Public Financing of Biotechnology: April 2001 |
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I. COMMENCED TRADING IN APRIL |
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Company (Symbol)# | Date Filed | Date Comm. | Shares/Units (M) | Price | Shares Out (M) | Lead, Other Underwriters | Gross (M) | Net (M) |
INITIAL OFFERINGS |
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There were no initial public offerings in April |
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Total: $0M |
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Number of IPOs in April: 0 |
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Average value of April IPOs: $0M |
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Number of IPOs for 2001: 7 |
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Total raised in IPOs in 2001: $265.75M |
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Average value of IPOs in 2001: $37.96M |
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FOLLOW-ON OFFERINGS |
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Company (Symbol)# | Date Filed | Date Comm. | Shares/Units (M) | Price | Shares Out (M) | Lead, Other Underwriters | Gross (M) | Net (M) |
Oxford BioMedica plc (UK; LSE:OXB)1 | 3/12 | 4/17 | 5.3 | 55 pence (US$0.78) | N/A | Self-managed | #2.9 (US$4.13) | N/A |
Total: $4.13M |
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Number of follow-on offerings in April: 1 |
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Average value of April follow-ons: $4.13M |
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Number of follow-on offerings in 2001: 11 |
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Total raised in follow-ons in 2001: $991.1M |
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Average value of follow-ons in 2001: $90.1M |
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Notes: |
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1 Oxford raised #35.5M (US$51.1M) through a placement and open offer of 64.5M shares at 55 pence each. It sold 5.3M shares in the open offer, accounting for #2.9M (US$4.13). |
II. FILED AND PENDING |
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Company (Symbol/Proposed Symbol)#* | Date Filed | Shares/Units (M) | Price Range | Shares Out (M) | Lead, Other Underwriters | Value (M) | ||
INITIAL OFFERINGS |
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Acadia Pharmaceuticals Inc. (ACAD)1 | 12/21 | 5S | $13-15 | 15.8 | Robertson Stephens Inc. (co-lead) U.S. Bancorp Piper Jaffray (co-lead) | $75 | ||
APBiotech (APBI; unit of Nycomed Amersham plc)2 | 10/3 | 18.2 | $15-17 | 208.6 | Morgan Stanley Dean Witter (co-lead) Goldman, Sachs & Co. (co-lead) Chase H&Q Salomon Smith Barney | $291.2 | ||
BioNumerik (BNPI)3 | 3/2 | N/A | N/A | N/A | Morgan Stanley Dean Witter UBS Warburg LLC SG Cowen Securities Corp. | $50 | ||
CombiMatrix Corp. (CLMX)4 | 11/22 | N/A | N/A | N/A | Salomon Smith Barney (co-lead) J.P. Morgan & Co. (co-lead) | $100 | ||
diaDexus Inc. (DDXS)5 | 11/20 | 7S | $12-14 | 31.1 | Lehman Brothers Inc. CIBC World Markets Corp. Robertson Stephens Inc. Fidelity Capital Markets | $91 | ||
DNA Sciences Inc. (DNAS)6 | 1/5 | N/A | N/A | N/A | Lehman Brothers Inc. CIBC World Markets Corp. Dain Rauscher Wessels Inc. | $125 | ||
Kinetek Pharmaceuticals Inc. (Canada)7 | 10/20 | N/A | N/A | N/A | N/A | N/A | ||
NetGenics Inc. (NTGC)8 | 3/13/00 | 5.5S | $11-13 | 23.5 | Chase H&Q UBS Warburg LLC | $66 | ||
Senomyx Inc. (SNMX)9 | 2/21 | N/A | N/A | 17.4 | Deutsche Banc Alex. Brown Bear, Stearns & Co. Inc. CIBC World Markets Corp. | $80 | ||
Xcyte Therapies Inc. (XCYT)10 | 12/22 | N/A | N/A | N/A | SG Cowen Securities Corp. (co-lead) U.S. Bancorp Piper Jaffray (co-lead) Dain Rauscher Inc. First Security Van Kasper Inc. | $86.2 | ||
FOLLOW-ON OFFERINGS |
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Aastrom Biosciences Inc. (ASTM)11 | 12/7 | 6.35S | $1.27 | 33.84 | N/A | $8.1 | ||
Alexion Pharmaceuticals Inc. (ALXN)12 | 10/6 | N/A | N/A | N/A | N/A | $300 | ||
Alteon Inc. (AMEX:ALT)13 | 3/5 | N/A | N/A | N/A | N/A | $50 | ||
Atrix Laboratories Inc. (ATRX)14 | 2/15 | 4S | $25 | 13.64 | N/A | $100 | ||
Cell Pathways (CLPA)15 | 2/8 | N/A | N/A | N/A | N/A | $25 | ||
CV Therapeutics Inc. (CVTX)16 | 1/4 | N/A | N/A | 19.7 | N/A | $190 | ||
InSite Vision Inc. (AMEX:ISV)17 | 2/2 | N/A | N/A | N/A | Ladenburg Thalmann & Co. (placement agent) | $40 | ||
Medarex Inc. (MEDX)18 | 12/22 | N/A | N/A | N/A | N/A | $500 | ||
Microcide Pharmaceuticals Inc. (MCDE)19 | 2/12 | N/A | N/A | N/A | N/A | $35 | ||
NeoTherapeutics Inc. (NEOT)20 | 1/3 | N/A | N/A | 17.26 | N/A | $50 | ||
Organogenesis Inc. (AMEX:ORG)21 | 4/30 | 1.9S | $8.85 | N/A | UBS Warburg LLC | $16.8 | ||
Scios Inc. (SCIO)22 | 1/19 | 6.4S | $18.625 | 38.5 | N/A | $120 | ||
SYN X Pharma (Canada; CDNX:SYY)23 | 4/19 | 2.14S | C$7 | 5.4 | Sprott Securities Inc. (lead) | C$15 (US$9.72) | ||
Transkaryotic Therapies Inc. (TKTX)24 | 12/13 | N/A | N/A | N/A | N/A | $500 | ||
Vion Pharmaceuticals Inc. (VION)25 | 4/3 | 5S | $4.31 | N/A | N/A | $21.56 | ||
XOMA Ltd. | 11/17 | 10S | $11.25 | N/A | N/A | $112.5 | ||
(XOMA)26 |
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III. WITHDRAWN OR POSTPONED |
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INITIAL OFFERINGS |
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Company | Date | Shares/ | Price | Shares | Lead, Other | Value | ||
(Symbol/Proposed Symbol)#* | Filed/Date Pulled | Units (M) | Range | Out (M) | Underwriters | (M) | ||
Athersys Inc. (ATHX)27 | 10/12 4/17 | N/A | N/A | N/A | Credit Suisse First Boston Dain Rauscher Wessels Inc. ING Barings LLC | $115 | ||
BioMedicines Inc. (BIOS)28 | 11/3 4/2 | N/A | N/A | 15 | UBS Warburg LLC U.S. Bancorp Piper Jaffray Pacific Growth Equities | $57.5 | ||
Dynavax Technologies Corp. (DVAX)29 | 12/5 4/24 | N/A | N/A | N/A | Bank of America Securities LLC UBS Warburg LLC (joint leads) | $75 | ||
Xenogen Corp. (XGEN)30 | 9/29 4/10 | 7S | $9 | 26.9 | UBS Warburg LLC CIBC World Markets Corp. Dain Rauscher Wessels Inc. | $63 | ||
FOLLOW-ON OFFERINGS |
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PPL Therapeutics plc (Scotland; LSE:PTH)31 |
3/16 4/18** | N/A | N/A | N/A | Deutsche Bank AG | #45 (US$64.2) | ||
Notes: |
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# Unless otherwise indicated, shares are traded on the Nasdaq exchange. |
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* Stock symbols for companies seeking to complete IPOs are proposed. |
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**Denotes the date the item ran in BioWorld International. |
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N/A = Not available or reported. |
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AMEX = American Stock Exchange; CDNX = Canadian Venture Exchange; LSE = London Stock Exchange |
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1 Acadia's underwriters have an overallotment option for 750,000 shares. |
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2 APBiotech's IPO value, $291.2M, is based on the sale of 18.2M shares at $16 each, the midpoint of the expected price range. |
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3 BioNumerik filed for a $50M IPO. The number of shares to be offered, the price range, and the number of shares outstanding were not disclosed. |
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4 CombiMatrix did not disclose any further details. |
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5 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 for 1.05M shares. |
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6 DNA Sciences did not disclose any further details. |
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7 Kinetek's proposed IPO was filed in Canada. No further details were disclosed. |
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8 NetGenics' IPO's value, $66M, is based on the sale of 5.5M shares at $12 each, the midpoint of the expected price range. The underwriters have an overallotment option for 825,000 shares. |
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9 Senomyx did not disclose any further details. |
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10 Xcyte did not disclose any further details. |
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11 Aastrom's offering value, $8.1M, is based on the proposed maximum aggregate price of $1.27 per share for 6.35M shares. |
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12 Alexion filed a shelf registration to offer common stock, debt or warrants, up to a value of $300M. |
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13 Alteon filed a shelf registration statement to sell $50M in shares. |
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14 Atrix filed to put 4M shares on the shelf. The value of the proposed offering, $100M, is based on the Feb. 15 closing stock price of $25. |
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15 Cell Pathways filed a shelf registration for the sale of $25M in common stock. |
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16 CV Therapeutics refiled its shelf registrations totaling $190M on April 23. |
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17 InSite filed a shelf registration to sell $40M in stock |
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18 Medarex filed a shelf registration statement to offer up to $500M of common stock, preferred stock, warrants and debt securities. |
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19 Microcide filed a shelf registration for the sale of up to $35M in securities. |
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20 NeoTherapeutics filed a shelf registration covering the sale of debt securities, common stock, preferred stock, depository shares or warrants up to $50M. The company amended its prospectus April 19. The company plans to offer 0.59M shares to Montrose Investments Ltd. and 0.59M shares to Srong River Investments for $6M. |
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21 Organogenesis filed to sell up to 1.9M shares over two years through an underwriting agreement. The value, $16.8M, is based on the stock's closing price on April 27 of $8.85. |
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22 Scios filed to sell 6.4M shares under a shelf registration. The value of the offering, $120M, is based on the Jan. 17 closing stock price of $18.625. |
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23 SYN X intends to sell 2.14M special warrants at C$7 each. The underwriters have an overallotment option for an additional 714,286 warrants. Each warrant is convertible into one common share. |
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24 Trankaryotic Therapies filed a shelf registration statement for the sale of up to $500M in securities. |
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25 Vion filed a shelf registration statement to sell up to 5M shares. The value is based on the assumed stock price of $4.3125. |
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26 Xoma filed a shelf registration statement for the sale of up to 10M shares. The value, $112.5M, is based on the Nov. 16 closing price. |
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27 Athersys withdrew its IPO on April 17. |
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28 BioMedicines withdrew its IPO on April 2. |
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29 Dynavax withdrew its IPO on April 24. |
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30 Xenogen postponed its IPO on Feb. 13, only to withdraw it April 10. |
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31 PPL withdrew its public offering due to market conditions. |