I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $501.49M

Company

Location

Date

Amt. (M)

Details


Acologix Inc.

Emeryville, Calif.

5/3/04

$39.6

The Series B financing was led by Nomura Securities Co. Ltd.; also participating were Nomura Research and Advisory Co. Ltd., Soft- bank Investment Co. Ltd., SMBC Capital Co. Ltd. and Tokio Marine and Fire Insurance Co. Ltd.

Addex Pharmaceuticals SA

Geneva

5/17/04

CHF50.5 (US$39.5)

Participating in the Series B round was lead investor Techno Venture Management along with PolyTechnos Venture-Partners, Bio*One Capital Pte. Ltd., Vinci Capital-Renaissance PME, Initiative Capital and Fulcrum Pharma Development Ltd., as well as lead investors from the Series A round, Index Ventures and Sofinnova Partners

Altus Pharmaceuticals Inc.

Cambridge, Mass.

5/25/04

$51

The Series C financing was led by Warburg Pincus and included previous investors U.S. Venture Partners, Nomura Phase4 Ventures, BankInvest, CMEA Ventures and Clariden Bank

Amicus Therapeutics Inc.

New Brunswick, N.J.

5/12/04

$31

The Series B round was led by Canaan Partners LP and included other new investors Frazier Healthcare Ventures LP, New Enterprise Associates LP, Prospect Venture Partners LP and Radius Venture Partners LP; founding investor CHL Medical Partners also participated

AmpliMed Corp.

Tucson, Ariz.

5/11/04

$9.25

Valley Ventures III LP led the Series A financing; other investors were Biotech Insight Management, InvestBio, Solstice Capital and Village Ventures

Ardana Ltd.*

Edinburgh, UK

5/26/04

£9 (US$16.5)

Investing in the Series B extension round were DVC Deutsche Venture Capital, Albany Venture Managers Ltd., 3i Bioscience Investment Trust, Techno Venture Management, MVM International Life Sciences Fund, ABN AMRO Participates BV, Merlin Biosciences Ltd., Scottish Widows Investment Partnership, ISIS Equity Partners, Green Highlander LLC and Saffron Hill; Ardana raised £20 in the first part of the round in July 2003

Arpida Ltd.

Basel, Switzerland

5/11/04

CHF51.3 (US$39.5)

Investing in the third-round financing were Swissfirst Bank, Temasek Holdings, Carnegie Fund, CDIB Bioscience Ventures I, CITA, MVI Finance, Schroder ISF funds, Alta Berkeley, Aventic, BioMedinvest, CDC IXIS Innovation, HBM BioVentures, HealthCap, 3i and Partners Group

BioLineRx Ltd.

Jerusalem

5/3/04

$15

Star Ventures and Yehuda Zisapel joined founding investors Teva Pharmaceuticals, Pitango Venture Capital, Giza Venture Capital, Hadassah Medical Center and the Jerusalem Development Authority in the round

Cellectricon AB

Gothenburg, Sweden

5/26/04

SEK53 (US$7.1)

InnovationsCapital, Investor Growth Capital and Karolinska Investment Fund participated in the Series B financing

Corus Pharma Inc.

Seattle

5/18/04

$5

Corus brought in $5M more to close its Series C round at $65; it announced the initial $60M investment in April

DeveloGen AG

Goettingen, Germany

5/17/04

€19 (US$22.8)

The financing round was closed in conjunction with shareholder approval of the company's merger with Peptor Ltd.; Techno Venture Management led the round, which included Nomura Phase4 Ventures, DVC Deutsche Venture Capital, Alpinvest Partners, Global Life Science Ventures, Dansk Kapitalanlaeg and Aventis

Ensemble Discovery Corp.

Cambridge, Mass.

5/13/04

$15

Investing in the Series A financing were Flagship Ventures, a company founder, ARCH Venture Partners and Oxford Bioscience Partners

Faust Pharmaceuticals

Strasbourg, France

5/10/04

€16 (US$18.9)

Original investors Sofinnova Partners and Auriga Partners participated in the second-round finan- cing, along with Edmond de Rothschild Investment Partners, Siparex Ventures, AGF Private Equity and FCJE, a public fund managed by FP Gestion

Genetics Squared LLC

Ann Arbor, Mich.

5/5/04

$1

The financing was provided by CrystalPoint Partners and a private investor

Immatics Biotechnologies GmbH

Tubingen, Germany

5/5/04**

€8.25 (US$9.76)

Investors in the first-round financing were EMBL Technology Fund, Wellington Partners, 3i Group, Grazia Equity, Merifin Capital and SEED/L-EA

Immunetrics Inc.

Pittsburgh

5/25/04

$0.1

The Pittsburgh Life Sciences Greenhouse, a supporter of life sciences in the area, made a $100,000 pre-seed investment in Immunetrics

InDex Pharmaceuticals AB

Stockholm, Sweden

5/26/04

€3.9 (US$4.8)

The Swedestart Life Science KB fund made the investment, and has an option to invest another €1.6M; the fund is managed by CapMan

Integrated Genomics Inc.

Chicago

5/19/04

ND

No details on the venture round of financing were disclosed

Merrimack Pharmaceuticals Inc.

Cambridge, Mass.

5/4/04

$28

The Series C round was led by Sorenson Development Inc. and affiliates; investors included Unilever Technology Ventures Fund BV, GTC Biotherapeutics Inc., Wharton Biotechnology Partners II, MS Seed Capital and other institutional and angel investors

Microbia Inc.

Cambridge, Mass.

5/4/04

$40

The fourth-round financing was led by Paperboy Ventures LLC; also participating were Invus LP; Bio*One Capital, an investment arm of the Singapore Economic Development Board; Alton Ltd.; Linkagene LP; and previous investors

Molecular Insight Pharmaceuticals Inc.

Cambridge, Mass.

5/20/04

$7

Lead investors in the Series B round included Frederick Frank, vice chairman of Lehman Brothers, and Cerberus International LP

Morphochem AG

Munich, Germany

5/5/04

€6.7 (US$7.9)

Investing in the first closing of the Series E round were Techno Venture Management, Life Sciences Partners, Merlin Biosciences, Alta California Partners and others; the company plans to raise a total of €15M in the round

Odontis Ltd.

London

5/3/04

£0.5 (US$0.88)

Investors in the round were the UK National Endowment for Science, Technology and the Arts; the Wellcome Trust; and a private individual

Paion GmbH

Aachen, Germany

5/24/04

€9.8 (US$11.9)

Innoven Partenaires led the Series D round; other investors were OTC Asset Management Paris/F, 3i Group, Duesseldorf/D, Genevest SA, Geneva/ CH, Neomed Innovation, Oslo/N, S-VC, Aachen/D and private investors

Panacos Pharmaceuticals Inc.

Gaithersburg, Md.

5/18/04

$18.3

The Series C financing was led by prior investors Ampersand Ventures and A.M. Pappas & Associates; new investors included Mitsui & Co. Venture Partners Inc., Novo A/S, New England Partners Capital LP, William Harris Investors and Lakeview Capital Management; the Maryland Department of Business and Economic Development also participated

PerOs Systems Technologies Inc.

St.-Nicolas, Quebec

5/10/04

C$8 (US$5.8)

Jormian Capital Inc. invested in PerOs, which is developing its Oralject delivery system

Plexxikon Inc.

Berkeley, Calif.

5/26/04

$15

Investing in the Series B extension round were Yamanouchi Ventures Capital and NIF Ventures, which joined current investors Advanced Technology Ventures, Alta Partners, A.M. Pappas, CW Ventures, GIMV and Walden International; the entire Series B round totaled $46M

PowderMed Ltd. (spin-off of ChironCorp.)

Oxford, UK

5/17/04

£20 (US$35.3)

Investing in the spinout of the Chiron powder injection DNA Vaccines business were Schroder Ventures Life Sciences, Advent Venture Partners, Abingworth Management Ltd. and Oxford Bioscience Partners; Chiron Vaccines retained a minority equity stake

VieVax Corp. and VLST Corp.

Seattle

5/19/04

$5.6

Accelerator Corp. launched the companies with $5.6M in funding over two years; investors included MPM Capital, ARCH Venture Partners, Versant Ventures and Alexandria Real Estate Equities

II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM EXISTING CORPORATE PARTNERS: $18.5M

Company (Symbol)#*

Partner (Country)

Amt. (M)

Triggering Event

Details (Date)


Inex Pharmaceuticals Corp. (Canada; TSE:IEX)

Elan Corp. plc (Ireland)

$2.5

Milestone payment

Triggered by the FDA acceptance of the NDA for Onco TCS in non-Hodgkin's lymphoma; Elan was Inex's former joint venture partner on the product (5/21)

ML Laboratories plc* (UK)

Otsuka Pharmaceutical Ltd. (Japan)

ND

Milestone payment

Triggered by Otsuka's filing for approval in Japan of the asthma treatment Meptin, delivered by ML Lab's Clickhaler dry-powder technology (5/5)

Neurogen Inc. (NRGN)

Merck & Co. Inc.

ND

Milestone payment

Triggered by undisclosed preclinical progress in their collaboration targeting the vanilloid receptor to discover pain drugs (5/27)

Pozen Inc. (POZN)

GlaxoSmithKline plc (UK)

$15

Milestone payment

Triggered by the start of the Phase III program for Trexima, a combination of sumatriptan and naproxen sodium in a single tablet (5/18)

SciClone Pharmaceuticals Inc. (SCLN)

Sigma-Tau Inc.

$1

Milestone payment

Triggered by meeting enrollment target of 1,000 patients in two Phase III trials of Zadaxin in hepatitis C (5/20)

Syrrx Inc.*

Biogen Idec Inc.

ND

Milestone payment

The milestone was achieved for undisclosed progress in the deal for high-throughput crystallization of proteins across Biogen Idec drug targets (5/28)


Notes:

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

* Private company.

** Denotes the date entry ran in BioWorld International.

Currency conversions are based on exchange rates at the time of the deal.

ND = Not disclosed.

TSE = Toronto Stock Exchange.

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