I. COMMENCED TRADING IN JUNE

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

Cygenics Ltd. (Australia; ASX:CYN)1

5/6/04

6/11/04

18S

A$1

68

Emerging Growth Capital

A$18 (US$12.6)

A$68

Inhibitex Inc. (INHX)2

3/3/04

6/3/04

5S

$7

17.50

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

$35

$122.5

Metabasis Therapeutics Inc. (MBRX)3

2/4/04

6/16/04

5S

$7

17.87

SG Cowen Securities Deutsche Bank Securities (co-lead) Thomas Weisel Partners Legg Mason Wood Walker

$35

$125.1

MethylGene Inc. (Canada; TSE:MYG)4

4/27/04

6/29/04

4.71S

C$4.25

21.34

Orion Securities RBC Dominion Securities (co- lead) Desjardins Securities Raymond James

C$20 (US$14.9)

C$90.7

Momenta Pharmaceuticals Inc. (MNTA)5

3/11/04

6/21/04

6.15S

$6.50

25.36

SG Cowen Securities Banc of America Securities (co- lead) CIBC World Markets ThinkEquity Partners

$40

$164.9

Senomyx Inc. (SNMX)6

3/29/04

6/21/04

6S

$6

24.68

Citigroup Deutsche Bank Securities (co-lead) Needham & Co. First Albany Capital

$36

$148.1

Vectura Ltd. (UK; AIM:VEC)7

6/15/04

6/25/04

35.85

£0.56

107.2

Nomura International

£20 (US$36.4)

£60

OVERALLOTMENT OPTIONS

Alnylam Pharmaceuticals Inc. (ALNY)8

2/27/04

6/7/04

0.75S

$6

20.03

Banc of America Securities Citigroup Global Markets Piper Jaffray & Co. ThinkEquity Partners

$4.5

$120.2

Total: $214.4M

Number of IPOs in June: 7

Average value of June IPOs: $30M

Number of IPOs in 2004: 26

Total raised in IPOs in 2004: $1,560.47M

Average value of IPOs in 2004: $60M

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)%


GPC Biotech AG (Germany; GPCB and FSE: GPC)9

6/9/04

6/30/04

7.46S

€12 and €12.50; $14 per ADS

N/A

Goldman, Sachs & Co. Lehman Brothers (co- lead) Pacific Growth Equities WestLB

$95.3

N/A

Isolagen Inc. (AMEX:ILE)10

4/28/04

6/10/04

7.2S

$8.50

34.02

CIBC World Markets Legg Mason Wood Walker (co-lead) Adams, Harkness & Hill

$61.2

$289.2

OVERALLOTMENT OPTIONS

Genitope Corp. (GTOP)11

5/5/04

6/2/04

0.915S

$8.50

23.82

WR Hambrecht + Co. Punk, Ziegel & Co. Brean Murray & Co. Stanford Group Co.

$7.78

$202.5

IntraBiotics Pharmaceuticals Inc. (IBPI)12

4/14/04

6/3/04

0.45S

$13

10.52

Deutsche Bank Securities Piper Jaffray & Co. (co- lead) Lazard Freres & Co.

$5.85

$136.8

Total: $170.13M

Number of follow-on offerings in June: 2

Average value of June follow-ons: $78.25M

Number of follow-on offerings in 2004: 25

Total raised in follow-ons in 2004: $1,636.63M

Average value of follow-ons in 2004: $65.5M


Notes:

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

AIM = Alternative Investment Market; AMEX = American Stock Exchange; ASX = Australian Stock Exchange; FSE = Frankfurt Stock Exchange; TSE = Toronto Stock Exchange.

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

% Market capitalization is calculated based on the offering price.

1. Cygenics completed an inital public offering on the Australian Stock Exchange of 18M shares priced at A$1 each.

2. Inhibitex raised $35M in an IPO of 5M shares priced at $7 each. Underwriters have an option to purchase another 750,000 shares to cover overallotments.

3. Metabasis raised $35M in an IPO of 5M shares priced at $7 each. Underwriters have an option to purchase another 750,000 shares to cover overallotments.

4. MethylGene raised C$20M in an IPO on the Toronto Stock Exchange of 4.71M shares priced at C$4.25 each. Underwriters have an option to purchase another 706,500 shares to cover overallotments. Concurrently, the company raised C$1.4M in a private placement of stock.

5. Momenta raised about $40M in an IPO of about 6.15M shares priced at $6.50 each. The totals include the purchase of 802,500 shares by underwriters to cover overallotments.

6. Senomyx raised $36M in an IPO of 6M shares at $6 each. Underwriters have an option to purchase another 900,000 shares to cover overallotments.

7. Vectura raised £20M in an IPO on London's Alternative Investment Market of about 35.85M shares at 56 pence each. The broker has an option to purchase another 3.57M shares.

8. Underwriters of the Alnylam IPO that priced in May exercised their option on another 450,000 shares to cover overallotments. The IPO totaled 5.75M shares and $34.5M in gross proceeds.

9. The GPC Biotech offering consisted of a rights offering to existing shareholders and public offerings in Germany and the U.S., where American depository shares were sold, and private placements with institutional investors. Underwriters have an option to purchase another 1.119M shares to cover overallotments.

10. Isolagen sold 7.2M shares in a follow-on offering. The totals include the sale of 200,00 shares to underwriters to cover overallotments, but do not include 850,000 shares sold to underwriters by existing shareholders.

11. Underwriters of Genitope's follow-on offering that priced in May exercised their option on another 914,823 shares. The offering totaled about 7M shares and $59.5M in gross proceeds.

12. Underwriters of IntraBiotics' follow-on offering that priced in May exercised their option on another 450,000 shares. The offering totaled 3.45M shares and $44.85M in gross proceeds.

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

Auxilium
Pharmaceuticals
Inc.
(AUXL)1

4/21/04

N/A

N/A

N/A

Deutsche Bank Securities U.S. Bancorp Piper Jaffray Thomas Weisel Partners

$86.25

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

Celldex
Therapeutics
Inc.
(CDEX)3

4/9/04

N/A

N/A

N/A

Janney Montgomery Scott

$50

Favrille
Inc.
(FVRL)4

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)5

4/8/04

N/A

N/A

N/A

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

$86.25

Idenix
Pharmaceuticals
Inc.
(IDIX)6

12/15/03

N/A

N/A

N/A

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

$100

MannKind
Corp.
(MNKD)7

4/30/04

N/A

N/A

N/A

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

$86.25

New River
Pharmaceuticals
Inc.
(NRPH)8

5/6/04

N/A

N/A

N/A

UBS Investment Bank Legg Mason Wood Walker A.G. Edwards Wells Fargo Securities

$57.5

Peninsula
Pharmaceuticals
Corp.
(PPRX)9

12/16/03

N/A

N/A

N/A

Credit Suisse First Boston U.S. Bancorp Piper Jaffray Citigroup First Albany Capital

$86.25

Salmedix
Inc.
(SMDX)10

4/23/04

N/A

N/A

N/A

SG Cowen Securities 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

Theravance
Inc.
(THRX)12

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)13

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)14

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

Xenogen
Corp.
(XGEN)15

4/2/04

N/A

N/A

N/A

Thomas Weisel Partners CIBC World Markets JMP Securities

$51.75

FOLLOW-ON OFFERINGS

Abgenix
Inc.
(ABGX)16

3/17/04

N/A

N/A

N/A

N/A

$250

Alexion
Pharmaceuticals
Inc.
(ALXN)17

11/26/03

N/A

N/A

N/A

N/A

$150

Allos
Therapeutics
Inc.
(ALTH)18

3/5/04

N/A

N/A

N/A

N/A

$75

Alteon
Inc.
(AMEX:ALT)19

6/13/03

N/A

N/A

N/A

N/A

$100

Amgen
Inc.
(AMGN)20

8/5/03

N/A

N/A

N/A

N/A

$1B

Amylin
Pharmaceuticals
Inc.
(AMLN)21

12/11/03

N/A

N/A

N/A

N/A

$300

Arena
Pharmaceuticals
Inc.
(ARNA)22

5/20/04

N/A

N/A

N/A

N/A

$50

ArQule
Inc.
(ARQL)23

12/16/03

N/A

N/A

N/A

N/A

$50

Array
BioPharma
Inc.
(ARRY)24

4/22/04

N/A

N/A

N/A

N/A

$70

Atrix
Laboratories
Inc.
(ATRX)25

1/16/04

N/A

N/A

N/A

N/A

$150

Avanir
Pharmaceuticals
Inc.
(AMEX:AVN)26

4/12/04

N/A

N/A

N/A

N/A

$50

Avant Immuno-
therapeutics
Inc.
(AVAN)27

10/9/03

15S and 2.25W

$2.66

N/A

N/A

$39.9

BioCryst
Pharmaceuticals
Inc.
(BCRX)28

12/16/03

N/A

N/A

N/A

N/A

$60

BioPure
Corp.
(BPUR)29

4/16/04

N/A

N/A

N/A

N/A

$50

Cambridge
Antibody
Technology
Group plc
(UK; CATG;
LSE:CAT)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

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

Encysive
Pharmaceuticals
Inc.
(ENCY)37

6/7/04

N/A

N/A

N/A

N/A

$150

Gen-Probe
Inc.
(GPRO)38

9/2/03

N/A

N/A

N/A

N/A

$150

Genta
Inc.
(GNTA)39

4/2/04

15S

$11.59

N/A

N/A

$173.9

Geron
Corp.
(GERN)40

5/5/04

N/A

N/A

N/A

N/A

$150

Gilead
Sciences
Inc.
(GILD)41

12/22/03

N/A

N/A

N/A

N/A

$500

GTC
Biotherapeutics
Inc.
(GTCB)42

12/23/03

N/A

N/A

N/A

N/A

$40

Guilford
Pharmaceuticals
Inc.
(GLFD)43

5/20/04

10S

$5.35

N/A

UBS Investment Bank CIBC World Markets Citigroup Global Market

$53.5

Hollis-Eden Pharmaceuticals
Inc.
(HEPH)44

7/25/03

5S

$14.39

N/A

N/A

$71.95

Immtech
International Inc.
(AMEX:IMM)45

8/28/03

1.5S

$18.01

N/A

N/A

$27.02

Inspire
Pharmaceuticals Inc.
(ISPH)46

4/16/04

N/A

N/A

N/A

N/A

$140

ISTA Pharmaceuticals Inc. (ISTA)47

4/23/04

N/A

N/A

N/A

N/A

$75

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
BioTherapeutics
Inc.
(NPRO)52

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

OxiGene
Inc.
(OXGN)58

10/3/03

N/A

N/A

N/A

N/A

$50

Pain
Therapeutics
Inc.
(PTIE)59

5/11/04

15S

$7.51

N/A

N/A

$112.7

Peregrine Pharmaceuticals
Inc.
(PPHM)60

10/24/03

12S

$2.15

N/A

N/A

$25.8

Pharmion
Corp.
(PHRM)61

6/7/04

4S

$40.89

N/A

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

$163.6

Pharmos
Corp.
(PARS)62

11/18/03

N/A

N/A

N/A

C.E. Unterberg, Towbin Harris Nesbitt Gerard

$50

Pozen
Inc.
(POZN)63

2/3/04

8.54S

$11.91

N/A

N/A

$101.7

Progenics Pharmaceuticals
Inc.
(PGNX)64

5/26/04

N/A

N/A

N/A

N/A

$60

Santarus
Inc.
(SNTS)65

6/24/04

6S

$15.82

N/A

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

$94.9

Sequenom
Inc.
(SQNM)66

1/30/04

N/A

N/A

N/A

N/A

$50

Targeted Genetics
Corp.
(TGEN)67

6/17/04

16.3S

$1.51

N/A

N/A

$24.6

Telik
Inc.
(TELK)68

4/9/04

N/A

N/A

N/A

N/A

$200

Titan
Pharmaceuticals
Inc.
(AMEX:TTP)69

2/6/04

N/A

N/A

N/A

N/A

$50

VaxGen
Inc.
(VXGN)70

11/7/02

N/A

N/A

N/A

N/A

$150

Vical
Inc.
(VICL)71

8/15/03

N/A

N/A

N/A

N/A

$50

Vicuron
Pharmaceuticals
Inc.
(MICU)72

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

CoTherix Inc. (CTRK; formerly Exhale Therapeutics Inc.)73

3/11/04/ 6/17/04

N/A

N/A

N/A

CIBC World Markets U.S. Bancorp Piper Jaffray (co-lead) Needham & Co. Thomas Weisel Partners

$70


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

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

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

6. Idenix filed to raise up to $100M in an IPO, one year after ending earlier plans for an initial public offering.

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

8. New River filed to raise up to $57.5M in an IPO.

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

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

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

15. Xenogen filed to raise up to $51.75M in an IPO, about three years after withdrawing its first attempt at going public.

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

17. Alexion filed a shelf registration statement to sell up to $150M in various securities.

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

19. 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.

20. Amgen filed a shelf registration statement to sell up to $1B worth of various securities.

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

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

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

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

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

26. 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.

27. 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.

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

29. BioPure filed a shelf registration statement to sell up to $50M in 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. 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 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 stock price.

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

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

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

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

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

42. 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.

43. Guilford filed a shelf registration statement covering the sale of up to $100M in various securities. On June 18 it proposed the sale of 10M shares. The value is based on the June 18 closing price.

44. 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.

45. Immtech filed to sell up to 1.5M shares. The value is based on the Aug. 25 closing stock price.

46. Inspire filed a shelf registration statement to sell up to $140M in stock.

47. 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.

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 on May 21.

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

60. 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.

61. Pharmion registered to sell 4M shares. The value is based on the June 7 closing price.

62. 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.

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

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

65. Santarus registered to sell 6M shares. The value is based on the June 24 closing price.

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

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

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

69. 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.

70. 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.

71. 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.

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

73. CoTherix cited adverse market conditions in postponing its IPO, for which it had proposed to raise up to $70M.

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