I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $795.55 | ||||
Company | Location |
Date | Amt. (M) |
Details |
| | ||||
A&G Pharmaceutical Inc. |
Columbia, Md. |
3/24/04 |
$0.75 |
A&G closed a closed a convertible debt financing provided by New England Partners, with follow-on financing by the Maryland Department of Business and Economic Development and ASM Resources Inc. |
Acell Inc. |
Jessup, Md. |
3/22/04 |
$6 |
Acell raised $6M in its first round of financing; investors were not disclosed |
Acorda Therapeutics Inc. |
Hawthorne, N.Y. |
3/4/04 |
$11.5 |
Acorda, two months after pulling a proposed IPO, completed a fourth funding round with existing and new institutional investors |
Agendia BV |
Amsterdam, the Netherlands |
3/30/04 |
ND |
Gilde Investment Management led the Series A financing; Global Life Science Ventures and AXA Private Equity Venture Funds also participated |
Aspreva Pharmaceuticals Corp. |
Victoria, British Columbia |
3/9/04 |
$57 |
Sprout Group led the Series A financing, which included InterWest Partners, HBM Partners, Thomas Weisel Healthcare Ventures, BioAsia Investments LLC and Axiom Venture Partners |
Atugen AG |
Berlin |
3/15/04 |
€5 (US$6.1) |
Atugen completed a third round of financing managed by WestLBPanmure; it was co-led by Novartis Venture Fund and funds advised by Apax Partners, and included MPM Capital |
Beta-02 |
Petach-Tikva, Israel |
3/8/04 |
$2 |
Vitalife led the seed round, which included the Israeli government seed fund Heznek |
BioRexis Pharmaceutical Corp. |
King of Prussia, Pa. |
3/11/04 |
$30 |
The Series B round was led by Prism Venture Partners and Quaker BioVentures and included Johnson & Johnson Development Corp., Gund Investment Corp., Anthem Capital, ProQuest Investments and Tullis-Dickerson & Co. |
CareX SA |
Strasbourg, France |
3/8/04 |
€25 (US$30.6) |
Index Ventures led the Series B round, which included Global Life Science Ventures, Credit Lyonnais Private Equity, BioMedinvest, Sofinnova Partners, GIMV and Mara Ventures |
Cedarburg Pharmaceuticals Inc. |
Grafton, Wis. |
3/3/04 |
$7 |
LOF Partners invested in the Series A preferred stock financing; as part of the deal Cedarburg was reorganized as a Deleware company |
CeMines Inc. |
Evergreen, Colo. |
3/2/04 |
ND |
CeMines said it closed a Round A financing; details were not disclosed |
CombinatoRx Inc. |
Boston |
3/10/04 |
$30 |
Boston Millennia Partners led the company's third financing round, which included Easton Hunt Capital Partners, Yasuda Enterprise Development, Global Life Science Ventures, Canaan Partners, Flagship Ventures and TL Ventures |
Eximias Pharmaceutical Corp. |
Berwyn, Pa. |
3/31/04 |
$63.5 |
The Series D financing was led by Cross Atlan- tic Partners and co-led by Quaker BioVentures; other new investors were New Enterprise Associates, OrbiMed Advisors, Birchmere Ventures, Easton Hunt Capital Partners, Cross Atlantic Capital Partners, Pacific Rim Ventures and Emerging Technology Partners; all Series C investors participated; Ferghana Securities was placement agent and financial adviser |
Jazz Pharmaceuticals Inc. |
Palo Alto, Calif. |
3/24/04 |
$250 |
The $250 million Series B financing was led by an affiliate of Kohlberg Kravis Roberts & Co. and included company management, Prospect Venture Partners, Versant Ventures, Beecken Petty O'Keefe & Co., Golden Gate Capital, Thoma Cressey Equity Partners, Adams Street Partners, EGS Healthcare Capital Partners, Lehman Brothers Healthcare Fund and an entity assoc- iated with the Oak Hill investment group |
Kemia Inc. |
San Diego |
3/29/04 |
$33.5 |
JPMorgan Partners led the Series B financing; also participating were Novo A/S, HamiltonApex Technology Ventures, Alta Partners, Forward Ventures, Texas Pacific Group Biotechnology, TPG Ventures and Novartis BioVentures |
MannKind Corp. |
Valencia, Calif. |
3/11/04 |
$50 |
MannKind sold a newly created class of Series C convertible preferred stock to institutional and private investors; the stock is convertible into 9.8M common shares |
MaxCyte Inc. |
Rockville, Md. |
3/24/04 |
$10.7 |
MaxCyte sold Series B preferred stock in a finan- cing round led by Intersouth Partners and including other first-time investors Harbert Venture Partners and Tall Oaks Capital |
Momenta Pharmaceuticals Inc. |
Cambridge, Mass. |
3/1/04 |
$20.5 |
Investors in the Series C round were Mithra Ventures, Polaris Venture Partners, Atlas Venture, MVM Life Science Partners and Cardinal Partners |
PainCeptor Pharma Inc. |
Montreal |
3/22/04 |
C$23 (US$17.3) |
PainCeptor, formed through the merger of Antalium Inc. and Neuroceptor Inc., concurrently raised US$17.3M in initial financing; investors were CDP Capital-Technology Ventures, Business Development Bank of Canada, Desjardins Venture Capital, Canadian Medical Discoveries Fund Inc., T2C2/BIO 2000, MDS Capital Corp. and Innovatech du Grand Montréal |
Phylogix Inc. |
Scarborough, Maine |
3/9/04 |
$12 |
Radius Ventures, Atlas Venture, Prospect Venture Partners and Canaan Partners led the Series B round, which included Biotechnology Value Fund and Maine's Small Enterprise Growth Fund |
Salmedix Inc. |
San Diego |
3/30/04 |
$45 |
HIG Ventures led the Series C round; other invest- ors were OrbiMed Advisors, Easton Hunt Capital Partners, Hunt Ventures, Novo A/S, Quilvest Capital, Clariden Bank, InterWest Partners, Versant Ventures, Alexandria Equities, CMEA Ventures, Delphi Ventures, ProQuest Investments, Ventures West, Aberdare Partners, GeneChem Therapeutics and BioFrontier Global Investment Partnership. |
Spectral Genomics Inc. |
Houston |
3/15/04 |
$9.3 |
Spectral raised the money in a Series B round that was completed at the same time it acquired Bacterial Barcodes Inc.; Techxas Ventures led the financing, which included Burrill &Co., Baylor College of Medicine and BioTex Finance Ltd. |
Symphogen A/S |
Copenhagen,Denmark |
3/1/04 |
$2.5 |
The Danish state-backed venture fund Vaekst- foden made a follow-on investment in Symphogen |
TaiGen Biotechnology Co. Ltd. |
Taipei, Taiwan |
3/16/04 |
$38 |
China Steel led what is expected to be the first closing of a Series B round; other investors were MPM Capital, Development Fund, YFY Group, China Development Industrial Bank, Shin Kong Life Insurance and Cathay Life Insurance |
TransMolecular Inc. |
Birmingham, Ala. |
3/1/04 |
$33.2 |
The Series C round was led by Easton Hunt Capital Partners and included Tullis-Dickerson, TVM Techno Venture Management, President Life Sciences, Pacific Horizon Partners, Diamond Capital Management, Oakwood Medical Investors, MDS Capital, Aperture Venture Partners, Scout Healthcare Fund, Cogene BioVentures, Global Biomedical Partners and Posco BioVentures |
VaxInnate Corp. |
New Haven, Conn. |
3/11/04 |
$23.1 |
Investors in the Series B round were HealthCare Ventures, Oxford Bioscience Partners LLC, Med-Immune Ventures Inc. and CHL Medical Partners |
Zapaq Inc. |
Waltham, Mass. |
3/19/04 |
$6 | Sanderling Ventures and Yamanouchi Venture Capital invested in the Series A round |
II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM EXISTING CORPORATE PARTNERS: $251M | ||||
Company (Symbol)# | Partner (Country) | Amt. (M) | Triggering Event | Details (Date) |
Human Genome Sciences Inc. (HGSI) |
GlaxoSmithKline plc (UK) |
ND |
Milestone payment |
Triggered by GSK's initiation of Phase 1 trials of the small- olecule 677116 for cardiovascular disease (3/30) |
ImClone Systems Inc. (IMCL) |
Bristol-Myers Squibb Co. |
$250 |
Milestone payment |
The $250M cash payment was triggered by FDA approval of Erbitux for colorectal cancer; approval in a second indication would trigger another $250M payment (3/12) |
Peplin Biotech Ltd. (Australia; ASX:PEP) |
Allergan Inc. |
$1 |
Milestone payment |
The payment was triggered by the filings of INDs for a topical treatment for non-melanoma skin cancer and anctinic keratosis covered under their collaboration (3/23) |
Pharmacopeia Inc. (ACCL) |
Schering-Plough Corp. |
ND |
Milestone payment |
Triggered by Schering-Plough initiating a human trial of an anti-inflammatory compound discovered in their collaboration (3/9) |
Telik Inc. (TELK) |
Hoffmann-La Roche Inc. |
ND |
Milestone payment |
Roche exercised its option to select active lead compounds identified through their April 2003 collaboration, which used Telik's TRAP technology against a Roche target (3/2) |
Valentis Inc. |
Genencor International Inc. |
ND |
Milestone payment |
Triggered by Genencor's initiation of dosing (VLTS) in a Phase I trial of a hepatitis B vaccine, which incorporates Valentis' polymer delivery system (3/16) |
Notes: | ||||
# Unless otherwise indicated, shares are traded on the Nasdaq exchange. | ||||
ASX = Australian Stock Exchange. | ||||
Currency conversions reflect rates at the time of the deal. | ||||
ND = Not disclosed. | ||||
