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

Alchemia Ltd. (Australia; ASX:ACL)1

11/7/03

12/18/03

30S

A$0.70

100

Credit Suisse First Boston ABM AMRO Morgans (co-lead)

$A21 (US$15.9)

$A70

Marshall Edwards Inc. (Australia; MSHL; subsidiary of Novogen Ltd.)2

9/26/03

12/18/03

2.08U

$7.5

56.6

Janney Montgomery
Scott

$15.6

$424.5

Total: $31.5M

Number of IPOs in December: 2

Average value of December IPOs: $15.75M

Number of IPOs in 2003: 11

Total raised in IPOs in 2003: $545.75M

Average value of IPOs in 2003: $51M

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)%


Dyax
Corp.
(DYAX)3

7/15/03

12/31/03

5.22S

$7.93

30.04

Pacific Growth Equities

$41.39

$238.2

Encysive Pharmaceuticals
Inc.
(ENCY)4

8/21/03

12/18/03

7.475S

$6.50

52.1

SG Cowen Securities RBC Capital Markets Needham & Co.

$48.6

$338.5

Nabi Bio-
pharmaceuticals
Inc. (NABI)5

11/26/03

12/18/03

9.775S

$10

56.9

Lehman Brothers Wachovia Securities U.S. Bancorp Piper Jaffray Harris Nesbitt Gerard

$97.75

$569

Telik
Inc.
(TELK)6

10/29/03

12/4/03

1.125S

$20

43.57

UBS Investment Bank Lehman Brothers Bear, Stearns & Co. Needham & Co. Lazard Freres & Co. Fortis Securities

$22.5

$871.4

Total: $210.24M

Number of follow-on offerings in December: 3

Average value of December follow-ons: $62.58M

Number of follow-on offerings in 2003: 41

Total raised in follow-ons in 2003: $3,126.84M

Average value of follow-ons in 2003: $76.26M


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. Alchemia raised US$15.9M in its IPO on the Australian Stock Exchange.

2. Marshall Edwards, a subsdiary of Novogen Ltd. that already had its shares traded on the Alternative Investment Market in London, went public in the U.S. through an offering of 2.08M units at $7.50 per unit. Each unit consists of one common share and a warrant to purchase one share at $9. Up to 1.5M units are being sold in a directed share subscription program to Novogen shareholders. The underwriter has an option to purchase up to 312,000 additional units to cover overallotments.

3. Dyax sold 5.22M shares from a shelf registration statement at $7.93 each, the five-day trading average leading up to the sale. The underwriter has an option to purchase an additional 780,000 shares to cover overallotments.

4. Encysive raised $48.6M through the sale of 7.475M shares at $6.50 each. The totals include the purchase of 975,000 additional shares by underwriters to cover overallotments.

5. Nabi raised $97.75M through the sale of 9.775M shares at $10 each. The total includes the exercise of the overalloment option by underwriters.

6. Underwriters of Telik's offering that priced in November exercised their option on 1.125 million additional shares, bringing gross proceeds to $152.5M through the sale of 7.625M shares. That total does not include another 1M shares sold by a stockholder.

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

$86.25

Corgentech
Inc.
(CTGK)2

12/4/03

N/A

N/A

N/A

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

$86.25

Dynavax
Technologies
Corp.
(DVAX)3

10/24/03

N/A

N/A

N/A

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

$90

Eyetech Pharmaceuticals
Inc.
(EYET)4

9/15/03

6.5S

$18-$20

N/A

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

$123.5

GTx Inc. (GTXI)5

10/15/03

N/A

N/A

N/A

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

$86.25

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

$86.25

Renovis
Inc.
(RNVS)10

10/17/03

N/A

N/A

N/A

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

$75

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

ViaCell
Inc.
(VIAC)12

1/30/02

N/A

N/A

N/A

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

$115

Xcyte
Therapies
Inc.
(XCYT)13

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)14

11/26/03

N/A

N/A

N/A

N/A

$150

Alteon
Inc.
(AMEX:ALT)15

6/13/03

N/A

N/A

N/A

N/A

$100

Amgen
Inc.
(AMGN)16

8/5/03

N/A

N/A

N/A

N/A

$1B

Amylin
Pharmaceuticals
Inc.
(AMLN)17

12/11/03

N/A

N/A

N/A

N/A

$300

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

Avant
Immuno-
therapeutics
Inc.
(AVAN)21

10/9/03

15S and 2.25W

N/A

N/A

N/A

$39.9

BioCryst
Pharmaceuticals
Inc.
(BCRX)22

12/16/03

N/A

N/A

N/A

N/A

$60

Biomira Inc.
(Canada; BIOM;
TSE:BRA)23

5/2/02

N/A

N/A

N/A

N/A

C$150 (US$97.84)

BioPure
Corp.
(BPUR)24

3/6/03

10S

$3.84

N/A

N/A

$38.4

Cambridge
Antibody
Technology
Group plc
(UK; CATG;
LSE:CAT)25

7/30/03

N/A

N/A

N/A

N/A

$175

Cell Genesys Inc. (CEGE)26

12/23/02

N/A

N/A

N/A

N/A

$150

Cel-Sci Corp. (AMEX:CVM)27

12/19/03

N/A

N/A

N/A

N/A

$50

Centrex Inc.
(OTC BB:CNEX)28

2/24/03

N/A

N/A

N/A

HD Brous & Co.

$20

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

Dendreon
Corp.
(DNDN)32

10/22/03

N/A

N/A

N/A

N/A

$125

Discovery
Laboratories
Inc. (DSCO)33

12/19/03

6.5S

$9.67

N/A

N/A

$62.9

Exact
Sciences
Corp.
(EXAS)34

9/11/03

N/A

N/A

N/A

N/A

$100

Genome
Therapeutics
Corp.
(GENE)35

12/17/03

11S

3.01

N/A

J.P. Morgan
Securities

$33.1

Gen-Probe
Inc.
(GPRO)36

9/2/03

N/A

N/A

N/A

N/A

$150

GenVec
Inc.
(GNVC)37

12/19/02

N/A

N/A

N/A

N/A

$25

Gilead
Sciences
Inc.
(GILD)38

12/22/03

N/A

N/A

N/A

N/A

$500

GTC
Biotherapeutics
Inc.
(GTCB)39

12/23/03

N/A

N/A

N/A

N/A

$40

Hollis-Eden Pharmaceuticals
Inc.
(HEPH)40

7/25/03

5S

$14.39

N/A

N/A

$71.95

Immtech
International
Inc. (AMEX:IMM)41

8/28/03

1.5S

$18.01

N/A

N/A

$27.02

InKine
Pharmaceutical

Co. Inc.
(INKP)42

11/26/03

10S

$5.64

N/A

UBS Securities First
Albany Capital Rodman
& Renshaw

$56.4

Introgen
Therapeutics
Inc. (INGN)43

8/11/03

N/A

N/A

N/A

N/A

$100

Kosan
Biosciences
Inc.
(KOSN)44

9/19/03

N/A

N/A

N/A

N/A

$75

Maxim
Pharmaceuticals
Inc.
(MAXM)45

12/31/03

N/A

N/A

N/A

N/A

$75

Meridian
Bioscience
Inc.
(VIVO)46

9/26/03

N/A

N/A

N/A

N/A

$60

NaPro
BioTherapeutics
Inc.
(NPRO)47

8/11/03

7.5S

$1.24 $8.06

N/A

N/A

$16.12

Nastech
Pharmaceutical
Co. Inc.
(NSTK)48

12/19/03

N/A

N/A

N/A

N/A

$30

NeoPharm
Inc.
(NEOL)49

10/01/03

N/A

N/A

N/A

N/A

$125

Neose
Technologies
Inc. (NTEC)50

6/23/03

N/A

N/A

N/A

N/A

$75

Neurogen
Corp.
(NRGN)51

8/16/02

N/A

N/A

N/A

N/A

$75

Northfield
Laboratories
Inc.
(NFLD)52

6/30/03

N/A

N/A

N/A

N/A

$50

Nuvelo
Inc.
(NUVO)53

7/8/03

N/A

N/A

N/A

N/A

$50

Onyx
Pharmaceuticals
Inc.
(ONXX)54

12/11/03

N/A

N/A

N/A

N/A

$150

OxiGene
Inc.
(OXGN)55

10/3/03

N/A

N/A

N/A

N/A

$50

Peregrine Pharmaceuticals
Inc.
(PPHM)56

10/24/03

12S

$2.15

135

N/A

$25.8

Pharmos
Corp.
(PARS)57

11/18/03

N/A

N/A

N/A

C.E. Unterberg, Towbin
Harris Nesbitt Gerard

$50

Seattle
Genetics
Inc.
(SGEN)58

12/17/03

N/A

N/A

N/A

N/A

$75

StemCells
Inc.
(STEM)59

3/8/02

15S

$2.52

N/A

N/A

$37.8

Targeted
Genetics
Corp.
(TGEN)60

8/11/03

11.6S

$1.77

N/A

N/A

$20.53

Vasogen
Inc.
(Canada;
TSE:VAS;
AMEX:VSV)61

10/20/03

N/A

N/A

N/A

N/A

$100

VaxGen
Inc.
(VXGN)62

11/7/02

N/A

N/A

N/A

N/A

$150

Vical
Inc.
(VICL)63

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)64

9/30/03/ 12/19/03

4.8

$12-$14

N/A

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

$62.4


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 to raise up to $86.25M in an IPO.

3. Dynavax filed to raise up to $90M in an IPO.

4. Eyetech filed to raise $100M in an IPO. In November it set the shares and price range. The expected total reflects the midrange of the price range.

5. GTx filed for an IPO to raise up to $86.25M.

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

7. Immunocon 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 to raise $75M.

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

12. ViaCell filed for a $115M IPO.

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

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

15. 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.

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

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

18. Aphton filed a shelf registration statement covering the sale of common stock.

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. 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.

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

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

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

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

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

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

28. Centrex plans to raise $20M with HD Brous as its managing underwriter.

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 registratiton statement to sell up to $60M in common stock.

32. Dendreon filed a shelf registration statement to sell up to $125M in stock.

33. 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.

34. Exact Sciences filed a shelf registration to offer common stock and debt securities, up to an aggregate of $100M.

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

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

37. GenVec filed a $25M shelf registration statement with the SEC.

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

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

40. 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.

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

42. 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.

43. 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.

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

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

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

47. 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.

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

49. NeoPharm filed a shelf registration statement to sell up to $125M of common and/or preferred stock.

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

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

52. Northfield filed a shelf registration statement to sell up to $50M of its securities. It privately placed $10.6M in shares in July.

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.

55. OxiGene filed a shelf registration statement to sell up to $50M of various securities.

56. 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.

57. 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 $28.88M.

58. Seattle Genetics filed a shelf registration statement to sell up to $75M in common stock.

59. 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.

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

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

62. 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.

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

64. Acorda postponed its proposed IPO, after having set the shares and price range in November.