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

Barrier Therapeutics Inc. (BTRX)¹

2/06/04

4/29/04

5S

$15

21.79

Morgan Stanley
Banc of America Securities
JP Morgan Securities

$75

$326.9

Corcept Therapeutics Inc. (CORT)²

2/10/04

4/14/04

4.5S

$12

22.64

Thomas Wiesel Partners
U.S. Bancorp Piper Jaffray (co-lead)
Legg Mason Wood Walker

$54

$271.7

Cytokinetics Inc. (CYTK)³

1/27/04

4/29/04

6.9S

$13

26.85

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

$89.7

$349.1

Immunicon Corp. (IMMC)⁴

12/8/03

4/15/04

6S

$8

21.93

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

$48

$175.4

Memory Pharmaceuticals Inc. (MEMY)⁵

12/23/03

4/05/04

5.75S

$7

20.19

UBS Investment Bank
SG Cowen Securities (co-lead)
Banc of America Securities
Fortis Securities

$40.25

$141.3

Santarus Inc. (SNTS)⁶

12/23/03

4/1/04

6.9S

$9

29.22

SG Cowen Securities)
UBS Securities (co-lead)
Thomas Weisel Partners
RBC Capital Markets

$62.1

$263.0

OVERALLOTMENT OPTIONS

Anadys Pharmaceuticals Inc. (ANDS)⁷

11/17/03

4/26/04

0.744S

$7

22.18

SG Cowen Securities
U.S. Bancorp Piper Jaffray (co-lead)
Legg Mason Wood Walker
Needham & Co.

$5.21

$155.3

Tercica Inc. (TRCA)⁸

9/12/03

4/2/04

0.875S

$9

24.38

Lehman Brothers
SG Cowen Securities (co-lead)
Harris Nesbit Gerard

$7.43

$219.4

Total: $381.69M

Number of IPOs in April: 6

Average value of April IPOs: $61.5M

Number of IPOs in 2004: 16

Total raised in IPOs in 2004: $1,218.37M

Average value of IPOs in 2004: $76.2M

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)^%

Bruker BioSciences Corp. (BRKR)⁹

3/19/04

4/23/04

3.45S

$4.50

$89.46

Bear, Stearns & Co.
UBS Investment Bank (co-lead)
SG Cowen Securities

$15.53

$402.6

Cypress Bioscience Inc. (CYPB)¹⁰

10/31/03

4/2/04

6.9S

$11.50

23.32

Deutsche Bank Securities
CIBC World Markets
Lazard Freres & Co.
Jefferies & Co.

$79.35

$268.2

Pharmacyclics Inc. (PCYC)¹¹

2/9/04

4/2/04

3.2S

$13

19.60

Pacific Growth Equities

$41.6

$254.8

Total: $136.48M

Number of follow-on offerings in April: 3

Average value of April follow-ons: $45.5M

Number of follow-on offerings in 2004: 19

Total raised in follow-ons in 2004: $1,236.22M

Average value of follow-ons in 2004: $65.1

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.

1 Barrier priced its IPO of 5M shares at $15 each. Underwriters have an option to purchase another 750,000 shares to cover overallotments.

2 Corcept priced its IPO of 4.5M shares at $12 each. Underwriters have an option to purchase another 675,000 shares to cover overallotments.

3 Cytokinetics priced its IPO of 6.9M shares at $13 each. Underwriters have an option to purchase another 1.035M shares to cover overallotments.

4 Immunicon priced its IPO of 6M shares at $8 each. Underwriters have an option to purchase another 900,000 shares to cover overallotments.

5 Memory priced its IPO of 5.75M shares at $7 each. The totals include the underwriters' purchase of 750,000 shares to cover overallotments.

6 Santarus priced its IPO of 6.9M shares at $9 each. The totals include the underwriters' purchase of 900,000 shares to cover overallotments.

7 Underwriters of Anadys' IPO that priced in March exercised their option on another 743,950 shares. The IPO totaled $48.96M in gross proceeds.

8 Underwriters of the Tercica IPO that priced in March exercised their option on 825,000 additional shares. The IPO totaled $56.925M in gross proceeds.

9 Bruker sold 3.45M shares in the offering and selling shareholders sold another 18.8M shares. The totals reflect only the shares sold by the company, and include the overallotment option exercised by the underwriters.

10 Cypress Bioscience sold 6.9M shares at $11.50 each from a shelf registration statement. The totals include the underwriters' purchase of 900,000 shares to cover overallotments.

11 Pharmacyclics sold about 3.2M shares at $13 each from a shelf registration statement. The totals include the overallotment option on 417,391 shares exercised by the underwriter.

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

Acadia Pharmaceuticals Inc. (ACAD)¹

2/27/04

N/A

N/A

N/A

Banc of America Securities
Piper Jaffray & Co. (co-lead)
Wachovia Capital Markets
JMP Securities

Alnylam Pharmaceuticals Inc. (ALNY)²

2/27/04

N/A

N/A

N/A

Banc of America Securities
Piper Jaffray & Co.
ThinkEquity Partners

Auxilium Pharmaceuticals Inc. (AUXL)³

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)⁴

4/09/04

N/A

N/A

N/A

Janney Montgomery Scott

$50

CoTherix Inc. (CTRK; formerly Exhale Therapeutics Inc.)⁵

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

Critical Therapeutics Inc. (CRTX)⁶

3/19/04

N/A

N/A

N/A

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

$103.5

Favrille Inc. (FVRL)⁷

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)⁸

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)⁹

12/15/03

N/A

N/A

N/A

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

$100

Inhibitex Inc. (INHX)¹⁰

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)¹¹

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)¹²

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

Momenta Pharmaceuticals Inc. (MNTA)¹³

3/11/04

N/A

N/A

N/A

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

$86.25

Peninsula Pharmaceuticals Corp. (PPRX)¹⁴

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)¹⁵

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)¹⁶

3/29/04

N/A

N/A

N/A

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

$97.75

Threshold Pharmaceuticals Inc. (THLD)¹⁷

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)¹⁸

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)¹⁹

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)²⁰

3/17/04

N/A

N/A

N/A

N/A

$250

Alexion Pharmaceuticals Inc. (ALXN)²¹

11/26/03

N/A

N/A

N/A

N/A

$150

Allos Therapeutics Inc. (ALTH)²²

3/5/04

N/A

N/A

N/A

N/A

$75

Alteon Inc. (AMEX:ALT)²³

6/13/03

N/A

N/A

N/A

N/A

$100

Amgen Inc. (AMGN)²⁴

8/5/03

N/A

N/A

N/A

N/A

$1B

Amylin Pharmaceuticals Inc. (AMLN)²⁵

12/11/03

N/A

N/A

N/A

N/A

$300

ArQule Inc. (ARQL)²⁶

12/16/03

N/A

N/A

N/A

N/A

$50

Array BioPharma Inc. (ARRY)²⁷

4/22/04

N/A

N/A

N/A

N/A

$70

Atrix Laboratories Inc. (ATRX)²⁸

1/16/04

N/A

N/A

N/A

N/A

$150

Avanir Pharmaceuticals Inc. (AMEX:AVN)²⁹

4/12/04

N/A

N/A

N/A

N/A

$50

Avant Immunotherapeutics Inc. (AVAN)³⁰

10/9/03

15S and 2.25W

N/A

N/A

N/A

$39.9

BioCryst Pharmaceuticals Inc. (BCRX)³¹

12/16/03

N/A

N/A

N/A

N/A

$60

BioPure Corp. (BPUR)³²

4/16/04

N/A

N/A

N/A

N/A

$50

Bone Care International Inc. (OTC BB:BCII)³³

3/19/04

4S

$20.27

N/A

Citigroup
Robert W. Baird & Co.
First Albany Capital
Adams, Harkness & Hill
Roth Capital Partners

$81.8

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

Gilead Sciences Inc. (GILD)⁴³

12/22/03

N/A

N/A

N/A

N/A

$500

GTC Biotherapeutics Inc. (GTCB)⁴⁴

12/23/03

N/A

N/A

N/A

N/A

$40

Hollis-Eden Pharmaceuticals Inc. (HEPH)⁴⁵

7/25/03

5S

$14.39

N/A

N/A

$71.95

Immtech International Inc. (AMEX:IMM)⁴⁶

8/28/03

1.5S

$18.01

N/A

N/A

$27.02

Inspire Pharmaceuticals Inc. (ISPH)⁴⁷

4/16/04

N/A

N/A

N/A

N/A

$140

IntraBiotics Pharmaceuticals Inc. (IBPI)⁴⁸

4/14/04

3S

$16.35

N/A

Deutsche Bank Securities
Piper Jaffray & Co.
Lazard Freres & Co.

$49

Isolagen Inc. (AMEX:ILE)⁴⁹

4/28/04

7S

$8.99

N/A

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

$62.9

ISTA Pharmaceuticals Inc. (ISTA)⁵⁰

4/23/04

N/A

N/A

N/A

N/A

$75

Kosan Biosciences Inc. (KOSN)⁵¹

9/19/03

N/A

N/A

N/A

N/A

$75

Maxim Pharmaceuticals Inc. (MAXM)⁵²

12/31/03

N/A

N/A

N/A

N/A

$75

Meridian Bioscience Inc. (VIVO)⁵³

9/26/03

N/A

N/A

N/A

N/A

$60

NaPro BioTherapeutics Inc. (NPRO)⁵⁴

8/11/03

7.5S

$1.24/$8.06

N/A

N/A

$16.12

Nastech Pharmaceutical Co. Inc. (NSTK)⁵⁵

12/19/03

N/A

N/A

N/A

N/A

$30

Nektar Therapeutics (NKTR)⁵⁶

3/8/04

9.5

$22.13

Lehman Brothers

$210.2

Neose Technologies Inc. (NTEC)⁵⁷

6/23/03

N/A

N/A

N/A

N/A

$75

Orchid BioSciences Inc. (ORCH)⁵⁸

1/13/04

N/A

N/A

N/A

N/A

$30

Orphan Medical Inc. (ORPH)⁵⁹

4/14/04

N/A

$11.17

N/A

N/A

$44.7

OxiGene Inc. (OXGN)⁶⁰

10/3/03

N/A

N/A

N/A

N/A

$50

Peregrine Pharmaceuticals Inc. (PPHM)⁶¹

10/24/03

12S

$2.15

135

N/A

$25.8

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

Sequenom Inc. (SQNM)⁶⁴

1/30/04

N/A

N/A

N/A

N/A

$50

Telik Inc. (TELK)⁶⁵

4/9/04

N/A

N/A

N/A

N/A

$200

Titan Pharmaceuticals Inc. (AMEX:TTP)⁶⁶

2/6/04

N/A

N/A

N/A

N/A

$50

VaxGen Inc. (VXGN)⁶⁷

11/7/02

N/A

N/A

N/A

N/A

$150

Vical Inc. (VICL)⁶⁸

8/15/03

N/A

N/A

N/A

N/A

$50

Vicuron Pharmaceuticals Inc. (MICU)⁶⁹

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

Xcel Pharmaceuticals Inc. (XCEL)⁷⁰

8/22/03/
4/8/04

N/A

N/A

N/A

SG Cowen Securities
CIBC World Markets
Thomas Weisel Partners
U.S. Bancorp Piper Jaffray

$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; OTC BB = Over-the-Counter Bulletin Board.

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

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

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

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

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

6 Critical Therapeutics filed to raise up to $103.5M in an IPO.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

23 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.

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

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

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

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

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

29 Avanir filed a shelf registration statement to sell up to $50M in Class A common stock.

30 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.

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

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

33 Bone Care registered to sell 4.5M shares, 4M of which would be sold by the company The value is based on the March 19 closing price.

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.

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

44 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.

45 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.

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

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

48 IntraBiotics registered to sell 3M shares. The value is based on the April 13 closing stock price.

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

50 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.

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

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

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

54 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.

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

56 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.

57 Neose filed a shelf registration statement to sell up to $75M of common stock.

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

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

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

61 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.

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

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

66 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.

67 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.

68 Vical filed a shelf registration statement that would allow it to issue up to $50M of common and/or preferred stock. It raised $18.6M through a direct sale of 3.4M shares in March.

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

70 Xcel cited market conditions in withdrawing its proposed initial public offering.