I. COMMENCED TRADING IN SEPTEMBER

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 September.

Total: $0

Number of IPOs in September: 0

Average value of September IPOs: N/A

Number of IPOs in 2004: 33

Total raised in IPOs in 2004: $1,873.62M

Average value of IPOs in 2004: $56.78M

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)%


Vicuron
Pharmaceuticals
Inc.
(MICU)1

3/15/04

9/30/04

4.8S

$14.75

59.82

Morgan Stanley

$70.8

$882.3

Total: $70.8M

Number of follow-on offerings in September: 1

Average value of September follow-ons: $70.8M

Number of follow-on offerings in 2004: 33

Total raised in follow-ons in 2004: $2,298.31M

Average value of follow-ons in 2004: $69.65M

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. Vicuron raised $70.8M in a follow-on offering. The underwriter has an option to purchase another 720,000 shares to cover overallotments.

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

BioNumerik
Pharmaceuticals
Inc.
(BNPI)1

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)2

9/27/04

2S

$10

N/A

First Dunbar Securities

$20

Celldex
Therapeutics
Inc.
(CDEX)3

4/09/04

N/A

N/A

N/A

Janney Montgomery Scott

$50

Corus
Pharma Inc.
(CSPH)4

8/27/04

N/A

N/A

N/A

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

$100

Favrille Inc.
(FVRL)5

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)6

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.
7

9/30/04

N/A

N/A

N/A

Daiwa Securities SMBC

$100

Peninsula
Pharmaceuticals
Corp.
(PPRX)8

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)9

4/23/04

N/A

N/A

N/A

SG Cowen & Co., Pacific Growth Equities (co-lead), JMP Securities, ThinkEquity Partners

$86.25

Targacept
Inc.
(TRGT)10

5/14/04

N/A

N/A

N/A

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

$86.25

Theravance
Inc.
(THRX)11

6/10/04

N/A

N/A

N/A

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

$96

Threshold
Pharmaceuticals
Inc.
(THLD)12

4/9/04

N/A

N/A

N/A

Banc of America Securities (co-lead), William Blair & Co., CIBC World Markets (co-lead), Lazard Freres & 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

Amgen Inc.
(AMGN)18

8/5/03

N/A

N/A

N/A

N/A

$1B

Amylin
Pharmaceuticals
Inc.
(AMLN)19

12/11/03

N/A

N/A

N/A

N/A

$300

Antigenics
Inc.
(AGEN)20

8/12/04

N/A

N/A

N/A

N/A

$100

Arena
Pharmaceuticals
Inc.
(ARNA)21

5/20/04

N/A

N/A

N/A

N/A

$50

ArQule Inc.
(ARQL)22

12/16/03

N/A

N/A

N/A

N/A

$50

Array BioPharma
Inc.
(ARRY)23

4/22/04

N/A

N/A

N/A

N/A

$70

Atrix
Laboratories
Inc.
(ATRX)24

1/16/04

N/A

N/A

N/A

N/A

$150

Avanir
Pharmaceuticals
Inc.
(AMEX:AVN)25

4/12/04

N/A

N/A

N/A

N/A

$50

Avant Immuno-
therapeutics Inc.
(AVAN)26

10/9/03

15S and 2.25W

$2.66

N/A

N/A

$39.9

BioCryst
Pharmaceuticals
Inc.
(BCRX)27

12/16/03

N/A

N/A

N/A

N/A

$60

Biomira Inc.
(Canada; BIOM)28

7/14/04

N/A

N/A

N/A

N/A

$100

Biopure Corp.
(BPUR)29

4/16/04

N/A

N/A

N/A

C.E. Unterberg, Towbin

$50

Cambridge
Antibody
Technology
Group plc
(UK;
CATG)30

7/30/03

N/A

N/A

N/A

N/A

$175

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

Cubist
Pharmaceuticals
Inc.
(CBST)33

9/29/04

N/A

N/A

N/A

N/A

$100

Curis Inc.
(CRIS)34

12/23/03

N/A

N/A

N/A

N/A

$40

CV Therapeutics
Inc.
(CVTX)35

10/1/03

N/A

N/A

N/A

N/A

$300

Discovery
Laboratories
Inc.
(DSCO)36

12/19/03

6.5S

$9.67

N/A

N/A

$62.9

Dyax Corp.
(DYAX)37

3/11/04

7.5S

$13.78

N/A

N/A

$103.4

Emisphere
Technologies
Inc.
(EMIS)38

7/8/04

5S

$3.53

N/A

N/A

$17.7

Encysive
Pharmaceuticals
Inc.
(ENCY)39

6/7/04

N/A

N/A

N/A

N/A

$150

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

$71.95

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

NaPro BioThera-
peutics Inc.
(NPRO)52
(now Tapestry
Pharmaceuticals Inc.)

8/11/03

6.5S/

1S

$1.24/

$8.06

N/A

N/A

$16.12

Nastech
Pharmaceutical
Co. Inc.
(NSTK)53

12/19/03

N/A

N/A

N/A

N/A

$30

Nektar
Therapeutics
(NKTR)54

3/8/04

9.5S

$22.13

N/A

Lehman Brothers

$210.2

Neose
Technologies
Inc.
(NTEC)55

6/23/03

N/A

N/A

N/A

N/A

$75

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

OSI
Pharmaceuticals
Inc.
(OSIP)58

9/23/04

5.5S

$66.64

N/A

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

$366.5

OxiGene Inc.
(OXGN)59

10/3/03

N/A

N/A

N/A

N/A

$50

Pain
Therapeutics
Inc.
(PTIE)60

5/11/04

8S

$7.91

N/A

Citigroup Global Markets (co-lead), Rodman & Renshaw, UBS Securities (co-lead), CIBC World Markets

$63.3

Peregrine
Pharmaceuticals
Inc.
(PPHM)61

10/24/03

12S

$2.15

N/A

N/A

$25.8

Pozen Inc.
(POZN)62

2/3/04

8.54S

$11.91

N/A

N/A

$101.7

Progenics
Pharmaceuticals
Inc.
(PGNX)63

5/26/04

N/A

N/A

N/A

N/A

$60

Sequenom
Inc.
(SQNM)64

1/30/04

N/A

N/A

N/A

N/A

$50

Serologicals
Corp.
(SERO)65

7/21/04

N/A

N/A

N/A

N/A

$300

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

VaxGen Inc.
(VXGN)69

11/7/02

N/A

N/A

N/A

N/A

$150

Vical Inc. (VICL)70

8/15/03

N/A

N/A

N/A

N/A

$50


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

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

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

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

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

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

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

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

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

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

11. Theravance filed to raise up to $96M 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 to sell up to 6 million shares for gross proceeds of up to $10.7M, and in June to sell 8M shares to raise $8M.

18. Amgen filed a shelf registration statement to sell up to $1B in various securities.

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

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

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

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

23. Array filed a shelf registration statement to sell up to $70M in common stock, preferred stock and/or warrants.

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

25. 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.

26. 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, 2003, closing price. On Feb. 3 it raised about $25M through the private placement of 8.965M shares.

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

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

29. Biopure filed a shelf registration statement to sell up to $50M in stock and warrants. On Sept. 14 it raised $8.33M through the sale of stock and warrants.

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

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. Cubist filed a shelf registration statement to sell up to $100M of stock.

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

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

36. 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 closing price.

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

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

39. 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.

40. Gen-Probe filed to sell up to $150M of various debt or equity 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.

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 and leaving 2.5M shares on the shelf.

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.

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. NaPro filed a shelf registration statement to sell up to 6.5M shares of common stock at $1.24 per share and 1M shares of preferred stock at $8.06 per share, according to the proposed maximum offering prices. It raised $5.2M from a private stock sale in March.

53. Nastech filed a shelf registration statement to sell up to $30M in stock and warrants.

54. 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.

55. 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.

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. OSI registered to sell 5.5M shares. The value is based on the Sept. 23 closing price.

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

60. Pain Therapeutics filed a shelf registration statement to sell up to 15M shares. On Sept. 22 it said it would offer 8M shares. The value is based on the Sept. 21 closing price.

61. 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.

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

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

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

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

66. Targeted Genetics filed a shelf registration statement to sell up to 16.3M shares. The value is based on the June 17 closing stock 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. VaxGen filed a shelf registration statement covering the sale of $150M in various securities. It privately placed $5M in stock in May 2003, $7M in June 2003 and $28.7M in December.

70. 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.

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