I. COMMENCED TRADING IN SEPTEMBER

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

Neurochem Inc. (Canada; NRMX; TSE:NRM)1

8/20/03

9/18/03

5.75S

C$14.48 (US$10.87)

28.6

UBS Securities Banc of America Securities RBC Dominion Securities CIBC World Markets Loewen, Ondaatje, McCutcheon Orion Securities

US$62.5

$310.9

Total: $62.5M

Number of IPOs in September: 1

Average value of September IPOs: $62.5M

Number of IPOs in 2003: 1

Total raised in IPOs in 2003: $62.5M

Average value of IPOs in 2003: $62.5M

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)%


Angiotech Pharmaceuticals Inc. (Canada; ANPI; TSE:ANP)2

9/19/03

9/26/03

5S

$43.75

40.3

Merrill Lynch & Co. Lehman Brothers BMO Nesbitt Burns Credit Suisse First Boston Canada

$218.8

$1,763.1

Hollis-Eden Pharmaceuticals Inc. (HEPH)3

7/25/03

9/26/03

2.5S

$25

17.4

Jefferies & Co. (co-lead) SG Cowen Securities (co-lead)

$62.5

$435

Neurocrine Biosciences Inc. (NBIX)4

6/9/03

9/12/03

3.75S

$53

35.2

Morgan Stanley (co-lead) Merrill Lynch (co-lead) Deutsche Bank Securities UBS Investment Bank Bear, Stearns & Co. CIBC World Markets Banc of America Securities Credit Suisse First Boston

$198.75

$1,865.6

Pain Therapeutics Inc. (PTIE)5

8/22/03

9/22/03

7.65S

$6.50

35.3

Citigroup Global (co-lead) CIBC World Markets (co-lead) Leerink Swann ThinkEquity Partners

$49.7

$229.5

SciClone Pharmaceuticals Inc. (SCLN)6

8/1/03

9/19/03

6S

$8

44.3

Jefferies & Co. Harris Nesbitt Gerard RBC Capital Markets

$48

$354.4

XOMA Ltd. (XOMA)7

8/14/03

9/19/03

9S

$8

81.7

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

$72

$653.6

Total: $649.75M

Number of follow-on offerings in September: 6

Average value of September follow-ons: $108.29

Number of follow-on offerings in 2003: 27

Total raised in follow-ons in 2003: $2,081.82M

Average value of follow-ons in 2003: $77.1M


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. Neurochem priced its public offering of 5.75M shares to raise $62.5M, which includes the overallotment option for 750,000 shares. The offering was the IPO of Neurochem's common shares in the U.S. and a new issue of common shares in Canada.

2. Angiotech raised US$218.8M in its offering of 5M shares in Canada, the U.S. and internationally. There also is an overallotment option for 750,000 shares.

3. Hollis-Eden raised $62.5M in the public offering. The underwriters have an overallotment option for 375,000 shares of comon stock.

4. Neurocrine's underwriters have an overallotment option for another 562,500 shares.

5. Pain Therapeutics raised $49.7M in the follow-on public offering.

6. SciClone raised $48M in the offering; the underwriters have an overallotment option for 900,000 additional shares.

7. XOMA raised $72M in a public offering. The underwriters have an overallotment option for 1.4M 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

Acusphere Inc. (ACUS)2

8/21/03

3.75S

$13-$15

14.2

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

$52.5

Aderis
Pharmaceuticals
(ADPX)3

8/28/03

N/A

N/A

N/A

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

$75

Advancis Pharmaceuticals
Corp.
(AVNC)4

8/4/03

6S

$12-$14

N/A

Lehman Brothers Pacific Growth Equities

$78

CancerVax
Corp.
(CNVX)5

8/15/03

6S

$12-$14

N/A

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

$78

Eyetech Pharmaceuticals
Inc.
(EYET)6

9/15/03

N/A

N/A

N/A

N/A

$100

Genitope
Corp.
(GTOP)7

8/7/03

4.6S

$9-$13

N/A

WR Hambrecht + Co. Punk, Ziegel & Co.

$50.6

Marshall Edwards
Inc.
(MSHL; subsidiary
of Novogen Ltd.; Australia)8

9/26/03

2U

$4.50- $6.50

54

Janney Montgomery Scott

$11

Myogen
Inc.
(MYOG)9

8/28/03

5S

$14-$16

25.7

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

$75

Nitromed
Inc.
(NTMD)10

8/21/03

N/A

N/A

N/A

Deutsche Bank Securities (co-lead) JP Morgan Securities (co-lead) Pacific Growth Equities

$100

Pharmaxis
Ltd.
11

9/26/03

42S

A$0.5

N/A

Wilson HTM Corporate Finance

A$21 (US$14.2)

Pharmion
Corp.
(PHRM)12

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

Tercica
Inc.
(TRCA)13

9/12/03

N/A

N/A

N/A

Morgan Stanley & Co. Lehman Brothers Pacific Growth Equities

$86.25

TolerRx
Inc.
(TLRX)14

8/27/03

N/A

N/A

N/A

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

$75

ViaCell
Inc.
(VIAC)15

1/30/02

N/A

N/A

N/A

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

$115

FOLLOW-ON OFFERINGS

Adolor
Corp.
(ADLR)16

8/15/03

7.5S

$12.07

39.1

N/A

$90.525

Alteon Inc. (AMEX:ALT)17

6/13/03

N/A

N/A

N/A

N/A

$100

Amgen
Inc.
(AMGN)18

8/5/03

N/A

N/A

N/A

N/A

$1B

Ariad
Pharmaceuticals
Inc. (ARIA)19

7/3/03

7.5S

$4.275

N/A

N/A

$32.06

AVI BioPharma Inc. (AVII)20

9/23/03

N/A

N/A

31.2

N/A

$75

Biomira Inc.
(Canada; BIOM; TSE:BRA)21

5/2/02

N/A

N/A

53.4

N/A

C$150
(US$97.8)

BioPure
Corp.
(BPUR)22

3/6/03

10S

$3.84

N/A

N/A

$38.4

Cambridge
Antibody
Technology
Group
plc
(UK; CATG; LSE:CAT)23

7/30/03

N/A

N/A

N/A

N/A

$175

Celgene Corp. (CELG)24

12/21/01

N/A

N/A

75.6

N/A

$500

Cell Genesys Inc. (CEGE)25

12/23/02

N/A

N/A

N/A

N/A

$150

Centrex Inc. (OTC BB:CNEX)26

2/24/03

N/A

N/A

N/A

HD Brous & Co. Inc.

$20

Cepheid Inc. (CPHD)27

12/21/01

N/A

N/A

26.56

N/A

$35

Cubist Pharmaceuticals
Inc.
(CBST)28

3/7/03

N/A

N/A

N/A

N/A

$75

Dendreon Corp. (DNDN)29

1/22/03

N/A

N/A

N/A

N/A

$75

Dyax
Corp.
(DYAX)30

7/15/03

N/A

N/A

N/A

N/A

$40

Encysive Pharmaceuticals
Inc.
(ENCY)31

8/21/03

N/A

N/A

N/A

N/A

$50

Exact Sciences
Corp.
(EXAS)32

9/11/03

N/A

N/A

N/A

N/A

$100

Flamel
Technologies
SA (France; FLML)33

9/24/03

2S

$40.20

21.4

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

$80.4

Gen-Probe Inc. (GPRO)34

9/2/03

N/A

N/A

N/A

N/A

$150

GenVec Inc. (GNVC)35

12/19/02

N/A

N/A

N/A

N/A

$25

Geron
Corp.
(GERN)36

1/30/02

N/A

N/A

N/A

N/A

$150

Hollis-Eden Pharmaceuticals
Inc.
(HEPH)37

7/25/03

5S

$14.39

N/A

N/A

$71.95

ID Biomedical
Corp.
(Canada; IDBE; TSE:IDB)38

9/24/03

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

Immtech
International
Inc. (AMEX:IMM)39

8/28/03

1.5S

$18.01

N/A

N/A

$27.02

Introgen
Therapeutics
Inc. (INGN)40

8/11/03

N/A

N/A

N/A

N/A

$100

Kosan Biosciences Inc. (KOSN)41

9/19/03

N/A

N/A

N/A

N/A

$75

Meridian
Bioscience Inc.
(VIVO)42

9/26/03

N/A

N/A

N/A

N/A

$60

NaPro BioTherapeutics
Inc.
(NPRO)43

8/11/03

6.5S

1S

$1.24

$8.06

N/A

N/A

$16.12

Neose
Technologies
Inc. (NTEC)44

6/23/03

N/A

N/A

N/A

N/A

$75

Neurogen Corp. (NRGN)45

8/16/02

N/A

N/A

N/A

N/A

$75

Northfield Laboratories Inc. (NFLD)46

6/30/03

N/A

N/A

N/A

N/A

$50

Novavax Inc. (NVAX)470

8/15/03

N/A

N/A

N/A

N/A

$50

Nuvelo
Inc.
(NUVO)48

7/8/03

N/A

N/A

N/A

N/A

$50

OraSure
Technologies
Inc. (OSUR)49

9/10/03

5S

$9.96

43.5

Thomas Weisel Partners SG Cowen Securities Wells Fargo Securities

$49.8

Pharmos
Corp.
(PARS)50

2/4/02

N/A

N/A

56.6

N/A

$25

Progenics Pharmaceuticals
Inc.
(PGNX)51

7/15/03

2.75S

$16.44

N/A

N/A

$45.21

StemCells Inc. (STEM)52

3/8/02

15S

$2.52

25.8

N/A

$37.8

Targeted Genetics Corp. (TGEN)53

8/11/03

11.6S

$1.77

N/A

N/A

$20.53

Tularik
Inc.
(TLRK)54

8/14/01

N/A

N/A

49.2

N/A

$250

VaxGen Inc. (VXGN)55

11/7/02

N/A

N/A

N/A

N/A

$150

Vical
Inc.
(VICL)56

8/15/03

N/A

N/A

N/A

N/A

$50

ZymoGenetics
Inc.
(ZGEN)57

7/28/03

N/A

N/A

N/A

N/A

$150

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

Diversified Biotech Holdings Corp. (AMEX:DBH)58

7/25/03 9/25/03

2.5S

$4-$6

12.32

InvestPrivate Inc. The
Shemano Group

$12.5


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. Acusphere filed for an IPO that would raise $52.5M based on the sale of 3.75M shares at $14 each, the midpoint of the expected price range.

3. Aderis filed for an IPO to raise $75M. It had filed in January 2002 for an IPO, but later withdrew its filing.

4. Advancis filed to sell 6M shares in an IPO, which would raise $78M based on the midpoint of the expected price range.

5. CancerVax's proposed IPO value, $78M, is based on the sale of 6M shares at $13 each, the midpoint of the expected price range.

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

7. Genitope's value of its proposed IPO is based on the sale of 4.6M shares at $11 each, the midpoint of the expected price range.

8. 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.

9. Myogen filed for an IPO to raise $75M.

10. Nitromed filed for an IPO to raise $100M. It did not specify the number of shares it would offer or the price range.

11. Pharmaxis filed for an IPO on the Australian Stock Exchange. The underwriter will have an overallotment option for up to 8M shares.

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

13. Tercica filed to raise $86.25M in an IPO.

14. TolerRx filed for an IPO to raise $75M.

15. ViaCell filed for a $115M IPO. No further details were disclosed.

16. Adolor filed a shelf registration statement to offer and sell up to 7.5M shares of common stock from time to time. The value is based on the proposed maximum offering price.

17. Alteon filed a shelf registration statement to offer and sell, from time to time, up to $100M of securities.

18. 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.

19. Ariad filed a shelf registration statement for up to 7.5M shares of common stock, which would raise $32.06M based on the proposed maximum aggregate offering price.

20. AVI BioPharma filed to sell up to $75M in common stock, preferred stock and warrants from time to time.

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

22. BioPure registered to sell up to 10M shares of common stock through a shelf registration. Based on the March 6, 2003, 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.

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

24. Celgene filed a universal shelf registration statement to offer and sell common stock, debt securities and convertible debt securities, up to a total value of $500M. In May, Celgene privately placed $400M in convertible notes.

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

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

27. Cepheid filed a shelf registration statement to offer and sell up to $35M of its common stock, preferred stock, debt securities and warrants. The company privately placed $5M in stock in February, and $10M in August.

28. Cubist filed a shelf registration statement to sell up to $75M in stock.

29. Dendreon filed a shelf registration with the SEC to sell $75M in stock from time to time. Dendreon raised $30.7M in a private placement in June.

30. 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.

31. 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.

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

33. Flamel filed a shelf registration statement offering 3.8M ordinary shares in the form of ADSs, consisting of 2M shares of stock offered by the company and 1.8M shares by a selling shareholder. The value is based on the closing ADS price on Sept. 23.

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

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

36. Geron filed a prospectus for the sale of up to $150M in debt securities, common or preferred stock and warrants. Geron raised $18.4M in a private placement in April.

37. 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.

38. ID Biomedical filed a registration statement with the SEC for a proposed offering of 5M shares. It also registered the shares with various Canadian provinces. The underwriters will have an overallotment option for up to an additional 750,000 shares. The value is based on the Sept. 30 closing Nasdaq stock price.

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

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

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

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

43. 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.

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

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

46. 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.

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

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

49. OraSure's underwriters have an overallotment option for another 750,000 shares. The value is based on the closing stock price on Sept. 9.

50. 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.

51. 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.

52. StemCells filed with the SEC to sell up to 15M shares to raise a maximum of $37.8M. Further details were not disclosed. The company privately placed $6.5M in shares in May.

53. 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.

54. 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.

55 .VaxGen filed a shelf registration statement for $150M in common stock, preferred stock, debt securities and warrants. Further details were not disclosed. It privately placed $5M in stock in May and $7M in June.

56. 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.

57. ZymoGenetics filed a shelf registration statement to offer and sell up to $150M of common stock from time to time.

58. Diversified Biotech withdrew its registration statement for a proposed IPO.

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