I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $427.5M

Company

Location

Date

Amt. (M)

Details

Adolor Corp.

Malvern, Pa.

7/11

$36.6

Adolor raised $36.6M in a private placement of preferred stock led by new investor MPM Capital; other new investors included Sprout Group, Zesiger Capital Group, Lombard Odier & Cie and Special Situations Funds; previous investors who participated included Alta Partners, ARCH Venture Partners, OrbiMed Advisors, S.R. One Ltd. and TL Ventures; Pacific Growth Equities Inc. managed the offering

AlphaVax Inc.

Durham, N.C.

7/24

$11

AlphaVax raised $11M in a private placement of Series C convertible preferred securities; Burton Advisers Ltd. acted as placement agent and financial adviser

Arrow Therapeutics Ltd.

London

7/6

#11.1 (US$16.75)

Arrow raised #11.1M (US$16.75M) in a second venture financing led by GIMV, which invested #2.75M (US$4.15M); three other investors ­ Alta Partners, TVM Techno Venture Management and 3i ­ each invested #2.25M (US$3.4M); Northern Venture Managers invested #1M (US$1.51M); existing investors, including Unibio Ltd. and founding scientists committed another #0.6M (US$0.9M)

Circassia Ltd.

London

7/24

#0.245

Circassia raised #0.245M (US$0.37M) in seed funding from the Challenge Seed Fund, set up by the UK government and the Wellcome Trust

Compugen Ltd.

Tel Aviv and Jamesburg, N.J.

7/19

$35.4

Compugen netted $35.4M in a private placement led by Apax Partners & Co. and Pequot Private Equity Group; new investors also included venture capital funds from the Giza Group, Yozma Venture Fund and State Farm Mutual Automobile Insurance Co.; they were joined by previous investors including Clal Biotechnology Industries Ltd., Apax Partners Israel, Poalim Investments Ltd., STI Venture Fund Ltd., and Ampal Industries Ltd.; Compugen subsequently filed for an IPO (see p. 5)

Cytos Biotechnology AG

Zurich

7/25

CHF50

Cytos raised CHF50M (US$32M) in independently managed second-round financing; participants included previous investors Global Life Sciences, Innoventure (subsidiary of Credit Suisse) and Novartis; the round also drew new investors Alta Partners, Aventic (subsidiary of UBS), Health Cap, Lombard Odier, New Medical Technologies and Private Equity Direct Finance (subsidiary of Bank Vontobel)

Dov Pharmaceutical Inc.

Hackensack, N.J.

7/6

$7

Dov completed a Series C convertible preferred stock financing led by The Biotechnology Value Fund LP, its affiliates and investment funds managed by Reservoir Capital Group LLC; Aurora Capital LLC served as placement agent

Enanta Pharmaceuticals Inc.

Cambridge, Mass.

7/28

$20

Enanta raised $20M in a second-round financing that included Oxford Bioscience Partners (lead), Advent International, TVM Techno Venture Management, Caduceus Capital, Bank Vontobel, Alpinvest Internatioanl BV and KB Lux Venture Capital

Fluorous Technologies Inc.

Pittsburgh

7/6

ND

Fluorous' initial investors included Albany Molecular Research Inc. (AMRI), which provided $0.65M, Alfred Bader (retired founder of Aldrich Chemical Co.) and the University of Pittsburgh (7/6)

Framingham Genomic Medicine*

Boston

7/10

$6

Framingham raised the first $6M in first round of financing, led by Oxford Bioscience Partners, Venrock Associates and S.R. One Ltd.

Geneva Proteomics Inc.

Evanston, Ill., and Geneva

7/17

$40

Geneva raised $40M in a first-round financing whose participants included funds and accounts managed by Fidelity Management & Research Company, Jennison Associates LLC, Merlin BioMed Group, OrbiMed Advisors LLC, CEH Geneve and Basellandschaftlich Pensionkasse

Innate Pharma**

Marseille, France

7/26

FFr30 (US$4.5)

Innate raised FFr30M (US$4.5M) from Sofinnova, Auriga and GIMV

Metabasis Therapeutics Inc.

San Diego

7/18

$13

Metabasis raised $13M in a private placement of preferred stock with MPM Capital Management and Interwest Partners; financing is the first round for the company since its 6/99 spinoff from Sicor Inc.

NeuroSurvival Technologies Ltd.**

Petach-Tikva, Israel

7/26

$7.5

NeuroSurvival completed a second round of financing; participants included Johnson & Johnson Development Corp., Bargal R&D Ltd., Clal Biotechnology Industries Ltd., Federman Holdings Ltd., Modgal-Tech Ltd., Palim Investments Ltd., and Technorov Holdings Ltd.

Physiome Sciences Inc.

Princeton, N.J.

7/17

$50

Physiome raised $50M in a round led by Investor AB (through Investor Growth Capital) and Dresdner Kleinwort Benson; other new investors included OrbiMed Advisors LLC, Lombard Odier et Cie and CIT Group; Muzinich & Co. acted as placement agent (7/17)

RiboTargets Ltd.**

Abingdon, UK

7/19

#6 (US$9)

RiboTargets raised #6M (US$9M) in a private financing that attracted previous investors Apax Partners, 3i plc, Advent Venture Partners and Kargoe; they were joined by new investors NIB Capital, Rendex and Quester

Sunesis Pharmaceuticals Inc.

Redwood City, Calif.

7/11

$60

Sunesis raised $60M in a Series C preferred stock financing led by CSFB Private Equity; new investors were International Biotechnology Trust (managed by Rothschild Asset Management) and Lombard Odier & Cie; previous investors who participated E.M. Warburg, Pincus & Co. LLC, Mayfield Fund, Venrock Associates and Abingworth Management; a group of individuals also invested; Broadview Ltd. acted as adviser and placement agent for a portion of the financing

Third Wave Technologies Inc.

Madison, Wis.

7/26

$48

Third Wave raised $48M in a private round led by BB Biotech and including new investors Janus Capital, Putnam Investments, American Express, Scudder Funds, Invesco Funds Group, Tisch Family Interests, Essex, Galleon Investments, CIBC Capital Partners and Jennison Capital; previous investors who participated included The Wellcome Trust, Schroder Ventures, The Burrill Agbio Capital Fund, UK Medical Ventures, Venture Investors of Wisconsin and Wisconsin Alumni Research Foundation; Third Wave subsequently filed for an IPO (see p. 7)

Zycos Inc.

Cambridge, Mass.

7/10

$30.4

Zycos raised $30.4M in a private placement of preferred stock led by Dresdner Kleinwort Benson and William Blair Capital Partners; other participants included new investors Stephens Inc., Sofinov, Oakwood Medical Investments and Medical Venture Partners; the financing also attracted existing investors Lombard Odier and New Medical Technologies (7/10)

* The date listed is the date the financing was reported in BioWorld Today.

** The date listed is the date the financing was reported in BioWorld International.

II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM EXISTING CORPORATE PARTNERS: $151M

Company (Symbol)#

Partner (Symbol; Country)

Amt. (M)

Triggering Event

Details (Date)

Millennium Pharmaceuticals Inc. (MLNM)

Aventis Pharma (unit of Aventis SA; NYSE:AVE)

$150

End of HartScott-Rodino waiting period

Companies received notice from the U.S. Federal Trade Commission of early termination of the waiting period under the HartScott-Rodino Antitrust Improvements Act of 1976, allowing collaboration to move forward (7/28)

Ribozyme Pharmaceuticals Inc. (RZYM)

Eli Lilly and Co. (NYSE:LLY)

$1

Clinical development milestone

Lilly made a $1M milestone payment to Ribozyme as a result of meeting a clinical development goal with the anti-hepatitis C ribozyme LY 466700 (7/21)

Notes:

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

* Denotes privately held company.

No Comments