I. COMMENCED TRADING IN APRIL

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

Acadia Pharmaceuticals Inc. (ACAD)1

2/27/04

5/26/04

5S

$7

16.85

Banc of America Securities Piper Jaffray & Co. (co-lead) JMP Securities Adams, Harkness & Hill

$35

$118.0

Alnylam Pharmaceuticals Inc. (ALNY)2

2/27/04

5/27/04

5S

$6

19.28

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

$30

$115.7

Critical Therapeutics Inc. (CRTX)3

3/19/04

5/27/04

6S

$7

23.91

SG Cowen Securities CIBC World Markets U.S. Bancorp Piper Jaffray Leerink Swann & Co.

$42

$167.4

OVERALLOTMENT OPTIONS

Cytokinetics Inc. (CYTK)4

1/27/04

5/4/04

1.035S

$13

27.89

Goldman, Sachs & Co. Credit Suisse First Boston Pacific Growth Equities Lazard Freres & Co.

$13.5

$362.6

Immunicon Corp. (IMMC)5

12/8/03

5/13/04

0.9S

$8

22.83

UBS Investment Bank SG Cowen Securities Legg Mason Wood Walker Adams, Harkness & Hill

$7.2

$182.6

Total: $127.7M

Number of IPOs in May: 3

Average value of May IPOs: $35.7M

Number of IPOs in 2004: 19

Total raised in IPOs in 2004: $1,346.07M

Average value of IPOs in 2004: $70.8M

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)%


Bone Care International Inc. (OTC BB:BCII)6

3/19/04

5/13/04

4.5S

$21.75

18.84

Bear, Stearns & Co. Citigroup Global Markets (co-lead) Robert W. Baird & Co. First Albany Capital Roth Capital Partners

$97.9

$409.8

Discovery Partners International Inc. (DPII)7

3/10/04

5/6/04

8.305S

$5

25.72

SG Cowen Securities Merriman Curhan Ford & Co. Roth Capital Partners

$41.53

$128.6

Genitope Corp. (GTOP)8

5/5/04

5/27/04

6.1S

$8.50

22.90

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

$51.85

$194.7

IntraBiotics Pharmaceuticals Inc. (IBPI)9

4/14/04

5/5/04

3S

$13

10.07

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

$39

$130.9

Total: $230.288M

Number of follow-on offerings in May: 4

Average value of May follow-ons: $57.6M

Number of follow-on offerings in 2004: 23

Total raised in follow-ons in 2004: $1,466.5M

Average value of follow-ons in 2004: $63.8M


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.

OTC BB = Over-the-Counter Bulletin Board.

1. Acadia raised $35M in its IPO. Underwriters have an option to purchase another 750,000 shares to cover overallotments.

2. Alnylam raised $30M in its IPO. Underwriters have an option to purchase another 750,000 shares to cover overallotments.

3. Critical Therapeutics raised $42M in its IPO. Underwriters have an option to purchase another 900,000 shares to cover overallotments.

4. Underwriters of Cytokinetics' IPO that priced in April exercised their option on another 1.035M shares. The IPO totaled about 7.935M shares and $103.2M in gross proceeds.

5. Underwriters of Immunicon's IPO that priced in April exercised their option on another 900,000 shares. The IPO totaled 6.9M shares and $55.2M in gross proceeds.

6. Bone Care sold 4.5M shares and a shareholder sold another 500,000 shares in the offering. Underwriters have an option to purchase up to 750,000 additional shares to cover overallotments.

7. Proceeds of $36.1M from the offering of 7.222M Discovery Partners shares went to Celera Genomics Inc., which got them when it acquired Axys Pharmaceuticals Inc. three years earlier. Discovery Partners got proceeds of $5.42M through the sale of 1.083M shares to underwriters to cover overallotments.

8. Genitope sold 6.1M shares at $8.50 each. Underwriters have an option to purchase another 914,823 shares to cover overallotments.

9. IntraBiotics sold 3M shares at $13 each. Underwriters have an option to purchase another 450,000 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

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

Celldex
Therapeutics
Inc.
(CDEX)2

4/09/04

N/A

N/A

N/A

Janney Montgomery Scott

$50

CoTherix Inc.
(CTRK; formerly Exhale Therapeutics Inc.)3

3/11/04

N/A

N/A

N/A

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

$70

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

Inhibitex
Inc.
(INHX)7

3/3/04

N/A

N/A

N/A

Piper Jaffray & Co. Lazard
Freres & Co. (co-lead) Thomas Weisel Partners

$86.25

MannKind
Corp.
(MNKD)8

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

Metabasis
Therapeutics
Inc.
(MBRX)9

2/4/04

N/A

N/A

N/A

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

$86.25

Moment
Pharmaceuticals Inc.
(MNTA)10

3/11/04

5.35S

$13-$15

N/A

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

$74.9

New River
Pharmaceuticals Inc.
(NRPH)11

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)12

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)13

4/23/04

N/A

N/A

N/A

SG Cowen Securities Pacific
Growth Equities (co-lead) JMP Securities ThinkEquity Partners

$86.25

Senomyx
Inc.
(SNMX)14

3/29/04

N/A

N/A

N/A

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

$97.75

Targacept
Inc.
(TRGT)15

5/14/04

N/A

N/A

N/A

Morgan Stanley Deutsche Bank Securities CIBC World Markets Pacific Growth Equities

$86.25

Threshold
Pharmaceuticals
Inc.
(THLD)16

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)17

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)18

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)19

3/17/04

N/A

N/A

N/A

N/A

$250

Alexion
Pharmaceuticals
Inc.
(ALXN)20

11/26/03

N/A

N/A

N/A

N/A

$150

Allos Therapeutics
Inc.
(ALTH)21

3/5/04

N/A

N/A

N/A

N/A

$75

Alteon
Inc.
(AMEX:ALT)22

6/13/03

N/A

N/A

N/A

N/A

$100

Amgen
Inc.
(AMGN)23

8/5/03

N/A

N/A

N/A

N/A

$1B

Amylin
Pharmaceuticals
Inc.
(AMLN)24

12/11/03

N/A

N/A

N/A

N/A

$300

A.P.
Pharma Inc.
(APPA)25

5/5/04

N/A

N/A

N/A

N/A

$15

Arena
Pharmaceuticals
Inc.
(ARNA)26

5/20/04

N/A

N/A

N/A

N/A

$50

ArQule
Inc.
(ARQL)27

12/16/03

N/A

N/A

N/A

N/A

$50

Array BioPharma
Inc.
(ARRY)28

4/22/04

N/A

N/A

N/A

N/A

$70

Atrix
Laboratories
Inc.
(ATRX)29

1/16/04

N/A

N/A

N/A

N/A

$150

Avanir
Pharmaceuticals
Inc.
(AMEX:AVN)30

4/12/04

N/A

N/A

N/A

N/A

$50

Avant
Immunotherapeutics
Inc.
(AVAN)31

10/9/03

15S and 2.25W

N/A

N/A

N/A

$39.9

BioCryst
Pharmaceuticals Inc.
(BCRX)32

12/16/03

N/A

N/A

N/A

N/A

$60

BioPure Corp. (BPUR)33

4/16/04

N/A

N/A

N/A

N/A

$50

Cambridge Antibody Technology Group
plc
(UK; CATG; LSE:CAT)34

7/30/03

N/A

N/A

N/A

N/A

$175

Cel-Sci Corp. (AMEX:CVM)35

12/19/03

N/A

N/A

N/A

N/A

$50

Cephalon
Inc.
(CEPH)36

2/6/04

N/A

N/A

N/A

N/A

$1B

Curis
Inc.
(CRIS)37

12/23/03

N/A

N/A

N/A

N/A

$40

CV Therapeutics
Inc.
(CVTX)38

10/1/03

N/A

N/A

N/A

N/A

$300

Discovery
Laboratories Inc.
(DSCO)39

12/19/03

6.5S

$9.67

N/A

N/A

$62.9

Dyax
Corp.
(DYAX)40

3/11/04

7.5S

$13.78

N/A

N/A

$103.4

Gen-Probe
Inc.
(GPRO)41

9/2/03

N/A

N/A

N/A

N/A

$150

Genta
Inc.
(GNTA)42

4/2/04

15S

$11.59

N/A

N/A

$173.9

Geron
Corp.
(GERN)43

5/5/04

N/A

N/A

N/A

N/A

$150

Gilead Sciences
Inc.
(GILD)44

12/22/03

N/A

N/A

N/A

N/A

$500

GTC
Biotherapeutics
Inc.
(GTCB)45

12/23/03

N/A

N/A

N/A

N/A

$40

Guilford
Pharmaceuticals
Inc.
(GLFD)46

5/20/04

N/A

N/A

N/A

N/A

$100

Hollis-Eden Pharmaceuticals
Inc.
(HEPH)47

7/25/03

5S

$14.39

N/A

N/A

$71.95

Immtech
International Inc.
(AMEX:IMM)48

8/28/03

1.5S

$18.01

N/A

N/A

$27.02

Inspire
Pharmaceuticals
Inc.
(ISPH)49

4/16/04

N/A

N/A

N/A

N/A

$140

Isolagen Inc. (AMEX:ILE)50

4/28/04

7S

$8.99

N/A

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

$62.9

ISTA
Pharmaceuticals
Inc.
(ISTA)51

4/23/04

N/A

N/A

N/A

N/A

$75

Kosan Biosciences
Inc.
(KOSN)52

9/19/03

N/A

N/A

N/A

N/A

$75

Martek Biosciences Corp. (MATK)53

5/21/04

N/A

N/A

N/A

N/A

$200

Maxim
Pharmaceuticals
Inc.
(MAXM)54

12/31/03

N/A

N/A

N/A

N/A

$75

Meridian
Bioscience
Inc.
(VIVO)55

9/26/03

N/A

N/A

N/A

N/A

$60

NaPro
BioTherapeutics Inc.
(NPRO)56

8/11/03

6.5S/1S

$1.24/$8.06

N/A

N/A

$16.12

Nastech
Pharmaceutical
Co. Inc.
(NSTK)57

12/19/03

N/A

N/A

N/A

N/A

$30

Nektar
Therapeutics
(NKTR)58

3/8/04

9.5S

$22.13

N/A

Lehman Brothers

$210.2

Neose
Technologies
Inc.
(NTEC)59

6/23/03

N/A

N/A

N/A

N/A

$75

Orchid BioSciences
Inc.
(ORCH)60

1/13/04

N/A

N/A

N/A

N/A

$30

Orphan Medical Inc. (ORPH)61

4/14/04

4S

$11.17

N/A

N/A

$44.7

OxiGene
Inc.
(OXGN)62

10/3/03

N/A

N/A

N/A

N/A

$50

Pain Therapeutics
Inc.
(PTIE)63

5/11/04

15S

$7.51

N/A

N/A

$112.7

Peregrine Pharmaceuticals
Inc.
(PPHM)64

10/24/03

12S

$2.15

135

N/A

$25.8

Pharmos
Corp.
(PARS)65

11/18/03

N/A

N/A

N/A

C.E. Unterberg, Towbin Harris Nesbitt Gerard

$50

Pozen
Inc.
(POZN)66

2/3/04

8.54S

$11.91

N/A

N/A

$101.7

Progenics Pharmaceuticals
Inc.
(PGNX)67

5/26/04

N/A

N/A

N/A

N/A

$60

Sequenom
Inc.
(SQNM)68

1/30/04

N/A

N/A

N/A

N/A

$50

Telik
Inc.
(TELK)69

4/9/04

N/A

N/A

N/A

N/A

$200

Titan
Pharmaceuticals
Inc.
(AMEX:TTP)70

2/6/04

N/A

N/A

N/A

N/A

$50

VaxGen
Inc.
(VXGN)71

11/7/02

N/A

N/A

N/A

N/A

$150

Vical
Inc.
(VICL)72

8/15/03

N/A

N/A

N/A

N/A

$50

Vicuron
Pharmaceuticals
Inc.
(MICU)73

2/13/03

N/A

N/A

N/A

N/A

$200


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.

1. Auxilium 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. CoTherix filed to raise up to $70M in an IPO.

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, a year after ending earlier plans for an initial public offering.

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

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

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

10. Momenta filed to raise up to $86.25M in an IPO. On May 11 it said it would sell 5.35M shares at $13 to $15 each. The value is based on the midrange of that estimate.

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

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

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

14. Senomyx filed to raise up to $97.75M in an IPO.

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

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

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

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

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

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

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

22. 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.

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

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

25. A.P. Pharma filed a shelf registration statement to sell up to $15M of common stock.

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

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

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

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

30. 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.

31. 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 stock price. On Feb. 3 it raised about $25M through the private placement of 8.965M shares.

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

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

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

35. 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.

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

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

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

39. 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.

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

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

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

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

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

45. 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.

46. Guilford filed a shelf registration statement covering the sale of up to $100M in various securities.

47. 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.

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

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

50. Isolagen registered to sell 7M shares. The value is based on the April 28 closing stock price.

51. 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.

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

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

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

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

56. 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.

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

58. 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.

59. 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.

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

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

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

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

64. 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.

65. 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.

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

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

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

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

70. 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.

71. 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 and $28.7M in December.

72. 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.

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

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