I. COMMENCED TRADING IN DECEMBER

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

Eyetech Pharmaceuticals Inc. (EYET)¹

9/15/03

1/29/04

6.5S

$21

38.54

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

$136.5

$809.3

Total: $136.5M

Number of IPOs in January: 1

Average value of January IPOs: $136.5M

Number of IPOs in 2004: 1

Total raised in IPOs in 2004: $136.5M

Average value of IPOs in 2004: $136.5M

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)%

Dendreon Corp. (DNDN)²

10/22/03

1/27/04

10.25S

$12.75

55.4

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

$130.69

$706.4

Dyax Corp. (DYAX)³

7/15/03

1/8/04

0.780S

$7.93

30.82

Pacific Growth Equities

$6.19

$244.4

NeoPharm Inc. (NEOL)⁴

10/1/03

1/22/04

4.31S

$18.25

23.15

UBS Securities LLC Robert W. Baird & Co. First Albany Capital JMP Securities

$78.69

$432.5

Total: $215.57M

Number of follow-on offerings in January: 2

Average value of January follow-ons: $104.69M

Number of follow-on offerings in 2004: 2

Total raised in follow-ons in 2004: $215.57M

Average value of follow-ons in 2004: $104.69M

Notes:

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

@ This column reflects the shares outstanding following the offering, when disclosed.

% Market capitalization calculated is based on the offering price.

1. Eyetech raised $136.5M in its initial public offering. Underwriters have an option to purchase another 975,000 shares to cover overallotments.

2. Dendreon sold the shares from a shelf registration statement. Underwriters have an option to purchase another 1.51M shares to cover overallotments.

3. Underwriters of Dyax's offering that priced in December exercised an overallotment option on 780,000 additional shares, bringing the totals to about 6M shares and $47.6M in gross proceeds.

4. NeoPharm sold the shares from a shelf registration statement. The totals include the exercise of the overallotment option on 562,500 shares by underwriters.

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

N/A

N/A

N/A

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

$86.25

Corgentech
Inc. (CTGK)²

12/4/03

5S

$14-$16

N/A

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

$75

Cytokinetics
Inc. (CYTK)³

1/27/04

N/A

N/A

N/A

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

$86.25

Dynavax
Technologies
Corp. (DVAX)⁴

10/24/03

6S

$12-$14

N/A

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

$78

GTx Inc. (GTXI)⁵

10/15/03

6.21S

$13-$15

N/A

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

$86.94

Idenix
Pharmaceuticals
Inc. (IDIX)⁶

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)⁷

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)⁸

12/23/03

N/A

N/A

N/A

SG Cowen Securities Banc of America Securities Fortis Securities

$86.25

Peninsula Pharmaceuticals
Corp. (PPRX)⁹

12/16/03

N/A

N/A

N/A

Credit Suisse First U.S. Bancorp Piper Jaffray Boston Citigroup First Albany Capital

$86.25

Renovis
Inc. (RNVS)¹⁰

10/17/03

5.5S

13-$15

N/A

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

$77

Santarus
Inc. (SNTS)¹¹

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

Xcyte
Therapies
Inc. (XCYT)¹²

10/10/03

N/A

N/A

N/A

UBS Investment Bank U.S. Bancorp Piper Jaffray Wells Fargo Securities

$75

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

Antigenics
Inc. (AGEN)¹⁷

1/26/04

5S

N/A

N/A

UBS Securities LLC Needham & Co. Ryan Beck & Co.

$58.85

Aphton
Corp. (APHT)¹⁸

12/24/03

N/A

N/A

N/A

N/A

$100

Ariad
Pharmaceuticals
Inc. (ARIA)¹⁹

12/19/03

7S

$7.50

N/A

N/A

$52.5

ArQule
Inc. (ARQL)²⁰

12/16/03

N/A

N/A

N/A

N/A

$50

Atrix
Laboratories Inc. (ATRX)²¹

1/16/04

N/A

N/A

N/A

N/A

$150

Avant Immuno-
therapeutics Inc. (AVAN)²²

10/9/03

15S and 2.25W

N/A

N/A

N/A

$39.9

BioCryst Pharmaceuticals
Inc. (BCRX)²³

12/16/03

N/A

N/A

N/A

N/A

$60

Biomira
Inc. (Canada;
BIOM; TSE:BRA)²⁴

5/2/02

N/A

N/A

N/A

N/A

C$150
(US$97.8)

BioPure
Corp. (BPUR)²⁵

3/6/03

10S

$3.84

N/A

N/A

$38.4

Cambridge
Antibody
Technology
Group plc (UK; LSE:CAT)²⁶

7/30/03

N/A

N/A

N/A

N/A

$175

Cell
Genesys
Inc. (CEGE)²⁷

12/23/02

N/A

N/A

N/A

N/A

$150

Cel-Sci Corp. (AMEX:CVM)²⁸

12/19/03

N/A

N/A

N/A

N/A

$50

Centrex
Inc. (OTC
BB:CNEX)²⁹

2/24/03

N/A

N/A

N/A

HD Brous & Co.

$20

Cepheid
Inc. (CPHD)³⁰

1/21/04

5S

N/A

N/A

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

$63.7

Curis
Inc. (CRIS)³¹

12/23/03

N/A

N/A

N/A

N/A

$40

CV
Therapeutics Inc. (CVTX)³²

10/1/03

N/A

N/A

N/A

N/A

$300

Cypress
Bioscience Inc (CYPB)³³

10/31/03

N/A

N/A

N/A

N/A

$60

Discovery
Laboratories Inc. (DSCO)³⁴

12/19/03

6.5S

$9.67

N/A

N/A

$62.9

Exact Sciences
Corp. (EXAS)³⁵

9/11/03

8S

$10

N/A

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

$80

Genome
Therapeutics
Corp. (GENE)³⁶

12/17/03

11S

3.01

N/A

J.P. Morgan Securities

$33.1

Gen-Probe Inc. (GPRO)³⁷

9/2/03

N/A

N/A

N/A

N/A

$150

GenVec
Inc. (GNVC)³⁸

12/19/02

N/A

N/A

N/A

N/A

$25

Gilead Sciences
Inc. (GILD)³⁹

12/22/03

N/A

N/A

N/A

N/A

$500

GTC
Biotherapeutics
Inc. (GTCB)⁴⁰

12/23/03

N/A

N/A

N/A

N/A

$40

Hollis-Eden Pharmaceuticals
Inc. (HEPH)⁴¹

7/25/03

5S

$14.39

N/A

N/A

$71.95

Hybridon Inc. (AMEX:HBY)⁴²

1/14/04

20S

$1.06

N/A

N/A

$21.2

Immtech
International Inc. (AMEX:IMM)⁴³

8/28/03

1.5S

$18.01

N/A

N/A

$27.02

InKine
Pharmaceutical
Co. Inc. (INKP)⁴⁴

11/26/03

10S

$5.64

N/A

UBS Securities LLC

First Albany Capital

$56.4

Introgen
Therapeutics Inc. (INGN)⁴⁵

8/11/03

N/A

N/A

N/A

N/A

$100

Kosan
Biosciences Inc. (KOSN)⁴⁶

9/19/03

N/A

N/A

N/A

N/A

$75

Maxim Pharmaceuticals
Inc. (MAXM)⁴⁷

12/31/03

N/A

N/A

N/A

N/A

$75

Meridian
Bioscience Inc. (VIVO)⁴⁸

9/26/03

N/A

N/A

N/A

N/A

$60

NaPro
BioTherapeutics
Inc. (NPRO)⁴⁹

8/11/03

7.5S

$1.24

$8.06

N/A

N/A

$16.12

Nastech Pharmaceutical
Co. Inc. (NSTK)⁵⁰

12/19/03

N/A

N/A

N/A

N/A

$30

Neose Technologies Inc. (NTEC)⁵¹

6/23/03

N/A

N/A

N/A

N/A

$75

Neurogen Corp. (NRGN)⁵²

8/16/02

N/A

N/A

N/A

N/A

$75

Nuvelo
Inc. (NUVO)⁵³

7/8/03

N/A

N/A

N/A

N/A

$50

Onyx
Pharmaceuticals
Inc. (ONXX)⁵⁴

12/11/03

3.5S

$11.29

N/A

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

$39.5

Orchid BioSciences Inc. (ORCH)⁵⁵

1/13/04

N/A

N/A

N/A

N/A

$30

OxiGene Inc. (OXGN)⁵⁶

10/3/03

N/A

N/A

N/A

N/A

$50

Peregrine Pharmaceuticals
Inc. (PPHM)⁵⁷

10/24/03

12S

$2.15

135

N/A

$25.8

Pharmos
Corp. (PARS)⁵⁸

11/18/03

N/A

N/A

N/A

C.E. Unterberg, Towbin Harris Nesbitt Gerard

$50

Seattle Genetics
Inc. (SGEN)⁵⁹

12/17/03

7S

$10.66

N/A

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

$74.6

Sequenom Inc. (SQNM)⁶⁰

1/30/04

N/A

N/A

N/A

N/A

$50

StemCells Inc. (STEM)⁶¹

3/8/02

15S

$2.52

N/A

N/A

$37.8

Targeted Genetics Corp. (TGEN)⁶²

8/11/03

11.6S

$1.77

N/A

N/A

$20.53

Vasogen
Inc. (Canada; TSE:VAS; AMEX:VSV)⁶³

10/20/03

N/A

N/A

N/A

N/A

$100

VaxGen Inc. (VXGN)⁶⁴

11/7/02

N/A

N/A

N/A

N/A

$150

Vical
Inc. (VICL)⁶⁵

8/15/03

N/A

N/A

N/A

N/A

$50

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)

INITIAL PUBLIC OFFERINGS

Acorda
Therapeutics
Inc. (ACRD)⁶⁶

9/30/03/ 1/16/04

4.8

$12-$14

N/A

Banc of America Securities Lazard Freres & Co. U.S. Bancorp Piper Jaffray RBC Capital Markets

$62.4

ViaCell
Inc. (VIAC)⁶⁷

1/30/02/ 1/1/04

N/A

N/A

N/A

UBS Warburg Banc of America Securities U.S. Bancorp Piper Jaffray

$115

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

2. Corgentech filed for an IPO. In January it set the price at $14 to $16 and the number of shares at 5 million. The value is based on the midrange of the price range.

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

4. Dynavax filed for an IPO. On Jan. 20 it set the shares at 6M and the price at $12 to $14. The value is based on the midrange of the price range.

5. GTx filed for an IPO. On Jan. 15 it set the price range at $13 to $15 per share and the number of shares at 6.21 million. The value is based on the midrange of the price range.

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

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

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

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

10. Renovis filed for an IPO. On Jan. 16 it set the shares at 5.5M and the price range at $13 to $15. The value is based on the midrange of the price range.

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

12. Xcyte filed to raise $75M in an IPO.

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. Antigenics plans to sell 5M shares from an existing shelf registration statement. The value is based on the Jan. 23 closing price.

18. Aphton filed a shelf registration statement covering the sale of common stock of up to $100M.

19. 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.

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

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

22. 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.

23. BioCryst filed a shelf registration statement to sell up to $60M in common stock.

24. Biomira filed a US$97.8M shelf prospectus in Canada. The company raised US$3.7M in a private placement in May.

25. BioPure registered to sell up to 10M shares of common stock through a shelf registration. Based on the March 6 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.

26. Cambridge Antibody registered to sell up to $175M in common stock or American Depository Shares.

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

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

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

30. Cepheid registered to sell 5M shares. The value is based on the Jan. 20 closing price.

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

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

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

34. 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.

35. Exact Sciences filed a shelf registration to offer common stock and debt securities, up to an aggregate of $100M. On Jan. 26 it said it was offering 8M shares. The value is based on the Jan. 26 closing price.

36. Genome Therapeutics registered to sell 11M shares in an offering to fund its planned merger with Genesoft Pharmaceuticals Inc.

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

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

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

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

41. 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.

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

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

44. 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.

45. 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.

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

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

48. Meridian filed a $60M shelf registration statement to sell common and preferred stock, debt or other types of securities.

49. 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.

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

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

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

53. Nuvelo filed a shelf registration statement to offer up to $50M worth of common or preferred stock, or debt securities.

54. Onyx filed a shelf registration statement to sell up to $150M in common stock. It said Jan. 26 it was selling 3.5M shares. The price is based on the Jan. 23 closing price.

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

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

57. 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.

58. 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.

59. Seattle Genetics filed a shelf registration statement to sell up to $75M in common stock. On Jan. 26 it said it was selling 7M shares. The value is based on the Jan. 26 closing price.

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

61. 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.

62. Targeted Genetics filed to sell up to 11.6M shares of common stock. The value is based on the proposed maximum offering price.

63. Vasogen filed a shelf registration statement in Canada and the U.S. for the sale of up to $100M in common shares.

64. VaxGen filed a shelf registration statement for $150M in common stock, preferred stock, debt securities and warrants. It privately placed $5M in stock in May, $7M in June and $28.7M in December.

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

66. Acorda withdrew its proposed IPO in January after postponing it in November.

67. ViaCell cited unfavorable market conditions in withdrawing its proposed IPO.