I. COMMENCED TRADING IN FEBRUARY

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

Favrille Inc.
(FVRL)1

4/8/04

2/2/05

6S

$7

20.02

Bear, Stearns & Co., CIBC World Markets, Needham & Co., A.G. Edwards & Sons

$42

$140.1

Icagen Inc.
(ICGN)2

4/8/04

2/3/05

5S

$8

21.44

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

$40

$171.5

Intercell AG
(Austria;
ATX:ICLL)3

2/14/05

2/28/05

8.5S

€5.5

32.58

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

€46.8
(US$61.7)

€179.2

MediciNova
Inc. (OSE:4875)4

10/1/04

2/8/05

30S

Y400
(US$3.88)

97.28

Daiwa Securities SMBC

$116.4

$377.4

Paion AG
(Germany;
FSE:PA8G)5

1/24/05

2/11/05

5S

€8

15.76

UBS Investment Bank, Dresdner Kleinwort, Wasserstein (co-lead), Landesbank

€40
(US$52.7)

€126.1

Threshold
Pharmaceuticals
Inc. (THLD)6

4/9/04

2/4/05

5.333S

$7

29.25

Banc of America, William Blair & Co., CIBC World Markets (co-lead), Lazard Freres & Co.

$37.33

$204.8

Total: $350.13M

Number of IPOs in February: 6

Average value of February IPOs: $58.36M

Number of IPOs in 2005: 8

Total raised in IPOs in 2005: $424.91M

Average value of IPOs in 2005: $53.11M

FOLLOW-ON OFFERINGS

Arena
Pharmaceuticals
Inc. (ARNA)7

5/20/04

2/1/05

8.625S

$6

35.20

CIBC World Markets, Piper Jaffray & Co. (co-lead), Needham & Co., Granite Financial Group, Morgan Joseph & Co.

$51.75

$211.2

Barrier
Therapeutics
Inc. (BTRX)8

1/24/05

2/10/05

2S

$19.50

23.89

Morgan Stanley & Co., Pacific Growth Equities, JP Morgan Securities

$39

$465.9

Bioenvision
Inc. (BIVN)9

10/25/04

2/3/05

7.5S

$8

40.42

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

$60

$323.4

CoTherix Inc.
(CTRX)10

1/12/05

2/10/05

4.25S

$8.90

23.89

CIBC World Markets, Piper Jaffray & Co. (co-lead), Needham & Co., Thomas Weisel Partners

$37.83

$210.4

Neose
Technologies
Inc. (NTEC)11

2/7/05

2/18/05

8.05S

$4

32.78

UBS Investment Bank, JP Morgan Securities, Jefferies & Co.

$32.2

$131.1

Northfield
Laboratories
Inc. (NFLD)12

12/23/04

2/4/05

5.175S

$15

26.73

UBS Investment Bank, SG Cowen & Co. (co-lead), Harris Nesbitt

$77.63

$401.0

Nuvelo Inc.
(NUVO)13

1/24/05

2/2/05

9.775S

$7.50

42.01

UBS Investment Bank, Deutsche Bank Securities (co-lead), CIBC World Markets, Needham & Co.

$73.31

$315.0

Tercica Inc.
(TRCA)14

1/21/05

2/8/05

6.9S

$8

31.50

Lehman Brothers, SG Cowen & Co. (co-lead), Robert W. Baird & Co., Friedman, Billings, Ramsey, Harris Nesbitt

$55.2

$252.0

OVERALLOTMENT OPTIONS

Telik Inc.
(TELK)15

4/9/04

2/9/05

1.05S

$18.75

51.88

UBS Investment Bank, JP Morgan Securities, Lehman Brothers

$19.69

$972.8

Zonagen Inc.
(ZONA)16

10/20/04

2/1/05

0.66S

$4

10.05

Punk, Ziegel & Co., WR Hambrecht + Co. (co-lead)

$2.64

$40.2

Total: $449.25M

Number of follow-on offerings in February 8

Average value of February follow-ons: $53.37M

Number of follow-on offerings in 2005: 14

Total raised in follow-ons in 2005: $960.20M

Average value of follow-ons in 2005: $68.59M

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.

ATX = Austrian Stock Exchange; FSE = Frankfurt Stock Exchange; OSE = Osaka Securities Exchange.

1. Favrille raised $42M in an IPO of 6M shares. Underwriters have an option to purchase up to 900,000 additional shares to cover overallotments.

2. Icagen raised $40M in an IPO of 5M shares. Underwriters have an option to purchase up to 750,000 additional shares to cover overallotments.

3. Intercell raised €46.8M in an IPO of 8.5M shares on the Austrian Stock Exchange.

4. MediciNova raised about $116.4M in an IPO of 30M shares at 400 yen (US$3.88) each on the Osaka Securities Exchange in Japan. The underwriter has an option to purchase up to 4.5M additional shares to cover overallotments.

5. Paion raised €40M in an IPO of 5M shares on the Frankfurt Stock Exchange in Germany.

6. Threshold raised $37.33M in an IPO of 5.333M shares. Underwriters have an option to purchase up to 800,000 additional shares to cover overallotments.

7. Arena raised $51.75M in a follow-on offering of 8.625M shares. The totals include the underwriters' purchase of 1.125M shares per their overallotment option.

8. Barrier raised $39M in a follow-on offering of 2M shares. The totals do not include 2M shares sold by existing shareholders. Underwriters have an option to purchase up to 600,00 additional shares to cover overallotments.

9. Bioenvision raised $60M in a follow-on offering of 7.5M shares. Underwriters have an option to purchase up to 1.125M additional shares to cover overallotments.

10. CoTherix raised $37.83M in a follow-on offering of 4.25M shares. The totals include the underwriters' purchase of 250,000 shares per their overallotment option.

11. Neose raised $32.2M in a follow-on offering of 8.05M shares. The totals include the underwriters' purchase of 1.05M shares per their overallotment option.

12. Northfield raised $77.63M in a follow-on offering of 5.175M shares. The totals include the underwriters' purchase of 675,000 shares per their overallotment option.

13. Nuvelo raised $73.31M in a follow-on offering of 9.775M shares. The totals include the underwriters' purchase of 1.275M shares per their overallotment option.

14. Tercica raised $55.2M in a follow-on offering of 6.9M shares. The totals include the underwriters' purchase of 900,000 shares per their overallotment option.

15. Underwriters of Telik's follow-on offering that priced in January exercised their option on another 1.05M shares. The offering totaled about 8.05M shares and $151M gross proceeds.

16. Underwriters of Zonagen's follow-on offering that priced in January exercised their option on another 660,000 shares. The offering totaled 5.06M shares and $20.24M in gross proceeds.

II. FILED AND PENDING

INITIAL OFFERINGS

Company (Symbol/
Proposed Symbol)#*

Date Filed

Shares/Units (M)

Price Range

Shares Out (M)@

Lead, Other Underwriters

Value (M)

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

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

$51

Aspreva
Pharmaceuticals
Corp. (Canada;
ASPV; TSE:ASV)3

1/24/05

7.2S

$13-$15

N/A

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

$100.1

Atrium
Biotechnologies
Inc. (Canada)4

2/17/05

N/A

N/A

N/A

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

ND

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

CardioVascular
BioTherapeutics
Inc. (CVBT)6

9/27/04

2S

$10

N/A

First Dunbar Securities

$20

Celldex
Therapeutics
Inc. (CDEX)7

4/09/04

N/A

N/A

N/A

Janney Montgomery Scott

$50

CombinatoRx
Inc. (CRXX)8

12/13/04

N/A

N/A

N/A

SG Cowen & Co. (co-lead), 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

EpiCept Corp.
(EPCT)10

1/10/05

N/A

N/A

N/A

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

$75

Intarcia Therapeutics Inc. (ITCA)11

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)12

12/16/03

N/A

N/A

N/A

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

$86.25

Salmedix Inc.
(SMDX)13

4/23/04

N/A

N/A

N/A

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

$86.25

Synta
Pharmaceuticals
Corp. (SNTA)15

1/18/05

N/A

N/A

N/A

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

$115

XenoPort Inc.
(XNPT)16

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)17

3/5/04

N/A

N/A

N/A

N/A

$75

Antigenics
Inc. (AGEN)18

8/12/04

N/A

N/A

N/A

N/A

$100

Atrix
Laboratories
Inc. (ATRX)19

1/16/04

N/A

N/A

N/A

N/A

$150

Avanir
Pharmaceuticals
Inc. (AMEX:AVN)20

4/12/04

N/A

N/A

N/A

N/A

$50

Biomira Inc.
(Canada; BIOM)21

7/14/04

N/A

N/A

N/A

N/A

$100

CancerVax
Corp. (CNVX)22

11/8/04

N/A

N/A

N/A

N/A

$80

Cephalon Inc.
(CEPH)23

2/6/04

N/A

N/A

N/A

N/A

$1B

Dyax Corp.
(DYAX)24

3/11/04

7.5S

$13.78

N/A

N/A

$103.4

Emisphere
Technologies
Inc. (EMIS)25

7/8/04

5S

$3.53

N/A

N/A

$17.7

Encysive
Inc. (ENCY)26

6/7/04

N/A

N/A

N/A

N/A

$150

Exelixis
Pharmaceuticals
Inc. (EXEL)27

10/27/04

N/A

N/A

N/A

N/A

$200

Geron Corp.
(GERN)28

5/5/04

N/A

N/A

N/A

N/A

$150

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

Neurochem Inc.
(Canada; NRMX)32

2/23/05

4S

$17.94

N/A

UBS Investment Bank, Piper Jaffray & Co., Desjardins Securities, Wells Fargo Securities

$71.8

Orchid
BioSciences
Inc. (ORCH)33

1/13/04

N/A

N/A

N/A

N/A

$30

Orphan Medical
Inc. (ORPH)34

4/14/04

4S

$11.17

N/A

N/A

$44.7

Point
Therapeutics
Inc. (POTP)35

12/17/04

N/A

N/A

N/A

N/A

$50

Pozen Inc.
(POZN)36

2/3/04

8.54S

$11.91

N/A

N/A

$101.7

Progenics
Pharmaceuticals
Inc. (PGNX)37

5/26/04

N/A

N/A

N/A

N/A

$60

Seattle Genetics
Inc. (SGEN)38

11/23/04

N/A

N/A

N/A

N/A

$75

Sequenom
Inc. (SQNM)39

1/30/04

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

Vion
Pharmaceuticals
Inc. (VION)43

12/14/04

N/A

N/A

N/A

N/A

$75

Vivus Inc.
(VVUS)44

12/22/04

7.5S

$4

N/A

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

$30

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)45

5/14/04/
2/28/05

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; TSE = Toronto 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. Aspreva filed to raise up to $100M in an IPO in the U.S. and Canada. On Feb. 11 it set the range for the shares and price. The value is based on the midrange of that estimate.

4. Atrium filed for an IPO in Canada. The sale would include a secondary offering by SGF Soquia Inc. AEterna Zentaris Inc. owns 61.1% of Atrium pre-IPO.

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

6. CardioVascular registered to sell 2M shares at $10 each in an IPO.

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

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

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

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

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

12. 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.

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

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

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

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

17. Allos filed a shelf registration statement to sell up to $75M of various securities.

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

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

20. 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.

21. 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.

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

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

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

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

26. 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.

27. Exelixis filed a shelf registration statement covering up to $200M in various securities.

28. 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.

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 it was selling 9.5M shares from an existing shelf registration statement. The value is based on the March 8 closing price.

32. Neurochem registered to sell 4M shares in the U.S. and Canada. The value is based on the Feb. 23 closing price.

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

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

35. Point Therapeutics filed a shelf registration statement to sell up to $50M of common stock and warrants.

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

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

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

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

40. 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.

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.

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

43. 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.

44. Vivus filed a $50M shelf registration statement. On Feb. 22 it proposed selling 7.5M shares. The value is based on the Feb. 22 closing price.

45. Targacept cited unfavorable market conditions in postponing its proposed IPO.