I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $300.15M

Company

Location

Date

Amt. (M)

Details


Amphora
Discovery
Corp.

Research Triangle Park, N.C.

12/8/04

$20

The Series C round was led by the 3i Group; new investors Novartis Venture Fund and Aventis Capital also participated, along with existing investors ARCH Venture Partners, MPM Capital, Venrock Associates and Versant Ventures

Chroma
Therapeutics
Ltd.

Oxford, UK

12/7/04

£5
(US$9.7)

Essex Woodlands LLC invested in a second tranche of a second-round financing, the first part of which brought in £10M in May

Endocyte Inc.

West Lafayette, Ind.

12/6/04

$22.6

The Series C-2 round was led by Burrill & Co. and included new investors Blue Chip Venture Co., Triathlon Venture Partners and Twilight Venture Partners, and existing investors Sanderling Venture Partners, Cincinnati Financial Corp. and American Bailey Ventures

FoldRx
Pharmaceuticals
Inc.

Cambridge, Mass.

12/13/04

$16

The Series A financing round was led by HealthCare Ventures; Fidelity Biosciences also invested

Genizon
BioSciences
Inc.
(formerly
Galileo
Genomics Inc.)

Montreal

12/13/04

C$11.1 (US$9)

The company, which changed its name from Galileo Genomics at the time of the deal, closed the second tranche of a Series B financing; Solidarity Fund QFL led the round, which included existing investors HBM BioVentures, MVI, Biofund and Carnegie, as well as private investors

Intarcia
Therapeutics
Inc.

Emeryville, Calif.

12/1/04

$50

Among those participating in the Series E round were existing investors Alta Partners, New Enterprise Associates and Venrock Associates and new investor Granite Global Ventures

Molecular
Profiling
Institute Inc.

Phoenix

12/8/04

$1.35

The Translational Genomics Research Institute and the International Genomics Consortium formed the company, which raised $1.35M in a seed round

Neotropix
Inc.

Malvern, Pa.

12/13/04

$10

The Series A financing was co-lead by The Aurora Funds, Quaker BioVentures and Vimac Milestone Medica Fund

OptiNose A/S

Oslo, Norway

12/20/04

€4.5 (US$6.1)

The Series B funding was led by existing investor Andromeda-Fund BV

Osel Inc.

Santa Clara, Calif.

12/21/04

ND

The company completed a Series C round of financing; details were not disclosed

Prestwick
Pharmaceuticals
Inc.

Washington

12/6/04

$37

Pequot Ventures led the Series B round, which included Sofinnova Ventures, Vivo Ventures, Atlas Ventures, BA Venture Partners and CNF Investments

Purely
Proteins Ltd.

Cambridge, UK

12/1/04

$3.6

Avlar BioVentures led the Series B round, which also included VCT2 plc and Bioscience VCT plc

QuatRx
Pharmaceutical
Co.

Ann Arbor, Mich.

12/13/04

$31

Thomas Weisel Healthcare Ventures led the Series C financing; also participating were existing investors Frazier Healthcare Ventures, TL Ventures, MPM Capital, InterWest Partners, Stockwell Capital and Twilight Ventures

Santhera
Pharmaceuticals
AG

Liestal, Switzerland

12/17/04

€7 (US$9.3)

NGN Capital led the investment in the second closing of a first-round funding; a tranche of €7M was raised in September; other investors in this tranche were Altana Innovationsfond GmbH, Heidelberg Innovation and a private investor

Sirtris
Pharmaceuticals
Inc.

Boston

12/1/04

$13

New investor The Wellcome Trust led the Series A round; also participating were current investors and co-leads Polaris Venture Partners, Techno Venture Management, Cardinal Partners and Skyline Ventures

Targacept
Inc.

Winston-Salem, N.C.

12/8/04

$33

Nomura Phase4 Ventures led the financing for Targacept, which in May registered for an initial public offering

XDx Inc.

South San Francisco

12/1/04

$20

The Sprout Group led the Series D round, which also included new investors JP Morgan's Bay Area Equity Fund, Integral Capital Partners and Burrill & Co. and existing investors Kleiner Perkins Caufield & Byers and TPG Ventures

ZyStor
Therapeutics Inc.

Milwaukee

12/15/04

$8.5

Mason Wells and Venture Investors led the first-round financing, which also included Prolog Ventures, the Wisconsin Investment Board, Hexagon Investments, Apjohn Ventures and Stonehenge Capital

II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM EXISTING CORPORATE PARTNERS: $129.19M

Company
(Symbol)#*

Partner
(Country)

Amt.
(M)

Triggering
Event

Details (Date)


Anika
Therapeutics
Inc.
(ANIK)

Ortho Biotech Products LP (unit of Johnson & Johnson)

$5

Milestone payment

Triggered by incorporation of upgrades of Anika's manufacturing operations for Ortho- Visc, which is approved for treating osteoarthritis of the knee (12/20)

Arena
Pharmaceuticals
Inc.
(ARNA)

Ortho-McNeil Pharmaceutical Inc. (unit of Johnson & Johnson)

$5

Milestone payments

Ortho-McNeil selected for further preclinical development two compounds from their collaboration in Type II diabetes, triggering a $2.5M payment per compound (12/23)

Cambria
BioSciences
LLC*

Dow AgroSciences LLC

ND

Milestone payments

The milestones were for validated target sites and functional assays for lead insecticidal compounds furnished by Dow; the collaboration focuses on crop protection and urban pests (12/13)

Epigenomics
AG
(Germany;
FSE:EGX)

Roche Diagnostics (Switzerland)

ND

Milestone payment

Triggered by successful identification of a set of DNA methylation biomarkers that closely correlate with prostate cancer aggressiveness (12/22)

ExonHit
Therapeutics*
(France)

Allergan Inc.

ND

Milestone payment

ExonHit synthesized an orally active small molecule in their collaboration that showed promise in a preclinical pain model (12/13)

Eyetech
Pharmaceuticals
Inc.
(EYET)

Pfizer Inc.

$105

Milestone payment and equity investment

Following approval of Macugen, Pfizer will pay Eyetech a $90M license-fee payment and make an additional $15M equity investment (12/17)

GPC Biotech
AG
(Germany; GPCB)

Altana Pharma AG (Germany)

$1.2

Milestone payments

One milestone was for the successful transfer of various technologies to Altana; three research milestones also were reached under their drug discovery collaboration (12/23)

Innogenetics
NV
(Belgium;
Euronext:INNX)

Roche Diagnostics (Switzerland)

€5 (US$6.8)

Milestone payment

The first milestone was reached from their May 2001 deal to develop a rapid molecular microbiology testing assay (12/21)

Isis Pharmaceuticals Inc. (ISIS)

Eyetech Pharmaceuticals Inc.

$3

Milestone payment

Triggered by FDA approval of Macugen for treating wet age-related macular degeneration; Eyetech licensed Isis patents needed for the product, and will pay royalties (12/20)

Lexicon
Genetics Inc.
(LEXG)

Genentech Inc.

ND

Milestone payment

Third milestone in their deal was triggered by Lexicon's identification of the physiological and behavioral functions of 50% of the proteins included in the alliance (12/29)

MorphoSys
AG
(Germany;
FSE:MOR)

GPC Biotech AG (Germany)

ND

Milestone payment

Tiggered by GPC's advancement of an anti- cancer antibody generated using MorphoSys' HuCAL technology into Phase I trials (12/9)

Noven
Pharmaceuticals
Inc.
(NOVN)

P&G Pharmaceuticals Inc.

$3

Milestone payment

For reaching an undisclosed development milestone in their collaboration (12/29)

Pharmos
Corp.
(PARS)

Bausch & Lomb

ND

Milestone payment

Pharmos earned the payment when former partner Bausch & Lomb gained FDA approval of the ophthalmic product Zylet (12/15)

SemBioSys
Genetics Inc.
(Canada; TSE:SBS)

AVAC Ltd.

C$0.23 (US$0.19)

Milestone payment

SemBioSys received the third milestone payment in the deal worth up to C$2.5M to develop the StratoCapture Protein A Purification System (12/16)

Transform
Pharmaceuticals
Inc.*

AstraZeneca plc (UK)

ND

Milestone payment

Triggered by conclusion of a series of crystallization studies on AstraZeneca compounds (12/1)


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.

FSE = Frankfurt Stock Exchange; TSE = Toronto Stock Exchange.

No Comments