I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $406.25M

Company

Location

Date

Amt. (M)

Details


Adenosine
Therapeutics
LLC

Charlottesville,
Va.

1/25/05

$3.5

Details on the financing were not disclosed

Alexza
Molecular
Delivery Corp.

Palo Alto,
Calif.

1/6/05

$52

Alloy Ventures and Delphi Ventures co-led the Series D financing, which included Abingworth Bioventures, MDS Capital, Pacific Rim Ventures, T. Rowe Price, WestRiver Capital, Alejandro Zaffaroni, Frazier Healthcare, Versant Ventures, 5AM Ventures, Burrill & Co., CMEA Ventures, New Enterprise Associates and Zesiger Capital Group

Apoxis SA

Lausanne,
Switzerland

1/25/05

€15
(US
$19.5)

Participating in the second-round financing were Novo Nordisk, Banexi Ventures Partners, HealthCap and private investors

Biolipox AB

Stockholm,
Sweden

1/10/05

$41

The Series C round was led by Scandinavian Life Science Venture and included existing investors HealthCap, Apax Partners, Sofinnova Partners, Auriga Partners and Crédit Lyonnais Private Equity

BioWisdom
Ltd.

Cambridge,
UK

1/31/05

£2.3
(US$4.3)

New investors Finsbury Life Sciences Investment Trust and NIF Ventures Ltd. were joined by returning investors, including Merlin Biosciences and MB Venture Capital, in the financing round

Chelsea
Therapeutics
Inc.

Charlotte,
N.C.

1/11/05

$14.5

The company sold Series A convertible preferred stock in the round; Paramount BioCapital Inc. was placement agent

Compound
Therapeutics
Inc.

Waltham,
Mass.

1/18/05

$15.5

The company raised $15.5M in an expansion of its Series A financing; it raised $12M in May 2003; investors included Atlas Venture, Flagship Ventures and Polaris Venture Partners

DanioLabs
Ltd.

Cambridge,
UK

1/17/05

£3.2
(US$6)

Cambridge Gateway Fund led the first-round financing, which also included Merifin, NVM and existing and new angel investors

Efficas Inc.

Boulder, Colo.

1/4/05

$3

The Series A-3 round was led by the Bay Area Equity Fund and included Boston Life Science Venture Corp.; total investment in the company is about $8.5M

Elbion AG

Dresden,
Germany

1/10/05

€25
(US
$32.4)

The Degussa AG spinout completed a first-round financing co-led by 3i, Burrill & Co. and DVC Deutsche Venture Capital; other investors were AGF Private Equity, Quintiles PharmaBio Development, BayTech Venture Capital and Marubeni Corp.

Immutep SA

Orsay,
France

1/10/05

€2.5
(US$3.3)

Innoven Partenaires led the second-round financing, which included an investment from Equitis'H2I fund

Nereus
Pharmaceuticals
Inc.

San Diego

1/4/05

$24.3

New investors HBM BioVentures Ltd. and HBM BioCapital LP led the Series D preferred round, expected to be the first tranche of a $42.6M deal; other investors were Advent International, InterWest Partners, Genavent Partners, Red Abbey Venture Partners, Alta Partners, Forward Ventures, GIMV, Novartis Bioventure Fund, Pacific Venture Group, FirstBio and Lotus BioScience Ventures

Neuro3d

Mulhouse,
France

1/3/05

€34.5
(US
$41.3)

Gilde Investment Management's Biotech fund and AXA Private Equity led the Series C financing, which also included Healthcare Private Equity LP, GIMV, HealthCap, Techno Venture Management Partners, Sofinnova Partners and APAX Partners

OctoPlus
Technologies
BV

Leiden, the
Netherlands

1/20/05

$23.85

The second-round financing was led by Life Sciences Partners II BV and S.R. One Ltd., and included Innoven Partenaires, Fortis Private Equity and SurModics Inc.; Fortis Bank was placement agent

OpGen Inc.

Madison,
Wis.

1/24/05

$5

The company completed a Series B round of financing; investors included Mason Wells Biomedical Fund, Stonehenge Capital, The State of Wisconsin Investment Board and The Wisconsin Alumni Research Foundation

Paradigm
Therapeutics
Ltd.

Cambridge,
UK

1/7/05

£5.5
(US
$10.3)

Bio*1Capital, Merlin Biosciences and Avlar BioVentures invested additional money in the company following its acquisition of Amedis Pharmaceuticals Ltd.

Pennsylvania
companies

Philadelphia

1/25/05

$3.5

BioAdvance is providing a total of $3.5M in seed capital to the following companies: Avid Radiopharmaceuticals, Marillion Pharmaceuticals, InfraScan, Galleon Pharmaceuticals, Jerin Discovery, Melior Discovery and SansRosa Pharmaceuticals

PolyMedix
Inc.

Philadelphia

1/5/05

$6

The company had two closings in a Series Bfinancing round; details were not disclosed

Predix
Pharmaceuticals
Inc.

Woburn, Mass.

1/25/05

$43

The Series C financing round was led by Forward Ventures, Boston Millennia Partners and CMEA Ventures, and included new investors Novel Bioventures, Yamanouchi Venture Capital, Yasuda and JAFCO Ventures and previous investors OrbiMed Advisors LLC, S.R. One, Yozma Group, International Life Science Partners and PA Consulting

Protalix
Biotherapeutics
Ltd.

Karmiel, Israel

1/12/05

$1.3

The funding was provided by investment fund Pontifax, which has an option to invest another $1M

Spaltudaq
Corp.

Seattle

1/24/05

ND

The company, started by Accelerator Corp., completed a Series A financing that included MPM Capital, ARCH Venture Partners, Amgen Ventures, OVP Venture Partners, Versant Ventures and Alexandria Real Estate Equities

VirtualScopics
LLC

Rochester,
N.Y.

1/6/05

$1.4

An affiliate of Loeb Partners Corp. exercised all the warrants it received in its initial investment in VirtualScopics

Vitae
Pharmaceuticals
(formerly
Concurrent
Pharmaceuticals)

Fort
Washington, Pa.

1/4/05

$34

New investors Atlas Venture and Wellcome Trust joined existing investors Prospect Venture Partners, Venrock Associates and New Enterprise Associates in the financing round

Zealand
Pharmaceuticals
A/S

Glostrup,
Denmark

1/7/05

€13.3
(US
$17.3)

BankInvest led the financing round, which also included LD Pension, Dansk Erhvervsinvestering and Vaekstfonden

II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM EXISTING CORPORATE PARTNERS: $51.96M

Company
(Symbol)#*

Partner
(Country)

Amt.
(M)

Triggering
Event

Details (Date)


Abgenix Inc.
(AMGN)

Amgen Inc.

ND

Milestone
payment

Triggered by Amgen's advancement into (ABGX) clinical trials of an undisclosed antibody created using Abgenix's XenoMouse technology(1/13)

Abgenix Inc.
(ABGX)

Chiron Corp.
(CHIR)

ND

Milestone
payment

Triggered by Chiron's filing of an IND for a fully human antibody, CHIR-12.12, targeting CD40 that was created using Abgenix's Xeno-Mouse technology (1/12)

Abgenix Inc.
(ABGX)

Human Genome
Sciences Inc. (HGSI)

ND

Milestone
payment

Triggered by HGS' filing of an IND for a fully human antibody to the CCR5 receptor created using Abgenix's XenoMouse technology (1/10)

Alnylam
Pharmaceuticals
Inc.*

Merck
& Co. Inc.

$7

Milestone
payment

$5M of the payment was made in stock and $2M in cash; it was triggered by development of in vivo RNAi technology to a prespecified level of performance (1/3)

ArQule Inc.
(ARQL)

Wyeth

ND

Milestone
payments

Payments were triggered by Wyeth beginning development of a compound for Alzheimer's disease, and for progress on a compound for rheumatoid arthritis (1/10)

Avant Immuno-
therapeutics
Inc.
(AVAN)

Glaxo
SmithKline
plc (UK)

$2

Milestone
payment

The acceptance for review by European regulatory authorities of a marketing application for the Rotarix rotavirus vaccine triggered the milestone (1/6)

Galapagos
Genomics
NV*
(Belgium)

Boehringer
Ingelheim
GmbH
(Germany)

ND

Milestone
payment

BI licensed targets in viral replication that were discovered using Galapagos' Silence-Select gene knockdown platform (1/20)

Karo Bio
AB
(Sweden;
SSE:KARO)

Merck &
Co. Inc.

ND

Milestone
payment

Triggered by initiation of clinical trials for the most advanced compound from their collaboration focused on estrogen receptors (1/21)

NeuroSearch
A/S
(Denmark;
CSE:NEUS)

Boehringer
Ingelheim
GmbH
(Germany)

$5

Milestone
payment

Triggered by continued development of NS2330 for treating Alzheimer's and Parkinson's diseases; it is in Phase II trials (1/24)

Novogen
Ltd.
(Australia; NVGN)

Solae LLC

$0.86

Milestone
payment

The milestone was paid as part of its license to certain Novogen soy isoflavone technology (1/18)

Pharmos
Corp.
(PARS)

Bausch &
Lomb

$12.1

Milestone
payment

Triggered by B&L's launch of Zylet, which was part of the loteprednol etabonate business Pharmos sold to B&L in 2001 (1/23)

Regeneron
Pharmaceuticals
Inc.
(REGN)

Sanofi-
Aventis
Group (France)

$25

Milestone
payment

The payment was made in connection with clinical development of VEGF Trap in cancer indications (1/10)

Vernalis plc
(UK; VNLS)

Serono SA
(Switzerland;
NYSE:SRA)

ND

Milestone
payment

Triggered by Serono's initiation of a Phase I trial of their selective inhibitor of MMP-12, which is being developed for inflammatory diseases (1/19)


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.

CSE = Copenhagen Stock Exchange; NYSE = New York Stock Exchange; SSE = Stockholm Stock Exchange.

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