I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $366.14M

Company

Location

Date

Amt. (M)

Details


ActivX
Biosciences
Inc.

La Jolla, Calif.

7/10

$20

ActivX completed a $20M second round of funding; investors included Frazier & Co., Pro-Quest Investments, Oxford Bioscience Partners, Vulcan Ventures, CIT Venture Capital and Novo A/S

Adaptive
Screening
Ltd.

London

7/25**

#0.5 (US$0.71)

Adaptive Screening raised US$0.71M in seed funding from Generics Asset Management

Affymax Inc.

Palo Alto, Calif.

7/30

$51

Affymax, which is being spun out by Glaxo-SmithKline plc, received a $51M investment led by Patricof & Co.; other investors were The Sprout Group, MPM Asset Management and Apax

BioVex Ltd.

London

7/30

#10 (US$14.2)

BioVex completed a private placement led by Technomark Medical Ventures; other investors were The Merlin Biosciences Fund LP, Westdeutsche Landesbank Girozentrale and Gene-Chem Management

Cognetix Inc.

Salt Lake City

7/31

$17

Cognetix raised $17M in a second-round financing led by MDS Ventures Pacific Inc.; other investors were AIG Global Investment Corp., AM Pappas and Associates, Royal Bank Capital Partners and Zesiger Capital Group

Critical
Therapeutics
Inc.

Cambridge, Mass.

7/17

$10

Critical Therapeutics raised $10M in its Series A round, which was co-led by MPM Capital and Healthcare Ventures

De Novo
Pharma-
ceuticals Ltd.

Cambridge, UK

7/26

#16.75 (US$23.93)

De Novo completed a second round of funding from a group of investors led by Merlin Biosciences Ltd.

EluSys
Therapeutics
Inc.

Pine Brook, N.J.

7/17

$17

EluSys closed a $17M Series C preferred stock private placement led by Invesco Private Capital Inc.; other investors were Legg Mason's Emerald Investment Partners Fund, Eagle Advisors, Essex Woodlands Healthcare Ventures and Crescendo Ventures

Endocyte Inc.

West Lafayette, Ind.

7/16

$7.6

Endocyte secured $7.6M in equity investments from Sanderling Venture Partners, Cincinnati Financial Corp. and American Bailey Ventures

Inpharmatica
Ltd.

London

7/3

#31.3 (US$44)

Inpharmatica raised US$44M in its second round of financing, which was led by Dresdner Kleinwort Capital; other investors were Abingworth Management, Advent Venture Partners, Gilde Investment and Vertex Management

Integrative
Proteomics Inc.

Toronto

7/31

$25

Integrative raised $25M in its second round of financing; investors included Aurora, Bruker AXS, Bruker Daltonics, Lombard Odier Immunology Fund, Genesys Capital Partners Inc. and HBM BioVentures

Ipsogen

Marseille,
France

7/18**

EUR4.5 (US$3.9)

Ipsogen completed a second funding round, raising US$3.9M from a group of venture capital funds

MetaProbe
LLC

San Diego

7/5

$5

MetaProbe closed a Series A financing that grossed almost $5M; primary investors were IngleWood Ventures, Research Corporation Technologies and Scope Industries

MetriGenix
Inc.

Gaithersburg, Md.

7/19

$15

MetriGenix, a spin-off of Gene Logic Inc., raised $15M in its first financing; investors included Oxford Bioscience Partners, Burrill Biotechnology Capital Fund LP, Infineon Ventures GmbH and GE Equity

Morphochem
AG

Munich, Germany

7/19

EUR15 (US$13)

Morphochem raised US$13M in its fourth private financing round led by Life Sciences Partners

Nereus
Pharma-
ceuticals
Inc.

San Diego

7/30

$23.6

Nereus raised $23.6M in its second round of financing led by Pacific Venture Group; other investors were Novartis Bioventure Fund, China Development Industrial Bank, Blue Dot Capital, Lotus Biosciences Ventures and Swissfirst

NewBiotics
Inc.

San Diego

7/26

$11

NewBiotics raised $11M in its third round of financing led by GeneChem Therapeutics Venture Fund; other investors were F.A.T. Chemical Ltd., Cheng Xin Technology Development Corp. and BioVeda Capital Pte. Ltd., as well as IngleWood Ventures, Life Science Partners, HMCH Ventures and Timkin Trust, among other investors

Prolinx Inc.

Bothell, Wash.

7/17

$16.8

Prolinx raised $16.8M in a private preferred stock offering; investors included Stephens Group, Wheatley Partners, Tullis-Dickerson & Co. Inc., BA Venture Partners, Axiom Venture Partners, Technology Funding, JD Javelin Capital Fund LP, MDS Ventures Pacific Inc. and Sofinnova Ventures Inc.

Signature
BioScience
Inc.

Hayward, Calif.

7/9

$43

Signature raised $43M in its fourth round of financing led by SG Capital Partners; other investors were Prospect Venture Partners LP, Atlas Ventures, Abingworth Management Ltd., CIBC Capital Partners, Coral Ventures, Vulcan Ventures Inc., MDS Capital Corp., China Development Industrial Bank, Tallwood Venture Capital, Lehman Brothers, Lotus Bioscience Ventures Ltd. and IRR

Trophos

Marseille, France

8/1**

EUR5 (US$4.4)

Trophos raised US$4.4M in its first funding round led by Societe Generale Asset Management and Jet Innovation; other investors were Sofipaca and Sofimac, as well as private investors

II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM EXISTING CORPORATE
PARTNERS: $33.9M

Company
(Symbol)#*

Partner
(Country)

Amt.
(M)

Triggering
Event

Details (Date)


Abgenix Inc.
(ABGX)

Amgen Inc. (AMGN)

ND

Milestone
payment

Abgenix advanced a fully human antibody into clinical trials, triggering the payment (7/11)

Corixa Corp.
(CRXA)

Japan Tobacco Inc. (Japan)

$1

Milestone
payment

Corixa received a $1M milestone payment for Japan Tobacco's selection of a Corixa antigen for further development (7/31)

Exelixis Inc.
(EXEL)

Bayer AG (Germany)

ND

Milestone payment

Exelixis' joint venture with Bayer, Genoptera LLC, delivered insecticide targets to Bayer, triggering an undisclosed payment (7/24)

ImClone
Systems
Inc.
(IMCL)

Merck KGaA (Germany)

$2

Milestone payment

ImClone achieved a manufacturing-related milestone under its 1998 agreement with Merck (7/16)

Introgen
Therapeutics
Inc.
(INGN)

Aventis Pharma AG (Germany)

$25

Investment

Introgen received $25M from Aventis through the purchase of non-voting Introgen preferred stock, convertible into common stock (7/10)

Ixion
Biotechnology
Inc.*

Questcor LLC (subsidiary of Q-Med AB; Sweden)

$3.4

Equity investment

Ixion received the final installment from Questcor in connection with a July 2000 agreement to purchase 3.9M shares of Ixion common stock (7/31)

Lexicon
Genetics
Inc.
(LEXG)

Bristol-Myers Squibb Co.

ND

Milestone payment

Lexicon delivered the third installment of the LexVision database containing in vivo mammalian gene function information, triggering a payment from Bristol-Myers (7/24)

MorphoSys
AG
(Germany;
Neuer Markt:MOR)

GPC Biotech AG (Germany; Neuer Markt:GPC)

ND

Milestone payment

MorphoSys earned a milestone in its antibody program with GPC (7/19)

Novavax Inc.
(NVAX)

King Pharmaceuticals Inc.

$2.5

Milestone payment

Novavax earned the milestone payment for submitting an NDA for Estrasorb (7/2)

Pharmacopeia
Inc.
(PCOP)

Otsuka Pharmaceutical Factory Inc. (Japan)

ND

Milestone payment

Pharmacopeia identified lead compounds in its drug discovery collaboration with Otsuka, triggering the milestone payment (7/31)

Synsorb
Biotech Inc.
(Canada; SYBB;
TSE:SYB)

MDS Proteomics Inc.

ND

Milestone payment

Synsorb received a milestone payment relating to the sale of Synsorb's former subsidiary, INH Technologies Inc. (7/11)


Notes:

# Unless otherwise indicated, shares are traded on the Nasdaq exchange.

* Denotes privately held company.

** Denotes the date the item ran in BioWorld International.

ND = Not disclosed

NDA = New Drug Application

TSE = Toronto Stock Exchange

No Comments