I. COMMENCED TRADING IN APRIL

INITIAL OFFERINGS

There were no initial public offerings conducted in April.

Total: $0M

Number of IPOs in April: 0

Average value of April IPOs: $0M

Number of IPOs in 2003: 0

Total raised in IPOs in 2003: $0M

Average value of IPOs in 2003: $0M

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)%

Martek
Biosciences Corp. (MATK)¹

2/4/03

4/22/03

2.9S

$30.25

26.7

Citigroup Global Markets; Adams, Harkness & Hill; Needham & Company

$87.725

$807.675

Total: $87.725M

Number of follow-on offerings in April: 1

Average value of April follow-ons: $87.725M

Number of follow-on offerings in 2003: 8

Total raised in follow-ons in 2003: $593.66M

Average value of follow-ons in 2003: $74.21M

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. Martek sold 2.5M shares and another 422,250 shares to cover overallotments in its public offering, raising $87.725M.

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

ViaCell Inc.
(VIAC)¹

1/30/02

N/A

N/A

N/A

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

$115

FOLLOW-ON OFFERINGS

Aphton Corp.
(APHT)²

7/8/02

5S

$6.50

25.1

N/A

$32.5

Ariad
Pharmaceuticals Inc. (ARIA)³

1/9/02

3S

$5.28

35.4

N/A

$15.84

Biomira Inc.
(Canada; BIOM; TSE:BRA)⁴

5/2/02

N/A

N/A

53.4

N/A

C$150
(US$97.84)

BioPure Corp.
(BPUR)⁵

3/6/03

N/A

N/A

N/A

N/A

$20.47

Celgene Corp.
(CELG)⁶

12/21/01

N/A

N/A

75.6

N/A

$500

Cell Genesys
Inc. (CEGE)⁷

12/23/02

N/A

N/A

N/A

N/A

$150

Cell Pathways
Inc. (CLPA)⁸

2/7/01

N/A

N/A

N/A

N/A

$25

Centrex Inc.
(OTC BB:CNEX)⁹

2/24/03

N/A

N/A

N/A

HD Brous & Co. Inc.

$20

Cepheid Inc.
(CPHD)¹⁰

12/21/01

N/A

N/A

26.56

N/A

$35

Cerus Corp.
(CERS)¹¹

8/13/01

N/A

N/A

15.7

N/A

$300

CollaGenex
Pharmaceuticals Inc. (CGPI)¹²

10/26/01

0.965S

$8.01

N/A

Kingsbridge Capital;
Prentice Securities

$7.7

Cubist
Pharmaceuticals Inc. (CBST)¹³

3/7/03

N/A

N/A

N/A

N/A

$75

Cytogen Corp.
(CYTO)¹⁴

10/26/01

10S

$2.50

79.8

N/A

$25

Dendreon
Corp. (DNDN)¹⁵

1/22/03

N/A

N/A

N/A

N/A

$75

EntreMed Inc.
(ENMD)¹⁶

5/10/02

N/A

N/A

N/A

N/A

$50

Exelixis Inc.
(EXEL)¹⁷

7/30/01

N/A

N/A

49.2

N/A

$150

Genaera Corp.
(GENR)¹⁸

11/21/01

N/A

N/A

38.9

N/A

$50

Genaissance Pharmaceuticals Inc. (GNSC)¹⁹

10/18/01

N/A

N/A

22.8

N/A

$35

GenVec Inc.
(GNVC)²⁰

12/19/02

N/A

N/A

N/A

N/A

$25

Geron Corp.
(GERN)²¹

1/30/02

N/A

N/A

N/A

N/A

$150

Hemispherx Biopharma Inc. (AMEX:HEB)²²

1/15/03

5S

$2.16

37.6

N/A

$10.8

Hollis-Eden Pharmaceuticals Inc. (HEPH)²³

2/26/02

3S

$8.71

N/A

N/A

$26.13

InSite Vision
Inc. (AMEX:ISV)²⁴

2/2/01

N/A

N/A

N/A

Ladenburg Thalmann
(placement agent)

$40

Lexicon Genetics
Inc. (LEXG)²⁵

11/27/02

12S

$3.98

N/A

N/A

$47.76

Neurogen Corp.
(NRGN)²⁶

8/16/02

N/A

N/A

N/A

N/A

$75

Northwest
Biotherapeutics Inc. (NWBT)²⁷

6/4/02

11S

$3.77

17

C.E. Unterberg, Towbin

$41.5

Pharmos Corp.
(PARS)²⁸

2/4/02

N/A

N/A

56.6

N/A

$25

SciClone
Pharmaceuticals Inc. (SCLN)²⁹

11/6/01

N/A

N/A

N/A

N/A

$20

StemCells Inc. (STEM)³⁰

3/8/02

15S

$2.52

25.8

N/A

$37.8

Targeted Genetics
Corp. (TGEN)³¹

12/13/01

8.84S

$2.57

N/A

N/A

$22.72

Tularik Inc.
(TLRK)³²

8/14/01

N/A

N/A

49.2

N/A

$250

VaxGen Inc.
(VXGN)³³

11/7/02

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

Stem Genetics
Inc. (N/A)³⁴

7/18/02 4/15/03

1.5S

$7

32.3

Self-underwritten

$10.5

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; OTC BB = Over-the-Counter Bulletin Board; TSE = Toronto Stock Exchange

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

2. Aphton filed a shelf registration statement to sell up to 5M shares at a maximum amount of $6.50 per share. The company privately placed $5M in shares in September 2002 and $1.52M in shares in February 2003.

3. Ariad filed a shelf registration statement to sell up to 3M shares. At the Jan. 8, 2002, closing stock price, it would raise $15.84M.

4. Biomira filed for a $150M shelf prospectus in Canada.

5. 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.

6. Celgene filed a universal shelf registration statement to offer and sell common stock, debt securities and convertible debt securities, up to $500M.

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

8. Cell Pathways filed a shelf registration statement for the sale of $25M in common stock. The company privately placed $4.4M in shares in September 2002.

9. Centrex plans to raised $20M with HD Brous as its managing underwriter.

10. Cepheid filed a shelf registration statement to offer and sell up to $35M of its common stock, preferred stock, debt securities and warrants.

11. Cerus filed to sell up to $300M of common stock and debt in a shelf offering.

12. The value of CollaGenex's proposed offering, $7.7M, is based on the Oct. 26, 2001, closing stock price of $8.01. CollaGenex privately placed 119,335 shares in May 2002, raising $1M. It placed 32,187 shares in June 2002, raising $266,667.

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

14. Cytogen filed to offer 10M shares at about $2.50 each in a shelf registration statement. It privately placed 3M shares in January 2002, and another 4.17M shares in June 2002.

15. Dendreon filed a shelf registration with the SEC to sell $75M in stock from time to time

16. EntreMed filed a $50M shelf registration statement, allowing it to offer securities from time to time in the form of common stock, preferred stock or warrants to purchase securities.

17. Exelixis filed a shelf registration statement to sell up to $150M in common stock.

18. Genaera filed a universal shelf registration statement for the sale of up to $50M in common stock, preferred stock or warrants to purchase common stock or preferred stock. It privately placed $16.5M in shares in April 2002.

19. Genaissance filed a shelf registration statement to offer and sell common stock, preferred stock, debt or warrants, up to $35M.

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

21. Geron filed a prospectus for the sale of up to $150M in debt securities, common or preferred stock and warrants.

22. Hemispherx filed to register 5M shares of common stock. The value, $10.8M, is based on the proposed maximum offering price.

23. Hollis-Eden filed a shelf registration statement to sell up to 3M shares and warrants from time to time. The value is based on the proposed maximum offering price.

24. InSite filed a shelf registration statement in February 2001 to sell $40M in stock.

25. Lexicon Genetics filed a shelf registration statement with the SEC to sell up to an aggregate of 12M shares of common stock from time to time. The value, $47.76M, is based on the proposed maximum aggregate offering price per share, $3.98.

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

27. Northwest expects to offer 11M shares as part of a lock-up agreement with the underwriter from the company's December 2001 initial public offering. The value, $41.5M, is based on the June 3, 2002, closing stock price of $3.77.

28. Pharmos filed a shelf registration statement to sell up to $25M of common stock, preferred stock, debt securities and/or warrants.

29. SciClone filed to sell up to $20M in common and preferred stock, debt securities and warrants from time to time through a shelf offering. SciClone privately placed $10.62M in shares in June 2002.

30. StemCells filed with the SEC to sell up to 15M shares to raise a maximum of $37.8M. Further details were not disclosed.

31. Targeted Genetics filed a shelf registration statement for the sale of up to about 8.84M shares of common stock. The value is based on the Jan. 22, 2002, closing stock price of $2.57.

32. 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.

33. VaxGen filed a shelf registration statement for $150M in common stock, preferred stock, debt securities and warrants. Further details were not disclosed.

34. Stem Genetics withdrew its IPO filing in order to reformulate its business plan.