Underwriter

Biotechnology
Company

Date priced

Offering price per share**

8/20/02 Share Price

Offering Gross (M)**

After-Market Performance (%)

Adams, Harkness & Hill

InterMune Inc. (ITMN)

3/8

$37

$20.75

$111

-44%

Bear Stearns
& Co. Inc.

The Medicines Company Inc. (MDCO) (lead)

6/21

$8.20

$9.77

$32.8

+19%

ZymoGenetics Inc. (ZGEN) (IPO)

2/1

$12

$6.90

$120

-43%

CIBC World Markets Corp.

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

4/25

$13

$4.20

$65

-68%

Ribapharma Inc. (NYSE:RNA) (IPO)

4/12

$10

$5.61

$299

-44%

Fidelity Capital Markets

DOV Pharmaceutical
Inc. (DOVP) (IPO)

4/25

$13

$4.20

$65

-68%

Goldman Sachs
& Co.

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

2/12

$8

$12.50

$96.6

+56%

J.P. Morgan
H&Q

InterMune Inc. (ITMN)

3/8

$37

$20.75

$111

-44%

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

2/5

$17.25

$19.05

$89.27

+10%

Kashner Davidson Securities Corp.

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

6/27

$5.25

$3.25

$10.95

-38%

Lazard Freres
& Co. LLC

DOV Pharmaceutical
Inc. (DOVP) (IPO)

4/25

$13

$4.20

$65

-68%

Legg Mason Wood Walker

Array BioPharma Inc.
(ARRY)

2/13

$10

$8.70

$34.5

-13%

Lehman
Brothers Inc.

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

2/12

$8

$12.50

$96.6

+56%

Array BioPharma Inc. (ARRY) (lead)

2/13

$10

$8.70

$34.5

-13%

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

4/25

$13

$4.20

$65

-68%

InterMune Inc. (ITMN) (co-lead)

3/8

$37

$20.75

$111

-44%

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

2/1

$12

$6.90

$120

-43%

Merrill Lynch
& Co.

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

2/5

$17.25

$19.05

$89.27

+10%

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

2/1

$12

$6.90

$120

-43%

Morgan Keegan
& Co. Inc.

Aphton Corp. (APHT) (co-lead)

2/5

$12.70

$4.90

$17.1

-61%

Aphton Corp. (APHT) (lead)

3/21

$10.50

$4.90

$12.6

-53%

Morgan Stanley
and Co.

InterMune Inc. (ITMN) (co-lead)

3/8

$37

$20.75

$111

-44%

Pacific Growth Equities Inc.

ZymoGenetics Inc. (ZGEN) (IPO)

2/1

$12

$6.90

$120

-43%

Roan Meyers Associates LP

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

6/27

$5.25

$3.25

$10.95

-38%

Robertson Stephens Inc.

Antigenics Inc. (AGEN) (co-lead)

1/11

$15

$10.10

$60

-33%

InterMune Inc. (ITMN)

3/8

$37

$20.75

$111

-44%

S.G. Cowen Securities Corp.

Ribapharm Inc. (NYSE:RNA) (IPO)

4/12

$10

$5.61

$299

-44%

Thomas Weisel Partners LLC

Array BioPharma Inc. (ARRY)

2/13

$10

$8.70

$34.5

-13%

SangStat Medical Corp. (SANG)

2/5

$17.25

$19.05

$89.27

+10%

UBS Warburg
LLC

Antigenics Inc. (AGEN) (co-lead)

1/11

$15

$10.10

$60

-33%

Aphton Corp. (APHT) (co-lead)

2/5

$12.70

$4.90

$17.1

-61%

Array BioPharma Inc. (ARRY)

2/13

$10

$8.70

$34.5

-13%

InterMune Inc. (ITMN)

3/8

$37

$20.75

$111

-44%

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

4/12

$10

$5.61

$299

-44%

Wells Fargo
Van Kasper

SangStat Medical Corp. (SANG)

2/5

$17.25

$19.05

$89.27

+10%

Wilson Williams Financial Group

BioTransplant Inc. (BTRN) (placement agent)

6/12

$2.50

$1.95

$10

-22%

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 July 31, 2002. Those charts were published on Feb. 11, March 11, April 8, May 6, June 10, July 8 and Aug. 12, 2002. The gross proceed totals listed reflect only those shares sold by companies. They include money raised through overallotment options, when disclosed.

** All prices in U.S. dollars. Offering price per share is adjusted to reflect any post-offering splits. 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 -38% was figured as if the $5.25 price was a per-share price.