I. COMMENCED TRADING IN NOVEMBER

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

No IPOs were completed in November.

OVERALLOTMENT OPTIONS

Theravance
Inc.
(THRX)1

6/10/04

10/5/04

.923S

$16

43.53

Merrill Lynch & Co.,
Lehman Brothers (co-lead),
Credit Suisse First Boston,
Thomas Weisel Partners

$14.8

$696.5

Total: $14.8M

Number of IPOs in November: 0

Average value of November IPOs: N/A

Number of IPOs in 2004: 35

Total raised in IPOs in 2004: $2,016.82M

Average value of IPOs in 2004: $57.62M

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)%


Cubist
Pharmaceuticals
Inc.
(CBST)2

9/29/04

11/22/04

10.71S

$11.20

51.08

Morgan Stanley (co-lead),
Pacific Growth Equities (co-lead),
WR Hambrecht + Co.,
Harris Nesbitt,
Wells Fargo Securities

$120.0

$572.1

Incyte Corp.
(INCY)3

10/7/04

11/1/04

9S

$9.75

82.55

Morgan Stanley & Co.

$87.75

$804.9

Inspire
Pharmaceuticals
Inc.
(ISPH)4

7/7/04

11/10/04

2.53S

$17.10

41.49

Deutsche Bank Securities

$43.3

$709.5

OSI
Pharmaceuticals
Inc.
(OSIP)5

9/23/04

11/10/04

6.9S

$64.50

50.49

Merrill Lynch & Co.,
Morgan Stanley (co-lead),
Banc of America Securities,
Bear, Stearns & Co.,
Lazard Freres & Co.

$445.1

$3,256.6

OVERALLOTMENT OPTIONS

Xcyte
Therapies
Inc.
(XCYT)6

10/7/04

11/3/04

0.39S

$10

26.80

Piper Jaffray & Co.,
JMP Securities

$3.9

$62.9

Total: $700.05M

Number of follow-on offerings in November: 4

Average value of November follow-ons: $174M

Number of follow-on offerings in 2004: 39

Total raised in follow-ons in 2004: $3,082.36M

Average value of follow-ons in 2004: $79.03M


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. Underwriters of Theravance's IPO in October exercised their option on 922,500 additional shares. The IPO totaled about 7.07M shares and $113.2M in gross proceeds.

2. Cubist raised $120M in a follow-on offering of 10.71M shares. The totals include the underwriters' purchase of about 1.4M shares per their overallotment option.

3. Incyte raised $87.75M in a follow-on offering of 9M shares. The underwriter has an option to purchase up to 1.35M additional shares to cover overallotments.

4. Inspire raised $43.3M in a follow-on offering of 2.53M shares. The totals include the underwriter's purchase of 330,000 additional shares per its overallotment option.

5. OSI raised $445M in a follow-on offering of 6.9M shares. The totals include the underwriters' purchase of 900,000 shares per their overallotment option.

6. Purchasers of 2.6M shares of 6% convertible exchangeable preferred stock in October exercised their option on another 390,000 shares, bringing Xcyte's gross proceeds to $29.9M. The stock has an initial conversion price of $2.35 per common share.

II. FILED AND PENDING

Company
(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),
Citigroup (co-lead),
Piper Jaffray & Co.,
Lazard Freres & Co.

$75

BioNumerik
Pharmaceuticals
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

Corus
Pharma Inc.
(CSPH)5

8/27/04

N/A

N/A

N/A

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

$100

Favrille Inc.
(FVRL)6

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)7

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.
8

10/1/04

N/A

N/A

N/A

Daiwa Securities SMBC

$100

Peninsula
Pharmaceuticals
Corp.
(PPRX)9

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)10

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

Targacept
Inc.
(TRGT)11

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)12

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)13

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

Abgenix Inc.
(ABGX)14

3/17/04

N/A

N/A

N/A

N/A

$250

Alexion
Pharmaceuticals
Inc.
(ALXN)15

11/26/03

N/A

N/A

N/A

N/A

$150

Allos
Therapeutics
Inc.
(ALTH)16

3/5/04

N/A

N/A

N/A

N/A

$75

Alteon Inc.
(AMEX:ALT)17

6/13/03

N/A

N/A

N/A

N/A

$100

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

Array BioPharma
Inc.
(ARRY)22

4/22/04

6S

$8.89

N/A

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

$53.3

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

Avant Immuno-
therapeutics Inc.
(AVAN)25

10/9/03

15S and/or 2.25W

$2.66

N/A

N/A

$39.9

BioCryst
Pharmaceuticals
Inc.
(BCRX)26

12/16/03

N/A

N/A

N/A

N/A

$60

Bioenvision
Inc.
(BIVN)27

10/25/04

N/A

N/A

N/A

N/A

$90

Biomira Inc.
(Canada; BIOM)28

7/14/04

N/A

N/A

N/A

N/A

$100

Cambridge
Antibody
Technology
Group plc
(UK;
CATG)29

7/30/03

N/A

N/A

N/A

N/A

$175

CancerVax
Corp.
(CNVX)30

11/8/04

N/A

N/A

N/A

N/A

$80

Cel-Sci Corp.
(AMEX:CVM)31

12/19/03

N/A

N/A

N/A

N/A

$50

Cephalon Inc.
(CEPH)32

2/6/04

N/A

N/A

N/A

N/A

$1B

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

Gen-Probe
Inc.
(GPRO)40

9/2/03

N/A

N/A

N/A

N/A

$150

Genta Inc.
(GNTA)41

4/2/04

15S

$11.59

N/A

N/A

$173.9

Geron Corp.
(GERN)42

5/5/04

N/A

N/A

N/A

N/A

$150

Gilead Sciences
Inc.
(GILD)43

12/22/03

N/A

N/A

N/A

N/A

$500

GTC
Biotherapeutics
Inc.
(GTCB)44

12/23/03

N/A

N/A

N/A

N/A

$40

Hollis-Eden
Pharmaceuticals
Inc.
(HEPH)45

7/25/03

5S

$14.39

N/A

N/A

$72

ISTA
Pharmaceuticals
Inc.
(ISTA)46

4/23/04

N/A

N/A

N/A

N/A

$75

Keryx Bio-
pharmaceuticals
Inc.
(KERX)47

9/29/04

5S

$11.45

N/A

N/A

$57.3

Kosan
Biosciences
Inc.
(KOSN)48

9/19/03

N/A

N/A

N/A

N/A

$75

Martek
Biosciences
Corp.
(MATK)49

5/21/04

N/A

N/A

N/A

N/A

$200

Maxim
Pharmaceuticals
Inc.
(MAXM)50

12/31/03

N/A

N/A

N/A

N/A

$75

Meridian
Bioscience Inc.
(VIVO)51

9/26/03

N/A

N/A

N/A

N/A

$60

Nastech
Pharmaceutical
Co. Inc.
(NSTK)52

9/30/04

4.25S

$15.18

N/A

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

$64.5

Nektar
Therapeutics
(NKTR)53

3/8/04

9.5S

$22.13

N/A

Lehman Brothers

$210.2

Neose
Technologies
Inc.
(NTEC)54

6/23/03

N/A

N/A

N/A

N/A

$75

NitroMed Inc.
(NTMD)55

11/8/04

N/A

N/A

N/A

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

$65.2

Orchid
BioSciences
Inc.
(ORCH)56

1/13/04

N/A

N/A

N/A

N/A

$30

Orphan Medical
Inc.
(ORPH)57

4/14/04

4S

$11.17

N/A

N/A

$44.7

OxiGene Inc.
(OXGN)58

10/3/03

N/A

N/A

N/A

N/A

$50

Peregrine
Pharmaceuticals
Inc.
(PPHM)59

10/24/03

12S

$2.15

N/A

N/A

$25.8

Pozen Inc.
(POZN)60

2/3/04

8.54S

$11.91

N/A

N/A

$101.7

Progenics
Pharmaceuticals
Inc.
(PGNX)61

5/26/04

N/A

N/A

N/A

N/A

$60

Seattle Genetics
Inc.
(SGEN)62

11/23/04

N/A

N/A

N/A

N/A

$75

Sequenom
Inc.
(SQNM)63

1/30/04

N/A

N/A

N/A

N/A

$50

Serologicals
Corp.
(SERO)64

7/21/04

N/A

N/A

N/A

N/A

$300

Tapestry
Pharmaceuticals
Inc.
(TPPH)65

8/11/03

6.5S/1S

$1.24/$8.06

N/A

N/A

$16.1

Targeted
Genetics
Corp.
(TGEN)66

6/17/04

16.3S

$1.51

N/A

N/A

$24.6

Telik Inc.
(TELK)67

4/9/04

N/A

N/A

N/A

N/A

$200

Titan
Pharmaceuticals
Inc.
(AMEX:TTP)68

2/6/04

N/A

N/A

N/A

N/A

$50

Vical Inc. (VICL)69

8/15/03

N/A

N/A

N/A

N/A

$50

Zonagen Inc.
(ZONA)70

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

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

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

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

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

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

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

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

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

14. Abgenix filed a shelf registration statement to sell up to $250M in various securities.

15. 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.

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

17. Alteon filed a shelf registration statement to sell up to $100M of securities; it reached agreements in October 2003 to sell up to 6M shares for gross proceeds of up to $10.7M, and in June to sell 8M shares to raise $8M.

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. Array filed a shelf registration statement to sell up to $70M in securities. On Nov. 30 it said it was offering 6M shares. The value is based on the Nov. 29 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. Avant registered to sell up to 15M shares and/or 2.25M warrants through a shelf registration statement. The value is based on the Oct. 9 closing price. On Feb. 3 it raised about $25M through the private placement of 8.965M shares.

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.

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

28. Biomira filed a shelf registration statement in both Canada and the U.S. to sell up to $100M of securities.

29. Cambridge Antibody registered to sell up to $175M in common stock or American depository shares.

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

31. 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.

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

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. Gen-Probe filed to sell up to $150M in various securities.

41. Genta filed a shelf registration statement to sell up to 15M shares of stock. The value is based on the April 1 closing price.

42. 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.

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

44. 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.

45. Hollis-Eden filed a shelf registration statement to sell up to 5M common shares and warrants. The value is based on the proposed maximum offering price. The company offered 2.5M shares publicly in September 2003, raising $62.5M.

46. 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.

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

48. Kosan filed to sell up to $75M in common stock. It sold $28M in shares in a direct offering in December 2003.

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

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

51. Meridian filed a $60M shelf registration statement covering the sale of various securities.

52. Nastech filed a shelf registration statement to sell up to $80M in various securities. It said Nov. 24 it was offering 4.25M shares. The value is based on the Nov. 24 closing price.

53. 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.

54. Neose filed a shelf registration statement to sell up to $75M of common stock. It raised $31.8M from a direct placement of shares at $6.77 each in May.

55. NitroMed registered to sell $65.2M of common stock; underwriters would have an option on another $9.8M in stock to cover overallotments.

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

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

58. OxiGene filed a shelf registration statement to sell up to $50M of various securities. OxiGene raised $24.2M through a private placement in January.

59. Peregrine filed a shelf registration statement to sell up to 12M shares. The value is based on a price of $2.15 per share, the price at the time of the filing.

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

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

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

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

64. Serologicals filed a shelf registration statement to sell up to $300M in various securities.

65. Tapestry filed a shelf registration statement to sell up to 6.5M shares of common stock at up to $1.24 per share and 1M shares of preferred stock at up to $8.06 per share. It raised $5.2M from a private stock sale in March.

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

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

68. 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.

69. Vical filed a shelf registration statement covering up to $50M of common and/or preferred stock. It raised $18.6M through a direct sale of 3.4M shares in March.

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

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