Underwriter

Biotechnology Company

Date priced

Offering price per share**

12/31/01 Share Price

Offering Gross
(M)**

After-Market Performance (%)


ABN Amro Rothschild LLC

Arena Pharmaceuticals
Inc. (ARNA)1

6/22

$27.50

$12.03

$130.6

-56%

Adams, Harkness & Hill

XOMA Ltd. (XOMA)

6/26

$15

$9.85

$45

-34%

Arnold & S. Bleichroeder Inc.

XOMA Ltd. (XOMA)

6/26

$15

$9.85

$45

-34%

Banc of America Securities

Atrix Laboratories Inc.
(ATRX) (co-lead)

8/9

$23

$20.61

$79.4

-10%

Atrix Laboratories Inc.
(ATRX) (lead)

12/7

$23

$20.61

$13

-10%

ICOS Corp. (ICOS)

11/8

$57

$57.44

$313.5

+1%

InterMune Inc. (ITMN)2

6/29

$32

$49.26

$287.1

+54%

Seattle Genetics Inc.
(SGEN) (IPO)

3/7

$7

$5.70

$49

-19%

Bear Stearns & Co. Inc.

CV Therapeutics Inc.
(CVTX)

12/4

$52.50

$52.02

$151

-1%

C.E. Unterberg, Towbin

Northwest Biotherapeutics
Inc. (NWBT) (lead, IPO)

12/14

$5

$5

$20

0%

Vion Pharmaceuticals Inc. (VION) (co-lead)

8/10

$5

$4.41

$12.5

-12%

CIBC World Markets Corp.

Atrix Laboratories Inc. (ATRX)

8/9

$23

$20.61

$79.4

-10%

BioMarin Pharmaceutical
Inc. (BMRN)

12/7

$12

$13.44

$96.6

+12%

Bruker AXS (BAXS)
(IPO)

12/17

$6.50

$6.54

$67.28

+1%

CV Therapeutics Inc.
(CVTX)

12/4

$52.50

$52.02

$151

-1%

Exact Sciences Corp.
(EXAS) (co-lead, IPO)3

1/31

$14

$10.26

$56

-27%

ILEX Oncology Inc.
(ILXO) (co-lead)

11/15

$24

$27.04

$138

+13%

Neurocrine Biosciences
Inc. (NBIX)

12/4

$46.75

$51.31

$163.6

+10%

Praecis Pharmaceuticals
Inc. (PRCS)4

2/15

$24.56

$5.82

$186.7

-76%

Seattle Genetics Inc.
(SGEN) (IPO)

3/7

$7

$5.70

$49

-19%

Sicor Inc. (SCRI)8

10/11

$18.50

$15.68

$185

-15%

Third Wave Technologies
Inc. (TWTI) (IPO)

2/12

$11

$7.35

$82.5

-33%

XOMA Ltd. (XOMA)

6/26

$15

$9.85

$45

-34%

Credit Suisse First Boston

Charles River Laboratories
Inc. (NYSE:CRL) (co-lead)5

3/16

$19

$33.48

$66.5

+76%

Charles River Laboratories
Inc. (NYSE:CRL) (co-lead)6

7/20

$29

$33.48

$58

+15%

ICOS Corp. (ICOS)
(co-lead)

11/8

$57

$57.44

$313.5

+1%

Neurocrine Biosciences Inc.
(NBIX) (co-lead)

12/4

$46.75

$51.31

$163.6

+10%

Praecis Pharmaceuticals Inc.
(PRCS) (co-lead)4

2/15

$24.56

$5.82

$186.7

-76%

Dain Rauscher Wessels

Arena Pharmaceuticals Inc.
(ARNA)1

6/22

$27.50

$12.03

$130.6

-56%

Hemosol Inc. (HMSL)

3/1

$8.78

$4.53

$70.7

-48%

Third Wave Technologies
Inc. (TWTI) (IPO)

2/12

$11

$7.35

$82.5

-33%

Deutsche Banc Alex. Brown

Neurocrine Biosciences Inc. (NBIX) (co-lead)

12/4

$46.75

$51.31

$163.6

+10%

Transkaryotic Therapies Inc. (TKTX) (co-lead)

12/13

$39

$42.80

$125.6

+10%

Transkaryotic Therapies Inc. (TKTX) (co-lead)

12/18

$42

$42.80

$42

+2%

Fahnestock & Co. Inc.

Northwest Biotherapeutics
Inc. (NWBT) (IPO)

12/14

$5

$5

$20

0%

Fidelity Capital Markets

Third Wave Technologies
Inc. (TWTI) (IPO)

2/12

$11

$7.35

$82.5

-33%

First Albany Corp.

CV Therapeutics Inc.
(CVTX)

12/4

$52.50

$52.02

$151

-1%

Fortis Securities Inc.

Isis Pharmaceuticals Inc.
(ISIP)

10/23

$20

$22.19

$115

+11%

Gerard Klauer Mattison & Co.

EntreMed Inc. (ENMD)
(lead)

2/27

$18

$8.45

$26.1

-53%

Vion Pharmaceuticals Inc. (VION) (co-lead)

8/10

$5

$4.41

$12.5

-12%

Gruntal & Co LLC

Atrix Laboratories Inc. (ATRX)

8/9

$23

$20.61

$79.4

-10%

J.P. Morgan Chase & Co.

Aviron Inc. (AVIR) (lead)

2/2

$50

$49.73

$400

-1%

CV Therapeutics Inc.
(CVTX) (co-lead)

12/4

$52.50

$52.02

$151

-1%

Regeneron Pharmaceuticals Inc. (REGN)7

3/20

$25

$28.16

$162.5

+13%

Scios Inc. (SCIO) (lead)

6/22

$21

$23.77

$120.75

+13%

Seattle Genetics Inc.
(SGEN) (lead, IPO)

3/7

$7

$5.70

$49

-19%

Ladenburg Thalmann & Co. (placement agent)

Guilford Pharmaceuticals
Inc. (GLFD) (co-lead)

1/16

$17.50

$12

$46.5

-31%

Lazard Freres & Co. LLC

Arena Pharmaceuticals
Inc. (ARNA)1

6/22

$27.50

$12.03

$130.6

-56%

Telik Inc. (TELK)

9/28

$6.50

$13.50

$29.9

+108%

Leerink Swann & Co.

Transkaryotic Therapies Inc. (TKTX)

12/13

$39

$42.80

$125.6

+10%

Transkaryotic Therapies Inc. (TKTX)

12/18

$42

$42.80

$42

+2%

Legg Mason Wood Walker (placement agent)

Guilford Pharmaceuticals
Inc. (GLFD) (co-lead)

1/16

$17.50

$12

$46.5

-31%

Telik Inc. (TELK)

9/28

$6.50

$13.50

$29.9

+108%

Lehman Brothers Inc.

Charles River Laboratories
Inc. (NYSE:CRL) (co-lead)5

3/16

$19

$33.48

$66.5

+76%

Charles River Laboratories
Inc. (NYSE:CRL) (co-lead)6

7/20

$29

$33.48

$58

+15%

InterMune Inc. (ITMN) (lead)2

6/29

$32

$49.26

$287.1

+54%

Neurocrine Biosciences Inc. (NBIX)

12/4

$46.75

$51.31

$163.6

+10%

Scios Inc. (SCIO) Telik Inc. (TELK) (lead)

6/22

$21

$23.77

$120.75

+13%

9/28

$6.50

$13.50

$29.9

+108%

Third Wave Technologies Inc. (TWTI) (lead, IPO)

2/12

$11

$7.35

$82.5

-33%

Merrill Lynch
& Co.

Exact Sciences Corp.
(EXAS) (co-lead, IPO)3

1/31

$14

$10.26

$56

-27%

ICOS Corp. (ICOS) (co-lead)

11/8

$57

$57.44

$313.5

+1%

RegeneronPharmaceuticals Inc. (REGN) (lead)7

3/20

$25

$28.16

$162.5

+13%

Sicor Inc. (SCRI) (lead)8

10/11

$18.50

$15.68

$185

-15%

Morgan Stanley Dean Witter Inc.

Aviron Inc. (AVIR)
(lead)

2/2

$50

$49.73

$400

-1%

CV Therapeutics Inc.
(CVTX)

12/4

$52.50

$52.02

$151

-1%

Needham and Company Inc.

Isis Pharmaceuticals Inc.
(ISIP)

10/23

$20

$22.19

$115

+11%

Telik Inc. (TELK)

9/28

$6.50

$13.50

$29.9

+108%

Pacific Growth Equities Inc.

Transkaryotic Therapies
Inc. (TKTX)

12/13

$39

$42.80

$125.6

+10%

Transkaryotic Therapies
Inc. (TKTX)

12/18

$42

$42.80

$42

+2%

Robert W. Baird & Co. Inc.

Bruker AXS (BAXS)
(IPO)

12/17

$6.50

$6.54

$67.28

+1%

Third Wave Technologies
Inc. (TWTI) (IPO)

2/12

$11

$7.35

$82.5

-33%

Robertson Stephens Inc.

CV Therapeutics Inc.
(CVTX) (co-lead)

12/4

$52.50

$52.02

$151

-1%

ICOS Corp. (ICOS)

11/8

$57

$57.44

$313.5

+1%

InterMune Inc. (ITMN)2

6/29

$32

$49.26

$287.1

+54%

Isis Pharmaceuticals Inc. (ISIP)

10/23

$20

$22.19

$115

+11%

Regeneron Pharmaceuticals Inc. (REGN)7

3/20

$25

$28.16

$162.5

+13%

Roth Capital Partners

Northwest Biotherapeutics Inc. (NWBT) (IPO)

12/14

$5

$5

$20

0%

Salomon Smith Barney

Praecis Pharmaceuticals Inc. (PRCS) (co-lead)4

2/15

$24.56

$5.82

$186.7

-76%

S.G. Cowen Securities Corp.

Aviron Inc. (AVIR)

2/2

$50

$49.73

$400

-1%

Bruker AXS (BAXS)
(IPO)

12/17

$6.50

$6.54

$67.28

+1%

Charles River Laboratories Inc. (NYSE:CRL)5

3/16

$19

$33.48

$66.5

+76%

Charles River Laboratories Inc. (NYSE:CRL)6

7/20

$29

$33.48

$58

+15%

CV Therapeutics Inc.
(CVTX) (lead)

6/7

$49.50

$52.02

$100

+5%

CV Therapeutics Inc.
(CVTX)

12/4

$52.50

$52.02

$151

-1%

ICOS Corp. (ICOS)

11/8

$57

$57.44

$313.5

+1%

Scios Inc. (SCIO)

6/22

$21

$23.77

$120.75

+13%

Sicor Inc. (SCRI)8

10/11

$18.50

$15.68

$185

-15%

Transkaryotic Therapies Inc. (TKTX) (lead)

6/26

$28.50

$42.80

$100.3

+50%

Transkaryotic Therapies Inc. (TKTX) (co-lead)

12/13

$39

$42.80

$125.6

+10%

Transkaryotic Therapies Inc. (TKTX) (co-lead)

12/18

$42

$42.80

$42

+2%

Thomas Weisel Partners LLC

Arena Pharmaceuticals Inc. (ARNA) (lead)1

6/22

$27.50

$12.03

$130.6

-56%

Bruker AXS (BAXS) (co-lead, IPO)

12/17

$6.50

$6.54

$67.28

+1%

Exact Sciences Corp.
(EXAS) (co-lead, IPO)3

1/31

$14

$10.26

$56

-27%

UBS Warburg LLC

BioMarin Pharmaceutical
Inc. (BMRN) (lead)

12/7

$12

$13.44

$96.6

+12%

Bruker AXS (BAXS) (co-lead, IPO)

12/17

$6.50

$6.54

$67.28

+1%

Hemosol Inc. (HMSL)
(lead)

3/1

$8.78

$4.53

$70.7

-48%

ILEX Oncology Inc.
(ILXO) (co-lead)

11/15

$24

$27.04

$138

+13%

InterMune Inc. (ITMN)2

6/29

$32

$49.26

$287.1

+54%

Isis Pharmaceuticals Inc. (ISIP) (lead)

10/23

$20

$22.19

$115

+11%

Neurocrine Biosciences
Inc. (NBIX)

12/4

$46.75

$51.31

$163.6

+10%

Telik Inc. (TELK)

9/28

$6.50

$13.50

$29.9

+108%

U.S. Bancorp Piper Jaffray

Atrix Laboratories Inc. (ATRX) (co-lead)

8/9

$23

$20.61

$79.4

-10%

BioMarin Pharmaceutical
Inc. (BMRN)

12/7

$12

$13.44

$96.6

+12%

Charles River Laboratories Inc. (NYSE:CRL)5

3/16

$19

$33.48

$66.5

+76%

Charles River Laboratories Inc. (NYSE:CRL)6

7/20

$29

$33.48

$58

+15%

CV Therapeutics Inc.
(CVTX)

12/4

$52.50

$52.02

$151

-1%

ILEX Oncology Inc.
(ILXO)

11/15

$24

$27.04

$138

+13%

XOMA Ltd. (XOMA)
(lead)

6/26

$15

$9.85

$45

-34%

Wells Fargo
Van Kasper

Valentis Inc. (VLTS)
(lead)

12/27

$2.25

$3.10

$13.8

+38%


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, 2001. Those charts were published on Feb. 12, March 5, April 9, May 7, June 11, July 9, Aug. 6, Sept. 10, Oct. 8, Nov. 5 and Dec. 10, 2001, and Jan. 7, 2002. The gross proceed totals listed reflect only those shares sold by companies. Additional shares sold by selling stockholders are noted below.

** 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 Arena sold 4M shares and selling stockholders sold another 1M shares.

2 Intermune's offering consisted of 3.75M shares sold at $32 a share, raising $120M, and the sale of 5.75% convertible subordinated notes for $130M. The offering included an overallotment option for 545,896 shares and $19.5M principal amount of convertible subordinated notes.

3 In Exact's IPO, the U.S. portion of the offering consisting of 3.2M shares was led by Merrill Lynch & Co., CIBC World Markets Corp. and Thomas Weisel Partners LLC. The international portion of the offering, about 800,000 shares, was led by Merrill Lynch International, CIBC World Markets plc and Thomas Weisel Partners LLC.

4 Praecis' offering included 750,000 shares sold by a selling stockholder.

5 Charles River's public offering was for 7M shares, 3.5M sold by the company and another 3.5M sold by selling stockholders. The underwriters exercised their overallotment option for 1.05M shares, sold by stockholders.

6 Charles River's offering was for 8M shares, 6M of which were sold by selling stockholders.

7 Regeneron's offering was for 7M shares, 500,000 of which were offered by a shareholder.

8 Sicor's offerings was for 20M shares, 10M sold by the company and 10M sold by stockholder Rakepoll Finance, for total gross proceeds of $370M.