I. COMMENCED TRADING IN MARCH

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

Anadys Pharmaceuticals Inc. (ANDS)1

11/17/03

3/25/04

6.25S

$7

21.44

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

$43.75

$150.1

Ark Therapeutics Group plc (UK; LSE:AKT)2

2/17/04

3/3/04

41.56S

£1.33

126.2

Credit Suisse First Boston Nomura International (co-lead)

US$99.2 (US$303)

£168.0

Basilea Pharmaceutica AG (Switzerland; SWX:BSLN)3

3/11/04

3/25/04

2.1S

CHF98 (US$76.9)

7.38

Credit Suisse First Boston Morgan Stanley & Co. (co-lead) Swissfirst Bank

US$161.6

CHF723.2 (US$560)

Tercica Inc. (TRCA)4

9/12/03

3/16/04

5.5S

$9

23.55

Lehman Brothers (co-lead) SG Cowen Securities (co-lead) Harris Nesbit Gerard Robert W. Baird & Co.

$49.5

$212.0

Xcyte Therapies Inc. (XCYT)5

10/10/03

3/16/04

4.2S

$8

14.77

U.S. Bancorp Piper Jaffray RBC Capital Markets (co-lead) Wells Fargo Securities JMP Securities

$33.6

$118.2

Total: $387.65M

Number of IPOs in March: 5

Average value of March IPOs: $77.5M

Number of IPOs in 2004: 10

Total raised in IPOs in 2004: $836.68M

Average value of IPOs in 2004: $83.7M

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)%


Aphton Corp. (APHT)6

12/24/03

3/5/04

1.05S

$6.50

37.60

UBS Securities Harris Nesbitt Gerard

$6.83

$244.1

Ariad Pharmaceuticals Inc. (ARIA)7

12/19/03

3/24/04

5.06S

$8.50

52.30

Lehman Brothers Lazard Freres & Co. Adams, Harkness & Hill JMP Securities Rodman & Renshaw

$43.01

$444.6

Cell Genesys Inc. (CEGE)8

12/23/02

3/17/04

4.89S

$12.50

44.56

JP Morgan Securities Lehman Brothers (co-lead) Needham & Co. SG Cowen Securities

$61.10

$557.0

Nuvelo Inc. (NUVO)9

7/8/03

3/3/04

5.75S

$13

31.40

UBS Investment Bank CIBC World Markets Needham & Co. JMP Securities

$74.75

$408.2

Rigel Pharmaceuticals Inc. (RIGL)10

2/6/04

3/25/04

0.285S

$20

17.97

Credit Suisse First Boston Needham & Co. Thomas Weisel Partners Fortis Securities

$5.70

$359.3

Vasogen Inc. (Canada; TSE:VAS; VSGC)11

10/20/03

3/3/04

1.275S

$5.90

72.10

Needham & Co. (co-lead) RBC Capital Markets (co-lead) A.G. Edwards & Sons

$7.52

$425.4

Total: $198.91M

Number of follow-on offerings in March: 3

Average value of March follow-ons: $59.6M

Number of follow-on offerings in 2004: 16

Total raised in follow-ons in 2004: $1,099.74M

Average value of follow-ons in 2004: $68.73


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.

Currency conversions reflect rates at the time of the deal.

LSE = London Stock Exchange; SWX = Swiss Stock Exchange; TSE = Toronto Stock Exchange.

1. Anadys priced its IPO of 6.25M shares at $7 each. Underwriters have an option to purchase another 937,500 shares to cover overallotments.

2. Ark went public on the London Stock Exchange. Underwriters have an option to purchase another 6.23M shares to cover overallotments.

3. Basilea went public on the Swiss Stock Exchange. Underwriters have an option to purchase another 315,000 shares to cover overallotments.

4. Tercica priced its IPO of 5.5M shares at $9 each, after postposing the deal in November. Underwriters have an option to purchase up to 825,000 additional shares to cover overallotments.

5. Xcyte priced its IPO of 4.2M shares at $8 each. Underwriters have an option to purchase up to 630,000 additional shares to cover overallotments.

6. Underwriters of Aphton's follow-on offering that priced in February exercised their option on another 1.05M shares. The offering totaled 8.05M shares and $52.3M in gross proceeds.

7. Ariad sold 5.06M shares covered under a shelf registration statement. The totals include the exercise of the overallotment option by underwriters.

8. Cell Genesys sold about 4.89M shares at $12.50 each. The totals include the purchase of 637,500 by underwriters to cover overallotments.

9. Nuvelo sold the shares from a shelf registration statement. The totals include the underwriters' purchase of 750,000 shares to cover overallotments.

10. Underwriters of Rigel's offering that priced in February exercised their option on 285,000 additional shares. Rigel sold 3.135M shares in the offering, raising about $62.7M. A selling stockholder sold another 315,000 shares, which are not included in the totals.

11 . Underwriters of Vasogen's offering that priced in February exercised their option on 1.275M shares, bringing the totals to about 9.775M shares and $57.67 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

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

$86.25

Alnylam Pharmaceuticals Inc. (ALNY)2

2/27/04

N/A

N/A

N/A

Banc of America Securities Piper Jaffray & Co. ThinkEquity Partners

$86.25

Barrier Therapeutics Inc. (BTRX)3

2/06/04

N/A

N/A

N/A

Morgan Stanley Banc of America Securities JP Morgan Securities

$86.25

Corcept Therapeutics Inc. (CORT)4

2/10/04

N/A

N/A

N/A

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

$80

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

3/11/04

N/A

N/A

N/A

CIBC World Markets (co-lead) 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

Cytokinetics Inc. (CYTK)7

1/27/04

N/A

N/A

N/A

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

$86.25

Idenix Pharmaceuticals Inc. (IDIX)8

12/15/03

N/A

N/A

N/A

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

$100

Immunicon Corp. (IMMC)9

12/8/03

6S

$12-$14

N/A

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

$78

Inhibitex Inc. (INHX)10

3/3/04

N/A

N/A

N/A

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

$86.25

Memory
Pharmaceuticals Inc.
(MEMY)11

12/23/03

5S

$13-15

N/A

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

$70

Metabasis
Therapeutics
Inc.
(MBRX)12

2/4/04

N/A

N/A

N/A

SG Cowen Securities (co-lead) 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 (co-lead) 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

Santarus
Inc.
(SNTS)15

12/23/03

N/A

N/A

N/A

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

$85

Senomyx
Inc.
(SNMX)16

3/29/04

N/A

N/A

N/A

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

$97.75

FOLLOW-ON OFFERINGS

Abgenix Inc. (ABGX)17

3/17/04

N/A

N/A

N/A

N/A

$250

Alexion
Pharmaceuticals Inc.
(ALXN)18

11/26/03

N/A

N/A

N/A

N/A

$150

Allos Therapeutics Inc. (ALTH)19

3/5/04

N/A

N/A

N/A

N/A

$75

Alteon
Inc.
(AMEX:ALT)20

6/13/03

N/A

N/A

N/A

N/A

$100

Amgen Inc. (AMGN)21

8/5/03

N/A

N/A

N/A

N/A

$1B

Amylin
Pharmaceuticals Inc.
(AMLN)22

12/11/03

N/A

N/A

N/A

N/A

$300

ArQule Inc. (ARQL)23

12/16/03

N/A

N/A

N/A

N/A

$50

Atrix Laboratories Inc. (ATRX)24

1/16/04

N/A

N/A

N/A

N/A

$150

Avant
Immuntherapeutics
Inc.
(AVAN)25

10/9/03

15S and

2.25W

N/A

N/A

N/A

$39.9

BioCryst
Pharmaceuticals Inc.
(BCRX)26

12/16/03

N/A

N/A

N/A

N/A

$60

BioPure Corp. (BPUR)27

3/6/03

10S

$3.84

N/A

N/A

$38.4

Bone Care
International Inc.
(OTC BB:BCII)28

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)29

7/30/03

N/A

N/A

N/A

N/A

$175

Cel-Sci Corp. (AMEX:CVM)30

12/19/03

N/A

N/A

N/A

N/A

$50

Cephalon Inc. (CEPH)31

2/6/04

N/A

N/A

N/A

N/A

$1B

Curis Inc. (CRIS)32

12/23/03

N/A

N/A

N/A

N/A

$40

CV
Therapeutics Inc.
(CVTX)33

10/1/03

N/A

N/A

N/A

N/A

$300

Cypress
Bioscience
Inc.
(CYPB)34

10/31/03

5S

$11.71

N/A

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

$58.6

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

Gen-Probe
Inc.
(GPRO)37

9/2/03

N/A

N/A

N/A

N/A

$150

Gilead Sciences Inc. (GILD)38

12/22/03

N/A

N/A

N/A

N/A

$500

GTC
Biotherapeutics Inc.
(GTCB)39

12/23/03

N/A

N/A

N/A

N/A

$40

Hollis-Eden Pharmaceuticals
Inc.
(HEPH)40

7/25/03

5S

$14.39

N/A

N/A

$71.95

Hybridon Inc.
(AMEX:HBY)41

1/14/04

20S

$1.06

N/A

N/A

$21.2

Immtech
International Inc.
(AMEX:IMM)42

8/28/03

1.5S

$18.01

N/A

N/A

$27.02

Kosan
Biosciences
Inc.
(KOSN)43

9/19/03

N/A

N/A

N/A

N/A

$75

Maxim
Pharmaceuticals
Inc.
(MAXM)44

12/31/03

N/A

N/A

N/A

N/A

$75

Meridian
Bioscience
Inc.
(VIVO)45

9/26/03

N/A

N/A

N/A

N/A

$60

NaPro
BioTherapeutics Inc.
(NPRO)46

8/11/03

7.5S

$1.24/

$8.06

N/A

N/A

$16.12

Nastech
Pharmaceutical
Co. Inc.
(NSTK)47

12/19/03

N/A

N/A

N/A

N/A

$30

Nektar
Therapeutics
(NKTR)48

3/8/04

9.5

$22.13

N/A

Lehman Brothers

$210.2

Neose
Technologies Inc.
(NTEC)49

6/23/03

N/A

N/A

N/A

N/A

$75

Orchid
BioSciences
Inc.
(ORCH)50

1/13/04

N/A

N/A

N/A

N/A

$30

OxiGene
Inc.
(OXGN)51

10/3/03

N/A

N/A

N/A

N/A

$50

Peregrine
Pharmaceuticals Inc.
(PPHM)52

10/24/03

12S

$2.15

135

N/A

$25.8

Pharmos
Corp.
(PARS)53

11/18/03

N/A

N/A

N/A

C.E. Unterberg, Towbin Harris Nesbitt Gerard

$50

Pozen
Inc.
(POZN)54

2/3/04

8.54S

$11.91

N/A

N/A

$101.7

Sequenom
Inc.
(SQNM)55

1/30/04

N/A

N/A

N/A

N/A

$50

Titan
Pharmaceuticals Inc.
(AMEX:TTP)56

2/6/04

N/A

N/A

N/A

N/A

$50

VaxGen
Inc.
(VXGN)57

11/7/02

N/A

N/A

N/A

N/A

$150

Vical Inc. (VICL)58

8/15/03

N/A

N/A

N/A

N/A

$50

Vicuron
Pharmaceuticals Inc.
(MICU)59

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)


FOLLOW-ON OFFERINGS

InKine
Pharmaceutical
Co. Inc.
(INKP)60

11/26/03/ 3/14/04

6S

$5

N/A

UBS Securities First Albany Capital Rodman & Renshaw

$30

Introgen
Therapeutics
Inc.
(INGN)61

8/11/03/ 3/19/04

5.5S

$10.02

N/A

N/A

$55.1

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

4. Corcept filed to raise up to $80M in an IPO.

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

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

9. Immunicon filed to raise up to $86.25M in an IPO. On March 9 it set the shares at 6M and the price range at $12 to $14. The value reflects the midrange of that estimate.

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

11. Memory Pharmaceuticals filed to raise up to $86.25M in an IPO. On March 2 it set the shares at 5M and the price range at $13 to $15 per share. The value reflects the midrange of that estimate.

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. Santarus filed to raise up to $85M in an IPO.

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

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

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

19. Allos filed a shelf registration statement to sell up to $75M in various securities.

20. 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.

21. Amgen filed a shelf registration to sell up to $1B worth of various securities. It sold $200M in convertible notes in March and early April.

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

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

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

25. 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.

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

27. BioPure registered to sell up to 10M shares of common stock through a shelf registration. Based on the March 6, 2003, closing price of $3.84, the offering would raise $38.4M. Biopure raised $7.3M in private placements conducted in May 2003, and $17.2M in one conducted in July.

28. 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.

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

30. Cel-Sci filed a shelf registration to sell up to $50M in common stock.

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

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

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

34. Cypress Bioscience filed a shelf registration statement to sell up to $60M in common stock. On March 29 it said it would sell 5M shares. The estimated value is based on the March 26 closing price.

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 price.

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

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

39. GTC filed a shelf registration statement covering the sale of up to $40M in common stock. It raised $15M in a private placement of 6.4M shares in March.

40. Hollis-Eden filed a shelf registration to sell up to 5M common shares and warrants, after withdrawing an unallocated shelf registration statement covering 3M shares. 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.

41. Hybridon filed a shelf registration statement to sell up to 20M common shares. The value is based on the Jan. 13 closing price.

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

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

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

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

46. 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.

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

48. 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.

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

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

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

52. Peregrine filed a shelf registration statement to sell up to 12M shares. The value is based on a sales price of $2.15 per share, the price at the time of the filing.

53. 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.

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

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

56. 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.

57. 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.

58. 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.

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

60. InKine withdrew a public offering of 6M shares at $5 per share, after it had priced and a day before it was scheduled to close. InKine officials said they found out the company's certificate of incorporation does not contain any provision exempting the company from providing preemptive rights in connection with certain offerings.

61. Introgen cited market conditions in withdrawing its proposed sale of 5.5M shares, which it said it was offering on March 5.