I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $366.98M

Company

Location

Date

Amt. (M)

Details


Acuity Pharmaceuticals

Philadelphia

2/10/04

$2.4

Investing in the company's first institutional round were BioAdvance and Ben Franklin Technology Partners of Southeastern Pennsylvania, as well as existing investors

AlgoRx Pharmaceuticals Inc.

Cranbury, N.J.

2/24/04

$65

Advent International led the Series C round, which included existing investors InterWest Partners, JPMorgan Partners and Sofinnova Ventures, and new investors S.R. One Ltd., Pacific Rim Ventures Co., Index Ventures, Lehman Brothers Healthcare Fund, Hunt Ventures, EGS Healthcare Capital Partners, Piper Jaffray Ventures, NIF Ventures, Axiom Venture Partners, Cogene BioTech Ventures and William Harris Investors; Aquilo Partners Inc. was placement agent

Angstrom Pharmaceuticals Inc.

San Diego

2/25/04

ND

Tech Coast Angels said it provided undisclosed funding for Angstrom

BiondVax Pharmaceuticals Ltd.

Rehovot, Israel

2/11/04**

$4

BionVax raised $4M in its first funding round

DermTech International Inc.

San Diego

2/25/04

ND

Tech Coast Angels said it provided undisclosed funding for DermTech

Diatos SA

Paris

2/25/04

€7 (US$8.7)

The investment was led by Innoven Partenaires and Biotech Fund Flanders; the company now has raised €33M since inception

Domantis Ltd.

Cambridge, UK

2/23/04

£17.5 (US$32.7)

3i Group plc led the Series B financing; other new investors included Gray Ghost LLC, Albany Ventures and an unnamed U.S. institution; existing investors MVM and Peptech Ltd. also participated

ExonHit Therapeutics SA

Paris

2/2/04

€8.3 (US$10.42)

ExonHit completed a convertible bond financing subscribed to by existing shareholders and affiliated companies

Evogene Ltd.

Rehovot, Israel

2/24/04

$1.5

Evogene completed the second closing of its first funding round; the first closing was in March 2003 for $2M, and the same investors participated in both closings

Graffinity Pharmaceuticals AG

Heidelberg, Germany

2/20/04

€15 (US$18.8)

Merlin Biosciences led the Series C round, which included 3i, Oxford Bioscience Partners, GIMV, Heidelberg Innovation, Dow Chemical Co., TechnoStart and Carnegie Asset Management

Hudson Health Sciences Inc.

South San Francisco

2/26/04

$4.7

Hudson said it raised the money from private and institutional investors; further details were not disclosed

Hyalozyme Therapeutics Inc.

San Diego

2/3/04

$9.2

The financing was led by Grove Capital and includes an option on $15.9 million in warrants callable by Hyalozyme; Ritchie Capital, Cimarron Biomedical Investors and Colt Ventures invested in the round; Brean Murray & Co. Inc. was placement agent

Icagen Inc.

Research Triangle Park, N.C.

2/2/04

$19.5

Icagen raised $19.5M in a financing that included Alta Partners, Venrock Associates, HBM, Chinese Development Industrial Bank, Quintiles Trans- national and JP Morgan Partners

Igeneon AG

Vienna, Austria

2/27/04

€26.7 (US$33.2)

The Series C financing was led by Burrill & Co. and 3i; other investors were Deutsche Venture Capital, Novartis Venture Fund and Austrian financiers Capexit, Gamma Capital Partners, Horizonte and Invest AG

Kadmus Pharmaceuticals Inc.

Irvine, Calif.

2/9/04

$15.3

The Series A round was led by Vengrowth Advanced Life Sciences Fund; participating were Softbank Life Science Ventures. Sanderling Ventures, NeuroVentures, CDP Capital, Gray Ghost LLC and Bio*One Capital

Morphotek Inc.

Exton, Pa.

2/18/04

$26

Forward Ventures led the Series C round; other investors were S.R. One Ltd., Morgenthaler Ventures, Rock Maple Ventures, China Development Industrial Bank, DSM Venturing, Flagship Ventures, Burrill & Co., CB Health Ventures, Trieste Capital and others

NeurogesX Inc.

San Carlos,Calif.

2/24/04

$35

Global Life Science Ventures led the Series C round, which also included the employee pension plans of Dow and Union Carbide, Alta Partners, ARCH Venture Partners, Montreux Equity Partners, Walden International Venture Partners, the Teachers Insurance and Annuity Association and the University of North Carolina

Pivotal BioSciences Inc.

Los Angeles

2/23/04

$1.4

Pivotal closed a sale of Series A voting preferred stock with a limited number of accredited invest- ors; Casimir Capital LP arranged the placement

Qualyst Inc.

Research Triangle Park, N.C.

2/17/04

ND

Qualyst said it closed its Series A preferred stock offering; Burton Advisers Ltd. was financial adv- iser and placement agent

Trillium Therapeutics Inc.

Toronto

2/5/04

C$13.5 (US$10.16)

Trillium raised C$13.5 in its Series A financing round led by the Business Development Bank of Canada and including VenGrowth Advanced Life Sciences Fund Inc. and the Canadian Medical Discoveries Fund

Xenoport Inc.

Santa Clara, Calif.

2/4/04

$37

Investors in the $37M financing were Granite Global Ventures, AIG SunAmerica Ventures, West- River Capital, Alejandro Zaffaroni, Arch Venture Partners, CMEA Ventures, Frazier & Co., HBM BioVentures AG, Lilly BioVentures, Lombard Odier & Cie, Lotus BioScience Ventures, Novartis BioVentures Ltd., OrbiMed Advisors, The Invus Group and Venrock Associates; Montgomery & Co. LLC helped with a portion of the financing and also participated in the round

Y's Therapeutics Co. Ltd.

Tokyo

2/23/04

$22

Softbank Investment Corp. led the Series B round, which included Zenkoku Hosho Co. Ltd. and Biovision Capital Corp.

Zyomyx Inc.

Hayward, Calif.

2/11/04

$10

The round was led by CSFB Private Equity; existing investors also particpating included Alloy Ventures, Lilly BioVentures, Hambrecht & Quist Capital Management, Mediphase Venture Partners and Bio*One Capital Pte. Ltd.

II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM EXISTING CORPORATE PARTNERS: $32.5M

Company (Symbol)#*

Partner (Country)

Amt. (M)

Triggering Event

Details (Date)


Anika Therapeutics Inc. (ANIK)

Ortho Biotech Products LP

$20

Milestone payment

Triggered by FDA approval of Orthovisc to treat pain from osteoarthritis of the knee; Ortho will sell the product in the U.S. (2/5)

Antares Pharma Inc. (OTC BB:ANTR)

Pfizer Inc.

ND

Milestone payment

Triggered by approval of a product in Sweden that uses Antares' gel transdermal delivery technology (2/6)

Arena Therapeutics Inc. (ARNA)

Merck & Co. Inc.

$4

Milestone payment

Triggered by advancement in the potency and profile of identified small molecules in animal testing, stemming from October 2002 collaboration on Arena GPCR targets (2/25)

Epimmune Inc. (EPMN)

Genencor International Inc.

ND

Milestone payment

Triggered by Genencor's filing of an IND for a DNA-based therapeutic vaccine to treat hepatitis B, which Epimmune helped develop (2/2)

GPC Biotech AG (Germany; FSE:GPC)

Aventis SA (France)

ND

Milestone payment

Triggered by Aventis selecting a target to move into screening from their osteoarthritis collaboration (2/13)

Neurobiological Technologies Inc. (NTII)

Merz Pharmaceuticals GmbH (Germany)

$2.5

Milestone payment

The payment to NTI was related to approval of Memantine in the U.S. for treating moderate to severe Alzheimer's disease (2/3)

NeuroSearch A/S (Denmark; CSE:NEUS) (Germany)

Boehringer Ingelheim International GmbH

$5

Milestone payment

The payment is related to development of NS2330 for the treatment of Alzheimer's and Parkinson's diseases (2/5)

Sangamo BioSciences Inc. (SGMO)

Edwards Lifesciences Corp.

$1

Milestone payment

Triggered by the filing of an IND for EW-A-401, a candidate for peripheral artery disease; the study is named the AVENGE trial (2/11)


Notes:

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

* = Private company.

** = Denotes the date item ran in BioWorld International.

ND = Not disclosed.

CSE = Copenhagen Stock Exchange; FSE = Frankfurt Stock Exchange; OTC BB = Over-the-Counter Bulletin Board.