Underwriter

Biotechnology
Company

Date
priced

Offering
price per
share**

12/31/02
Share
Price

Offering
Gross
(M)

After-Market
Performance
(%)

Adams,
Harkness
& Hill

InterMune Inc.
(ITMN)

3/8

$37

$25.51

$111

-31%

Banc of
America
Securities

Trimeris Inc.
(TRMS)

9/27

$45.25

$43.17

$108.6

-5%

Bear Stearns
& Co. Inc.

The Medicines
Company
Inc. (MDCO) (lead)

6/21

$8.20

$16.02

$32.8

+95%

ZymoGenetics Inc.
(ZGEN) (IPO)

2/1

$12

$9.90

$120

-18%

CIBC World
Markets Corp.

DOV Pharmaceutical
Inc. (DOVP) (co-lead, IPO)

4/25

$13

$6.80

$65

-48%

Ribapharma Inc.
(NYSE:RNA) (IPO)

4/12

$10

$6.55

$299

-35%

Fidelity Capital
Markets

DOV Pharmaceutical
Inc. (DOVP) (IPO)

4/25

$13

$6.80

$65

-48%

Goldman
Sachs & Co.

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

2/12

$8

$16.14

$96.6

+102%

Trimeris Inc.
(TRMS) (co-lead)

9/27

$45.25

$43.17

$108.6

-5%

Tularik Inc. (TLRK)
(lead)

10/18

$6.80

$7.46

$27.2

+10%

J.P. Morgan
H&Q

InterMune Inc.
(ITMN)

3/8

$37

$25.51

$111

-31%

SangStat Medical
Corp. (SANG) (co-lead)

2/5

$17.25

$11.30

$89.27

-34%

Kashner
Davidson Securities
Corp.

BioDelivery Sciences
International Inc.
(BDSI) (co-lead, IPO)¹

6/27

$5.25

$1.90

$10.95

-64%

Lazard Freres
& Co. LLC

DOV Pharmaceutical
Inc. (DOVP) (IPO)

4/25

$13

$6.80

$65

-48%

Legg Mason
Wood Walker

Array BioPharma
Inc. (ARRY)

2/13

$10

$5.55

$34.5

-45%

Telik Inc. (TELK)

9/27

$11.50

$11.66

$85.95

+1%

Lehman
Brothers Inc.

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

2/12

$8

$16.14

$96.6

+102%

Array BioPharma
Inc. (ARRY) (lead)

2/13

$10

$5.55

$34.5

-45%

DOV Pharmaceutical
Inc.(DOVP) (co-lead, IPO)

4/25

$13

$6.80

$65

-48%

InterMune Inc.
(ITMN) (co-lead)

3/8

$37

$25.51

$111

-31%

Trimeris Inc. (TRMS)

9/27

$45.25

$43.17

$108.6

-5%

ZymoGenetics Inc.
(ZGEN) (co-lead, IPO)

2/1

$12

$9.90

$120

-18%

Merrill Lynch
& Co.

NPS Pharmaceuticals
Inc. (NPSP) (lead)

10/25

$23.95

$25.17

$110.17

+5%

SangStat Medical
Corp. (SANG) (co-lead)

2/5

$17.25

$11.30

$89.27

-34%

ZymoGenetics Inc.
(ZGEN) (co-lead, IPO)

2/1

$12

$9.90

$120

-18%

Morgan
Keegan
& Co. Inc.

Aphton Corp.
(APHT) (co-lead)

2/5

$12.70

$3.85

$17.1

-70%

Aphton Corp.
(APHT) (lead)

3/21

$10.50

$3.85

$12.6

-63%

Morgan
Stanley
and Co.

InterMune Inc.
(ITMN) (co-lead)

3/8

$37

$25.51

$111

-31%

Myriad Genetics Inc.
(MYGN) (lead)

11/22

$19.50

$14.60

$58.5

-25%

NPS Pharmaceuticals
Inc. (NPSP) (lead)

10/25

$23.95

$25.17

$110.17

+5%

Trimeris Inc.
(TRMS) (co-lead)

9/27

$45.25

$43.17

$108.6

-5%

Needham
& Co.

Telik Inc. (TELK)

9/27

$11.50

$11.66

$85.95

+1%

Pacific Growth
Equities Inc.

ZymoGenetics Inc.
(ZGEN) (IPO)

2/1

$12

$9.90

$120

-18%

Roan Meyers
Associates LP

BioDelivery Sciences
International Inc.
(BDSI) (co-lead, IPO)¹

6/27

$5.25

$1.90

$10.95

-64%

Robertson
Stephens Inc.

Antigenics Inc.
(AGEN) (co-lead)

1/11

$15

$10.24

$60

-32%

InterMune Inc.
(ITMN)

3/8

$37

$25.51

$111

-31%

Salomon
Smith Barney

NPS Pharmaceuticals
Inc. (NPSP)

10/25

$23.95

$25.17

$110.17

+5%

S.G. Cowen
Securities Corp.

Ribapharm Inc.
(NYSE:RNA) (IPO)

4/12

$10

$6.55

$299

-35%

Thomas Weisel
Partners LLC

Array BioPharma
Inc. (ARRY)

2/13

$10

$5.55

$34.5

-45%

SangStat Medical
Corp. (SANG)

2/5

$17.25

$11.30

$89.27

-34%

UBS Warburg
LLC

Antigenics Inc.
(AGEN) (co-lead)

1/11

$15

$10.24

$60

-32%

Aphton Corp.
(APHT) (co-lead)

2/5

$12.70

$3.85

$17.1

-70%

Array BioPharma
Inc. (ARRY)

2/13

$10

$5.55

$34.5

-45%

InterMune Inc.
(ITMN)

3/8

$37

$25.51

$111

-31%

Ribapharm Inc. (NYSE:RNA)
(lead, IPO)

4/12

$10

$6.55

$299

-35%

Telik Inc. (TELK)
(lead)

9/27

$11.50

$11.66

$85.95

+1%

Wachovia
Securities

Telik Inc. (TELK)

9/27

$11.50

$11.66

$85.95

+1%

Wells Fargo
Van Kasper

SangStat Medical
Corp. (SANG)

2/5

$17.25

$11.30

$89.27

-34%

Wilson
Williams
Financial
Group

BioTransplant
Inc. (BTRN)
(placement agent)

6/12

$2.50

$0.45

$10

-82%

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, 2002. Those charts were published on Feb. 11, March 11, April 8, May 6, June 10, July 8, Aug. 12, Sept. 9, Oct. 7, Nov. 11, Dec. 9, 2002, and Jan. 13, 2003. 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.

IPO = Initial Public Offering

NYSE = New York Stock Exchange

1. BioDelivery's offering price of $5.25 was per unit, with each unit consisting of one share and one common stock purchase warrant to buy one share at $6.30. The after-market performance percentage of -64% was figured as if the $5.25 price was a per-share price.