I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $341.88M

Company

Location

Date

Amt. (M)

Details


Achillion
Pharmaceuticals
Inc.

New Haven, Conn.

9/2/04

$10.3

Investors in what was expected to be the first part of a Series D round were Atlas Ventures Ltd., Schroder Ventures Life Sciences, Advent Inter- national Corp., SG Capital Partners and Bear, Stearns & Co. Inc.

Arakis Ltd.

Saffron Waldon, UK

9/6/04

£29
(US$52)

The third-round financing was jointly led by Novo A/S and Scottish Equity Partners Ltd.; also investing were Scottish Widows Investment Partnership, the 3i Bioscience Investment Trust, the Finsbury Life Sciences Investment Trust, Close Finsbury Eurotech Trust plc, Nomura Phase4 Ventures, 3i Group plc, the Merlin Biosciences Fund LP, MB Venture Capital Fund I NV and company management and directors

Biovertis AG

Vienna, Austria

9/2/04

€$12 (US$14.5)

Techno Venture Management invested in the Series A round; Biovertis in September 2003 was spun out of Intercell AG, which retains a 25% stake

Cellective Therapeutics

Durham, N.C.

9/29/04

$27.5

Intersouth Partners led the Series A financing, which included Alta Partners, BA Venture Partners, Forward Ventures, Genentech Inc., Latterell Venture Partners, MedImmune Ventures Inc. and Sofinnova Ventures

Coley Pharmaceutical Group Inc.

Wellesley, Mass.

9/29/04

$25

Investors were Thomas, McNerney & Partners, Venrock Associates, Techno Venture Management and Global Life Science Ventures

Cylex Inc.

Columbia, Md.

9/07/04

$6.4

Investors in the second-round financing included Early Stage Enterprises LP, Roche Venture Fund, JTC Venture Fund and The Nikko New Wave 2001 Investment Enterprise

Genable
Technologies Ltd.

Dublin, Ireland

9/7/04

€1.1 (US$1.3)

Delta Partners led the financing round

Genospectra
Inc.

Fremont, Calif.

9/14/04

$16.4

Battelle Ventures led the Series C round, which included Agilent Ventures, 5AM Ventures, Aravis Ventures, Allen & Co., Alex Zaffaroni, Frazier Healthcare Ventures, HBM Bioventures, Novartis Bioventures, Bio*One Capital, Bay City Capital and Affymetrix (9/14)

GenOway

Lyon, France

9/13/04

€4 (US$4.9)

CDC Entreprises Innovation led the financing round, which also included Siparex Ventures

Genvax Ltd.

Southampton, UK

9/1/04

ND

Medical Marketing International Group plc made an undisclosed investment and owns 50% of the new company; University of Southampton scientists own the other half

HistoRx Inc.

New Haven, Conn.

9/14/04

$1.5

Navigator Technology Ventures led the Series A financing, which included Genentech Inc., Sachem Ventures LLC and Marnat Investments

Lyfjathroun Biopharmaceuticals
hf

Reykjavik, Iceland

9/9/04

£3.5 (US$6.28)

The financing was led by Sindri Sindrason and included Lif hf, VIS hf, Uppspretta Icelandic Capital Venture SA and Frumkvodull hf

MAP
Pharmaceuticals
Inc.

Mountain View, Calif.

9/7/04

$30

The Series B financing was co-led by Pequot Ventures, Bay City Capital and Skyline Ventures; the Perseus-Soros Biopharmaceutical Fund, the founding investor, also participated

MediciNova
Inc.

San Diego

9/3/04

$44

The Series C financing was led by Essex Woodlands Health Ventures, and included Aqua Rimco, Biovision Life Science Fund, China Development Industrial Bank, Diamond Capital, Dr. Ci:Labo, Mizuho Securities, New Business Investment, NIF Ventures, Nippon Venture Capital, POSCO Bioventures, SMBC Capital, The University of Tokyo Capital, J.F.E. Hottinger & Co. and others

Novagali
Pharma

Evry, France

9/20/04

€14.2 (US$17.5)

Investing in the second-round financing were Auriga Ventures, CDC Entreprises Innovation, Edmond de Rothschild Investment Partners, 123 MultiNova, Siparex Ventures, FCJE and CPR Private Equity

Nura Inc.

Seattle

9/22/04

$9.5

The Series A financing round was led by ARCH Venture Partners and Aravis, and included Vulcan Capital, Linkagene LP and the Novartis Venture Fund

Santhera
Pharmaceuticals
AG

Basel, Switzerland

9/8/04

€7 (US$8.5)

The money was raised in conjunction with the merger of Graffinty Pharmaceuticals AG and MyoContract AG to form Santhera

Solexa Ltd.

Cambridge, UK

9/28/04

$14.4

The Series B round was led by Amadeus Capital Partners, and included Abingworth Management,Schroder Ventures Life Sciences and Oxford Bioscience Partners; Solexa and Lynx Therapeutics Inc. have entered a definitive merger agreement

Sopherion
Therapeutics
Inc.

New Haven, Conn.

9/23/04

$47

The Series B financing round was led by TL Ventures and included the Sprout Group, ProQuest, Canaan Partners, HealthCap, NewSpring Ventures LP, Commerce Health Ventures and Seaflower Ventures

Xantos
Biomedicine
AG

Munich, Germany

9/13/04

€4 (US$4.9)

The round was led by existing investors Global Life Science, GIMV, Alta California Partners, Oxford BioScience Partners and Global Life Science Ventures

II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM EXISTING CORPORATE PARTNERS: $33.3M

Company
(Symbol)#*

Partner
(Country)

Amt.
(M)

Triggering
Event

Details (Date)


Adolor Corp.
(ADLR)

GlaxoSmithKline plc (UK)

$10

Milestone payment

Triggered by FDA acceptance of the NDA for Entereg in postoperative ileus (9/8)

Cardiome
Pharma Corp.
(Canada; CRME)

Fujisawa Healthcare Inc.

$4

Equity investment

Cardiome exercised its right under an October 2003 deal to place $4M of stock with Fuji- sawa at C$7.89 per share, a 25% premium to a 30-day average (9/28)

Coley
Pharmaceutical Group Inc.*

Aventis SA (France)

$5

Milestone payment

Triggered by Aventis' initiation of a Phase I trial of the first of Coley's CpG-based TLR Therapeutics for treating allergic respiratory disease (9/14)

Diversa Corp.
(DVSA)

Syngenta AG
(Switzerland)

$0.3

Milestone payment

Triggered by Diversa's identification of lead protein therapeutic candidates under their February 2003 collaboration (9/14)

Icagen Inc.*

McNeil Consumer & Specialty Pharmaceuticals (unit of Johnson & Johnson)

ND

Milestone payment

Triggered by end-of-Phase II meeting with the FDA on ICA-17043 for treating sickle cell disease; their collaboration began in June 2004 (9/2)

Lexicon
Genetics Inc.
(LEXG)

Genentech Inc.

ND

Milestone payment

Triggered by Lexicon's production of gene knockouts in mouse embryonic stem cell lines for all of the proteins selected for inclusion in their December 2002 alliance (9/16)

Ligand
Pharmaceuticals
Inc.
(LGND)

Pfizer Inc.

$2

Milestone payment

Triggered by Pfizer's submission of an NDA for lasofoxifene for preventing osteoporosis in postmenopausal women; the payment was made in 181,818 shares of Ligand stock held by Pfizer (9/16)

Onyx
Pharmaceuticals
Inc.
(ONXX)

Pfizer Inc.

$0.5

Milestone payment

Triggered by Pfizer's initiation of Phase I trials of the cancer compound PD332991, a cyclin-dependent kinase 4 inhibitor (9/20)

OSI
Pharmaceuticals
Inc.
(OSIP)

Genentech Inc. and F. Hoffmann- La Roche Ltd. (Switzerland)

$10

Milestone payment

Triggered by the FDA's acceptance for review the NDA on Tarceva for non-small-cell lung cancer, and Roche's submission for approval in Europe (9/30)

Pharmacopeia Drug Discovery Inc. (PCOP)

Neurocrine Biosciences Inc.

ND

Milestone payment

Triggered by Neurocrine's acceptance of the compounds delivered by Pharmacopeia in the discovery phase of their collaboration (9/27)

RegeneRx Biopharmaceuticals
Inc.
(OTC BB:RGRX)

Defiante Farmaceutica Lda (subsidiary of Sigma-Tau Group)

$1.5

Equity investment

Defiante exercised warrants for the purchase of about 1.38M RegeneRx shares at $1.085 per share; Defiante, which now owns 29% of RegeneRx, got the warrants through a January 2004 investment, and is collaborating with the company on developing thymosin beta-4 for wound indications (9/8)


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.

OTC BB = Over-the-Counter Bulletin Board.

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