I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $444.26M

Company

Location

Date

Amt. (M)

Details


Athenix Corp.

Research Triangle Park, N.C.

1/20/04

$12.5

Investors in the Series B financing were led by Intersouth Partners, Polaris Venture Partners and Boston Millennia Partners; participating were Hunt Ventures and Eastman Ventures

Alimentary Health Ltd.

Cork, Ireland

1/28/04

€1.3 (US$1.62)

Alimentary raised €1.3M in a funding round led by Seroba Bioventures Ltd.**

Auxeris Therapeutics Inc.

St. Louis

1/9/04

$4.1

Auxeris totaled $4.1M in its Series A round of financing; investors were Domain Associates and RiverVest Venture Partners

BioTrove Inc.

Woburn, Mass.

1/29/04

$10.9

Investors in the financing round were Catalyst Health and Technology Partners, CB Health Ventures, Zero Stage Capital and BioFrontier Partners

Cellomics Inc.

Pittsburgh

1/09/04

$5.3

Cellomics completed a $5.3M financing round; investors included Carl Zeiss MicroImaging Inc., Oxford Bioscience Partners, Vector Fund Management, InterWest Partners, Alta California Partners, Burrill Biotechnology, Axiom Venture Partners and CK Capital

Cellular Genomics Inc.

Branford, Conn.

1/21/04

$22.3

CGI raised $22.3M in the first closing of a Series C financing round; the round was led by Lilly BioVentures and included Coastview Capital, Emerging Technology Partners, Connecticut Innovations, Flagship Ventures, MPM Capital and Vector Fund Management.

Concurrent Pharmaceuticals Inc.

Fort Washington, Pa.

1/12/04

$15

Concurrent raised $15M in a Series B preferred stock financing; current investors Prospect Venture Partners, Venrock Associates and New Enterprise Associates led the roundand were joined by new investor Intel Capital

Curetech Ltd.

Yavne, Israel

1/28/04

$1.7

CureTech raised $1.75M in its second financing round; the investor was Clal Biotechnology Industries, its main shareholder**

Cyclacel Ltd.

Dundee, UK

1/29/04

$38.74

Cyclacel completed a Series D round of financing that included 20 institutional investors, including new investors Societe Generale Asset Management Alternative Investments, Carnegie Fund, DC Thomson & Co., NIF Ventures, Quest for Growth and UOB Venture Technology Investments

Enanta Pharmaceuticals Inc.

Watertown, Mass.

1/14/04

$12

Investing in the financing round were existing investors Techno Venture Management, Oxford Bioscience Partners, Advent International, BioVentures Investors, NIB Capital, Global Bio medicine, Swiss Life Private Equity Partners, Wheatley MedTech Partners and Yasuda Enterprise Development

Exagen Diagnostics Inc.

Albuquerque, N.M.

1/14/04

$5.4

Exagen raised $5.4M in a Series A round led by Tullis-Dickerson & Co. and including vSpring Capital and Wasatch Venture Fund; Exagen was spun off in 2002 from Quasar International

Fluidigm Corp.

South San Francisco

1/06/04

$21

Fluidigm completed a $21 million financing led by EDB Investments Pte. Ltd., the investment arm of the Singapore Economic Development Board, and Invus LP

Galileo Genomics Inc.

Montreal

1/19/04

C$7 (US$5.38)

Investissement Quebec is providing a C$7M loan to Galileo under its BioLevier program; Investissement Quebec is a government organization

Galileo Genomics Inc.

Montreal

1/7/04

C$11.5 (US$8.84)

Co-leading the financing round was new investor Carnegie Fund II; also investing were HBM BioVentures, MVI and Biofund

Hydra Biosciences Inc.

Cambridge, Mass.

1/12/04

$18.88

Hydra raised $18.875M in Series B financing led by Lilly BioVentures; also participating were BioVentures Investors, Polaris Venture Partners, Abingworth, New Enterprise Associates, Advanced Technology Ventures, Abbott Laboratories and Boston Medical Investors

IBFB Pharma GmbH

Leipzig, Germany

1/20/04

€0.8 (US$1)

IBFB raised €800,000 through two investments, a year after raising €10M in its second financing round

Inhibitex Inc.

Alpharetta, Ga.

1/12/04

$20

Inhibitex raised $20M in a Series E sale of convertible preferred stock to existing investors New Enterprise Associates, William Blair Capital Partners, Alliance Technology Ventures, Burrill Biotechnology Capital, Essex Woodlands Health Ventures and Capital Technologies CDPQ Inc.

Metabolex Inc.

Hayward, Calif.

1/12/03

$4

Metabolex raised $4M in a second closing of its sixth round of funding, the first part of which was $27M raised in August 2003; investors in the second close included Birchmere Ventures, Merlin Biomed Group and CIBC World Markets; CIBC was the agent for the financing

Novacea Inc.

South San Francisco

1/8/04

$35

Novacea raised $35 million in a Series C round led by Apax Partners and including Domain Associates, New Enterprise Associates, Versant Ventures, Sofinnova Ventures and ProQuest Investments

Orexigen Therapeutics Inc.

Princeton, N.J.

1/21/04

$11

Investors in the Series A financing were Domain Associates, Kleiner Perkins Caufield & Byers and Sofinnova Ventures; a Domain partner founded the company focused on obesity

OyaGen Inc.

Rochester, N.Y.

1/12/04

ND

OyaGen received seed funding from Trillium Group and the University of Rochester Medical Center

PrognostiX

Cleveland

1/20/04

$6

The company being spun out of the Cleveland Clinic got a $6M investment from ExOxEmis; the company is expected to be operating in April

PTC Therapeutics Inc.

South Plainfield, N.J.

1/7/04

$35

PTC raised $35 million through the sale of Series E preferred stock; CSFB Private Equity and HBM Bioventures led the round, which included Bay City Capital, Delphi Ventures, Hansa Special Opportunities Fund Ltd., HealthCap, Novartis BioVentures, Novo A/S, Posco BioVentures and Vulcan Capital

Saegis Pharmaceuticals Inc.

Half Moon Bay, Calif.

1/28/04

$2

The Stanley Medical Research Institute invested $2M in exchange for Series B preferred stock; the nonprofit group is supporting development of a schizophrenia drug

Sanos Bioscience A/S

Copenhagen, Denmark

1/27/04

$10

Scandinavian Life Science Venture and SEB Foretagsinvest invested in Sanos, which was spun out by Nordic Bioscience A/S; Nordic owns 40% of Sants

The Speedel Group

Basel, Switzerland

1/9/04

CHF19.2 (US$15.6)

Speedel added CHF19.2M to a mezzanine round of financing, the first tranche of which brought in CHF52.1M in July 2003

Synta Pharmaceuticals Corp.

Lexington, Mass.

1/14/04

$50

Synta raised $50M in a Series C financing that included Caxton Group, Gollust Management, Mountain Trail Investments, Duquesne Capital, Galleon Group, AIG SunAmerica and others

TargeGen Inc.

San Diego

1/14/04

$30

The Series B round was co-led by new investors William Blair Capital Partners and CDP Capital Technology Ventures and included Forward Ventures, Enterprise Partners, China Devel- opment Industrial Bank and others

Threshold Pharmaceuticals Inc.

South San Francisco

1/12/04

$41

Threshold raised $41M in a Series B financing led by Morgenthaler Ventures and including other new investors Pequot Ventures and CHL Medical Partners; existing investors Three Arch Partners, Sofinnova Ventures, Sutter Hill Ventures and ProQuest Investments also participated

Xigen SA

Lausanne, Switzerland

1/20/04

ND

Xigen raised an undisclosed amount in a private round of financing

II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM EXISTING CORPORATE PARTNERS: $23.75M

Company (Symbol)#*

Partner (Country)

Amt. (M)

Triggering Event

Details (Date)


Abgenix Inc. (ABGX)

Pfizer Inc.

ND

Milestone payment

Triggered by Pfizer filing an IND application for an undisclosed antibody covered under their collaboration (1/30)

Acadia Pharmaceuticals Inc.*

Allergan Inc.

ND

Milestone payment

Triggered by Allergan's selection of a com- pound for further development in their collaboration to develop muscarinic drugs for glaucoma (1/8)

Aderis Pharmaceuticals Inc.*

King Pharmaceuticals Inc.

$1

Milestone payment

Triggered by King's start of pivotal Phase III program testing binodenoson, an adenosine A2A receptor agonist licensed from Aderis (1/12)

Advancis Pharmaceutical Corp. (AVNC)

GlaxoSmithKlineplc (UK)

$3

Milestone payment

The milestone was met in the collaboration under which GSK is using Advancis' Pulsys delivery technology with one of its products (1/8)

ArQule Inc. (ARQL)

Wyeth

ND

Milestone payment

Triggered by Wyeth filing an IND on a compound whose discovery was facilitated through its ArQule collaboration (1/26)

Celltech Group plc (UK; LSE:CCH)

Amgen Inc.

ND

Milestone payment

Triggered by completion of studies in certain disease models in their collaboration to develop osteoporosis drugs (1/8)

ChondroGene Ltd. (Canada; TSE:CDG)

Pfizer Inc.

$1

Milestone payment

The second milestone in their collaboration was triggered by progress in their drug target identification program for osteoarthritis (1/27)

Cortex Pharmaceuticals Inc. (AMEX:COR)

NV Organon (the Netherlands)

$2

Milestone payment

Payment allows NV Organon to retain rights to Cortex's Ampakine for treating depression; NV Organon is developing another Ampakine for schizophrenia (1/7)

Cytokinetics Inc.*

GlaxoSmithKline plc (UK)

ND

Milestone payment

Triggered by GSK initiating a broad Phase II program to expand development of SB-715992, a small-molecule cancer drug (1/14)

Diversa Corp. (DVSA)

Syngenta AG (Switzerland)

$1.7

Milestone payments

Diversa in 2003 delivered several product candidates for feed and food processing applications to Zymetrics, its joint venture with Syngenta, triggering the payments (1/14)

FemmePharma Inc.*

KV Pharmaceutical Co.

$3

Equity investment

KV purchased $3M of FemmePharma convert- ible stock following completion of a Phase II trial of an endometriosis product covered under their collaboration (1/29)

FlamelTechnologies SA (France; FLML)

GlaxoSmithKline plc (UK)

$2

Milestone payment

Triggered by determination that Flamel met technical success requirements related to the use of Flamel's Micropump drug delivery tech- nology (1/5)

GPC Biotech AG* (Germany)

Altana Research Institute

$1.55

Milestone payments

GPC got implementation and research mile- stones in the deal under which it is working with Altana on drug discovery (1/14)

ImClone Systems Inc. (IMCL)

Merck KGaA (Germany)

$5

Equity investment

The equity milestone payment was triggered by approval of the drug Erbitux in Switzerland (1/9)

Isis Pharmaceuticals Inc. (ISIS)

Industrial Technology Research Institute (Taiwan)

$1

Milestone payment

Triggered by identification of second-generation antisense drugs that inhibit SARS virus replication and the successful completion of preclinical studies evaluating aerosol and parenteral delivery (1/14)

Noven Pharmaceuticals Inc. (NOVN)

Procter & Gamble Co.

$0.5

Milestone payment

Noven is developing transdermal drug delivery systems for P&G; details were not disclosed (1/5)

Pharmacopeia Inc. (PCOP)

AstraZeneca plc (UK)

ND

Milestone payment

Triggered by AstraZeneca's acceptance of compounds identified in their collaboration against a gastrointestinal receptor target (1/13)

Pharmacopeia Inc. (PCOP)

Schering-Plough Corp.

ND

Milestone payment

Triggered by initiation of human trials by Schering-Plough of a drug for a respiratory indication that was discovered through their collaboration (1/12)

Phytopharm plc (UK; LSE:PYM)

Yamanouchi Pharmaceutical Co. Ltd. (Japan)

$2

Milestone payment

Triggered when Yamanouchi received results of a Phase I trial of PYM50028, which is being developed for Alzheimer's disease (1/21)


Notes:

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

*Private company.

**Denotes the date item ran in BioWorld International.

ND = Not disclosed.

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

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