I. COMMENCED TRADING IN JULY

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

Auxilium
Pharmaceuticals
Inc.
(AUXL)1

4/21/04

7/23/04

5.5S

$7.50

20.59

Deutsche Bank Securities,
Piper Jaffray & Co.,
Thomas Weisel Partners

$41.25

$154.4

Epigenomics
AG
(Germany;
FSE:ECX)2

N/A

7/19/04

4.6S

€9

16.67

Morgan Stanley,
Lehman Brothers (co-lead), DZ Bank

€41.6
(US$50.9)

€150

Evolutec Group
plc
(UK; AIM:EVC)3

6/14/04

7/21/04

4.56S

£1.25

10.2

N/A

£5.7
(US$10.4)

£12.75

Idenix
Pharmaceuticals

Inc.
(IDIX)4

12/15/03

7/21/04

4.6S

$14

47.78

Goldman, Sachs & Co.,
Morgan Stanley (co-lead),
Bear, Stearns & Co.

$64.4

$668.9

MannKind
Corp.
(MNKD)5

4/30/04

7/28/04

6.25S

$14

32.39

UBS Securities,
Piper Jaffray & Co. (co-lead), Wachovia Capital Markets,
Jefferies & Co., Harris Nesbitt Gerard

$87.5

$453.5

Xenogen Corp.
(XGEN)6

4/2/04

7/16/04

4.2S

$7

14.68

Thomas Weisel Partners,
CIBC World Markets,
JMP Securities

$29.4

$102.8

OVERALLOTMENT OPTIONS

Inhibitex Inc.
(INHX)7

3/3/04

7/8/04

0.527S

$7

18.03

Thomas Weisel Partners,
Lazard Freres & Co. (co-lead),
Harris Nesbitt Gerard

$3.7

$126.2

Total: $287.55M

Number of IPOs in July: 6

Average value of July IPOs: $47.31M

Number of IPOs in 2004: 32

Total raised in IPOs in 2004: $1,840.02M

Average value of IPOs in 2004: $57.75M

FOLLOW-ON OFFERINGS

Alexion
Pharmaceuticals

Inc.
(ALXN)8

11/26/03

7/20/04

5.5S

$15.50

27.52

Morgan Stanley & Co.,
SG Cowen & Co. (co-lead)

$85.25

$426.6

Cell
Therapeutics

Inc.
(CTIC)9

7/14/04

7/28/04

9S

$4.75

59.57

UBS Securities LLC,
CIBC World Markets (co-lead),
WR Hambrecht + Co.,
Delafield Hambrecht,
Punk, Ziegel & Co.

$42.75

$283.0

Guilford
Pharmaceuticals

Inc.
(GLFD)10

5/20/04

7/1/04

10S

$4.50

43.93

UBS Investment Bank,
CIBC World Markets,
Citigroup Global Market

$45

$197.7

Immtech
International

Inc.
(AMEX:IMM)11

8/28/03

7/27/04

0.9S

$10.25

10.73

Jefferies & Co.

$9.23

$110.0

Inspire
Pharmaceuticals

Inc.
(ISPH)12

4/16/04

7/27/04

6.9S

$12

38.85

Morgan Stanley,
Deutsche Back Securities (co-lead),
SG Cowen & Co.,
Piper Jaffray & Co.

$82.8

$466.2

Pharmion
Corp.
(PHRM)13

6/7/04

7/1/04

5.29S

$48

30.58

Morgan Stanley & Co.,
Pacific Growth Equities,
JP Morgan Securities,
Bear, Stearns & Co.

$253.9

$1,467.8

Santarus
Inc.
(SNTS)14

6/24/04

7/22/04

6.9S

$9.50

36.17

SG Cowen & Co.,
UBS Investment Bank (co-lead),
Thomas Weisel Partners,
RBC Capital Markets

$65.55

$343.6

Total: $584.48M

Number of follow-on offerings in July: 7

Average value of July follow-ons: $83.5M

Number of follow-on offerings in 2004: 32

Total raised in follow-ons in 2004: $2,221.11M

Average value of follow-ons in 2004: $69.41M


Notes:

# Unless otherwise indicated, shares are traded on the Nasdaq exchange.

AIM = Alternative Investment Market; AMEX = American Stock Exchange; FSE = Frankfurt Stock Exchange.

@ This column reflects the shares outstanding following the offering, when disclosed.

% Market capitalization is calculated based on the offering price.

N/A = Not available.

1. Auxilium raised $41.25M through the sale of 5.5M shares in its IPO. Underwriters have an option to purchase an additional 825,000 shares to cover overallotments.

2. Epigenomics went public on the Frankfurt Stock Exchange, selling about 4.6M shares at €9 per share.

3. Evolutec went public on the Alternative Investment Market in London. Total proceeds from the financing, including the exercise of outstanding warrants, were £6M.

4. Idenix raised $64.4M in its IPO and concurrently raised $75.6M from an investment at the IPO price by Novartis Pharma AG. The totals do not include 1.2M shares sold by a selling stockholder in the IPO. Underwriters have an option to purchase an additional 870,000 shares to cover overallotments.

5. MannKind raised $87.5M through the sale of 6.25M shares in its IPO. Underwriters have an option to purchase an additional 937,500 shares to cover overallotments.

6. Xenogen raised $29.4M through the sale of 4.2M shares in its IPO. Underwriters have an option to purchase an additional 630,000 shares to cover overallotments.

7. Underwriters of Inhibitex's IPO that priced in June exercised their option to purchase another 527,000 shares. The IPO totaled 5.527M shares and about $38.7M in gross proceeds.

8. Alexion raised $85.25M from a follow-on offering. The totals include the underwriters' purchase of 500,000 shares to cover overallotments.

9. Cell Therapeutics raised $42.75M in a follow-on offering. Underwriters have an option to purchase another 1.35M shares to cover overallotments

10. Guilford raised $45M in a follow-on offering. Underwriters have an option to purchase another 1.5M shares to cover overallotments.

11. Immtech raised about $9.23M in a follow-on offering. The totals include the underwriter's purchase of 117,391 shares to cover overallotments.

12. Inspire raised $82.8M in a follow-on offering. The totals include the underwriters' purchase of 900,000 shares to cover overallotments.

13. Pharmion raised $253.9M in a follow-on offering. The totals include the underwriters' purchase of 690,000 shares to cover overallotments.

14. Santarus raised $65.55M in a follow-on offering. The totals include the underwriters' purchase of 900,000 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


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

Celldex
Therapeutics
Inc. (CDEX)2

4/09/04

N/A

N/A

N/A

Janney Montgomery Scott

$50

Favrille
Inc.
(FVRL)3

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)4

4/8/04

N/A

N/A

N/A

UBS Investment Bank,
JP Morgan Securities (co-lead),
CIBC World Markets

$86.25

New River
Pharmaceuticals
Inc.
(NRPH)5

5/6/04

4.2

$10-$14

N/A

WR Hambrecht + Co.,
First Albany Capital,
Wells Fargo Securities,
Punk, Ziegel & Co.

$50.4

Peninsula
Pharmaceuticals

Corp.
(PPRX)6

12/16/03

N/A

N/A

N/A

Credit Suisse First Boston,
Piper Jaffray & Co.,
Citigroup, First Albany Capital

$86.25

Salmedix Inc.
(SMDX)7

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)8

5/14/04

N/A

N/A

N/A

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

$86.25

Theravance
Inc.
(THRX)9

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)10

4/9/04

N/A

N/A

N/A

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

$86.25

ViaCell Inc.

(VIAC)11

4/5/04

N/A

N/A

N/A

Credit Suisse First Boston,
UBS Investment Bank (co-lead),
Lazard Freres & Co.,
Leerink Swann & Co.

$92

FOLLOW-ON OFFERINGS

Abgenix Inc.
(ABGX)12

3/17/04

N/A

N/A

N/A

N/A

$250

Alexion
Pharmaceuticals

Inc.
(ALXN)13

11/26/03

N/A

N/A

N/A

N/A

$150

Allos
Therapeutics

Inc.
(ALTH)14

3/5/04

N/A

N/A

N/A

N/A

$75

Alteon Inc.
(AMEX:ALT)15

6/13/03

N/A

N/A

N/A

N/A

$100

Amgen Inc.
(AMGN)16

8/5/03

N/A

N/A

N/A

N/A

$1B

Amylin
Pharmaceuticals

Inc.
(AMLN)17

12/11/03

N/A

N/A

N/A

N/A

$300

Arena
Pharmaceuticals

Inc.
(ARNA)18

5/20/04

N/A

N/A

N/A

N/A

$50

ArQule Inc.
(ARQL)19

12/16/03

N/A

N/A

N/A

N/A

$50

Array BioPharma
Inc.
(ARRY)20

4/22/04

N/A

N/A

N/A

N/A

$70

Atrix
Laboratories

Inc.
(ATRX)21

1/16/04

N/A

N/A

N/A

N/A

$150

Avanir
Pharmaceuticals

Inc.
(AMEX:AVN)22

4/12/04

N/A

N/A

N/A

N/A

$50

Avant Immuno-
therapeutics Inc.

(AVAN)23

10/9/03

15S and
2.25W

$2.66

N/A

N/A

$39.9

BioCryst
Pharmaceuticals

Inc.
(BCRX)24

12/16/03

N/A

N/A

N/A

N/A

$60

Biomira Inc.
(Canada; BIOM)25

7/14/04

N/A

N/A

N/A

N/A

$100

BioPure Corp.
(BPUR)26

4/16/04

N/A

N/A

N/A

N/A

$50

Cambridge
Antibody

Technology

Group plc
(UK;
CATG; LSE:CAT)27

7/30/03

N/A

N/A

N/A

N/A

$175

Cel-Sci Corp.
(AMEX:CVM)28

12/19/03

N/A

N/A

N/A

N/A

$50

Cephalon Inc.
(CEPH)29

2/6/04

N/A

N/A

N/A

N/A

$1B

Curis Inc.
(CRIS)30

12/23/03

N/A

N/A

N/A

N/A

$40

CV Therapeutics
Inc.
(CVTX)31

10/1/03

N/A

N/A

N/A

N/A

$300

Discovery
Laboratories

Inc.
(DSCO)32

12/19/03

6.5S

$9.67

N/A

N/A

$62.9

Dyax Corp.
(DYAX)33

3/11/04

7.5S

$13.78

N/A

N/A

$103.4

Emisphere
Technologies

Inc.
(EMIS)34

7/8/04

5S

$3.53

N/A

N/A

$17.7

Encysive
Pharmaceuticals

Inc.
(ENCY)35

6/7/04

N/A

N/A

N/A

N/A

$150

Gen-Probe Inc.
(GPRO)36

9/2/03

N/A

N/A

N/A

N/A

$150

Genta Inc.
(GNTA)37

4/2/04

15S

$11.59

N/A

N/A

$173.9

Geron Corp.
(GERN)38

5/5/04

N/A

N/A

N/A

N/A

$150

Gilead Sciences
Inc.
(GILD)39

12/22/03

N/A

N/A

N/A

N/A

$500

GTC
Biotherapeutics

Inc.
(GTCB)40

12/23/03

N/A

N/A

N/A

N/A

$40

Hollis-Eden
Pharmaceuticals

Inc.
(HEPH)41

7/25/03

5S

$14.39

N/A

N/A

$71.95

ISTA
Pharmaceuticals

Inc.
(ISTA)42

4/23/04

N/A

N/A

N/A

N/A

$75

Kosan
Biosciences

Inc.
(KOSN)43

9/19/03

N/A

N/A

N/A

N/A

$75

Martek
Biosciences

Corp.
(MATK)44

5/21/04

N/A

N/A

N/A

N/A

$200

Maxim
Pharmaceuticals

Inc.
(MAXM)45

12/31/03

N/A

N/A

N/A

N/A

$75

Meridian
Bioscience Inc.

(VIVO)46

9/26/03

N/A

N/A

N/A

N/A

$60

NaPro BioThera
peutics Inc.
(NPRO)47
(now Tapestry
Pharmaceuticals
Inc.; TPPH)

8/11/03

6.5S/
1S

$1.24/
$8.06

N/A

N/A

$16.12

Nastech
Pharmaceutical

Co. Inc.
(NSTK)48

12/19/03

N/A

N/A

N/A

N/A

$30

Nektar
Therapeutics

(NKTR)49

3/8/04

9.5S

$22.13

N/A

Lehman Brothers

$210.2

Neose
Technologies

Inc.
(NTEC)50

6/23/03

N/A

N/A

N/A

N/A

$75

Orchid
BioSciences

Inc.
(ORCH)51

1/13/04

N/A

N/A

N/A

N/A

$30

Orphan Medical
Inc.
(ORPH)52

4/14/04

4S

$11.17

N/A

N/A

$44.7

OxiGene Inc.
(OXGN)53

10/3/03

N/A

N/A

N/A

N/A

$50

Pain
Therapeutics

Inc.
(PTIE)54

5/11/04

15S

$7.51

N/A

N/A

$112.7

Peregrine
Pharmaceuticals

Inc.
(PPHM)55

10/24/03

12S

$2.15

N/A

N/A

$25.8

Pharmos Corp.
(PARS)56

11/18/03

N/A

N/A

N/A

C.E. Unterberg, Towbin
Harris Nesbitt Gerard

$50

Pozen Inc.
(POZN)57

2/3/04

8.54S

$11.91

N/A

N/A

$101.7

Progenics
Pharmaceuticals

Inc.
(PGNX)58

5/26/04

N/A

N/A

N/A

N/A

$60

Sequenom
Inc.
(SQNM)59

1/30/04

N/A

N/A

N/A

N/A

$50

Serologicals
Corp.
(SERO)60

7/21/04

N/A

N/A

N/A

N/A

$300

Targeted
Genetics

Corp.
(TGEN)61

6/17/04

16.3S

$1.51

N/A

N/A

$24.6

Telik Inc.
(TELK)62

4/9/04

N/A

N/A

N/A

N/A

$200

Titan
Pharmaceuticals

Inc.
(AMEX:TTP)63

2/6/04

N/A

N/A

N/A

N/A

$50

VaxGen Inc.
(VXGN)64

11/7/02

N/A

N/A

N/A

N/A

$150

Vical
Inc.
(VICL)65

8/15/03

N/A

N/A

N/A

N/A

$50

Vicuron
Pharmaceuticals

Inc.
(MICU)66

2/13/03

N/A

N/A

N/A

N/A

$200

III. WITHDRAWN AND POSTPONED

Company
(Symbol/
Proposed
Symbol)#*

Date
Filed/
Date
Pulled

Shares/
Units
(M)

Price
Range

Shares
Out (M)

Lead, Other
Underwriters

Value
(M)


INITIAL OFFERINGS

TolerRx Inc.
(TLRX)67

8/26/03/
7/26/04

N/A

N/A

N/A

JP Morgan,
SG Cowen & Co. (co-lead),
Leerink Swann & Co.

$75


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; LSE = London Stock Exchange.

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

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

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

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

5. New River filed to raise up to $57.5M in an IPO. On July 19 it set the proposed number of shares and price.

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

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

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

9. Theravance filed to raise up to $96M in an IPO.

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

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

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

13. 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.

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

15. 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.

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

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

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

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

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

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

22. 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.

23. Avant registered to sell up to 15M shares and/or 2.25M warrants through a shelf registration statement. The sale of 15M shares would raise $39.9M based on the Oct. 9 closing price. On Feb. 3 it raised about $25M through the private placement of 8.965M shares.

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

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

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

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

28. 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.

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

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

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

32. 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.

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

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

35. Encysive filed a shelf registration statement to sell up to $150M in various securities.

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

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

38. Geron filed a shelf registration statement covering the sale of up to $150M of various securities.

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

40. 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.

41. 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, raising $62.5M and leaving 2.5M shares on the shelf.

42. 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.

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

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

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

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

47. 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.

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

49. 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.

50. 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 on May 21.

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

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

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

54. Pain Therapeutics filed a shelf registration statement to sell up to 15M shares. The value is based on the May 10 closing price.

55. 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.

56. Pharmos filed a shelf registration statement to sell up to $50M of securities. On Dec. 16 it entered a firm-commitment underwriting deal under which it raised $33.2M.

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

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

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

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

61. 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.

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

63. 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.

64. 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.

65. 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.

66. Vicuron filed a $200M universal shelf registration statement.

67. TolerRx cited difficult market conditions in withdrawing its registration statement for an initial public offering.

No Comments