesellschaft

Kiadis BV

Groningen, the Netherlands

2/3/05

€4 (US$5.2)

The Series B financing round was led by Life Sciences Partners and included existing investor Prelude Trust plc and new investor NV NOM

Medisyn
Technologies
Inc.

Minneapolis

2/17/05

$1.5

MTI Investors LLC led the bridge financing round; current investors Sherpa Trek I LP, StarTec Investments, Andcor Cos. Inc. and Portage Capital took part in the offer of convertible notes and warrants

M-phasys
GmbH

Tubigen, Germany

2/8/05

ND

Investors in the Series C financing included KfW Bankengruppe, Grazia Equity, Gradus Ventures, Heidelberg Innovation and TechnoStart Ventures

Newron
Pharmaceuticals
SpA

Milan, Italy

2/21/05

€30 (US$39.7)

HBM Partners AG was lead investor in the round; existing investors 3i Group, Apax Partners and Atlas Venture also participated

Opsona
Therapeutics
Ltd.

Dublin, Ireland

2/24/05

€6.25 (US$8.2)

Inventages Venture Capital and Seroba BioVentures led the Series A financing, which also included Genentech Inc. and Enterprise Ireland

Perlegen
Sciences Inc.

Mountain View, Calif.

2/28/05

$74

The Series D financing was led by CSK Venture Capital; new investors included Brookside Capital, Mizuho Securities, Glynn Capital Management and Cape Securities; previous investors participating included Alex Zaffaroni, Maverick Capital, Lombard Odier Darier Hentsch & Cie, Zesiger Capital, Sano Ventures, BSI SA, MPM BioEquities, SB Life Sciences, Unilever Ventures, Biofrontier Partners, Private Life Biomed, CMEA Ventures and Affymetrix Inc.

Sciona Inc.

Boulder, Colo.

2/28/05

$8.2

Burrill & Co. led the second closing of the third-round financing, which also included Prelude Trust, BASF Venture Capital GmbH and Bioven- tures Inc.

Speedel Group

Basel, Switzerland

2/22/05

CHF47.8 (US$41)

Speedel completed an equity round of financing; the majority of the funding came from current shareholders

Stirling Medical
Solutions Ltd.

Stirling, Scotland

2/28/05

£97.5 (US$186.4)

Inverness Medical Innovations Inc. set up Stirling and committed to invest £67.5M over three years; ITI Life Sciences, a public entitiy, is providing 30M to the diagnostics company, a subsidiary of IMI

The Genetics
Co. Inc.

Schlieren, Switzerland

2/15/05

CHF17 (US$14.3)

Nextech Venture, the Novartis Venture Fund and Varuma AG led the Series C round; they and other investors have an option to invest another CHF8M to bring the round to CHF25M

Voyager
Pharmaceutical
Corp.

Raleigh, N.C.

2/14/05

$16

Non-institutional investors participated in the financing, with more than 90% of it from current shareholders

Zealand
Pharmaceuticals
A/S

Glostrup, Denmark

2/21/05

€13 (US$17.2)

Zealand completed a second closing of a Series C round; the first closing of €13M occurred in January; investors in the second closing included CDC Enterprises Innovation, AGF Private Equity and Life Sciences Partners

II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM EXISTING CORPORATE PARTNERS: $35.76M

Company
(Symbol)#*

Partner
(Country)

Amt.
(M)

Triggering
Event

Details (Date)


Affitech A/S*
(Norway)

Peregrine
Pharmaceuticals
Inc. (PPHM)

ND

Milestone

They are collaborating on antibodies that block VEGF; it was not clear if the milestone triggered a payment (2/14)

Affitech A/S*
(Norway)

Viventia Biotech Inc. (Canada; TSE:VBI)

ND

Milestone payment

Triggered by Affitech's discovery and selection of several cancer antibodies, and the subsequent screening of them using Viventia's antibody profiling platform (2/2)

Astex
Technology
Ltd.*
(UK)

Boehringer Ingelheim GmbH (Germany)

ND

Milestone payment

Astex achieved the first milestone in a collaboration under which it is applying its Pyramid technology for drug discovery (2/14)

Cardiome
Pharma Ltd.
(Canada; CRME)

Fujisawa Healthcare Inc.

$6

Milestone payment

Triggered by completion of ACT 1, the first of three Phase III trials of Cardiome's antiarrhythmic product, intravenous RSD1235 (2/23)

Cellular
Genomics Inc.*

Serono SA (Switzerland; NYSE:SRA)

ND

Milestone payment

Triggered by successful development of CGI's in vivo models for kinase drug discovery under their collaboration (2/15)

ChemGenex
Pharmaceuticals
Ltd.
(Australia;
(ASX:CXS)

Vernalis plc (UK; VNLS)

A$0.72 (US$0.56)

Milestone payment

ChemGenex reached a research milestone in its depression target discovery program with Vernalis (2/23)

Diversa Corp.
(DVSA)

Syngenta AG (Switzerland)

$0.5

Milestone payment

Diversa successfully delivered to Syngenta multiple qualified enzyme candidates for use as animal feed additives (2/14)

Ligand
Pharmaceuticals
Inc.
(LGND)

GlaxoSmithKline plc (UK)

$1

Milestone payment

Triggered by GSK's start of Phase II trials of SB-497115, a small- molecule drug that mimics the activity of thrombopoietin, which promotes production of blood platelets (2/7)

Medarex Inc.
(MEDX)

Amgen Inc.

ND

Milestone payment

Triggered by Amgen's advancement into clinical trials of an antibody developed using Medarex's UltiMAb technology (2/24)

MorphoSys
AG
(Germany;
FSE:MOR)

GPC Biotech AG (Germany; CPGB)

ND

Milestone payment

Triggered by GPC's initiation of a Phase I trial of the anticancer monoclonal antibody 1D09C3, whcih was generated using MorphoSys' technology (2/1)

Nastech
Pharmaceutical
Co. Inc.
(NSTK)

Questcor Pharmceuticals Inc.

$2

Milestone payment

Triggered by FDA approval of Nascobal Nasal Spray for treating vitamin B-12 deficiency; Nastech sold rights to Questor in 2003 (2/1)

Nautilus
Biotech*
(France)

Serono SA (Switzerland; NYSE:SRA)

ND

Milestone payment

A milestone was reached in a collaboration to develop a next-generation human growth hormone with an improved pharmacological profile (2/22)

Phytopharm
plc
(UK; LSE:PYM)

Yamanouchi Pharmaceutical Co. Ltd. (Japan)

£4 (US$7.7)

Milestone payment

Triggered when a trial of PYM50028 (Cogane) for Alzheimer's disease in 60 subjects met safety criteria set out in their licensing agreement (2/28)

Santarus
Inc.
(SNTS)

TAP Pharmaceutical Products Inc.

$10

Milestone payment

Santarus said it is entitled to the payment after prevailing in an alternative dispute resolution proceeding concerning a June 2002 sublicensing agreement (2/15)

TopoTarget
A/S*
(Denmark)

CuraGen Corp. (CRGN)

ND

Milestone payment

Triggered by initiation of Phase II trials of PXD101 in multiple myeloma (2/1)

Triad Pharmaceuticals Inc.*

Kos Pharmaceuticals Inc.

$8

Equity investment

Kos and its chairman each invested $4M; Kos owns 27% of the company, with which it has been collaborating on chemical entities that regulate HDL cholesterol; another $4M each would be paid in 18 months if milestones are reached; a consortium led by Kos' chairman owns 48% of Triad (2/7)


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.

ASX = Australian Stock Exchange; FSE = Frankfurt Stock Exchange; LSE = London Stock Exchange; NYSE = New York Stock Exchange; OTC BB: Over-the-Counter Bulletin Board; TSE = Toronto Stock Exchange.