I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $293.7M
Active Pass Pharmaceuticals Inc.
Vancouver, British Columbia
Active Pass concluded a financing of C$5M, led by the Western Technology Seed Investment Fund, and jointly managed by Ventures West, Cascadia Pacific and the Business Development Bank of Canada; investors included Working Opportunity Fund and Navigator Canadian Technology Fund, as well as new investors Future Fund Capital Corp.,BioFuture Fund Capital Corp., and a group of individual investors
AeroGen completed a $16.9M private placement; existing investors included CMEA, Wheatley Partners, Invesco Funds Group Inc., Viridian Capital and Interwest Partners; new investors included MVI Medical Venture Investments Limited, The Kaufmann Fund and Hunt Ventures LP
Arakis raised #4M from MB Venture Capital Fund I and the Merlin Biosciences Fund, #2M from each; the financing will be made in two tranches, one immediately and one Feb. 2001
Atairgin completed a private placement Series D round of financing totaling $7.2M; investors included Fremont Ventures and new investors LabInvest Associates Inc. and Oakwood Medical Investors of St. Louis
BioQuest closed an initial $3M investment by Merck Finck & Co.; the investment is part of a private placement of up to $6M in Series A 8% convertible preferred stock; the stock is convertible at $4 per share and each share will be accompanied by one half a warrant to purchase a share at $5
CombiMatrix raised $36M in a private financing; investors included Acacia Research, Emerging Growth Management, JDS Capital, OrbiMed Advisors, Oracle Partners, SAC Capital Management, Seneca Capital and Wheatley Partners, among others
Cytos received CHF50M (US$32M) in a second round of venture capital financing
Elitra Pharmaceuticals Inc.
Elitra completed a $22M preferred stock financing, its third round with financial investors
Evolutec raised #2.7M (US$4M) in its second round of fund raising
Hyalose received a $150,000 commitment from the Oklahoma Center for the Advancement of Science and Technology
Integrative Proteomics Inc.
Integrative Proteomics completed an initial US$8M equity financing, involving a range of U.S., European and Canadian investors; investors included Lombard Odier Immunology Fund and CC Capital Partners Inc.
MorphoChem raised $37.5M as part of a third round private placement; investors included Techno Venture Management, Alta Partners, IKB Venture Capital, Alta Berkeley, Domain Associates and 3i Bioscience Investment trust; new investors led by Merlin BioSciences, included Nomura International, Julius Bar, West LB and Viscardi, as well as private investors
MorphoGen Pharmaceuticals Inc.
MorphoGen received its initial round of equity funding, raising an undisclosed amount
College Park, Md.
NeuralStem completed a $5M Series B financing from SJRJ LLC, an investment company
Panacea closed its initial round of financing, raising an undisclosed amount
Revotar Biopharmaceuticals AG
Texas Biotechnology Corp. entered into an agreement for the initial financing of its German subsidiary, Revotar Biopharmaceuticals AG, with equity investments by bmp AG and Mediport AG; Revotar raised DM 10M in equity and has in place funding through government grants and loans expected to increase start-up funding to DM 30M
Syrrx completed a $5.07M Series A round of venture financing; participants included Bay City Capital, Chemicals and Materials Enterprise Associates, MPM Asset Management, and Versant Ventures
Targacept completed a $30.4M private placement; the lead investor was EuclidSR Partners; other investors were Burrill & Co., Advent Venture Partners, Auriga Ventures, CDCInnovation, Genavent, Societe Generale Asset Management Finance and Longleaf Venture Fund
Xcyte Therapies Inc.
Xcyte closed a $28M Series D equity financing; investors included Alta Partners, ARCH Venture Partners, Falcon Technology Partners, Fluke Capital Management, The Sprout Group/DLJ, Tredegar Investments and Vulcan Northwest; new investor MPM Capital led the round, with additional funding from Vector Fund Management and MGN Opportunity Group
Xenova Group plc
Xenova received payment for 1.5M units offered under the open offer for 2.89M units at 345 pence (US$5.18) per unit; the remaining 1.4M units will be taken up by investors pursuant to the placing by Nomura International plc
II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM EXISTING CORPORATE PARTNERS: $19M
Partner (Symbol; Country)
Avax Technologies Inc. (AVXT)
Australian Vaccine Technologies Ltd.
Avax Technologies' Australian joint venture, Avax Australia Pty. Ltd., received $3M from the joint venture's partner, Australian Vaccine; this is the final payment in investments totaling $10M for a 50 percent interest in Avax Australia (8/23)
DeCode Genetics (DCGN)
F. Hoffmann-La Roche(Switzerland)
deCode scientists mapped a novel gene that contributes to the occurrence of the common form of Alzheimer's disease; deCode received an undisclosed milestone payment (8/18)
Genencor International Inc.(GCOR)
Genencor will provide $1M of funding to Enchira over the next two years as part of a follow-on to a licensing agreement made in May, under which Genencor gained access to Enchira's technology to develop gene-based products (8/28)
Genoptera, a joint venture between Exelixis and Bayer AG, selected several novel insecticide targets for assay development and screening, triggering an undisclosed milestone payment to Exelixis (8/10)
Paradigm Genetics Inc. (PDGM)
Paradigm exceeded milestones in a functional genomics collaboration with Pharmacia by delivering 20 percent moregene function data than required, triggering an undisclosed milestone payment (8/21)
Phylos reached milestones in its collaboration with Amgen to identify high-affinity binding agents to potential therapeutic targets; financial details of the achievement were not disclosed (8/24)
Rosetta Inpharmatics Inc. (RSTA)
Agilent Technologies Inc. (NYSE:A)
Agilent invested $10M in Rosetta through a private placement concurrent with Rosetta's IPO (see p. 4)
Targeted Genetics Corp. (TGEN)
Elan Corp. plc (Ireland; NYSE:ELN)
Elan agreed to make a $5M equity investment in July 1999 when a joint venture was established, and Elan agreed to an additional $5M investment on the one-year anniversary date of the agreement; the 382,739 issued shares were priced at a premium to Targeted's average closing share price (8/16)