I. COMMENCED TRADING IN MAY

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

There were no initial public offerings conducted in May.

Total: $0M

Number of IPOs in May: 0

Average value of May IPOs: $0M

Number of IPOs in 2002: 3

Total raised in IPOs in 2002: $453.8M*

Average value of IPOs in 2002: $151.3M*

* Figures include an overallotment option exercised in January as part of a 2001 IPO.

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)^@

Procyon Biopharma Inc. (Canada; TSE:PBP)¹

5/3/02

5/10/02

5.9S

C$1.45

45.2

Dundee Securities Research Capital
Yorkton Securities Desjardins Securities

C$8.6
(US$5.5)

C$65.5
(US$42.8)

Vasogen Inc. (Canada; AMEX:VSV; TSE:VAS)²

5/7/02

5/24/02

5.15S

C$4.85

53.7

Research Capital

C$25
(US$16.3)

C$260.4
(US$170)

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.

AMEX = American Stock Exchange; TSE = Toronto Stock Exchange

¹ Procyon raised US$5.5M in a public offering that was conducted in conjunction with a private placement that raised US$0.92M.

² Vasogen raised US$16.3M in a bought-deal financing involving 3.5M shares, and another 1.65M shares for the overallotment option.

Total: $21.8M

Number of follow-on offerings in May: 2

Average value of May follow-ons: $10.9M

Number of follow-on offerings in 2002: 12

Total raised in follow-ons in 2002: $470.83M

Average value of follow-ons in 2002: $39.24M

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

Aderis Pharmaceuticals Inc. (ADPX)¹

1/11/02

5.5S

$9-11

N/A

UBS Warburg (co-lead)
CIBC World Markets (co-lead)
RBC Capital Markets
Gerard Klauer Mattison

$55

Corcept Therapeutics Inc. (CORT)²

12/21/01

4S

$14-16

23.9

U.S. Bancorp Piper Jaffray (co-lead)
CIBC World Markets (co-lead)
Thomas Weisel Partners

$60

DiaDexus Inc. (DDXS)³

11/20/00

7S

$12-14

31.1

Lehman Brothers
CIBC World Markets
Robertson Stephens
Fidelity Capital Markets

$91

Innovative Drug Delivery Systems Inc. (IDDS)⁴

1/2/02

5.6S

$8-10

20.65

Thomas Weisel Partners
Wells Fargo Securities
Jefferies & Co.

$50.4

MitoKor Inc. (MITO)⁵

3/8/02

N/A

N/A

N/A

RBC Capital Markets
Lazard Freres
Legg Mason Wood Walker
Gerard Klauer Mattison

$60

Novirio Pharmaceuticals Ltd. (IDIX)⁶

4/12/02

N/A

N/A

N/A

Goldman Sachs (co-lead)
Banc of America Securities (co-lead)
JP Morgan Securities
U.S. Bancorp Piper Jaffray

$115

Protarga Inc. (PRTG)⁷

12/12/01

N/A

N/A

N/A

UBS Warburg (co-lead)
U.S. Bancorp Piper Jaffray (co-lead)

$75

ViaCell Inc. (VIAC)⁸

1/30/02

N/A

N/A

N/A

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

$115

YM BioSciences Inc. (Canada)⁹

4/24/02

N/A

N/A

N/A

N/A

C$40
(US$25.4)

FOLLOW-ON OFFERINGS

Ariad Pharmaceuticals Inc. (ARIA)¹⁰

1/9/02

3S

$5.28

35.4

N/A

$15.84

Biomira Inc. (Canada; BIOM; TSE:BRA)¹¹

5/2/02

N/A

N/A

N/A

N/A

C$150
(US$97.84)

Biosante Pharmaceuticals Inc. (OTC BB:BTPH)¹²

5/6/02

N/A

N/A

N/A

Self-underwritten

$10

BioTransplant Inc. (BTRN)¹³

12/11/01

5S

$8.10

21.1

N/A

$40.5

Celgene Corp. (CELG)¹⁴

12/21/01

N/A

N/A

75.6

N/A

$500

Cell Pathways Inc. (CLPA)¹⁵

2/7/01

N/A

N/A

N/A

N/A

$25

Cepheid Inc. (CPHD)¹⁶

12/21/01

N/A

N/A

26.56

N/A

$35

Cerus Corp. (CERS)¹⁷

8/13/01

N/A

N/A

15.7

N/A

$300

CollaGenex Pharmaceuticals Inc. (CGPI)¹⁸

10/26/01

0.965S

$8.01

N/A

Kingsbridge Capital
Prentice Securities

$7.7

Cytogen Corp. (CYTO)¹⁹

10/26/01

10S

$2.50

79.8

N/A

$25

Dyax Corp. (DYAX)²⁰

4/25/02

5S

$3.66

19.6

N/A

$18.3

EntreMed Inc. (ENMD)²¹

5/10/02

N/A

N/A

N/A

N/A

$50

Exelixis Inc. (EXEL)²²

7/30/01

N/A

N/A

49.2

N/A

$150

Genaera Corp. (GENR)²³

11/21/01

N/A

N/A

38.9

N/A

$50

Genaissance Pharmaceuticals Inc. (GNSC)²⁴

10/18/01

N/A

N/A

22.8

N/A

$35

Geron Corp. (GERN)²⁵

1/30/02

N/A

N/A

N/A

N/A

$150

Hollis-Eden Pharmaceuticals Inc. (HEPH)²⁶

2/26/02

3S

$8.71

N/A

N/A

$26.13

InSite Vision Inc. (AMEX:ISV)²⁷

2/2/01

N/A

N/A

N/A

Ladenburg Thalmann (placement agent)

$40

Myriad Genetics Inc. (MYGN)²⁸

11/9/01

N/A

N/A

N/A

N/A

$250

NeoTherapeutics Inc. (NEOT)²⁹

1/3/01

N/A

N/A

23.5

N/A

$50

NPS Pharmaceuticals Inc. (NPSP)³⁰

1/7/02

N/A

N/A

N/A

N/A

$250

Pharmos Corp. (PARS)³¹

2/4/02

N/A

N/A

56.6

N/A

$25

SciClone Pharmaceuticals Inc. (SCLN)³²

11/6/01

N/A

N/A

N/A

N/A

$20

StemCells Inc. (STEM)³³

3/8/02

15S

N/A

N/A

N/A

$37.8

Targeted Genetics Corp. (TGEN)³⁴

12/13/01

8.84S

$2.57

N/A

N/A

$22.72

The Medicines Company Inc. (MDCO)³⁵

4/23/02

4S

$11.18

N/A

N/A

$44.72

Tularik Inc. (TLRK)³⁶

8/14/01

N/A

N/A

49.2

N/A

$250

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 OFFERINGS

Ark Therapeutics Group plc (UK)³⁷

4/10/02
5/22/02

N/A

N/A

N/A

WestLB Panmure Ltd.
Nomura International

£40
(US$57)

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 Aderis set in April the number of shares and the price range of its IPO. It amended the price range in May. The value, $55M, is based on the sale of 5.5M shares at $10 each, the midpoint of the expected price range. The underwriters have an overallotment option on 825,000 shares.

² Corcept's offering is for 4.5M shares, 4M sold by the company and 500,000 sold by a selling stockholder. The value of Corcept's offering, $60M, is based on the sale of 4M shares at $15 each, the midpoint of the expected price range.

³ DiaDexus' IPO value, $91M, is based on the sale of 7M shares at $13, the midpoint of the expected price range. The underwriters have an overallotment option on 1.05M shares.

⁴ Innovative Drug set the number of shares to be sold and the price range in March. The value, $50.4M, is based on the sale of 5.6M shares at $9 each, the midpoint of the expected price range. The underwriters have an overallotment option on 840,000 shares.

⁵ MitoKor filed for an IPO to raise $60M.

⁶ Novirio filed for an IPO to raise $115M.

⁷ Protarga filed for an IPO with hopes of raising $75M. It did not disclose the number of shares to be offered or the expected price range.

⁸ ViaCell filed for a $115M IPO. No further details were disclosed.

⁹ YM plans to go public on the Alternative Investment Market in London and the Toronto Stock Exchange, raising C$20M in Europe and another C$20M in Canada.

¹⁰ Ariad filed a shelf registration statement to sell up to 3M shares. At the Jan. 8 closing stock price, it would raise $15.84M.

¹¹ Biomira filed for a $150M shelf prospectus in Canada.

¹² BioSante filed for a proposed self-underwritten offering of up to $10M in shares of common stock.

¹³ BioTransplant filed a shelf registration statement to sell up to 5M shares of its common stock. The value of the offering, $40.5M, is based on the Dec. 11 opening stock price of $8.10.

¹⁴ 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.

¹⁵ Cell Pathways filed a shelf registration statement for the sale of $25M in common stock.

¹⁶ Cepheid filed a shelf registration statement to offer and sell up to $35M of its common stock, preferred stock, debt securities and warrants.

¹⁷ Cerus filed to sell up to $300M of common stock and debt in a shelf offering.

¹⁸ The value of CollaGenex's proposed offering, $7.7M, is based on the Oct. 26 closing stock price of $8.01. CollaGenex privately placed 119,335 shares in May, raising $1M.

¹⁹ Cytogen filed to offer 10M shares at about $2.50 each in a shelf registration statement. It privately placed 3M shares in January.

²⁰ Dyax filed a shelf registration statement to sell up to 5M shares. The value, $18.3M, is based on the April 24 closing stock price, $3.66.

²¹ 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.

²² Exelixis filed a shelf registration statement to sell up to $150M in common stock.

²³ 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.

²⁴ Genaissance filed a shelf registration statement to offer and sell common stock, preferred stock, debt or warrants, up to a value of $35M.

²⁵ Geron filed a prospectus for the sale of up to $150M in debt securities, common or preferred stock and warrants.

²⁶ 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.

²⁷ InSite filed a shelf registration statement in February 2001 to sell $40M in stock.

²⁸ Myriad filed a shelf registration statement for the sale of up to $250M of various types of securities.

²⁹ NeoTherapeutics filed a shelf registration statement covering the sale of debt securities, common stock, preferred stock, depository shares or warrants up to $50M. In May 2001, the company raised $6M in a private placement. In August, the company privately placed 600,000 shares, raising $2.01M. In November, it placed 950,000 shares, raising $3.8M. In December, it placed 0.77M shares, raising $2.95M. In March 2002, it raised $8.05M in a private placement.

³⁰ NPS filed a shelf registration statement to offer and sell up to $250M of common stock, preferred stock and debt securities.

³¹ Pharmos filed a shelf registration statement to sell up to $25M of common stock, preferred stock, debt securities and/or warrants.

³² SciClone filed to sell up to $20M in common and preferred stock, debt securities and warrants from time to time through a shelf offering.

³³ StemCells filed with the SEC to sell up to 15M shares to raise a maximum of $37.8M. Further details were not disclosed.

³⁴ 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 closing stock price of $2.57.

³⁵ The Medicines Company filed to sell up to 4M shares of common stock from time to time in amounts, prices and on terms to be determined. The value, $44.72M, is based on the proposed maximum aggregate offering price of $11.18 per share.

³⁶ Tularik filed to sell up to $250M in common stock and debt securities.

³⁷ Ark postponed its IPO on the London Stock Market, citing adverse market conditions.