I. COMMENCED TRADING IN OCTOBER

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

Acusphere Inc. (ACUS)1

8/21/03

10/7/03

3.75S

$14

14.2

SG Cowen Securities Thomas Weisel Partners U.S. Bancorp Piper Jaffray Friedman, Billings, Ramsey & Co.

$52.5

$198.8

Advancis Pharmaceutical Corp. (AVNC)2

8/04/03

10/17/03

6S

$10

23.7

Lehman Brothers Pacific Growth Equities Thomas Weisel Partners

$60

$237

CancerVax Corp. (CNVX)3

8/15/03

10/30/03

6S

$12

26.7

Lehman Brothers Thomas Weisel Partners U.S. Bancorp Piper Jaffray Citigroup Global Markets

$72

$320.4

Genitope Corp. (GTOP)4

8/07/03

10/30/03

3.7S

$9

16.2

WR Hambrecht + Co. Punk, Ziegel & Co. Brean Murray & Co.

$33.3

$145.8

Myogen Inc. (MYOG)5

8/28/03

10/30/03

5S

$14

25.7

Credit Suisse First Boston J.P. Morgan Securities (co-lead) CIBC World Markets Lazard Freres & Co.

$70

$359.8

Pharmaxis Ltd. (Australia)6

9/26/03

10/28/03

42S

$0.50

Wilson HTM Corporate Finance

A$21 (US$14.9)

Total: $302.7M

Number of IPOs in October: 6

Average value of October IPOs: $50.5M

Number of IPOs in 2003: 7

Total raised in IPOs in 2003: $365.2M

Average value of IPOs in 2003: $52.2M

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)%


Angiotech Pharmaceuticals Inc. (Canada; ANPI)7

9/19/03

10/3/03

0.75S

$43.75

29.4

Merrill Lynch & Co.

$32.8

$1,268.3

Cubist Pharmaceuticals Inc. (CBST)8

3/7/03

10/16/03

8.57S

$10.50

40

Morgan Stanley (co-lead) Pacific Growth Equities (co-lead) WR Hambrecht + Co. Harris Nesbitt Gerard

$90

$420

Depomed Inc. (AMEX:DMI)9

9/24/03

10/23/03

7.48S

$5.50

33.4

Thomas Weisel Partners CIBC World Markets
Punk, Ziegel & Co.

$41.1

184

Flamel Technologies SA (France; FLML)10

9/24/03

10/9/03

2S

$33.25

N/A

Merrill Lynch UBS Securities SG Cowen Securities Punk, Ziegel & Co. Merriman Curhan Ford Brean Murray & Co.

$66.5

N/A

Geron Corp. (GERN)11

1/30/02

10/29/03

5S

$12

38.3

UBS Securities SG Cowen Securities Lazard Freres & Co. Needham & Co.

$60

$460

XOMA Ltd. (XOMA)12

8/14/03

10/17/03

1.35S

$8

83

UBS Securities CIBC World Markets U.S. Bancorp Piper Jaffray Adams, Harkness & Hill Jefferies & Company ThinkEquity Partners

$10.8

$664

ZymoGenetics Inc. (ZGEN)13

7/28/03

10/15/03

6S

$12.50

52.1

Merrill Lynch (co-lead) Bear, Stearns & Co. (co-lead) Pacific Growth Equities U.S. Bancorp Piper Jaffray

$75

$651

Total: $376.2M

Number of follow-on offerings in October: 5

Average value of October follow-ons: $66.5M

Number of follow-on offerings in 2003: 32

Total raised in follow-ons in 2003: $2,458.02M

Average value of follow-ons in 2003: $76.8M


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; N/A = Not available.

1. Acusphere raised $52.5M in an IPO of 3.75M shares at $14 each. Underwriters have an option on another 562,500 shares.

2. Advancis raised $60M in an IPO of 6M shares at $10 each. Underwriters have an option on another 900,000 shares.

3. CancerVax raised $72m in an IPO of 6M shares at $12 each. Underwriters have an option to purchase another 900,00 shares.

4. Genitope raised $33.3M in an IPO of 3.7M shares at $9 each. Underwriters have an option to purchase another 555,000 shares.

5. Myogen raised $70M in an IPO of 5M shares at $14 each. Underwriters have an option on another 750,000 shares.

6. Pharmaxis raised A$21 million and agreed to issue another A$4M in shares to cover oversubsciptions. Shares are scheduled to be listed Nov. 10.

7. Angiotech underwriters purchased an additional 750,000 shares to cover overallotments, bringing the offering's total to $251.6M.

8. Cubist raised about $90M from the public offering, which includes the underwriter ovarallotment option.

9. Depomed raised about $41.1M in the public offering, which includes the underwriter overallotment option.

10. Flamel raised $66.5M by selling shares in the form of ADSs as part of a public offering in which shareholders also sold almost 2.6M shares.

11. Geron raised $60M in a follow-on offering. Underwriters have an option to purchase another 750,000 shares to cover overallotments.

12. Underwriters of Xomas's public offering exercised their overallotment option, bringing the public offering total to 10.35M shares at $8 each, for gross proceeds of $82.8M.

13. ZymoGenetics raised $75M in the public offering; underwriters have an option to purchase an additional 900,000 shares.

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

Acorda Therapeutics Inc. (ACRD)1

9/30/03

N/A

N/A

N/A

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

$75

Dynavax Technologies Corp. (DVAX)2

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)3

9/15/03

N/A

N/A

N/A

N/A

$100

GTx
Inc.
(GTXI)4

10/15/03

N/A

N/A

N/A

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

$86.25

Marshall Edwards Inc. (MSHL; subsidiary of Novogen Ltd.; Australia)5

9/26/03

2U

$4.50- $6.50

54

Janney Montgomery Scott

$11

Nitromed
Inc.
(NTMD)6

8/21/03

6S

$11-$13

N/A

Deutsche Bank Securities (co-lead) J.P. Morgan Securities (co-lead) Pacific Growth Equities

$72

Pharmion
Corp.
(PHRM)7

8/21/03

6S

$14-$16

N/A

Morgan Stanley (co-lead) JP Morgan Securities (co-lead) Pacific Growth Equities U.S. Bancorp Piper Jaffray

$90

Renovis
Inc.
(RNVS)8

10/17/03

N/A

N/A

N/A

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

$75

Tercica
Inc.
(TRCA)9

9/12/03

5S

$14-$16

N/A

Morgan Stanley & Co. Lehman Brothers Pacific Growth Equities

$75

TolerRx
Inc.
(TLRX)10

8/27/03

4.7S

$12-$14

N/A

J.P. Morgan Securities (co-lead) SG Cowen Securities (co-lead) Leerink Swann & Co.

$61.1

ViaCell
Inc.
(VIAC)11

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)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

Adolor Corp. (ADLR)13

8/15/03

6S

$18.94

39.1

Merrill Lynch & Co. Lehman Brothers Pacific Growt Equities Adams, Harkness & Hill First Albany Corp.

$113.6

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

Avant
Immunotherapeutics
Inc.
(AVAN)16

10/9/03

15S and 2.25W

N/A

N/A

N/A

$39.9

AVI BioPharma Inc. (AVII)17

9/23/03

7.5S

$4.93

31.2

Legg Mason Wood Walker Jefferies & Company First Albany Corp.

$37

Biomira Inc.
(Canada; BIOM; TSE:BRA)18

5/2/02

N/A

N/A

53.4

N/A

C$150 (US$97.84)

BioPure
Corp.
(BPUR)19

3/6/03

10S

$3.84

N/A

N/A

$38.4

Cambridge Antibody Technology Group plc (UK; CATG; LSE:CAT)20

7/30/03

N/A

N/A

N/A

N/A

$175

Cell Genesys Inc. (CEGE)21

12/23/02

N/A

N/A

N/A

N/A

$150

Centrex Inc. (OTC BB:CNEX)22

2/24/03

N/A

N/A

N/A

HD Brous & Co.

$20

CV Therapeutics Inc. (CVTX)23

10/1/03

N/A

N/A

N/A

N/A

$300

Cypress Bioscience Inc (CYPB)24

10/31/03

N/A

N/A

N/A

N/A

$60

Dendreon Corp.
(DNDN)25

10/22/03

N/A

N/A

N/A

N/A

$125

Dyax Corp.
(DYAX)26

7/15/03

N/A

N/A

N/A

N/A

$40

Encysive PharmaceuticalsInc. (ENCY)27

8/21/03

N/A

N/A

N/A

N/A

$50

Exact Sciences Corp. (EXAS)28

9/11/03

N/A

N/A

N/A

N/A

$100

Gen-Probe
Inc.
(GPRO)29

9/2/03

N/A

N/A

N/A

N/A

$150

GenVec
Inc.
(GNVC)30

12/19/02

N/A

N/A

N/A

N/A

$25

Hollis-Eden Pharmaceuticals Inc. (HEPH)31

7/25/03

5S

$14.39

N/A

N/A

$71.95

Immtech International
Inc.
(AMEX:IMM)32

8/28/03

1.5S

$18.01

N/A

N/A

$27.02

Introgen Therapeutics
Inc.
(INGN)33

8/11/03

N/A

N/A

N/A

N/A

$100

ISTA Pharmaceuticals
Inc.
(ISTA)34

10/9/03

4S

$9.76

N/A

Thomas Weisel Partners Jefferies & Co. RBC Capital Markets Roth Capital Partners

$39.04

Kosan Biosciences
Inc.
(KOSN)35

9/19/03

N/A

N/A

N/A

N/A

$75

Meridian Bioscience
Inc.
(VIVO)36

9/26/03

N/A

N/A

N/A

N/A

$60

NaPro BioTherapeutics
Inc.
(NPRO)37

8/11/03

7.5S

$1.24/$8.06

N/A

N/A

$16.12

NeoPharm
Inc.
(NEOL)38

10/01/03

N/A

N/A

N/A

N/A

$125

Neose Technologies Inc. (NTEC)39

6/23/03

N/A

N/A

N/A

N/A

$75

Neurogen
Corp.
(NRGN)40

8/16/02

N/A

N/A

N/A

N/A

$75

Northfield
Laboratories
Inc.
(NFLD)41

6/30/03

N/A

N/A

N/A

N/A

$50

Novavax Inc.
(NVAX)42

8/15/03

N/A

N/A

N/A

N/A

$50

Nuvelo Inc.
(NUVO)43

7/8/03

N/A

N/A

N/A

N/A

$50

OxiGene Inc.
(OXGN)44

10/3/03

N/A

N/A

N/A

N/A

$50

Peregrine
Pharmacuticals
Inc. (PPHM)45

10/24/03

12S

$2.15

135

N/A

$25.8

Pharmos Corp.
(PARS)46

2/4/02

N/A

N/A

56.6

N/A

$25

Progenics
Pharmaceuticals
Inc.
(PGNX)47

7/15/03

2.75S

$16.44

N/A

Citigroup Global Markets (co-lead) Legg Mason Wood Walker Punk, Ziegel & Co. CIBC World Markets (co-lead) Lazard Freres & Co.

$45.21

StemCells Inc.
(STEM)48

3/8/02

15S

$2.52

25.8

N/A

$37.8

Targeted Genetics
Corp.
(TGEN)49

8/11/03

11.6S

$1.77

N/A

N/A

$20.53

Telik Inc.
(TELK)50

10/29/03

5S

$20.98

N/A

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

$104.9

Tularik Inc.
(TLRK)51

8/14/01

N/A

N/A

49.2

N/A

$250

Vasogen Inc. (Canada; TSE:VAS; AMEX:VSV)52

10/20/03

N/A

N/A

N/A

N/A

$100

VaxGen
Inc.
(VXGN)53

11/7/02

N/A

N/A

N/A

N/A

$150

Vical
Inc.
(VICL)54

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

Aderis Pharmaceuticals Inc. (ADPX)55

8/28/03 10/28/03

6.5S

$11-$13

N/A

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

$78

FOLLOW-ON OFFERINGS

ID Biomedical Corp. (Canada; IDBE; TSE:IDB)56

9/24/03 10/3/03

5S

$17.43

41.1

CIBC World Markets U.S. Bancorp Piper Jaffray Canaccord Capital RBC Capital Markets Ryan Beck Wells Fargo Securities

$87.15

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. Acorda filed for an IPO to raise $75M.

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

3. Eyetech filed to raise $100M in an IPO.

4. GTX filed for an IPO to raise up to $86.25M.

5. Marshall Edwards registered for an IPO. The value, $11M, is based on offering 2M stock units at $5.50, the midpoint of the expected price range. The underwriter has an overallotment option for another 300,000 units.

6. Nitromed set its price range in October. The value is based on the midpoint of the expected price range.

7. Pharmion set its price range in September. The value, $90M, is based on the midpoint of the expected price range.

8. Renovis filed for an IPO to raise $75M.

9. Tercica filed to raise $86.25M in an IPO. Later it set the offering at 5M shares at $14 to $16 each. The value is based on the midpoint of the expected price range.

10. TolerRx filed for an IPO to raise $75M. Later it set the offering at 4.7M shares at $12 to $14 each. The value is based on the midpoint of the expected range.

11. ViaCell filed for a $115M IPO.

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

13. Adolor filed a shelf registration statement to offer and sell up to 7.5M shares of common stock from time to time. It said in October it was selling 6 million shares in a public offering.

14. Alteon filed a shelf registration statement to offer and sell, from time to time, up to $100M of securities; it reached agreements in October to sell nearly 4.5M shares for gross proceeds of $7.8M.

15. Amgen filed a shelf registration to sell up to $1B worth of debt securities, common stock, preferred stock, warrants, securities purchase contracts, securities purchase units and depositary shares.

16. 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.

17. AVI BioPharma filed to sell up to $75M in common stock, preferred stock and warrants from time to time. It said in October it was offering 7.5M shares.

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

19. 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.

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

21. Cell Genesys filed a shelf registration statement allowing it to issue, from time to time, up to $150M of securities.

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

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

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

25. Dendreon filed a shelf registration with the SEC to sell $125M in stock from time to time.

26. Dyax filed a shelf registration statement with the SEC to issue up to $40M worth of common stock, debt securities and other types of securities from time to time.

27. Encysive filed a shelf registration statement to offer and sell up to $50M of its common stock, from time to time, in one or more offerings.

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

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

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

31. Hollis-Eden filed a shelf registration with the SEC 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.

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

33. Introgen filed to sell up to $100M worth of its common stock from time to time.

34. ISTA registered to sell 4 million shares. The value is based on the Oct. 7 closing price. Another 500,000 shares held by selling shareholders also were registered.

35. Kosan filed to sell up to $75M in common stock from time to time.

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

37. NaPro filed a shelf registration statement to offer and 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.

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

39. Neose filed a shelf registration statement to offer and sell up to $75M of its common stock from time to time.

40. Neurogen filed for a $75M universal shelf registration statement.

41. Northfield filed a shelf registration statement with the SEC to offer and sell up to $50M of its securities from time to time. It privately placed $10.6M in shares in July.

42. Novavax filed to sell up to $50M in stock from time to time.

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

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

45. 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.

46. Pharmos filed a shelf registration statement to sell up to $25M of common stock, preferred stock, debt securities and/or warrants. The company raised $4.3M in a private placement in March.

47. Progenics filed a shelf registration statement to offer and sell up to 2.75M common shares. The value is based on the proposed maximum aggregate offering price.

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

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

50. Telik said it would sell 5M shares from an existing shelf registration statement. That total does not include another 1M shares being sold by a stockholder.

51. Tularik filed to sell up to $250M in common stock and debt securities. It raised $27.2M in October 2002 with an offering of 4M shares. As of May, $217.8M remained available on the registration statement.

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

53. 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, and $7M in June.

54. Vical filed a shelf registration statement with the SEC that would allow it to issue, from time to time, an aggregate of up to $50M of common stock, preferred stock or a combination of both.

55. Aderis postponed its planned IPO, citing market conditions. It is the second time the company dropped plans for an IPO.

56. ID Biomedical withdrew its proposed follow-on offering, citing the drop of its stock price. It then raised $100M in a bought-deal financing.

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