I. COMMENCED TRADING IN FEBRUARY

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

Corgentech Inc. (CTGK)1

12/4/03

2/12/04

6S

$16

26.1

Credit Suisse First Boston Lehman Brothers (co- lead) CIBC World Markets U.S. Bancorp Piper Jaffray

$96

$417.6

Dynavax Technologies Corp. (DVAX)2

10/24/03

2/18/04

6.9S

$7.50

24.57

Bear, Stearns & Co. Deutsche Bank Securities (co-lead) U.S. Bancorp Piper Jaffray

$51.75

$184.3

Eyetech Pharmaceuticals Inc. (EYET)3

9/15/03

2/4/04

0.975S

$21

39.52

Merril Lynch & Co Morgan Stanley (co-lead) Bear, Stearns & Co. Credit Suisse First Boston

$20.48

$829.9

GTx Inc. (GTXI)4

10/15/03

2/3/04

5.4S

$14.50

24.59

Goldman, Sachs & Co. SG Cowen Securities Lazard Freres & Co.

$78.3

$356.6

Renovis Inc. (RNVS)5

10/17/03

2/5/04

5.5S

$12

23.67

Goldman Sachs & Co. CIBC World Markets SG Cowen Securities U.S. Bancorp Piper Jaffray

$66

$284.0

Total: $312.53M

Number of IPOs in February: 4

Average value of February IPOs: $73M

Number of IPOs in 2004: 5

Total raised in IPOs in 2004: $449.03M

Average value of IPOs in 2004: $89.8M

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)%

Antigenics Inc. (AGEN)6

1/26/04

2/3/04

5.4S

$10.5

44.9

UBS Securities Needham & Co. Ryan Beck & Co.

$56.7

$471.7

Aphton Corp. (APHT)7

12/24/03

2/27/04

7S

$6.50

36.5

UBS Securities Harris Nesbitt Gerard

$45.5

$237.3

Cepheid Inc. (CPHD)8

1/21/04

2/12/04

5.5S

$11.25

40.83

UBS Securities William Blair & Co. C.E. Unterberg, Towbin Rodman & Renshaw

$61.88

$459.3

Dendreon Corp. (DNDN)9

10/22/03

2/4/04

1.51S

$12.75

56.9

UBS Securities Needham & Co. Inc. U.S. Bancorp Piper Jaffray Lazard Freres & Co.

$19.25

$725.5

Exact Sciences Corp. (EXAS)10

9/11/03

2/5/04

6.9S

$6.75

26.15

Merrill Lynch & Co. UBS Securities LLC (co-lead) Thomas Weisel Partners Leerink Swann & Co.

$46.58

$176.5

Genome Therapeutics Corp. (GENE)11

12/17/03

2/6/04

16.8S

$5.25

74.0

J.P. Morgan Securities Legg Mason Wood Walker

$88.2

$388.5

Martek Biosciences Corp. (MATK)12

2/4/03

2/4/04

0.177S

$65.59

29.2

Citigroup Global Markets

$11.6

$1,915.2

Onyx Pharmaceuticals Inc. (ONXX)13

12/11/03

2/3/04

4.637S

$33.75

34.22

Morgan Stanley & Co. U.S. Bancorp Piper Jaffray SG Cowen Securities Leerink Swann & Co.

$156.5

$1,155.0

Rigel Pharmaceuticals Inc. (RIGL)14

2/6/04

2/20/04

2.85S

$20

17.68

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

$57

$353.6

Seattle Genetics Inc. (SGEN)15

12/17/03

2/5/04

8.05S

$8.25

56.52

CIBC World Markets Banc of America Securities (co-lead) WR Hambrecht + Co.

$66.4

$466.3

Targeted Genetics Corp. (TGEN)16

8/11/03

2/2/04

10.85S

$2.35

77.1

SG Cowen Securities Roth Capital Partners (co-lead)

$25.5

$181.2

Vasogen Inc. (Canada; TSE:VAS; AMEX:VSV)17

10/20/03

2/27/04

8.5S

$5.90

70.8

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

$50.15

$417.7

Total: $685.26M

Number of follow-on offerings in February: 11

Average value of February follow-ons: $60.5M

Number of follow-on offerings in 2004: 13

Total raised in follow-ons in 2004: $900.83M

Average value of follow-ons in 2004: $69.3

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.

AMEX = American Stock Exchange; TSE = Toronto Stock Exchange.

1. Corgentech raised $96M in an IPO. Underwriters have an option to purchase another 900,000 shares to cover overallotments.

2. Dynavax sold 6.9M shares at $7.50 per share in its IPO, below the estimated price range of $12 to $14. The totals include the underwriters' purchase of 900,000 shares to cover overallotments.

3. Underwriters of Eyetech's IPO that priced in December exercised their option on another 975,000 shares, bringing the IPO totals to about 7.48M shares and $156.98M in gross proceeds.

4. GTx raised $78.3M in an IPO. Underwriters have an option to purchase an additional 810,000 shares to cover overallotments.

5. Renovis raised $66M in an IPO. Underwriters have an option to purchase an additional 825,000 shares to cover overallotments.

6. Antigenics sold 5.4M shares at $10.50 per share from an existing shelf registration statement. The totals include 400,000 shares sold to underwriters, part of their overallotment option.

7. Aphton sold the shares from a shelf registration statement. Underwriters have an option to purchase 1.05M additional shares to cover overallotments.

8. Cepheid sold 5.5M shares at $11.25 per share. Underwriters have an option to purchase up to 825,000 additional shares to cover overallotments.

9. Underwriters of Dendreon's follow-on offering that priced in January exercised their option on another 1.51M shares, bringing the offering's total to about $150M.

10. Exact Sciences sold 6.9M shares at $6.75 each from a shelf registration statement. The totals include the purchase of 900,000 shares by underwriters to cover overallotments.

11. Genome Therapeutics sold 16.8M shares at $5.25 per share in conjunction with its merger with Genesoft Pharmaceuticals Inc.

12. Martek sold about 177,000 shares that were remaining on a shelf registration statement. It grossed about $88M in an offering in April 2003.

13. Onyx sold 4.367M shares at $33.75 each from a shelf registration statement. Underwriters have an option to purchase another 695,550 shares to cover overallotments.

14. Rigel sold 2.85M shares at $20 each in a public offering. Another 315,000 shares were sold by stockholders. Underwriters have an option to buy 474,750 additional shares to cover overallotments.

15. Seattle Genetics sold 7M shares at $8.25 each from shelf registration statement. The totals include the underwriters' purchase of 1.05M shares to cover overallotments.

16. Targeted Genetics raised $25.5 through the sale of about 10.9M shares at $2.35 each. The shares were offered under a shelf registration statement.

17. Vasogen sold the shares from a shelf registration statement filed in Canada and the U.S. Underwriters have an option to purchase up to 1.275M additional shares to cover overallotments.

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

Anadys
Pharmaceuticals
Inc. (ANDS)1

11/17/03

6.25S

$11-13

N/A

Lehman Brothers Legg Mason Wood Walker Needham & Co. SG Cowen Securities U.S. Bancorp Piper Jaffray

$75

Barrier
Therapeutics
Inc. (BTRX)2

2/06/04

N/A

N/A

N/A

Morgan Stanley Banc of America Securities J.P. Morgan Securities

$86.25

Corcept
Therapeutics
Inc. (CORT)3

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

Cytokinetics
Inc. (CYTK)4

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)5

12/15/03

N/A

N/A

N/A

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

$100

Immunicon
Corp. (IMMC)6

12/8/03

N/A

N/A

N/A

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

$86.25

Memory
Pharmaceuticals
Inc. (MEMY)7

12/23/03

N/A

N/A

N/A

Banc of America Securities Fortis Securities SG Cowen Securities

$86.25

Metabasis
Therapeutics
Inc. (MBRX)8

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

Peninsula
Pharmaceuticals
Corp. (PPRX)9

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)10

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

Tercica
Inc. (TRCA)11

9/12/03

5.5S

$11-13

N/A

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

$66

Xcyte
Therapies
Inc. (XCYT)12

10/10/03

4S

$13-$15

N/A

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

$56

FOLLOW-ON OFFERINGS

Alexion
Pharmaceuticals Inc. (ALXN)13

11/26/03

N/A

N/A

N/A

N/A

$150

Alteon Inc.
(AMEX:ALT)14

6/13/03

N/A

N/A

N/A

N/A

$100

Amgen Inc.
(AMGN)15

8/5/03

N/A

N/A

N/A

N/A

$1B

Amylin
Pharmaceuticals
Inc. (AMLN)16

12/11/03

N/A

N/A

N/A

N/A

$300

Ariad
Pharmaceuticals
Inc. (ARIA)17

12/19/03

7S

$7.50

N/A

N/A

$52.5

ArQule Inc. (ARQL)18

12/16/03

N/A

N/A

N/A

N/A

$50

Atrix
Laboratories
Inc. (ATRX)19

1/16/04

N/A

N/A

N/A

N/A

$150

Avant
Immunotherapeutics
Inc. (AVAN)20

10/9/03

15S and 2.25W

N/A

N/A

N/A

$39.9

BioCryst
Pharmaceuticals
Inc. (BCRX)21

12/16/03

N/A

N/A

N/A

N/A

$60

Biomira
Inc. (Canada; BIOM; TSE:BRA)22

5/2/02

N/A

N/A

N/A

N/A

C$150 (US$97.8)

BioPure
Corp. (BPUR)23

3/6/03

10S

$3.84

N/A

N/A

$38.4

Cambridge
Antibody
Technology
Group plc (UK;
CATG; LSE:CAT)24

7/30/03

N/A

N/A

N/A

N/A

$175

Cell Genesys
Inc. (CEGE)25

12/23/02

N/A

N/A

N/A

N/A

$150

Cel-Sci Corp. (AMEX:CVM)26

12/19/03

N/A

N/A

N/A

N/A

$50

Centrex Inc. (OTC BB:CNEX)27

2/24/03

N/A

N/A

N/A

HD Brous & Co.

$20

Cephalon
Inc. (CEPH)28

2/6/04

N/A

N/A

N/A

N/A

$1B

Curis
Inc. (CRIS)29

12/23/03

N/A

N/A

N/A

N/A

$40

CV Therapeutics
Inc. (CVTX)30

10/1/03

N/A

N/A

N/A

N/A

$300

Cypress Bioscience
Inc. (CYPB)31

10/31/03

N/A

N/A

N/A

N/A

$60

Discovery
Laboratories Inc. (DSCO)32

12/19/03

6.5S

$9.67

N/A

N/A

$62.9

Gen-Probe
Inc. (GPRO)33

9/2/03

N/A

N/A

N/A

N/A

$150

GenVec
Inc. (GNVC)34

12/19/02

N/A

N/A

N/A

N/A

$25

Gilead Sciences
Inc. (GILD)35

12/22/03

N/A

N/A

N/A

N/A

$500

GTC
Biotherapeutics
Inc. (GTCB)36

12/23/03

N/A

N/A

N/A

N/A

$40

Hollis-Eden Pharmaceuticals
Inc. (HEPH)37

7/25/03

5S

$14.39

N/A

N/A

$71.95

Hybridon Inc. (AMEX:HBY)38

1/14/04

20S

$1.06

N/A

N/A

$21.2

Immtech
International Inc. (AMEX:IMM)39

8/28/03

1.5S

$18.01

N/A

N/A

$27.02

InKine
Pharmaceutical
Co. Inc. (INKP)40

11/26/03

10S

$5.64

N/A

UBS Securities First Albany Capital Rodman & Renshaw

$56.4

Introgen
Therapeutics Inc. (INGN)41

8/11/03

N/A

N/A

N/A

N/A

$100

Kosan
Biosciences Inc. (KOSN)42

9/19/03

N/A

N/A

N/A

N/A

$75

Maxim
Pharmaceuticals
Inc. (MAXM)43

12/31/03

N/A

N/A

N/A

N/A

$75

Meridian
Bioscience
Inc. (VIVO)44

9/26/03

N/A

N/A

N/A

N/A

$60

NaPro
BioTherapeutics
Inc. (NPRO)45

8/11/03

$8.06

7.5S

$1.24/

N/A

N/A

$16.12

Nastech
Pharmaceutical
Co. Inc. (NSTK)46

12/19/03

N/A

N/A

N/A

N/A

$30

Neose
Technologies Inc. (NTEC)47

6/23/03

N/A

N/A

N/A

N/A

$75

Neurogen Corp. (NRGN)48

8/16/02

N/A

N/A

N/A

N/A

$75

Nuvelo Inc. (NUVO)49

7/8/03

4S

$15.57

N/A

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

$62.3

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

StemCells
Inc. (STEM)56

3/8/02

15S

$2.52

N/A

N/A

$37.8

Titan
Pharmaceuticals Inc. (AMEX:TTP)57

2/6/04

N/A

N/A

N/A

N/A

$50

VaxGen
Inc. (VXGN)58

11/7/02

N/A

N/A

N/A

N/A

$150

Vical Inc. (VICL)59

8/15/03

N/A

N/A

N/A

N/A

$50

Vicuron
Pharmaceuticals Inc. (MICU)60

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

SuperGen
Inc. (SUPG)61

2/4/04/
2/23/04/

9.5S

$10.48

N/A

William Blair & Co. Needham & Co. Rodman & Renshaw

$99.6

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; TSE = Toronto Stock Exchange.

1. Anadys initially filed to raise up to $86.25M in an IPO. In February it set the shares at 6.25M and the price range at $11 to $13. The value reflects the midrange of that estimate.

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

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

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

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

6. Immunicon filed to raise up to $86.25M in an IPO.

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

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

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

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

11. Tercica in November postponed its proposed offering of 5M shares at $14 to $16 each. On Feb. 17 it said it was proposing the sale of 5.5M shares at $11 to $13 each, and also changed some underwriters. The value reflects the midrange of the estimate.

12. Xcyte initially filed to raise $75M in an IPO. On Feb. 17 it said it plans to sell 4M shares at $13 to $15 per share. The value reflects the midrange of that estimate. It also added two underwriters to the deal and dropped one.

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

14. 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.

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

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

17. Ariad field a shelf registration statement to sell up to 7M shares of common stock. The value is based on the Dec. 22 closing price.

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

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

20. 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.

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

22. Biomira filed a C$150M shelf prospectus in Canada. The company raised US$3.7M in a private placement in May.

23. 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, and $17.2M in one conducted in July.

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

25. Cell Genesys filed a shelf registration statement allowing it to issue up to $150M of securities.

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

27. Centrex plans to raise $20M in a public offering.

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

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

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

31. Cypress Bioscience filed a shelf registration statement to sell up to $60M in common stock.

32. 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.

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

34. GenVec filed a $25M shelf registration statement.

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

36. GTC filed a shelf registration statement covering the sale of up to $40M in common stock.

37. 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.

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

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

40. InKine registered to sell 10M shares. The value is based on the stock price at the time of the filing. Underwriters would have an option to purchase another 1.5M shares.

41. Introgen filed to sell up to $100M worth of securities. It grossed $20M through the sale of 2.86M shares at $7 each on Nov. 26.

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

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

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

45. 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.

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

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

48. Neurogen filed a $75M universal shelf registration statement.

49. Nuvelo filed a shelf registration statement to offer up to $50M worth of common or preferred stock, or debt securities. On Feb. 19 it said it was offering 4M shares. The value is based on the Feb. 18 stock price on a split-adjusted basis.

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. StemCells filed to sell up to 15M shares to raise a maximum of $37.8M. The company privately placed $6.5M in shares in May.

57. Titan filed a shelf registration statement for the sale of up to $50M in common or preferred stock.

58. VaxGen filed a shelf registration statement covering the sale of $150M in various securities. It privately placed $5M in stock in May, $7M in June and $28.7M in December.

59. Vical filed a shelf registration statement with the SEC that would allow it to issue up to $50M of common and/or preferred stock.

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

61. SuperGen registered to sell 9.5M shares, then later in the month withdrew the registration statement.