I. COMMENCED TRADING IN JANUARY

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

Narhex Life
Sciences Ltd.
(Australia; ASX:NLS)1

10/24/04

1/12/05

66.9S

A$0.20

161.4

Montagu Stockbrokers

A$13.4
(US$10.4)

A$32.3

ViaCell Inc.
(VIAC)2

4/5/04

1/21/05

8.625S

$7

37.20

Credit Suisse First Boston, UBS Investment Bank (co-lead), Lazard Freres & Co., Leerink Swann & Co.

$60.38

$260.4

OVERALLOTMENT OPTIONS

Chemokine
Therapeutics
Corp.
(Canada;
TSE:CTI)3

10/22/04

1/31/05
(US$1.9)

2.4S

C$1

31.73

Canaccord Capital, Jennings Capital, McFarlane Gordon, Wellington West Capital

C$2.4

C$31.7

SemBioSys
Inc.
(Canada;
TSE:SBS)4

11/29/04

1/7/05

0.525S and 0.263W

C$5

12.60

Orion Securities, Dloughy Merchant Group, (co-lead), First Associates, Raymond James

C$2.63
(US$2.1)

C$63.0

Total: $74.78M

Number of IPOs in January: 2

Average value of January IPOs: $35.4M

Number of IPOs in 2005: 2

Total raised in IPOs in 2005: $74.78M

Average value of IPOs in 2005: $35.4M

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)%


Amylin
Pharmaceuticals
Inc.
(AMLN)5

12/11/03

1/21/05

9.2S

$22

103.7

Morgan Stanley & Co., Goldman, Sachs & Co. (co-lead), Banc of America Securities, JP Morgan Securities, Wachovia Capital Markets

$202.4

$2,281.4

ISTA
Pharmaceuticals
Inc.
(ISTA)6

4/23/04

1/20/05

6.325S

$8.88

25.70

Banc of America Securities, Thomas Weisel Partners (co-lead), Lazard Freres & Co., C.E. Unterberg, Towbin

$56.2

$228.2

La Jolla
Pharmaceutical
Co.
(LJPC)7

11/26/02

1/28/05

12.25S

$1.40

73.76

Pacific Growth Equities

$17.15

$103.3

Martek
Biosciences
Corp.
(MATK)8

5/21/04

1/21/05

1.757S

$49.10

31.26

Citigroup, Adams Harkness (co-lead), Needham & Co., First Albany Capital, D.A. Davidson & Co.

$86.3

$1,534.8

Telik Inc.
(TELK)9

4/9/04

1/28/05

7S

$18.75

50.83

UBS Investment Bank, JP Morgan Securities, Lehman Brothers

$131.3

$953.1

Zonagen Inc.
(ZONA)10

10/20/04

1/27/05

4.4S

$4

9.39

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

$17.6

$37.6

Total: $510.95M

Number of follow-on offerings in January: 6

Average value of January follow-ons: $85.16M

Number of follow-on offerings in 2005: 6

Total raised in follow-ons in 2005: $510.95M

Average value of follow-ons in 2005: $85.16M


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.

ASX = Australian Stock Exchange; TSE = Toronto Stock Exchange.

1. NarHex raised A$13.4M in an IPO on the Australian Stock Exchange.

2. ViaCell raised about $60.38M in an IPO of 8.625M shares. The totals include the underwriters' purchase of 1.125M shares per their overallotment option.

3. Underwriters of Chemokine's IPO in December exercised their option on another 2.4M shares, bringing the IPO total to C$18.4M in gross proceeds.

4. Underwriters of SemBioSys' IPO in December exercised their option on another 525,000 units, bringing the IPO total to about C$20.13 in gross proceeds.

5. Amylin raised $202.4M in a follow-on offering of 9.2M shares. The totals include the underwriters' purchase of 1.2M shares per their overallotment option.

6. ISTA raised about $56.2M in a follow-on offering of 6.325M shares. The totals include the underwriters' purchase of 825,000 shares per their overallotment option.

7. La Jolla raised $17.15M in a follow-on offering of 12.25M shares. The deal included an underwriting discount of $0.084 per share.

8. Martek raised about $86.3M in a follow-on offering of 1.757M shares. The totals include the underwriters' purchase of 229,124 shares per their overallotment option.

9. Telik raised $131.3M in a follow-on offering of 7M shares. Underwriters have an option to purchase another 1.05M shares to cover overallotments.

10. Zonagen raised $17.6M in a follow-on offering of 4.4M shares. Underwriters have an option to purchase another 660,000 shares to cover overallotments.

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)


AlgoRx
Pharmaceuticals
Inc.
(AGRX)1

11/29/04

N/A

N/A

N/A

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

$75

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

1/24/05

N/A

N/A

N/A

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

$100

BioNumerik
Pharmaceuticals
Inc.
(BNPI)3

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)4

9/27/04

2S

$10

N/A

First Dunbar Securities

$20

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. (co-lead), 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

Favrille Inc.
(FVRL)9

4/8/04

N/A

N/A

N/A

Piper Jaffray & Co., Needham & Co., William Blair & Co., First Albany Capital

$86.25

Icagen Inc.
(ICGN)10

4/8/04

N/A

N/A

N/A

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

$86.25

MediciNova
Inc.
11

10/1/04

N/A

N/A

N/A

Daiwa Securities SMBC

$100

Peninsula
Pharmaceuticals
Corp.
(PPRX)12

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)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

Targacept
Inc.
(TRGT)16

5/14/04

N/A

N/A

N/A

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

$86.25

Threshold
Pharmaceuticals
Inc.
(THLD)17

4/9/04

N/A

N/A

N/A

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

$86.25

XenoPort Inc.
(XNPT)18

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

Alexion
Pharmaceuticals
Inc.
(ALXN)19

11/26/03

N/A

N/A

N/A

N/A

$150

Allos
Therapeutics
Inc.
(ALTH)20

3/5/04

N/A

N/A

N/A

N/A

$75

Antigenics
Inc.
(AGEN)21

8/12/04

N/A

N/A

N/A

N/A

$100

Arena
Pharmaceuticals
Inc.
(ARNA)22

5/20/04

6S

$6.57

N/A

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

$39.4

Atrix
Laboratories
Inc.
(ATRX)23

1/16/04

N/A

N/A

N/A

N/A

$150

Avanir
Pharmaceuticals
Inc.
(AMEX:AVN)24

4/12/04

N/A

N/A

N/A

N/A

$50

Barrier
Therapeutics
Inc.
(BTRX)25

1/24/05

2S

$19.90

N/A

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

$39.8

BioCryst
Pharmaceuticals
Inc.
(BCRX)26

12/16/03

N/A

N/A

N/A

N/A

$60

Bioenvision
Inc.
(BIVN)27

10/25/04

7S

$7.97

N/A

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

$55.8

Biomira Inc.
(Canada; BIOM)28

7/14/04

N/A

N/A

N/A

N/A

$100

CancerVax
Corp.
(CNVX)29

11/8/04

N/A

N/A

N/A

N/A

$80

Cel-Sci Corp. (AMEX:CVM)30

12/19/03

N/A

N/A

N/A

N/A

$50

Cephalon Inc. (CEPH)31

2/6/04

N/A

N/A

N/A

N/A

$1B

CoTherix Inc.
(CTRX)32

1/12/05

4S

$10.06

N/A

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

$40.2

Curis Inc.
(CRIS)33

12/23/03

N/A

N/A

N/A

N/A

$40

CV Therapeutics
Inc.
(CVTX)34

10/1/03

N/A

N/A

N/A

N/A

$300

Discovery
Laboratories
Inc.
(DSCO)35

12/19/03

6.5S

$9.67

N/A

N/A

$62.9

Dyax Corp.
(DYAX)36

3/11/04

7.5S

$13.78

N/A

N/A

$103.4

Emisphere
Technologies
Inc.
(EMIS)37

7/8/04

5S

$3.53

N/A

N/A

$17.7

Encysive
Inc.
(ENCY)38

6/7/04

N/A

N/A

N/A

N/A

$150

Exelixis
Pharmaceuticals
Inc.
(EXEL)39

10/27/04

N/A

N/A

N/A

N/A

$200

Geron Corp.
(GERN)40

5/5/04

N/A

N/A

N/A

N/A

$150

Gilead Sciences
Inc.
(GILD)41

12/22/03

N/A

N/A

N/A

N/A

$500

GTC
Biotherapeutics
Inc.
(GTCB)42

12/23/03

N/A

N/A

N/A

N/A

$40

Keryx Bio-
pharmaceuticals
Inc.
(KERX)43

9/29/04

5S

$11.45

N/A

N/A

$57.3

Maxim
Pharmaceuticals
Inc.
(MAXM)44

12/31/03

N/A

N/A

N/A

N/A

$75

Nabi Bio-
pharmaceuticals
(NABI)45

12/7/04

N/A

N/A

N/A

N/A

$175

Nektar
Therapeutics
(NKTR)46

3/8/04

9.5S

$22.13

N/A

Lehman Brothers

$210.2

Northfield
Laboratories
Inc.
(NFLD)47

12/23/04

3.5S

$18.95

N/A

UBS Investment Bank, SG Cowen & Co., Harris Nesbitt

$66.3

Nuvelo Inc.
(NUVO)48

1/24/05

7S

$8.68

N/A

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

$60.7

Orchid
BioSciences
Inc.
(ORCH)49

1/13/04

N/A

N/A

N/A

N/A

$30

Orphan Medical
Inc.
(ORPH)50

4/14/04

4S

$11.17

N/A

N/A

$44.7

Point
Therapeutics
Inc.
(POTP)51

12/17/04

N/A

N/A

N/A

N/A

$50

Pozen Inc.
(POZN)52

2/3/04

8.54S

$11.91

N/A

N/A

$101.7

Progenics
Pharmaceuticals
Inc.
(PGNX)53

5/26/04

N/A

N/A

N/A

N/A

$60

Seattle Genetics
Inc.
(SGEN)54

11/23/04

N/A

N/A

N/A

N/A

$75

Sequenom
Inc.
(SQNM)55

1/30/04

N/A

N/A

N/A

N/A

$50

Targeted
Genetics
Corp.
(TGEN)56

6/17/04

16.3S

$1.51

N/A

N/A

$24.6

Tercica Inc.
(TRCA)57

1/21/05

6S

$9.60

N/A

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

$57.6

Titan
Pharmaceuticals
Inc.
(AMEX:TTP)58

2/6/04

N/A

N/A

N/A

N/A

$50

Vion
Pharmaceuticals
Inc.
(VION)59

12/14/04

N/A

N/A

N/A

N/A

$75

Vivus Inc.
(VVUS)60

12/22/04

N/A

N/A

N/A

N/A

$50


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. AlgoRx filed to raise up to $75M in an IPO.

2. Aspreva filed to raise up to $100M in an IPO in the U.S. and Canada.

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

4. CardioVascular registered to sell 2M shares at $10 each 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. Favrille filed to raise up to $86.25M in an IPO.

10. Icagen filed to raise up to $86.25M in an IPO.

11. MediciNova filed to raise up to $100 in an IPO on the Tokyo Stock Exchange.

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

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. Targacept filed to raise up to $86.25M in an IPO.

17. Threshold filed to raise up to $86.25M in an IPO.

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

19. Alexion filed a shelf registration statement to sell up to $150M in various securities. It raised $77.5M through the sale of 5M shares on July 20. It sold $125M in convertible notes in January.

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

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

22. Arena filed a shelf registration statement to sell up to $50M of stock. It said Jan. 13 it planned to sell 6M shares. The value is based on the Jan 12. closing price.

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

24. 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.

25. Barrier registered to sell 4M shares, 2M of which will be offered by existing shareholders. The value is based on the Jan. 24 closing price.

26. BioCryst filed a shelf registration statement to sell up to $60M in common stock. It raised $21.4M in a direct offering in February 2004.

27. Bioenvision filed a shelf registration statement covering the sale of up to $90M of stock. It said on Jan. 19 it was offering 7M shares. The value is based on the Jan. 18 closing price.

28. 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.

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

30. Cel-Sci filed a shelf registration statement to sell up to $50M in common stock. It raised $5.25M in a private placement in May.

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

32. CoTherix registered to sell 4M shares. The value is based on the Jan. 11 closing price.

33. Curis filed a shelf registration statement covering the sale of up to $40M of various securities.

34. CV Therapeutics filed a shelf registration statement to sell up to $300M in various securities.

35. Discovery Laboratories filed a shelf registration statement to sell up to 6.5M shares of common stock. The value is based on the Dec. 18, 2003, closing price.

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

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

38. 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.

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

40. 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.

41. Gilead filed a shelf registration statement covering the sale of up to $500M of various securities.

42. GTC filed a shelf registration statement covering the sale of up to $40M in common stock. It raised $15M in March and $10.4M in January in private placements.

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

44. Maxim filed a shelf registration statement to sell up to $75M in various securities.

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

46. 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.

47. Northfield filed a shelf registration statement to sell up to $100M of securities. On Jan. 19 it said it would sell 3.5M shares. The value is based on the Jan. 19 closing price.

48. Nuvelo plans to sell 7M shares from a shelf registration. The value is based on the Jan. 24 closing price.

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

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

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

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

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

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

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

56. 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.

57. Tercica registered to sell 6M shares. The value is based on the Jan. 21 closing price.

58. 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.

59. 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.

60. Vivus filed a shelf registration statement covering up to $50M of common stock.

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