Public Financing of Biotechnology: April 2001

I. COMMENCED TRADING IN APRIL

Company (Symbol)#

Date Filed

Date Comm.

Shares/Units (M)

Price

Shares Out (M)

Lead, Other Underwriters

Gross (M)

Net (M)

INITIAL OFFERINGS

There were no initial public offerings in April

Total: $0M

Number of IPOs in April: 0

Average value of April IPOs: $0M

Number of IPOs for 2001: 7

Total raised in IPOs in 2001: $265.75M

Average value of IPOs in 2001: $37.96M

FOLLOW-ON OFFERINGS

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

Number of follow-on offerings in April: 1

Average value of April follow-ons: $4.13M

Number of follow-on offerings in 2001: 11

Total raised in follow-ons in 2001: $991.1M

Average value of follow-ons in 2001: $90.1M

Notes:

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

Company (Symbol/Proposed Symbol)#*

Date Filed

Shares/Units (M)

Price Range

Shares Out (M)

Lead, Other Underwriters

Value (M)

INITIAL OFFERINGS

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

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

III. WITHDRAWN OR POSTPONED

INITIAL OFFERINGS

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

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:

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

* Stock symbols for companies seeking to complete IPOs are proposed.

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

N/A = Not available or reported.

AMEX = American Stock Exchange; CDNX = Canadian Venture Exchange; LSE = London Stock Exchange

1 Acadia's underwriters have an overallotment option for 750,000 shares.

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.

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.

4 CombiMatrix did not disclose any further details.

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.

6 DNA Sciences did not disclose any further details.

7 Kinetek's proposed IPO was filed in Canada. No further details were disclosed.

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.

9 Senomyx did not disclose any further details.

10 Xcyte did not disclose any further details.

11 Aastrom's offering value, $8.1M, is based on the proposed maximum aggregate price of $1.27 per share for 6.35M shares.

12 Alexion filed a shelf registration to offer common stock, debt or warrants, up to a value of $300M.

13 Alteon filed a shelf registration statement to sell $50M in shares.

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.

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

16 CV Therapeutics refiled its shelf registrations totaling $190M on April 23.

17 InSite filed a shelf registration to sell $40M in stock

18 Medarex filed a shelf registration statement to offer up to $500M of common stock, preferred stock, warrants and debt securities.

19 Microcide filed a shelf registration for the sale of up to $35M in securities.

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.

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.

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.

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.

24 Trankaryotic Therapies filed a shelf registration statement for the sale of up to $500M in securities.

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.

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.

27 Athersys withdrew its IPO on April 17.

28 BioMedicines withdrew its IPO on April 2.

29 Dynavax withdrew its IPO on April 24.

30 Xenogen postponed its IPO on Feb. 13, only to withdraw it April 10.

31 PPL withdrew its public offering due to market conditions.

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