I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $466.46M | ||||
Company | Location |
Date | Amt. (M) |
Details |
Aerovance |
Menlo Park, Calif. |
8/23/04 |
$32 |
The Series B round was led by Apex Partners and included Lehman Brothers, NGN Capital and Burrill & Co.; Bayer Pharmaceuticals Corp. formed the company by spinning out respiratory programs, and retained a minority stake |
Ambit |
San Diego |
8/26/04 |
$21 |
The Roche Venture Fund led the Series C financing, which was disclosed at the same time as a collaboration between Ambit and F. Hoffmann-La Roche Ltd. |
Avera Pharmaceuticals Inc. |
San Diego |
8/4/04 |
$48 |
Perseus-Soros BioPharmaceutical Fund led the Series C round, which included new investors Schroder Ventures Life Sciences, Aberdare Ventures, BioAsia Investments, H.I.G. Ventures and Montreux Equity Partners, and existing investors Bay City Capital, BTG plc, Frazier Healthcare Ventures, InterWest Partners, St. Paul Venture Capital and Windamere Venture Partners |
BioAlliance |
Paris |
8/30/04 |
€2 (US$2.4) |
The third-round financing was topped off at €12M with the additional €2M investment, which came from Siparex Ventures; Auriga Partners led the first €10M tranche in May 2003 (8/30) |
BioSurface |
College Park, Md. |
8/5/04 |
ND |
The second-round financing was led by EDF Ventures and included Memphis Biomed Ventures, New Markets Growth Fund, The Vertical Group, Boston Scientific Corp. and the Maryland Venture Fund |
Ceregene Inc. |
San Diego |
8/04/04 |
$32 |
Alta Partners and MPM Capital co-led the Series B preferred round, which included Hamilton-Apex Technology Ventures and California Technology Ventures; Cell Genesys Inc., which owns 25% of Ceregene, also participated by converting a bridge loan into shares |
CropDesign |
Ghent, Belgium |
8/4/04 |
€16 (US$19.7) |
Biotech Fonds Vlaanderen was the largest investor in the round, which included GIMV, ING, GILDE, KBC, Burrill & Co., Biodiscovery, Omega and company management |
CyDex Inc. |
Lenexa, Kan. |
8/17/04 |
$17 |
Sanders Morris Harris led the Series B round, which included SR One Ltd., Eastman Ventures, Techno Venture Management, Private Equity Direct Finance, Paul Leach (individual investor), Clariden Investment and CyDex management |
Diagnostic Hybrids Inc. |
Athens, Ohio |
8/11/04 |
$10 |
Summit Partners led the financing round; Kenson Ventures LLC also participated |
Elusys |
Pine Brook, N.J. |
8/02/04 |
$10.2 |
Invesco Private Capital and Essex Woodlands Health Ventures LLC led the Series D preferred round, which included investments from nearly all existing preferred shareholders |
Enanta |
Watertown, Mass. |
8/31/04 |
$20 |
Investing in the final close of the Series E financing were Shionogi & Co. Ltd., Techno Venture Management, Oxford Bioscience Partners, BioVentures Investors and Global Biomedical Partners |
Evolva |
Basel, Switzerland |
8/16/04 |
€12 (US$14.8) |
Aravis Venture Associates AG was lead investor in the first closing of a Series A round, which also included Novartis Venture Fund, Yamanouchi Venture Capital, Dansk Innovationsinvestering, Symbion Capital and Vaekstfonden |
GlycoMimetics |
Gaithersburg, Md. |
8/5/04 |
$5.1 |
Investing in the Series A extension were New Enterprise Associates, Alliance Technology Ventures, Anthem Capital Management, The Novartis Venture Fund, PTV Sciences LP and The Maryland Department of Business and Economic Development; the first part of the round brought in $4.3M in May 2003 |
Inflabloc |
Salt Lake City |
8/25/04 |
$3 |
Friedli Corporate Finance and vSpring Capital led the Series B financing; in conjunction with the deal the company changed its name |
Innate |
Marseilles, France |
8/2/04 |
€15 |
Investors in the third-round financing included NIF Ventures, Novo Nordisk A/S, Alta Partners, Auriga Partners, Axa Private Equity, Gilde Biotech & Nutrition, GIMV, Innoveris and Sofinnova Partners |
Intercept |
New York |
8/26/04 |
$3 |
Joseph Stevens and Co. managed the first-round financing; investors were not disclosed |
Kalypsys Inc. |
San Diego |
8/04/04 |
$29 |
Invemed Catalyst Fund led the Series B financing, which included Sprout Group, Tavistock Life Sciences, Novartis BioVenture Fund, CMEA Ventures, Aravis Ventures, 5AM Ventures, Invemed Associates and KT Venture Group |
Metaphore |
Ft. Lee, N.J. |
8/24/04 |
$40.2 |
Investing in the Series D financing were HealthCare Ventures LLC, Advent Venture Partners LLP, Merrill Lynch Ventures, MDS Capital and Prolog Venture |
NanoStrings |
Seattle |
8/11/04 |
$4.3 |
OVP Venture Partners and Draper Fisher Jurvetson jointly led the early stage round in the nanotechnology company |
Novadaq |
Toronto |
8/10/04 |
$9 |
H.I.G. Ventures led the round and was joined by Ventures West |
Orexo AB |
Uppsala, |
8/17/04 |
SEK45 (US$6) |
New investor Catella Capital and existing investor HealthCap participated in the financing round |
Othera |
Kennett Square, Pa. |
8/19/04 |
$13 |
NewSpring Ventures and Commerce Health Ventures led the Series B financing, which also included Johnson & Johnson Development Corp., Liberty Venture Partners, existing investors and management |
Pepgen Corp. |
Alameda, Calif. |
8/3/04 |
$7.5 |
Toucan Capital led the preferred stock round, which included Biotechnology Development Funds, Valley Ventures, Asset Management Co., Veron International and others |
Pharmasset |
Atlanta |
8/10/04 |
$40 |
Burrill & Co. led the Series D round, which included MDS Capital and CDIB Bioscience Ventures along with existing investors MPM Capital and Techno Venture Management; Banc of America Securities was placement agent |
Phico |
Cambridge, UK |
8/14/04* |
£0.75 (US$1.36) |
Cambridge Research and Innovation Ltd., Providence Investment Co. Ltd., Emblem Technology Partners Ltd. and business angels invested in the second-round financing |
Replidyne Inc. |
Louisville, Colo. |
8/17/04 |
$40 |
TPG Ventures led the Series B round, which also included another new investor, Perseus-Soros Biopharmaceutical Fund, as well as existing investors HealthCare Ventures, Morgenthaler Ventures and Sequel Venture Partners |
Serenex Inc. |
Durham, N.C. |
8/2/04 |
$8 |
Intersouth Partners led the extension of the Series B preferred stock round; investors included Takeda Research Investment, Western Technology Investment, Mediphase Venture Partners, Lilly BioVentures and Seaflower Ventures |
Sirtris |
Boston |
8/27/04 |
ND |
Polaris Venture Partners led the seed financing round, which also included Cardinal Partners, Skyline Ventures and Techno Venture Management |
Valera |
Cranbury, N.J. |
8/20/04 |
$11.5 |
The Series C financing was led by Psilos Group Managers LLC and Sanders Morris Harris; also investing were Wheatley Partners and NJTC Venture Fund |
II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM EXISTING CORPORATE PARTNERS: $20.5M | ||||
Company |
Partner |
Amt. |
Triggering |
Details (Date) |
Abgenix Inc. (ABGX) |
Amgen Inc. |
ND |
Milestone payment |
Triggered by Amgen's advancement of AMG 162, a fully human antibody created using Abgenix's XenoMouse technology, into a pivotal clinical trial (8/13) |
Arena |
Merck & Co. Inc. |
$3 |
Milestone payment |
Triggered by assay development under their October 2003 collaboration focused on GPCR targets for cardiovascular disease (8/10) |
Eyetech |
Pfizer Inc. |
$10 |
Milestone payment |
Triggered by FDA acceptance of the NDA for Macugen, a drug candidate for age-related macular degeneration (8/17) |
Genaera Corp. (GENR) |
MedImmune Inc. |
$0.5 |
Milestone payment |
Triggered by initiation of Phase I trials of a neutralizing interleukin-9 antibody, which they are developing for asthma (8/18) |
ImClone |
Merck KGaA (Germany) |
$5 |
Milestone payment |
Triggered by European Commission approval of Erbitux for treating metastatic, EGFR- expressing colorectal cancer after failure of a therapy that includes irinotecan; ImClone issued 58,807 shares to Merck (8/3) |
NeuroSearch |
Abbott |
ND |
Milestone payment |
Triggered by Abbott's initiation of a Phase I trial of ABT-894 for treating neuropathic pain (8/5) |
Palatin |
Mallinckrodt Imaging (unit of Tyco Healthcare) |
$2 |
Milestone payment |
Triggered by full FDA approval of NeutroSpec, an imaging agent for diagnosing appendicitis in patients with equivocal signs (8/6) |
Syrrx Inc.* |
Biogen Idec Inc. (BIIB) |
ND |
Milestone payment |
Syrrx received the second and third milestone payments from the deal under which it applies high-throughput crystallization of proteins to targets of interest to Biogen Idec (8/13) |
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. | ||||
AMEX = American Stock Exchange; CSE = Copenhagen Stock Exchange. | ||||
