I. COMMENCED TRADING IN AUGUST

Company
(Symbol)

Date
Filed

Date
Comm.

Shares/
Units

Price

Shares
Out

Lead, Other
Underwriters

Gross
($M)

Net
($M)

INITIAL OFFERINGS

3-Dimensional Pharmaceuticals Inc. (DDDP)1

5/23

8/4

5.75S

$15

20.0

Bear Stearns & Co. Chase H&Q U.S. Bancorp Piper Jaffray

$86.25

$79.2

AtheroGenics Inc. (AGIX)2

2/25

8/9

6S

$8

22.9

Chase H&Q Robertson Stephens Inc. Adams Harkness & Hill Inc. A.G. Edwards & Sons Inc.

$48.0

$43.2

Compugen Ltd. (Israel; CGEN)3

7/20

8/14

5.75S

$10

N/A

Robertson Stephens Inc. U.S. Bancorp Piper Jaffray Invemed Associates LLC

$57.5

$53.5

Deltagen Inc. (DGEN)4

4/13

8/3

8.025S

$15

29.8

Salomon Smith Barney Inc. Robertson Stephens Inc. U.S. Bancorp Piper Jaffray

$120.4

$111.1

Dyax Corp. (DYAX)5

5/19

8/15

4.6S

$15

18.7

J.P. Morgan & Co. Lehman Brothers Pacific Growth Equities Inc.

$69.0

$63.1

Esperion Therapeutics Inc. (ESPR)6

2/24

8/10

6.9S

$9

24.9

Robertson Stephens Inc. Chase H&Q U.S. Bancorp Piper Jaffray

$62.1

$57.8

Genaissance Pharmaceuticals Inc. (GNSC)7

4/20

8/2

6.9S

$13

22.5

Deutsche Banc Alex. Brown Bear Stearns & Co. Inc. Salomon Smith Barney UBS Warburg LLC

$89.7

$82.5

Inspire Pharmaceuticals Inc. (ISPH)8

2/25

8/3

6.325S

$12

25.3

Deutsche Banc Alex. Brown Chase H&Q U.S. Bancorp Piper Jaffray

$75.9

$69.3

Ista Pharmaceuticals Inc. (ISTA)9

4/5

8/22

3S

$10.50

14.7

CIBC World Markets Corp. Prudential Vector Healthcare Group Thomas Weisel Partners LLC

$31.5

$28.0

Large Scale Biology Corp. (LSBC)10

4/6

8/10

5S

$17

22.9

J.P. Morgan & Co. Chase H&Q William Blair & Co.

$85

$77.1

Lion Bioscience AG (Germany; LEON)11

7/11

8/10

5.3S

$39.68

N/A

Morgan Stanley Dean Witter Deutsche Banc Alex. Brown

$210.3

N/A

The Medicines Co. (MDCO)12

5/19

8/8

6S

$16

29.3

J.P. Morgan & Co. Robertson Stephens Inc. CIBC World Markets Corp.

$96.0

$88.0

Pharsight Corp. (PHST)13

4/17

8/9

3S

$10

17.74

Donaldson, Lufkin & Jenrette Chase H&Q Wit SoundView

$30.0

$26.6

Regeneration Technologies Inc. (RTIX)14

4/27

8/10

3.8S

$14

21.3

Banc of America Securities LLC Lehman Brothers Inc. Stephens Inc.

$53.2

$48.5

Rosetta Inpharmatics Inc. (RSTA)15

3/17

8/4

8.28S

$14

31.02

Lehman Brothers Inc. Lazard Freres & Co. LLC Prudential Vector Healthcare Group Fidelity Capital Markets

$115.9

N/A

Sirtex Medical Ltd.16 (Australia ASX:SRX)

N/A

8/22

N/A

N/A

N/A

KTM Capital Pty. Ltd.

A$15 (US$8.7)

N/A

Telik Inc. (TELK)17

4/3

8/16

5S

$7

21.8

Lehman Brothers Inc. Chase H&Q Legg Mason Wood Walker UBS Warburg LLC Fidelity Capital Markets

$35.0

$31.05

Versicor Inc. (VERS)18

3/22

8/3

5.29S

$11

22.7

Lehman Brothers Chase H&Q Pacific Growth Equities UBS Warburg Fidelity Capital Markets

$58.2

$53.0

Total: $1,332.65M

Number of IPOs in August: 18
Average value of August IPOs: $74.04M

Number of IPOs year-to-date: 65
Total raised in IPOs year-to-date: $5,621.2M
Average value of IPOs year-to-date: $86.48M

Notes:

1 The figures for 3-Dimensional's offering take into account the underwriters' exercise of an overallotment option for 750,000 shares.

2 AtheroGenics' underwriters have an overallotment option for an additional 900,000 shares.

3 Compugen's figures take into account the underwriters' exercise of an overallotment option for an additional 750,000 shares.

4 Deltagen's figures take into account the underwriters' exercise of an overallotment option for 1.025 million shares.

5 Dyax's figures take into account the underwriters' exercise of an overallotment option for 600,000 shares.

6 Esperion's figures take into account the underwriters' exercise of an overallotment option for 900,000 shares.

7 Genaissance's figures take into account the underwriters' exercise of an overallotment option for 900,000 shares.

8 Inspire's figures take into account the underwriters' exercise of an overallotment option for 825,000 shares.

9 Ista's underwriters have an overallotment option for an additional 450,000 shares.

10 Large Scale's underwriters have an overallotment option for an additional 750,000 shares.

11 Lion's figures take into account the underwriters' exercise of an overallotment option for 685,625 shares. The company's IPO was conducted in the U.S. and Germany; shares are traded on both the Nasdaq and Neuer Markt exchanges. The U.S. component took the form of American Depositary Shares, each of which represents one ordinary share.

12 The Medicines Company's underwriters have an overallotment option for an additional 900,000 shares.

13 Pharsight's underwriters have an overallotment option for an additional 450,000 shares.

14 Regeneration's figures exclude 1.9M shares offered by a selling stockholder. If those shares are added, the offering totals 5.7M shares with gross proceeds of $79.8M. The underwriters have an overallotment option for an additional 855,000 shares

15 Rosetta's figures take into account the underwriters' exercise of an overallotment option for 1.08M shares; the company also conducted a concurrent private placement with collaborative partner Agilent Technologies Inc. at the offering price (see p. 15).

16 Sirtex Medical Ltd. raised US$8.7M in an Australian initial public offering.

17 Telik's underwriters have an overallotment option for an additional 750,000 shares.

18 Versicor's figures take into account the underwriters' exercise of an overallotment option for an additional 690,000 shares.

FOLLOW-ON OFFERINGS

Company
(Symbol)

Date
Filed

Date
Comm.

Shares/
Units

Price

Shares
Out

Lead, Other
Underwriters

Gross
($M)

Net
($M)

AltaRex Corp. (Canada; TSE:AXO)19

4/24

8/9

10.6S

C$0.85 (US$ 0.57)

72.5

HSBC Securities Inc. Roth Capital Partners Greenwich Global LP

C$9.0 (US$6.1)

C$8.3 (US$5.6)

The Immune Response Corp. (IMNR)20

7/12

8/8

2.76S

$6

29.8

First Security Van Kasper Gruntal & Co. LLC

$16.6

$14.9

Notes:
20 AltaRex's figures take into account HSBC's exercise of an overallotment option for 1.38M shares.

21 The Immune Response's figures take into account the underwriters' exercise of an overallotment option for 360,000 shares.

Total: $22.7M

Number of follow-on offerings in August: 2
Average value of August follow-ons: $11.35M
Number of follow-on offerings year-to-date: 40

Total raised in follow-ons year-to-date: $7,670.3M

Average value of follow-ons year-to-date: $191.75M

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

AeroGen Inc. (AEGN)1

8/25

N/A

N/A

N/A

Chase H&Q CIBC World Markets Corp. SG Cowen

$57.5

Cellomics Inc.(CLMX)2

3/3

6S

$16-18

19.6

Prudential Vector Healthcare ING Barings LLC Dain Rauscher Wessels

$102

Ciphergen Biosystems Inc.(CIPH)3

3/20

5S

$15

25.13

SG Cowen Securities Corp.ING Barings LLC Warburg Dillon Read LLC

$75

Durect Corp.(DRRX)4

4/20

7S

$10-12

45.8

Morgan Stanley Dean Witter Chase H&Q CIBC World Markets Corp.

$77

Eden Bioscience(EDEN)5

7/7

5.8S

$12-14

22.7

Merrill Lynch Stephens Inc. George K. Baum & Co. Ragen Mackenzie Inc.

$75.4

Genometrix Inc.(GNMX)6

3/15

7S

$10-12

30.1

Lehman Brothers (co-lead) Chase H&Q (co-lead) Dain Rauscher Wessels Thomas Weisel Partners LLC Fidelity Capital Markets

$77

Genomica Corp.(GNOM)7

3/15

6S

$15-17

21.7

CIBC World Markets Dain Rauscher Wessels Prudential Vector Healthcare

$96

GroPep Ltd.8

N/A

9.4S

A$1.60 (US$0.94)

N/A

N/A

A$17.4 (US$10.4)

InforMax Inc.(INMX)9

7/11

5S

$14-16

18.13

Bear, Stearns & Co. U.S. Bancorp Piper Jaffray Adams, Harkness & Hill

$75

Introgen Therapeutics Inc. (INGN)10

2/17

5S

$12-14

21.5

SG Cowen Securities Corp. Prudential Vector Healthcare PaineWebber Inc.

$65

Kosan Biosciences Inc. (KOSN)11

3/31

5S

$14-16

23.84

Lehman Brothers CIBC World Markets SG Cowen Fidelity Capital Markets

$75

MediChem Life Sciences Inc.(MCLS)12

6/16

6.4S

$10-12

25.4

25.4UBS Warburg LLC Chase H&Q William Blair & Co.

$70.4

NetGenics Inc.(NTGC)13

3/13

5.5S

$12

23.5

Chase H&Q Warburg Dillon Read LLC

$66

Peplin Biotech Ltd.15

8/24

17.5S

A$0.40

N/A

Morgan Corporate Ltd.

A$7

Third Wave Technologies(TWTI)16

7/31

N/A

N/A

N/A

Lehman Brothers Merrill Lynch & Co. CIBC World Markets Robert W. Baird & Co. Fidelity Capital Markets

$100

Starpharma17 (Australia; ASX:SPL)

8/18

24S

A$0.85

86.5

UBS Warburg Australia Ltd.

A$20.4

FOLLOW-ON OFFERINGS

NeoPharm Inc. (NEOL)18

8/24

3S

N/A

13.9

Prudential Vector Healthcare U.S. Bancorp Piper Jaffray

$55

Protein Design Labs Inc.(PDLI)19

8/30

2.5S

$87.96

42.3

CS First Boston CIBC World Markets SG Cowen

$219.9

Notes:

1 The value of AeroGen's initial public offering, $57.5M, is based on the proposed maximum aggregate offering price. The prospectus leaves blank the number of shares to be offered, the price range and the number of shares outstanding following the offering

2 Cellomics' prospectus was amended 4/14/00. The estimated value of the IPO, $102M, is based on the sale of 6M shares at $17, the midpoint of the expected price range. The underwriters have an overallotment option for 900,000 shares.

3 Ciphergen's prospectus was amended 8/24, 8/25 and 9/1. The estimated value of the IPO, $75M, is based on the sale of 5M shares at an assumed price of $15. The underwriters have an overallotment option for 750,000 shares.

4 Durect's prospectus was amended 9/1. The estimated value of the IPO, $77M, is based on the sale of 7M shares at an assumed price of $11, the midpoint of the expected price range. The underwriters have an overallotment option for 1.05M shares.

5 Eden's prospectus was amended 8/18 and 9/1. The estimated value of the IPO, $75.4M, is based on the sale of 5.8M shares at an assumed price of $13, the midpoint of the expected price range. The underwriters have an overallotment option for 870,000 shares.

6 Genometrix's prospectus was amended 4/19/00, 5/2/00, 5/22/00 and 5/23/00. The estimated value of the IPO, $77M, is based on the sale of 7M shares at $11, the midpoint of the expected price range. The underwriters have an overallotment option for an additional 1.05M shares.

7 Genomica's prospectus was amended 8/3. The underwriters have an overallotment option for an additional 900,000 shares.

8 GroPep is seeking to complete an IPO in Australia by issuing 9.4M shares at A$1.60, plus additional shares to meet demand.

9 InforMax's prospectus was amended 8/31. The estimated value of the IPO, $75M, is based on the sale of 5M shares at $15, the midpoint of the expected price range. The underwriters have an overallotment option for an additional 750,000 shares.

10 Introgen's prospectus was amended 8/2. The estimated value of the IPO, $65M, is based on the sale of 5M shares at $13, the midpoint of the expected price range. The underwriters have an overallotment option for an additional 750,000 shares.

11 Kosan's prospectus was amended 8/8. The estimated value of the IPO, $75M, is based on the sale of 5M shares at $15, the midpoint of the expected price range.

12 MediChem's prospectus was amended 8/28. The estimated value of the IPO, $70.4M, is based on the sale of 6.4M shares at $11, the midpoint of the expected price range. The underwriters have an overallotment option for 960,000 shares.

13 The estimated value of NetGenics' IPO, $66M, is based on the sale of 5.5M shares at an assumed price of $12 per share. The underwriters have an overallotment option for an additional 825,000 shares.

14 Peplin plans to raise A$7M in its Australian IPO.

15 Third Wave's prospectus leaves blank the number of shares to be offered, the price per share and the number of shares to be outstanding following the offering.

16 Starpharma's Australian IPO was planned in May but held back due to unfavorable markets at that time. The company will accept oversubscriptions from existing shareholders for up to 2.4M shares.

17 NeoPharm filed a registration statement covering the sale of 3M shares, 2.8M to be sold by the company and 200,000 to be sold by a selling shareholder. The underwriters have an overallotment option for 450,000 shares.

18 Protein Design Labs aims to raise $219.9 million through the sale of 2.5M shares, assuming a price of $87.96 per share. The underwriters have an overallotment option for 375,000 shares.

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