Underwriter

Biotechnology
Company
(Symbol)

Date
Priced

Offering
Price Per
Share

12/31/04
Share
Price

Offering
Gross
(M)

After-Market
Performance
(%)


Adams, Harkness
& Hill

Acadia Pharmaceuticals Inc.
(ACAD) (IPO)

5/26/04

$7

$6.77

$35

-3%

Ariad
Pharmaceuticals
Inc. (ARIA)

3/24/04

$8.50

$7.43

$43

-13%

Immunicon Corp.
(IMMC) (IPO)

4/15/04

$8

$6.98

$55.2

-13%

Isolagen Inc.
(AMEX:ILE)

6/10/04

$8.50

$7.87

$61.2

-7%

A.G. Edwards
& Sons

Vasogen Inc.
(VSGN)

2/27/04

$5.90

$5.08

$57.7

-14%

Banc of America
Securities

Acadia
Pharmaceuticals Inc.
(ACAD) (IPO; co-lead)

5/26/04

$7

$6.77

$35

-3%

Alnylam
Pharmaceuticals Inc.
(ALNY) (IPO; lead)

5/27/04

$6

$7.47

$34.5

+25%

Barrier Therapeutics
Inc. (BTRX) (IPO)

4/29/04

$15

$16.60

$75

+11%

Memory
Pharmaceuticals
Inc. (MEMY) (IPO)

4/5/04

$7

$5.32

$40.25

-24%

Momenta
Pharmaceuticals Inc.
(MNTA) (IPO; co-lead)

6/21/04

$6.50

$7.06

$40

+9%

OSI Pharmaceuticals
Inc. (OSIP)

11/10/04

$64.50

$74.85

$445.1

+16%

Seattle Genetics
Inc. (SGEN) (co-lead)

2/5/04

$8.25

$6.53

$66.4

-21%

Serologicals Corp.
(SERO)

12/16/04

$22.80

$22.12

$110.1

-3%

Bear, Stearns
& Co.

Bone Care
International Inc.
(BCII) (co-lead)

5/13/04

$21.75

$27.85

$97.9

+28%

Bruker BioSciences
Corp. (BRKR) (co-lead)

4/23/04

$4.50

$4.03

$15.5

-10%

Dynavax
Technologies Corp.
(DVAX) (IPO; co-lead)

2/18/04

$7.50

$8

$51.75

+7%

Eyetech
Pharmaceuticals
Inc. (EYET) (IPO)

1/29/04

$21

$45.50

$156.98

+117%

Idenix
Pharmaceuticals
Inc. (IDIX) (IPO)

7/21/04

$14

$17.15

$64.4

+23%

NitroMed Inc.
(NTMD)

12/8/04

$24.46

$26.65

$87.5

+9%

OSI Pharmaceuticals
Inc. (OSIP)

11/10/04

$64.50

$74.85

$445.1

+16%

Pharmion Corp.
(PHRM)

7/1/04

$48

$42.21

$253.9

-12%

Brean Murray
& Co.

Genitope Corp.
(GTOP)

5/27/04

$8.50

$17.04

$59.5

+100%

C.E Unterberg,
Towbin

Cepheid Inc.
(CPHD)

2/12/04

$11.25

$9.94

$61.88

-12%

CIBC World
Markets

Cell Therapeutics
Inc. (CTIC) (co-lead)

7/28/04

$4.75

$8.14

$49.2

+71%

Corgentech Inc.
(CGTK) (IPO)

2/12/04

$16

$8.28

$96

-48%

CoTherix Inc.
(CTRX) (IPO; co-lead)

10/15/04

$6

$11.92

$30

+99%

Critical
Therapeutics Inc.
(CRTX) (IPO)

5/27/04

$7

$8

$42

+14%

Cypress Bioscience
Inc. (CYPB)

4/2/04

$11.50

$14.06

$79.35

+22%

Guilford
Pharmaceuticals Inc.
(GLFD)

7/1/04

$4.50

$4.95

$45

+10%

Isolagen Inc.
(AMEX:ILE) (co-lead)

6/10/04

$8.50

$7.87

$61.2

-7%

Momenta
Pharmaceuticals Inc.
(MNTA) (IPO)

6/21/04

$6.50

$7.06

$40

+9%

Nuvelo Inc.
(NUVO)

3/3/04

$13

$9.85

$74.75

-24%

Pain Therapeutics
Inc. (PTIE)

10/07/04

$7.25

$7.21

$58

-1%

Renovis Inc.
(RNVS) (IPO)

2/5/04

$12

$14.38

$66

+20%

Seattle Genetics
Inc. (SGEN) (co-lead)

2/5/04

$8.25

$6.53

$66.4

-21%

Xenogen Corp.
(XGEN) (IPO)

7/16/04

$7

$7

$29.4

0%

Citigroup Global
Markets

Alnylam
Pharmaceuticals Inc.
(ALNY) (IPO)

5/27/04

$6

$7.47

$34.5

+25%

Bone Care
International Inc.
(BCII) (co-lead)

5/13/04

$21.75

$27.85

$97.9

+28%

Guilford
Pharmaceuticals Inc.
(GLFD)

7/1/04

$4.50

$4.95

$45

+10%

Martek
Biosciences
Corp. (MATK) (lead)

2/4/03

$65.59

$51.20

$11.6

-22%

Nastech
Pharmaceutical Co.
Inc. (NSTK) (co-lead)

12/9/04

$13.50

$12.10

$57.38

-10%

Pain Therapeutics
Inc. (PTIE) (co-lead)

10/07/04

$7.25

$7.21

$58

-1%

Senomyx Inc.
(SNMX) (IPO; co-lead)

6/21/04

$6

$8.28

$36

+38%

Credit Suisse
First Boston

Corgentech Inc.
(CGTK) (IPO; co-lead)

2/12/04

$16

$8.28

$96

-48%

Cytokinetics Inc.
(CYTK) (IPO)

4/29/04

$13

$10.25

$103.2

-21%

Eyetech
Pharmaceuticals
Inc. (EYET) (IPO)

1/29/04

$21

$45.50

$156.98

+117%

Rigel
Pharmaceuticals
Inc. (RIGL) (lead)

2/6/04

$20

$24.42

$62.7

+22%

Theravance Inc.
(THRX) (IPO)

10/05/04

$16

$17.90

$113.2

+12%

Delafield
Hambrecht

Cell Therapeutics
Inc. (CTIC)

7/28/04

$4.75

$8.14

$49.2

+71%

Nastech
Pharmaceutical Co.
Inc. (NSTK)

12/9/04

$13.50

$12.10

$57.38

-10%

Deutsche Bank
Securities

Auxilium
Pharmaceuticals
Inc. (AUXL) (IPO; lead)

7/23/04

$7.50

$8.85

$41.25

+18%

Cypress Bioscience
Inc. (CYPB) (lead)

4/2/04

$11.50

$14.06

$79.35

+22%

Dynavax
Technologies Corp.
(DVAX) (IPO; co-lead)

2/18/04

$7.50

$8

$51.75

+7%

Inspire
Pharmaceuticals Inc.
(ISPH) (lead)

11/10/04

$17.10

$16.77

$82.8

-2%

Inspire
Pharmaceuticals Inc.
(ISPH) (co-lead)

7/27/04

$12

$16.77

$82.8

+40%

IntraBiotics
Pharmaceuticals Inc.
(IBPI) (co-lead)

5/5/04

$13

$4.08

$44.9

-69%

Metabasis
Therapeutics Inc.
(MBRX) (IPO; co-lead)

6/16/04

$7

$7.25

$35

+4%

NitroMed Inc.
(NTMD)

12/8/04

$24.46

$26.65

$87.5

+9%

Senomyx Inc.
(SNMX) (IPO; co-lead)

6/21/04

$6

$8.28

$36

+38%

First Albany
Capital

Bone Care
International Inc.
(BCII)

5/13/04

$21.75

$27.85

$97.9

+28%

NeoPharm Inc.
(NEOL)

1/22/04

$18.25

$12.51

$78.69

-32%

New River
Pharmaceuticals
Inc. (NRPH) (IPO)

8/5/04

$8

$14.96

$33.6

+87%

Senomyx Inc.
(SNMX) (IPO)

6/21/04

$6

$8.28

$36

+38%

Fortis Securities

Memory
Pharmaceuticals
Inc. (MEMY) (IPO)

4/5/04

$7

$5.32

$40.25

-24%

Rigel
Pharmaceuticals
Inc. (RIGL)

2/6/04

$20

$24.42

$62.7

+22%

Goldman Sachs
& Co.

Cytokinetics Inc.
(CYTK) (IPO; lead)

4/29/04

$13

$10.25

$103.2

-21%

GTx Inc.
(GTXI) (IPO; lead)

2/3/04

$14.50

$13.49

$78.3

-7%

Idenix
Pharmaceuticals
Inc. (IDIX) (IPO; co-lead)

7/21/04

$14

$17.15

$64.4

+23%

Renovis Inc.
(RNVS) (IPO; lead)

2/5/04

$12

$14.38

$66

+20%

Harris Nesbitt

Aphton Corp.
(APHT)

2/27/04

$6.50

$3.11

$52.3

-52%

Cubist
Pharmaceuticals Inc.
(CBST)

11/22/04

$11.20

$11.83

$120

+6%

Inhibitex Inc.
(INHX) (IPO)

6/3/04

$7

$8.04

$38.7

+15%

MannKind Corp.
(MNKD) (IPO)

7/28/04

$14

$15.75

$87.5

+13%

Tercica Inc.
(TRCA) (IPO)

3/16/04

$9

$10

$56.93

+11%

Jefferies & Co.

Cypress Bioscience
Inc. (CYPB)

4/2/04

$11.50

$14.06

$79.35

+22%

Immtech
International Inc.
Inc. (AMEX:IMM) (lead)

7/27/04

$10.25

$11.99

$9.23

+17%

MannKind Corp.
(MNKD) (IPO)

7/28/04

$14

$15.75

$87.5

+13%

JMP Securities

Acadia
Pharmaceuticals Inc.
(ACAD) (IPO)

5/26/04

$7

$6.77

$35

-3%

Ariad
Pharmaceuticals
Inc. (ARIA)

3/24/04

$8.50

$7.43

$43

-13%

NeoPharm Inc.
(NEOL)

1/22/04

$18.25

$12.51

$78.69

-32%

Nuvelo Inc.
(NUVO)

3/3/04

$13

$9.85

$74.75

-24%

Xcyte Therapies
Inc. (XCYT) (IPO)

3/16/04

$8

$2.76

$33.6

-66%

Xenogen Corp.
(XGEN) (IPO)

7/16/04

$7

$7

$29.4

0%

JP Morgan
Securities

Barrier Therapeutics
Inc. (BTRX) (IPO)

4/29/04

$15

$16.60

$75

+11%

Cell Genesys
Inc. (CEGE) (co-lead)

3/17/04

$12.50

$8.10

$61.1

-35%

NitroMed Inc.
(NTMD) (co-lead)

12/8/04

$24.46

$26.65

$87.5

+9%

Oscient
Pharmaceuticals
Corp. (OSCI) (lead)

2/6/04

$5.25

$3.65

$88.2

-30%

Pharmion Corp.
(PHRM)

7/1/04

$48

$42.21

$253.9

-12%

Serologicals Corp.
(SERO) (lead)

12/16/04

$22.80

$22.12

$110.1

-3%

Lazard Freres
& Co.

Ariad
Pharmaceuticals
Inc. (ARIA)

3/24/04

$8.50

$7.43

$43

-13%

Cypress Bioscience
Inc. (CYPB)

4/2/04

$11.50

$14.06

$79.35

+22%

Cytokinetics Inc.
(CYTK) (IPO)

4/29/04

$13

$10.25

$103.2

-21%

Dendreon Corp.
(DNDN)

1/27/04

$12.75

$10.78

$150

-15%

GTx Inc.
(GTXI) (IPO)

2/3/04

$14.50

$13.49

$78.3

-7%

Inhibitex Inc.
(INHX) (IPO; co-lead)

6/3/04

$7

$8.04

$38.7

+15%

IntraBiotics
Pharmaceuticals Inc.
(IBPI)

5/5/04

$13

$4.08

$44.9

-69%

OSI Pharmaceuticals
Inc. (OSIP)

11/10/04

$64.50

$74.85

$445.1

+16%

Leerink Swann
& Co.

Critical
Therapeutics Inc.
(CRTX) (IPO)

5/27/04

$7

$8

$42

+14%

Exact Sciences
Corp. (EXAS)

2/5/04

$6.75

$3.83

$46.58

-43%

Onyx
Pharmaceuticals
Inc. (ONXX)

2/3/04

$33.75

$32.39

$156.5

-4%

Legg Mason Wood
Walker

Anadys
Pharmaceuticals
Inc. (ANDS) (IPO)

3/25/04

$7

$7.49

$48.96

+7%

Array BioPharma
Inc. (ARRY)

12/9/04

$7.75

$9.52

$71.3

+23%

Corcept
Therapeutics Inc.
(CORT) (IPO)

4/14/04

$12

$6.25

$54

-48%

Immunicon Corp.
(IMMC) (IPO)

4/15/04

$8

$6.98

$55.2

-13%

Isolagen Inc.
(AMEX:ILE) (co-lead)

6/10/04

$8.50

$7.87

$61.2

-7%

Metabasis
Therapeutics Inc.
(MBRX) (IPO)

6/16/04

$7

$7.25

$35

+4%

Oscient
Pharmaceuticals
Corp. (OSCI)

2/6/04

$5.25

$3.65

$88.2

-30%

Lehman Brothers

Ariad
Pharmaceuticals
Inc. (ARIA) (lead)

3/24/04

$8.50

$7.43

$43

-13%

Cell Genesys
Inc. (CEGE) (co-lead)

3/17/04

$12.50

$8.10

$61.1

-35%

Corgentech Inc.
(CGTK) (IPO; co-lead)

2/12/04

$16

$8.28

$96

-48%

Tercica Inc.
(TRCA) (IPO; co-lead)

3/16/04

$9

$10

$56.93

+11%

Theravance Inc.
(THRX) (IPO; co-lead)

10/05/04

$16

$17.90

$113.2

+12%

Merrill Lynch
& Co.

Exact Sciences
Corp. (EXAS) (co-lead)

2/5/04

$6.75

$3.83

$46.58

-43%

Eyetech
Pharmaceuticals
Inc. (EYET) (IPO; co-lead)

1/29/04

$21

$45.50

$156.98

+117%

OSI PharmaceuticalsInc.
(OSIP) (co-lead)

11/10/04

$64.50

$74.85

$445.1

+16%

Theravance Inc.
(THRX) (IPO; co-lead)

10/05/04

$16

$17.90

$113.2

+12%

Merriman Curhan
Ford & Co.

Discovery Partners
International Inc.
(DPII)

5/6/04

$5

$4.71

$41.53

-6%

Morgan Stanley
& Co.

Alexion
Pharmaceuticals
Inc. (co-lead)

7/20/04

$15.50

$25.20

$85.25

+63%

Barrier Therapeutics
Inc. (BTRX) (IPO; lead)

4/29/04

$15

$16.60

$75

+11%

Cubist
Pharmaceuticals Inc.
(CBST) (co-lead)

11/22/04

$11.20

$11.83

$120

+6%

Eyetech
Pharmaceuticals
Inc. (EYET) (IPO; co-lead)

1/29/04

$21

$45.50

$156.98

+117%

Idenix
Pharmaceuticals
Inc. (IDIX) (IPO; co-lead)

7/21/04

$14

$17.15

$64.4

+23%

Incyte Corp.
(INCY) (lead)

11/1/04

$9.75

$9.99

$87.75

+2%

Inspire
Pharmaceuticals Inc.
(ISPH) (co-lead)

7/27/04

$12

$16.77

$82.8

+40%

Onyx
Pharmaceuticals
Inc. (ONXX) (lead)

2/3/04

$33.75

$32.39

$156.5

-4%

OSI Pharmaceuticals
Inc. (OSIP) (co-lead)

11/10/04

$64.50

$74.85

$445.1

+16%

Pharmion Corp.
(PHRM) (lead)

7/1/04

$48

$42.21

$253.9

-12%

Vicuron
Pharmaceuticals Inc.
(MICU) (lead)

9/30/04

$14.75

$17.41

$70.8

+18%

Needham & Co.

Anadys
Pharmaceuticals
Inc. (ANDS) (IPO; co-lead)

3/25/04

$7

$7.49

$48.96

+7%

Antigenics Inc.
(AGEN)

2/3/04

$10.50

$10.12

$56.7

-4%

Cell Genesys
Inc. (CEGE)

3/17/04

$12.50

$8.10

$61.1

-35%

CoTherix Inc.
(CTRX) (IPO)

10/15/04

$6

$11.92

$30

+99%

Dendreon Corp.
(DNDN)

1/27/04

$12.75

$10.78

$150

-15%

Nastech
Pharmaceutical Co.
Inc. (NSTK) (co-lead)

12/9/04

$13.50

$12.10

$57.38

-10%

Nuvelo Inc.
(NUVO)

3/3/04

$13

$9.85

$74.75

-24%

Rigel
Pharmaceuticals
Inc. (RIGL)

2/6/04

$20

$24.42

$62.7

+22%

Senomyx Inc.
(SNMX) (IPO)

6/21/04

$6

$8.28

$36

+38%

Vasogen Inc.
(VSGN) (co-lead)

2/27/04

$5.90

$5.08

$57.7

-14%

Pacific Growth
Equities

Cubist
Pharmaceuticals Inc.
(CBST) (co-lead)

11/22/04

$11.20

$11.83

$120

+6%

Cytokinetics Inc.
(CYTK) (IPO)

4/29/04

$13

$10.25

$103.2

-21%

NitroMed Inc.
(NTMD) (co-lead)

12/8/04

$24.46

$26.65

$87.5

+9%

Pharmacyclics
Inc. (PCYC) (lead)

4/2/04

$13

$10.47

$41.6

-19%

Pharmion Corp.
(PHRM)

7/1/04

$48

$42.21

$253.9

-12%

Serologicals Corp.
(SERO)

12/16/04

$22.80

$22.12

$110.1

-3%

Piper Jaffray
& Co.

Acadia
Pharmaceuticals Inc.
(ACAD) (IPO; co-lead)

5/26/04

$7

$6.77

$35

-3%

Alnylam
Pharmaceuticals Inc.
(ALNY) (IPO)

5/27/04

$6

$7.47

$34.5

+25%

Anadys
Pharmaceuticals
Inc. (ANDS) (IPO; co-lead)

3/25/04

$7

$7.49

$48.96

+7%

Array BioPharma
Inc. (ARRY)

12/9/04

$7.75

$9.52

$71.3

+23%

Auxilium
Pharmaceuticals
Inc. (AUXL) (IPO)

7/23/04

$7.50

$8.85

$41.25

+18%

Corcept
Therapeutics Inc.
(CORT) (IPO; co-lead)

4/14/04

$12

$6.25

$54

-48%

Corgentech Inc.
(CGTK) (IPO)

2/12/04

$16

$8.28

$96

-48%

CoTherix Inc.
(CTRX) (IPO; co-lead)

10/15/04

$6

$11.92

$30

+99%

Critical
Therapeutics Inc.
(CRTX) (IPO)

5/27/04

$7

$8

$42

+14%

Dendreon Corp.
(DNDN)

1/27/04

$12.75

$10.78

$150

-15%

Dynavax
Technologies Corp.
(DVAX) (IPO)

2/18/04

$7.50

$8

$51.75

+7%

Inspire
Pharmaceuticals Inc.
(ISPH)

7/27/04

$12

$16.77

$82.8

+40%

IntraBiotics
Pharmaceuticals Inc.
(IBPI) (co-lead)

5/5/04

$13

$4.08

$44.9

-69%

MannKind Corp.
(MNKD) (IPO; co-lead)

7/28/04

$14

$15.75

$87.5

+13%

Onyx
Pharmaceuticals
Inc. (ONXX)

2/3/04

$33.75

$32.39

$156.5

-4%

Renovis Inc.
(RNVS) (IPO)

2/5/04

$12

$14.38

$66

+20%

Xcyte Therapies
Inc. (XCYT) (IPO; co-lead)

3/16/04

$8

$2.76

$33.6

-66%

Punk, Ziegel
& Co.

Cell Therapeutics
Inc. (CTIC)

7/28/04

$4.75

$8.14

$49.2

+71%

Genitope Corp.
(GTOP)

5/27/04

$8.50

$17.04

$59.5

+100%

New River
Pharmaceuticals
Inc. (NRPH) (IPO)

8/5/04

$8

$14.96

$33.6

+87%

RBC Capital
Markets

Santarus Inc.
(SNTS) (IPO)

4/1/04

$9

$9.04

$62.1

+0%

Vasogen Inc.
(VSGN) (co-lead)

2/27/04

$5.90

$5.08

$57.7

-14%

Xcyte Therapies
Inc. (XCYT) (IPO; co-lead)

3/16/04

$8

$2.76

$33.6

-66%

Robert W. Baird
& Co.

Bone Care
International Inc.
(BCII)

5/13/04

$21.75

$27.85

$97.9

+28%

NeoPharm Inc.
(NEOL)

1/22/04

$18.25

$12.51

$78.69

-32%

Tercica Inc.
(TRCA) (IPO)

3/16/04

$9

$10

$56.93

+11%

Rodman &
Renshaw

Ariad
Pharmaceuticals
Inc. (ARIA)

3/24/04

$8.50

$7.43

$43

-13%

Cepheid Inc.
(CPHD)

2/12/04

$11.25

$9.94

$61.88

-12%

Pain Therapeutics
Inc. (PTIE)

10/07/04

$7.25

$7.21

$58

-1%

Roth Capital
Partners

Bone Care
International Inc.
(BCII)

5/13/04

$21.75

$27.85

$97.9

+28%

Discovery Partners
International Inc.
(DPII)

5/6/04

$5

$4.71

$41.53

-6%

Targeted Genetics
Corp. (TGEN) (co-lead)

2/2/04

$2.35

$1.55

$25.5

-34%

Ryan Beck & Co.

Antigenics Inc.
(AGEN) (lead)

2/3/04

$10.50

$10.12

$56.7

-4%

SG Cowen
& Co.

Alexion
Pharmaceuticals
Inc. (co-lead)

7/20/04

$15.50

$25.20

$85.25

+63%

Anadys
Pharmaceuticals
Inc. (ANDS) (IPO; co-lead)

3/25/04

$7

$7.49

$48.96

+7%

Bruker BioSciences
Corp. (BRKR)

4/23/04

$4.50

$4.03

$15.5

-10%

Cell Genesys
Inc. (CEGE)

3/17/04

$12.50

$8.10

$61.1

-35%

Critical
Therapeutics Inc.
(CRTX) (IPO; lead)

5/27/04

$7

$8

$42

+14%

Discovery Partners
International Inc.
(DPII) (lead)

5/6/04

$5

$4.71

$41.53

-6%

GTx Inc.
(GTXI) (IPO)

2/3/04

$14.50

$13.49

$78.3

-7%

Immunicon Corp.
(IMMC) (IPO)

4/15/04

$8

$6.98

$55.2

-13%

Inspire
Pharmaceuticals Inc.
(ISPH)

7/27/04

$12

$16.77

$82.8

+40%

Metabasis
Therapeutics Inc.
(MBRX) (IPO; co-lead)

6/16/04

$7

$7.25

$35

+4%

Memory
Pharmaceuticals
Inc. (MEMY) (IPO; co-lead)

4/5/04

$7

$5.32

$40.25

-24%

Momenta
Pharmaceuticals Inc.
(MNTA) (IPO; co-lead)

6/21/04

$6.50

$7.06

$40

+9%

Onyx
Pharmaceuticals
Inc. (ONXX)

2/3/04

$33.75

$32.39

$156.5

-4%

Renovis Inc.
(RNVS) (IPO)

2/5/04

$12

$14.38

$66

+20%

Santarus Inc.
(SNTS) (IPO; co-lead)

4/1/04

$9

$9.04

$62.1

+0%

Targeted Genetics
Corp. (TGEN) (co-lead)

2/2/04

$2.35

$1.55

$25.5

-34%

Tercica Inc.
(TRCA) (IPO; co-lead)

3/16/04

$9

$10

$56.93

+11%

Stanford Group
Co.

Genitope Corp.
(GTOP)

5/27/04

$8.50

$17.04

$59.5

+100%

ThinkEquity
Partners

Alnylam
Pharmaceuticals Inc.
(ALNY) (IPO)

5/27/04

$6

$7.47

$34.5

+25%

Momenta
Pharmaceuticals Inc.
(MNTA) (IPO)

6/21/04

$6.50

$7.06

$40

+9%

Thomas Weisel
Partners

Array BioPharma
Inc. (ARRY)

12/9/04

$7.75

$9.52

$71.3

+23%

Auxilium
Pharmaceuticals
Inc. (AUXL) (IPO)

7/23/04

$7.50

$8.85

$41.25

+18%

Corcept
Therapeutics Inc.
(CORT) (IPO; co-lead)

4/14/04

$12

$6.25

$54

-48%

CoTherix Inc.
(CTRX) (IPO)

10/15/04

$6

$11.92

$30

+99%

Exact Sciences
Corp. (EXAS)

2/5/04

$6.75

$3.83

$46.58

-43%

Inhibitex Inc.
(INHX) (IPO; co-lead)

6/3/04

$7

$8.04

$38.7

+15%

Metabasis
Therapeutics Inc.
(MBRX) (IPO)

6/16/04

$7

$7.25

$35

+4%

Rigel
Pharmaceuticals
Inc. (RIGL)

2/6/04

$20

$24.42

$62.7

+22%

Santarus Inc.
(SNTS) (IPO)

4/1/04

$9

$9.04

$62.1

+0%

Theravance Inc.
(THRX) (IPO)

10/05/04

$16

$17.90

$113.2

+12%

Xenogen Corp.
(XGEN) (IPO; lead)

7/16/04

$7

$7

$29.4

0%

UBS Investment
Bank

Antigenics Inc.
(AGEN) (lead)

2/3/04

$10.50

$10.12

$56.7

-4%

Array BioPharma
Inc. (ARRY) (lead)

12/9/04

$7.75

$9.52

$71.3

+23%

Aphton Corp.
(APHT) (lead)

2/27/04

$6.50

$3.11

$52.3

-52%

Bruker BioSciences
Corp. (BRKR) (co-lead)

4/23/04

$4.50

$4.03

$15.5

-10%

Cell Therapeutics
Inc. (CTIC) (co-lead)

7/28/04

$4.75

$8.14

$49.2

+71%

Cepheid Inc.
(CPHD) (lead)

2/12/04

$11.25

$9.94

$61.88

-12%

Dendreon Corp.
(DNDN) (lead)

1/27/04

$12.75

$10.78

$150

-15%

Exact Sciences
Corp. (EXAS) (co-lead)

2/5/04

$6.75

$3.83

$46.58

-43%

Guilford
Pharmaceuticals Inc.
(GLFD) (lead)

7/1/04

$4.50

$4.95

$45

+10%

Immunicon Corp.
(IMMC) (IPO; lead)

4/15/04

$8

$6.98

$55.2

-13%

MannKind Corp.
(MNKD) (IPO; co-lead)

7/28/04

$14

$15.75

$87.5

+13%

Memory
Pharmaceuticals
Inc. (MEMY) (IPO; co-lead)

4/5/04

$7

$5.32

$40.25

-24%

NeoPharm Inc.
(NEOL) (lead)

1/22/04

$18.25

$12.51

$78.69

-32%

Nuvelo Inc.
(NUVO) (lead)

3/3/04

$13

$9.85

$74.75

-24%

Pain Therapeutics
Inc. (PTIE) (co-lead)

10/07/04

$7.25

$7.21

$58

-1%

Santarus Inc.
(SNTS) (IPO; co-lead)

4/1/04

$9

$9.04

$62.1

+0%

Wachovia
Capital Markets

MannKind Corp.
(MNKD) (IPO)

7/28/04

$14

$15.75

$87.5

+13%

Cubist
Pharmaceuticals Inc.
(CBST)

11/22/04

$11.20

$11.83

$120

+6%

Wells Fargo
Securities

New River
Pharmaceuticals
Inc. (NRPH) (IPO)

8/5/04

$8

$14.96

$33.6

+87%

Xcyte Therapies
Inc. (XCYT) (IPO)

3/16/04

$8

$2.76

$33.6

-66%

William Blair
& Co.

Cepheid Inc.
(CPHD)

2/12/04

$11.25

$9.94

$61.88

-12%

WR Hambrecht
+ Co.

Cell Therapeutics
Inc. (CTIC)

7/28/04

$4.75

$8.14

$49.2

+71%

Cubist
Pharmaceuticals Inc.
(CBST)

11/22/04

$11.20

$11.83

$120

+6%

Genitope Corp.
(GTOP) (lead)

5/27/04

$8.50

$17.04

$59.5

+100%

Nastech
Pharmaceutical Co.
Inc. (NSTK)

12/9/04

$13.50

$12.10

$57.38

-10%

New River
Pharmaceuticals
Inc. (NRPH) (IPO; lead)

8/5/04

$8

$14.96

$33.6

+87%

Seattle Genetics
Inc. (SGEN)

2/5/04

$8.25

$6.53

$66.4

-21%


Notes:

* The financings in this chart include only public offerings of stock in the U.S. The data were compiled primarily from BioWorld Financial Watch's monthly financing charts covering the period from Jan. 1 to Dec. 31, 2004. The gross proceed totals include money raised through overallotment options, when applicable.

Unless otherwise noted, shares are traded on the Nasdaq exchange.

AMEX = American Stock Exchange.

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