I. COMMENCED TRADING IN DECEMBER

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

Chemokine
Therapeutics
Corp.
(Canada;
TSE:CTI)1

10/22/04

12/30/04 (US$13)

16S

C$1

29.33

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

C$16

C$29.3

SemBioSys
Inc.
(Canada;
TSE:SBS)2

11/29/04

12/6/04

3.5U (3.5S and 1.75W)

C$5

12.07

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

C$17.5 (US$14.4)

C$60.3

Total: $27.4M

Number of IPOs in December: 2

Average value of December IPOs: $13.7M

Number of IPOs in 2004: 37

Total raised in IPOs in 2004: $2,044.22M

Average value of IPOs in 2004: $55.25M

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)%


Array
BioPharma
Inc.
(ARRY)3

4/22/04

12/9/04

9.2S

$7.75

38.18

UBS Investment Bank, Legg Mason Wood Walker, Piper Jaffray & Co., Thomas Weisel Partners

$71.3

$295.9

Nastech
Pharmaceutical
Co. Inc.
(NSTK)4

9/30/04

12/9/04

4.25S

$13.50

17.88

Citigroup Global Markets, Delafield Hambrecht, Needham & Co. (co-lead), WR Hambrecht + Co.

$57.38

$241.4

NitroMed Inc.
(NTMD)5

11/8/04

12/8/04

3.579S

$24.46

29.93

JP Morgan Securities, Pacific Growth Equities (co-lead), Deutsche Bank Securities, Bear Stearns & Co.

$87.5

$732.1

Serologicals Corp. (SERO)6

7/21/04

12/16/04

4.83S

$22.80

34.45

JP Morgan Securities, Banc of America Securities, Pacific Growth Equities

$110.1

$785.5

Total: $326.28M

Number of follow-on offerings in December: 4

Average value of December follow-ons: $81.57M

Number of follow-on offerings in 2004: 43

Total raised in follow-ons in 2004: $3,408.64M

Average value of follow-ons in 2004: $79.27M


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.

1. Chemokine raised C$16M in an IPO on the Toronto Stock Exchange. Underwriters have an option to purchase another 2.4M shares to cover overallotments.

2. SemBioSys raised C$17.5M in an IPO on the Toronto Stock Exchange. Underwriters have an option to purchase another 525,000 units to cover overallotments.

3. Array raised $71.3M in a follow-on offering of 9.2M shares. The totals include the underwriters' purchase of 1.2M shares per their overallotment option.

4. Nastech raised $57.38M in a follow-on offering of 4.25M shares. Underwriters have an option to purchase another 637,500 shares to cover overallotments.

5. NitroMed raised about $87.5M in a follow-on offering of about 3.579M shares. The totals include the underwriters' purchase of 331,598 shares per their overallotment option.

6. Serologicals raised $110.1M in a follow-on offering of 4.83M shares. The totals include the underwriters' purchase of 630,000 shares per their overallotment option, and do not include 1.36M shares sold by existing shareholders.

II. FILED AND PENDING

Company
(Symbol/
Proposed Symbol)#*

Date Filed

Shares/
Units (M)

Price Range

Shares
Out (M)
@

Lead, Other Underwriters

Value (M)


INITIAL OFFERINGS

AlgoRx
Pharmaceuticals
Inc.
(AGRX)1

11/29/04

N/A

N/A

N/A

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

$75

BioNumerik
Bharmaceuticals
Inc.
(BNPI)2

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)3

9/27/04

2S

$10

N/A

First Dunbar Securities

$20

Celldex
Therapeutics
Inc.
(CDEX)4

4/09/04

N/A

N/A

N/A

Janney Montgomery Scott

$50

CombinatoRx
Inc.
(CRXX)5

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)6

8/27/04

N/A

N/A

N/A

Merrill Lynch & Co., Pacific Growth Equities, SunTrust Robinson Humphrey, JMP Securities

$100

Favrille Inc.
(FVRL)7

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)8

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.
9

10/1/04

N/A

N/A

N/A

Daiwa Securities SMBC

$100

Peninsula
Pharmaceuticals
Corp.
(PPRX)10

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)11

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)12

12/23/04

N/A

N/A

N/A

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

$86.25

Targacept
Inc.
(TRGT)13

5/14/04

N/A

N/A

N/A

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

$86.25

Threshold
Pharmaceuticals
Inc.
(THLD)14

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

ViaCell Inc.
(VIAC)15

4/5/04

N/A

N/A

N/A

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

$92

FOLLOW-ON OFFERINGS

Alexion
Pharmaceuticals
Inc.
(ALXN)16

11/26/03

N/A

N/A

N/A

N/A

$150

Allos
Therapeutics
Inc.
(ALTH)17

3/5/04

N/A

N/A

N/A

N/A

$75

Amylin
Pharmaceuticals
Inc.
(AMLN)18

12/11/03

N/A

N/A

N/A

N/A

$300

Antigenics
Inc.
(AGEN)19

8/12/04

N/A

N/A

N/A

N/A

$100

Arena
Pharmaceuticals
Inc.
(ARNA)20

5/20/04

N/A

N/A

N/A

N/A

$50

ArQule Inc.
(ARQL)21

12/16/03

N/A

N/A

N/A

N/A

$50

Atrix
Laboratories
Inc.
(ATRX)22

1/16/04

N/A

N/A

N/A

N/A

$150

Avanir
Pharmaceuticals
Inc.
(AMEX:AVN)23

4/12/04

N/A

N/A

N/A

N/A

$50

BioCryst
Pharmaceuticals
Inc.
(BCRX)24

12/16/03

N/A

N/A

N/A

N/A

$60

Bioenvision
Inc.
(BIVN)25

10/25/04

N/A

N/A

N/A

N/A

$90

Biomira Inc.
(Canada; BIOM)26

7/14/04

N/A

N/A

N/A

N/A

$100

CancerVax
Corp.
(CNVX)27

11/8/04

N/A

N/A

N/A

N/A

$80

Cel-Sci Corp.
(AMEX:CVM)28

12/19/03

N/A

N/A

N/A

N/A

$50

Cephalon Inc.
(CEPH)29

2/6/04

N/A

N/A

N/A

N/A

$1B

Curis Inc.
(CRIS)30

12/23/03

N/A

N/A

N/A

N/A

$40

CV Therapeutics
Inc.
(CVTX)31

10/1/03

N/A

N/A

N/A

N/A

$300

Discovery
Laboratories
Inc.
(DSCO)32

12/19/03

6.5S

$9.67

N/A

N/A

$62.9

Dyax Corp.
(DYAX)33

3/11/04

7.5S

$13.78

N/A

N/A

$103.4

Emisphere
Technologies
Inc.
(EMIS)34

7/8/04

5S

$3.53

N/A

N/A

$17.7

Encysive
Inc.
(ENCY)35

6/7/04

N/A

N/A

N/A

N/A

$150

Exelixis
Pharmaceuticals
Inc.
(EXEL)36

10/27/04

N/A

N/A

N/A

N/A

$200

Geron Corp.
(GERN)37

5/5/04

N/A

N/A

N/A

N/A

$150

Gilead Sciences
Inc.
(GILD)38

12/22/03

N/A

N/A

N/A

N/A

$500

GTC
Biotherapeutics
Inc.
(GTCB)39

12/23/03

N/A

N/A

N/A

N/A

$40

ISTA
Pharmaceuticals
Inc.
(ISTA)40

4/23/04

N/A

N/A

N/A

N/A

$75

Keryx Bio-
pharmaceuticals
Inc.
(KERX)41

9/29/04

5S

$11.45

N/A

N/A

$57.3

Martek
Biosciences
Corp.
(MATK)42

5/21/04

N/A

N/A

N/A

N/A

$200

Maxim
Pharmaceuticals
Inc.
(MAXM)43

12/31/03

N/A

N/A

N/A

N/A

$75

Nabi Bio-pharmaceuticals
(NABI)44

12/7/04

N/A

N/A

N/A

N/A

$175

Nektar
Therapeutics
(NKTR)45

3/8/04

9.5S

$22.13

N/A

Lehman Brothers

$210.2

Northfield
Laboratories
Inc.
(NFLD)46

12/23/04

N/A

N/A

N/A

N/A

$100

Orchid
BioSciences
Inc.
(ORCH)47

1/13/04

N/A

N/A

N/A

N/A

$30

Orphan Medical
Inc.
(ORPH)48

4/14/04

4S

$11.17

N/A

N/A

$44.7

Point
Therapeutics
Inc.
(POTP)49

12/17/04

N/A

N/A

N/A

N/A

$50

Pozen Inc.
(POZN)50

2/3/04

8.54S

$11.91

N/A

N/A

$101.7

Progenics
Pharmaceuticals
Inc.
(PGNX)51

5/26/04

N/A

N/A

N/A

N/A

$60

Seattle Genetics
Inc.
(SGEN)52

11/23/04

N/A

N/A

N/A

N/A

$75

Sequenom
Inc.
(SQNM)53

1/30/04

N/A

N/A

N/A

N/A

$50

Targeted
Genetics
Corp.
(TGEN)54

6/17/04

16.3S

$1.51

N/A

N/A

$24.6

Telik Inc.
(TELK)55

4/9/04

N/A

N/A

N/A

N/A

$200

Titan
Pharmaceuticals
Inc.
(AMEX:TTP)56

2/6/04

N/A

N/A

N/A

N/A

$50

Vivus Inc.
(VVUS)57

12/22/04

N/A

N/A

N/A

N/A

$50

Zonagen Inc.
(ZONA)58

10/20/04

4S

$3.79

N/A

Punk, Ziegel & Co.

$15.2


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.

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

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

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

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

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

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

7. Favrille filed to raise up to $86.25M in an IPO.

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

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

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

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

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

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

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

15. ViaCell, after pulling its proposed initial offering in December 2003, filed again, aiming to raise up to $92M.

16. 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.

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

18. Amylin filed a shelf registration statement to sell up to $300M in various securities.

19. Antigenics filed a shelf registration statement to sell up to $100M in various securities.

20. Arena filed a shelf registration statement to sell up to $50M of stock.

21. ArQule filed a shelf registration statement to sell up to $50M in various securities.

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

23. 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.

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

25. Bioenvision filed a shelf registration statement covering the sale of up to $90M of stock.

26. 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.

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

28. 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.

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

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

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

32. 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.

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

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

35. 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.

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

37. 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.

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

39. GTC filed a shelf registration statement covering the sale of up to $40M in common stock. It raised $15M from a private placement of 6.4M shares in March.

40. ISTA filed a shelf registration statement to sell up to $75M in securities. The registration also includes up to 3.6M shares from existing shareholders. ISTA privately placed $13.3M in stock in August.

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

42. Martek filed a shelf registration statement to sell up to $200M in various securities.

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

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

45. 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.

46. Northfield filed a shelf registration statement to sell up to $100M of securities.

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

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

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

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

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

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

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

54. Targeted Genetics filed a shelf registration statement to sell up to 16.3M shares. The value is based on the June 17 closing price.

55. Telik filed a shelf registration statement for the sale of up to $200M in common stock.

56. 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.

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

58. Zonagen registered to sell 4M shares. The value is based on the Oct. 20 closing price.

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