Underwriter

Biotechnology
Company

Date Priced

Offering Price Per Share**

12/31/03 Share Price

Offering Gross
(M)

After-Market Performance
(%)


Adams, Harkness & Hill Inc.

Adolor Corp. (ADLR)

11/5/03

$17.25

$19.99

$119

+16%

AtheroGenics Inc. (AGIX)

1/29/03

$6.25

$14.86

$51.875

+138%

Martek Biosciences Corp. (MATK)

4/22/03

$30.25

$65.09

$87.725

+115%

XOMA Ltd. (XOMA)

9/19/03

$8

$6.60

$82.8

-18%

Banc of America Securities

Amylin Pharmaceuticals Inc. (AMLN) (co-lead)

1/17/03

$16.60

$22.22

$174.96

+34%

Neurochem Inc. (Canada; NRMX; TSE:NRM) (IPO)

9/18/03

$10.87

$23.58

$62.5

+117%

Neurocrine Biosciences Inc. (NBIX)

9/12/03

$53

$54.54

$198.75

+3%

Bear, Stearns & Co. Inc.

Neurocrine Biosciences Inc. (NBIX)

9/12/03

$53

$54.54

$198.75

+3%

Telik Inc. (TELK)

11/6/03

$20

$23

$152.5

+15%

The Medicines Co. (MDCO) (co-lead)

3/14/03

$17.50

$29.46

$85.75

+68%

ZymoGenetics Inc. (ZGEN) (co-lead)

10/15/03

$12.50

$15.50

$75

+24%

BMO Nesbitt Burns Inc.

Angiotech Pharmaceuticals Inc. (Canada; ANPI; TSE:ANP)

9/26/03

$43.75

$45.89

$251.6

+5%

Brean Murray & Co. Inc.

Flamel Technologies SA (France; FLML)

10/9/03

$33.25

$26.79

$66.5

-19%

Genitope Corp. (GTOP) (IPO)

10/30/03

$9

$9.18

$37.6

+2%

Canaccord Capital Corp.

ID Biomedical Corp. (Canada; IDBE; TSE:IDB)

5/28/03

$8.50

$11.85

$25.5

+39%

C.E. Unterberg, Towbin

MGI Pharma Inc. (MOGN)

8/8/03

$35.50

$41.15

$181.05

+16%

Novavax Inc. (NVAX) (lead)

11/13/03

$6.15

$6

$27.68

-2%

CIBC World Markets Corp.

BioMarin Pharmaceuticals Inc. (BMRN)

2/21/03

$10

$7.76

$75

-22%

Depomed Inc. (DEPO)

10/23/03

$5.50

$7.09

$41.1

+29%

ID Biomedical Corp. (Canada; IDBE; TSE:IDB) (lead)

5/28/03

$8.50

$11.85

$25.5

+39%

ILEX Oncology Inc. (ILXO)

7/30/03

$17

$21.25

$93.5

+25%

Lexicon Genetics Inc. (LEXG)

7/24/03

$5.25

$5.89

$52.5

+12%

Myogen Inc. (MYOG) (IPO)

10/30/03

$14

$14.30

$80.5

+2%

Neurochem Inc. (Canada; NRMX; TSE:NRM) (IPO)

9/18/03

$10.87

$23.58

$62.5

+117%

Neurocrine Biosciences Inc. (NBIX)

9/12/03

$53

$54.54

$198.75

+3%

Pain Therapeutics Inc. (PTIE) (co-lead)

9/22/03

$6.50

$6.95

$49.7

+7%

Progenics Pharmaceuticals Inc. (PGNX) (co-lead)

11/14/03

$16.25

$18.86

$52.8

+16%

The Medicines Co. (MDCO)

3/14/03

$17.50

$29.46

$85.75

+68%

XOMA Ltd. (XOMA)

9/19/03

$8

$6.60

$82.8

-18%

Citigroup Global Markets Inc.

CancerVax Corp. (CNVX) (IPO)

10/30/03

$12

$9.48

$72

-21%

Esperion Therapeutics Inc. (ESPR)

8/1/03

$16

$34.60

$64

+116%

Martek Biosciences Corp. (MATK) (lead)

4/22/03

$30.25

$65.09

$87.725

+115%

Pain Therapeutics Inc. (PTIE) (co-lead)

9/22/03

$6.50

$6.95

$49.7

+7%

Progenics Pharmaceuticals Inc. (PGNX) (co-lead)

11/14/03

$16.25

$18.86

$52.8

+16%

Credit Suisse First Boston LLC

Angiotech Pharmaceuticals Inc. (Canada; ANPI; TSE:ANP)

9/26/03

$43.75

$45.89

$251.6

+5%

Myogen Inc. (MYOG) (co-lead, IPO)

10/30/03

$14

$14.30

$80.5

+2%

Neurocrine Biosciences Inc. (NBIX)

9/12/03

$53

$54.54

$198.75

+3%

Desjardins Securities Inc.

ID Biomedical Corp. (Canada; IDBE; TSE:IDB)

5/28/03

$8.50

$11.85

$25.5

+39%

Deutsche Bank Securities Inc.

Inspire Pharmaceuticals Inc. (ISPH) (co-lead)

3/14/03

$13.50

$14.15

$77.63

+5%

Neurocrine Biosciences Inc. (NBIX)

9/12/03

$53

$54.54

$198.75

+3%

NitroMed Inc. (NTMD) (co-lead, IPO)

11/5/03

$11

$7.19

$66

-35%

Dlouhy Merchant Group Inc.

ID Biomedical Corp. (Canada; IDBE; TSE:IDB)

5/28/03

$8.50

$11.85

$25.5

+39%

First Albany Corp.

Adolor Corp. (ADLR)

11/5/03

$17.25

$19.99

$119

+16%

Fortis Securities Inc.

Amylin Pharmaceuticals Inc. (AMLN)

1/17/03

$16.60

$22.22

$174.96

+34%

Telik Inc. (TELK)

11/6/03

$20

$23

$152.5

+15%

Friedman, Billings, Ramsey & Co. Inc.

Acusphere Inc. (ACUS) (IPO)

10/7/03

$14

$8.78

$52.5

-37%

Goldman, Sachs & Co.

Amylin Pharmaceuticals Inc. (AMLN) (co-lead)

1/17/03

$16.60

$22.22

$174.96

+34%

Exelixis Inc. (EXEL) (lead)

6/20/03

$7.10

$7.05

$80.23

-1%

Tularik Inc. (TLRK) (lead)

11/11/03

$11.90

$16.12

$82.1

+35%

Harris Nesbitt Gerard Inc.

Cubist Pharmaceuticals Inc. (CBST)

10/16/03

$10.50

$12.20

$90

+16%

Nabi Biopharmaceuticals Inc. (NABI)

12/18/03

$10

$12.71

$97.75

+27%

SciClone Pharmaceuticals Inc. (SCLN)

9/19/03

$8

$6.78

$48

-15%

Vicuron Pharmaceuticals Inc. (MICU)

7/18/03

$13.85

$18.65

$83.1

+35%

Janney Montgomery Scott LLC

Marshall Edwards Inc. (Australia; MSHL) (lead)

12/18/03

$7.5

$11.77

$15.6

+57%

Jefferies & Co. Inc.

Hollis-Eden Pharmaceuticals Inc. (HEPH) (co-lead)

9/26/03

$25

$11.01

$435

-56%

ISTA Pharmaceuticals Inc. (ISTA)

11/13/03

$9.50

$9.28

$38

-2%

SciClone Pharmaceuticals Inc. (SCLN) (lead)

9/19/03

$8

$6.78

$48

-15%

XOMA Ltd. (XOMA)

9/19/03

$8

$6.60

$82.8

-18%

J.P. Morgan Securities Inc.

Myogen Inc. (MYOG) (co-lead, IPO)

10/30/03

$14

$14.30

$80.5

+2%

NitroMed Inc. (NTMD) (co-lead, IPO)

11/5/03

$11

$7.19

$66

-35%

Pharmion Corp. (PHRM) (co-lead, IPO)

11/6/03

$14

$15.25

$84

+9%

Lazard Freres & Co. LLC

AtheroGenics Inc. (AGIX)

1/29/03

$6.25

$14.86

$51.875

+138%

Geron Corp. (GERN)

10/29/03

$12

$9.97

$69

-17%

MGI Pharma Inc. (MOGN)

8/8/03

$35.50

$41.15

$181.05

+16%

Myogen Inc. (MYOG) (IPO)

10/30/03

$14

$14.30

$80.5

+2%

Progenics Pharmaceuticals Inc. (PGNX)

11/14/03

$16.25

$18.86

$52.8

+16%

Telik Inc. (TELK)

11/6/03

$20

$23

$152.5

+15%

Vicuron Pharmaceuticals Inc. (MICU)

7/18/03

$13.85

$18.65

$83.1

+35%

Leerink Swann & Co.

Pain Therapeutics Inc. (PTIE)

9/22/03

$6.50

$6.95

$49.7

+7%

Legg Mason Wood Walker Inc.

Progenics Pharmaceuticals Inc. (PGNX)

11/14/03

$16.25

$18.86

$52.8

+16%

Lehman Bros. Inc.

Adolor Corp. (ADLR)

11/5/03

$17.25

$19.99

$119

+16%

Advancis Pharmaceutical Corp. (AVNC) (lead, IPO)

10/17/03

$10

$7.50

$60

-25%

Amylin Pharmaceuticals Inc. (AMLN) (co-lead)

1/17/03

$16.60

$22.22

$174.96

+34%

Angiotech Pharmaceuticals Inc. (Canada; ANPI; TSE:ANP)

9/26/03

$43.75

$45.89

$251.6

+5%

AtheroGenics Inc. (AGIX) (co-lead)

1/29/03

$6.25

$14.86

$51.875

+138%

CancerVax Corp. (CNVX) (lead, IPO)

10/30/03

$12

$9.48

$72

-21%

Esperion Therapeutics Inc. (ESPR) (lead)

8/1/03

$16

$34.60

$64

+116%

ILEX Oncology Inc. (ILXO)

7/30/03

$17

$21.25

$93.5

+25%

Nabi Biopharmaceuticals Inc. (NABI) (lead)

12/18/03

$10

$12.71

$97.75

+27%

Onyx Pharmaceuticals Inc. (ONXX)

7/22/03

$15.25

$28.23

$76.25

+85%

Telik Inc. (TELK)

11/6/03

$20

$23

$152.5

+15%

Loewen, Ondaatje, McCutcheon Ltd.

Neurochem Inc. (Canada; NRMX; TSE:NRM) (IPO)

9/18/03

$10.87

$23.58

$62.5

+117%

Merrill Lynch & Co.

Adolor Corp. (ADLR) (lead)

11/5/03

$17.25

$19.99

$119

+16%

Angiotech Pharmaceuticals Inc. (Canada; ANPI; TSE:ANP) (lead)

9/26/03

$43.75

$45.89

$251.6

+5%

Flamel Technologies SA (France; FLML) (lead)

10/9/03

$33.25

$26.79

$66.5

-19%

MGI Pharma Inc. (MOGN) (co-lead)

8/8/03

$35.50

$41.15

$181.05

+16%

Neurocrine Biosciences Inc. (NBIX) (co-lead)

9/12/03

$53

$54.54

$198.75

+3%

ZymoGenetics Inc. (ZGEN) (co-lead)

10/15/03

$12.50

$15.50

$75

+24%

Merriman Curhan Ford & Co.

Flamel Technologies SA (France; FLML)

10/9/03

$33.25

$26.79

$66.5

-19%

Morgan Keegan & Co. Inc.

Antigenics Inc. (AGEN)

1/23/03

$9.92

$11.34

$34.22

+14%

Morgan Stanley & Co.

Amylin Pharmaceuticals Inc. (AMLN) (co-lead)

1/17/03

$16.60

$22.22

$174.96

+34%

AtheroGenics Inc. (AGIX) (co-lead)

1/29/03

$6.25

$14.86

$51.875

+138%

Cerus Corp. (CERS) (lead)

6/6/03

$9.63

$4.54

$57.78

-53%

Cubist Pharmaceuticals Inc. (CBST) (co-lead)

10/16/03

$10.50

$12.20

$90

+16%

Lexicon Genetics Inc. (LEXG) (co-lead)

7/24/03

$5.25

$5.89

$52.5

+12%

Neurocrine Biosciences Inc. (NBIX) (co-lead)

9/12/03

$53

$54.54

$198.75

+3%

Onyx Pharmaceuticals Inc. (ONXX) (lead)

7/22/03

$15.25

$28.23

$76.25

+85%

Pharmion Corp. (PHRM) (co-lead, IPO)

11/6/03

$14

$15.25

$84

+9%

The Medicines Co. (MDCO) (co-lead)

3/14/03

$17.50

$29.46

$85.75

+68%

Vicuron Pharmaceuticals Inc. (MICU) (co-lead)

7/18/03

$13.85

$18.65

$83.1

+35%

Needham & Co. Inc.

Antigenics Inc. (AGEN)

1/23/03

$9.92

$11.34

$34.22

+14%

Encysive Pharmaceuticals Inc. (ENCY)

12/18/03

$6.50

$8.95

$48.6

+38%

EPIX Medical Inc. (EPIX)

8/7/03

$15

$16.28

$69.7

+9%

Esperion Therapeutics Inc. (ESPR)

8/1/03

$16

$34.60

$64

+116%

Geron Corp. (GERN)

10/29/03

$12

$9.97

$69

-17%

Martek Biosciences Corp. (MATK)

4/22/03

$30.25

$65.09

$87.725

+115%

Telik Inc. (TELK)

11/6/03

$20

$23

$152.5

+15%

Orion Securities Inc.

Neurochem Inc. (Canada; NRMX; TSE:NRM) (IPO)

9/18/03

$10.87

$23.58

$62.5

+117%

Pacific Growth Equities Inc.

Adolor Corp. (ADLR)

11/5/03

$17.25

$19.99

$119

+16%

Advancis Pharmaceutical Corp. (AVNC) (IPO)

10/17/03

$10

$7.50

$60

-25%

Cubist Pharmaceuticals Inc. (CBST) (co-lead)

10/16/03

$10.50

$12.20

$90

+16%

Dyax Corp. (DYAX) (lead)

12/31/03

$7.93

$8.15

$41.39

+3%

La Jolla Pharmaceutical Co. (LJPC) (lead)

8/7/03

$2.75

$4.26

$22.4

+55%

NitroMed Inc. (NTMD) (IPO)

11/5/03

$11

$7.19

$66

-35%

Pharmion Corp. (PHRM) (IPO)

11/6/03

$14

$15.25

$84

+9%

Vicuron Pharmaceuticals Inc. (MICU) (co-lead)

7/18/03

$13.85

$18.65

$83.1

+35%

ZymoGenetics Inc. (ZGEN)

10/15/03

$12.50

$15.50

$75

+24%

Punk, Ziegel & Co.

Depomed Inc. (DEPO)

10/23/03

$5.50

$7.09

$41.1

+29%

Flamel Technologies SA (France; FLML)

10/9/03

$33.25

$26.79

$66.5

-19%

Genitope Corp. (GTOP) (IPO)

10/30/03

$9

$9.18

$37.6

+2%

Lexicon Genetics Inc. (LEXG)

7/24/03

$5.25

$5.89

$52.5

+12%

Progenics Pharmaceuticals Inc. (PGNX)

11/14/03

$16.25

$18.86

$52.8

+16%

RBC Capital Markets

Encysive Pharmaceuticals Inc. (ENCY)

12/18/03

$6.50

$8.95

$48.6

+38%

ID Biomedical Corp. (Canada; IDBE; TSE:IDB)

5/28/03

$8.50

$11.85

$25.5

+39%

ISTA Pharmaceuticals Inc. (ISTA)

11/13/03

$9.50

$9.28

$38

-2%

Neurochem Inc. (Canada; NRMX; TSE:NRM) (IPO)

9/18/03

$10.87

$23.58

$62.5

+117%

SciClone Pharmaceuticals Inc. (SCLN)

9/19/03

$8

$6.78

$48

-15%

Roth Capital Partners LLC

ISTA Pharmaceuticals Inc. (ISTA)

11/13/03

$9.50

$9.28

$38

-2%

Ryan Beck & Co.

Antigenics Inc. (AGEN)

1/23/03

$9.92

$11.34

$34.22

+14%

S.G. Cowen Securities Corp.

Acusphere Inc. (ACUS) (lead, IPO)

10/7/03

$14

$8.78

$52.5

-37%

BioMarin Pharmaceuticals Inc. (BMRN)

2/21/03

$10

$7.76

$75

-22%

Encysive Pharmaceuticals Inc. (ENCY) (lead)

12/18/03

$6.50

$8.95

$48.6

+38%

EPIX Medical Inc. (EPIX) (lead)

8/7/03

$15

$16.28

$69.7

+9%

Esperion Therapeutics Inc. (ESPR)

8/1/03

$16

$34.60

$64

+116%

Exelixis Inc. (EXEL)

6/20/03

$7.10

$7.05

$80.23

-1%

Flamel Technologies SA (France; FLML)

10/9/03

$33.25

$26.79

$66.5

-19%

Geron Corp. (GERN)

10/29/03

$12

$9.97

$69

-17%

Hollis-Eden Pharmaceuticals Inc. (HEPH) (co-lead)

9/26/03

$25

$11.01

$435

-56%

Onyx Pharmaceuticals Inc. (ONXX)

7/22/03

$15.25

$28.23

$76.25

+85%

Tularik Inc. (TLRK)

11/11/03

$11.90

$16.12

$82.1

+35%

SunTrust Robinson Humphrey

Tularik Inc. (TLRK)

11/11/03

$11.90

$16.12

$82.1

+35%

TD Securities

ID Biomedical Corp. (Canada; IDBE; TSE:IDB)

5/28/03

$8.50

$11.85

$25.5

+39%

ThinkEquity Partners LLC

Pain Therapeutics Inc. (PTIE)

9/22/03

$6.50

$6.95

$49.7

+7%

XOMA Ltd. (XOMA)

9/19/03

$8

$6.60

$82.8

-18%

Thomas Weisel Partners LLC

Acusphere Inc. (ACUS) (IPO)

10/7/03

$14

$8.78

$52.5

-37%

Advancis Pharmaceutical Corp. (AVNC) (IPO)

10/17/03

$10

$7.50

$60

-25%

CancerVax Corp. (CNVX) (IPO)

10/30/03

$12

$9.48

$72

-21%

Depomed Inc. (DEPO) (lead)

10/23/03

$5.50

$7.09

$41.1

+29%

ISTA Pharmaceuticals Inc. (ISTA) (lead)

11/13/03

$9.50

$9.28

$38

-2%

UBS Securities LLC

Antigenics Inc. (AGEN) (lead)

1/23/03

$9.92

$11.34

$34.22

+14%

BioMarin Pharmaceuticals Inc. (BMRN) (lead)

2/21/03

$10

$7.76

$75

-22%

Flamel Technologies SA (France; FLML)

10/9/03

$33.25

$26.79

$66.5

-19%

Geron Corp. (GERN) (lead)

10/29/03

$12

$9.97

$69

-17%

ILEX Oncology Inc. (ILXO) (lead)

7/30/03

$17

$21.25

$93.5

+25%

Lexicon Genetics Inc. (LEXG) (co-lead)

7/24/03

$5.25

$5.89

$52.5

+12%

Neurochem Inc. (Canada; NRMX; TSE:NRM) (lead, IPO)

9/18/03

$10.87

$23.58

$62.5

+117%

Neurocrine Biosciences Inc. (NBIX)

9/12/03

$53

$54.54

$198.75

+3%

Telik Inc. (TELK) (lead)

11/6/03

$20

$23

$152.5

+15%

Tularik Inc. (TLRK)

11/11/03

$11.90

$16.12

$82.1

+35%

XOMA Ltd. (XOMA) (lead)

9/19/03

$8

$6.60

$82.8

-18%

U.S. Bancorp Piper Jaffray Inc.

Acusphere Inc. (ACUS) (IPO)

10/7/03

$14

$8.78

$52.5

-37%

CancerVax Corp. (CNVX) (IPO)

10/30/03

$12

$9.48

$72

-21%

Esperion Therapeutics Inc. (ESPR)

8/1/03

$16

$34.60

$64

+116%

ILEX Oncology Inc. (ILXO)

7/30/03

$17

$21.25

$93.5

+25%

Inspire Pharmaceuticals Inc. (ISPH) (co-lead)

3/14/03

$13.50

$14.15

$77.63

+5%

MGI Pharma Inc. (MOGN) (co-lead)

8/8/03

$35.50

$41.15

$181.05

+16%

Nabi Biopharmaceuticals Inc. (NABI)

12/18/03

$10

$12.71

$97.75

+27%

Pharmion Corp. (PHRM) (IPO)

11/6/03

$14

$15.25

$84

+9%

XOMA Ltd. (XOMA)

9/19/03

$8

$6.60

$82.8

-18%

ZymoGenetics Inc. (ZGEN)

10/15/03

$12.50

$15.50

$75

+24%

Wachovia Securities

Nabi Biopharmaceuticals Inc. (NABI)

12/18/03

$10

$12.71

$97.75

+27%

Wells Fargo Securities LLC

EPIX Medical Inc. (EPIX)

8/7/03

$15

$16.28

$69.7

+9%

ID Biomedical Corp. (Canada; IDBE; TSE:IDB)

5/28/03

$8.50

$11.85

$25.5

+39%

WR Hambrecht + Co.

Cubist Pharmaceuticals Inc. (CBST)

10/16/03

$10.50

$12.20

$90

+16%

EPIX Medical Inc. (EPIX)

8/7/03

$15

$16.28

$69.7

+9%

Genitope Corp. (GTOP) (lead, IPO)

10/30/03

$9

$9.18

$37.6

+2%


Notes:

* The financings in this chart are for public offerings in the U.S. only. The data were compiled primarily from BioWorld Financial Watch's monthly financing charts covering the period from Jan. 1 to Dec. 31, 2003. Those charts were published on Feb. 10, March 10, April 7, May 5, June 9, July 7, Aug. 4, Sept. 8, Oct. 6, Nov. 10, Dec. 8, 2003, and Jan. 12, 2004. The gross proceed totals listed reflect only those shares sold by companies. They include money raised through overallotment options, when disclosed.

** Offering price per share is adjusted to reflect any post-offering splits.

All prices and totals in U.S. dollars. Unless otherwise noted, shares are traded on the Nasdaq exchange.

TSE = Toronto Stock Exchange.