Amt. (M)


454 Corp. (majority-owned subsidiary of CuraGen Corp.;CRGN)

New Haven, Conn.



CuraGen launched 454 Corp. as a majority-owned subsidiary, with private placement funding of $32M; investors include Soros Fund Management LLC and Cooper Hill Partners LLC

Acadia Pharmaceuticals

San Diego



Acadia raised an additional $6.5M in mezzanine round, in addition to $15.5M raised 5/00; investors in the second closing were Pacific Rim Ventures Ltd. and current investors Lonmod-Tagernes Dyrtidsfond, Dansk Kaptalan-Laeg Aktieselskab and Kommunernes Pensionsforsikring A/S; investors who Participated in both closings included H&Q Healthcare Investors, H&Q Life Sciences Investors, OrbiMed Advisors LLC and the Kaufmann Fund

BioAlliance Pharma



EUR7 (US$6.7)

BioAlliance raised EUR7M (US$6.7M); investors include 3i, Capricorn Ventures, Technolife 2010, SPEF and ABN AMRO; Sitka Partners advised

Ecogenix Inc.



C$0.5M (US$0.34)

T2C2/Bio Ltd. Partnership will invest C$0.4M (US$0.27M) per year and SignalGene Inc. (TSE:SGI) will invest C$0.1M (US$0.067M) per year in the newly formed company, the result of a partnership between SignalGene and Sainte Justine Hospital

Ecopia BioSciences



C$10 (US$6.8)

Ecopia raised C$10M (US$6.8M) in second of two private placements, the first of which was conducted with parent firm Theratechnologies; Yorkton Securities led the financing

EyeTech Pharmaceuticals Inc.

New York



EyeTech raised $34M in initial round of financing led by Schroeder Life Sciences; Merrill Lynch participated

GeneEd Inc.

San Francisco



GeneEd raised $2M in seed round; principal investors include Incyte Genomics, Alza Pharmaceuticals and the law firm of Wilson Sonsini Goodrich & Rosati

GenMab A/S

Copenhagen, Denmark



GenMab raised $40.5M in a financing led by Index Ventures; new investors include Apax Europe IV and Lombard Odier Immunology Fund; existing investors include BankInvest, Lonmodtagernes Dyrtidsfond, A/S Dansk Erhvervinvestering, and Medarex Inc. (MEDX)




EUR8 (US$7.7)

GenOdyssee raised EUR8M (US$7.7M) in an initial funding round led by Matignon Investissement and including Societe Generale Asset Management, Technolife 2010 and Georges Cohen (chairman of the French computer software company Transiciel)

Inhibitex Inc.

Alpharetta, Ga.



Inhibitex raised $15M in a Series C financing round of convertible preferred stock; the round was led by William Blair Capital Partners VI LLC; new investors include Pacific Horizon Investors and Oakwood Medical; the financing also attracted previous investors Alliance Technology, Cordova Ventures and the AM Fund

Maxia Pharmaceuticals

San Diego



Maxia raised $10.25M in first closing of a placement of Series B preferred stock and convertible debt led by AP Asset Management AG and Bay City Capital (which also acted as placement agent); Maxia is seeking to raise an additional $10.25M in the round

Neuronyx Inc.

Malvern, Pa.



Neuronyx raised $6M in a Series A financing whose participants included Neose Technologies Inc. (NTEC)

Paratek Pharmaceuticals Inc.




Paratek raised $20M in a private placement that attracted new investors Lombard Odier, BankInvest, BioFund, FSC Corp. and Nomura International plc (which also acted as international placement agent)


Paris; Newtown, Pa.



ValiGen raised $25M in a private placement that attracted new and previous investors from the U.S. and Europe; investors include International Biotechnology Trust and ImClone Systems (IMCL)


Company (Symbol)#

Partner (Symbol; Country)

Amt. (M)

Triggering Event

Details (Date)

Elan Corp. plc (NYSE:ELN)

Ligand Pharmaceuticals Inc. (LGND)


Submission of new drug application to the FDA

Ligand will issue 0.367M shares to Elan at $10.89 per share (average closing price for five days prior to milestone achievement) for a total of $4M; Elan will now own 12.5% of Ligand (6/8)

Emisphere Technologies Inc. (EMIS)

Eli Lilly and Co. (NYSE:LLY)


Initiation of development collaboration

Emisphere received a $2M milestone under terms of 1997 research and option agreement upon execution of follow-on development agreement for oral formulations of Forteo (recombinant parathyroid hormone) and Humatrope (6/13)

GenVec Inc.*

Parke-Davis Pharmaceutical Division of Warner-Lambert Co. (now merged with Pfizer Inc.; NYSE:PFE)


Development of manufacturing technology

GenVec received a $2M milestone for development of manufacturing technology for the Biobypass angiogenic agent, a therapy for the treatment of coronary artery disease and peripheral vascular disease (6/6)

Myriad Genetics Inc. (MYGN)

Schering-Plough Corp. (NYSE:SGP)


Gene discovery

Myriad discovered a prostate cancer susceptibility gene, which resulted in a $1M payment from Schering-Plough under terms of 1997 research collaboration (6/6)

NaPro BioTherapeutics Inc. (NPRO)

Abbott Laboratories (NYSE:ABT)


Equity investment triggered by undisclosed event

NaPro received $4M in the form of cash for 0.711M shares of common stock at $5.625 per share under agreement for development of NaPro paclitaxel in the U.S. (6/28)

Novazyme Pharmaceuticals Inc.*

Neose Technologies (NTEC)



Neose invested in Novazyme convertible debentures (6/12)

PowderJect Pharmaceuticals plc (UK; LSE:PJP)

Serono (Switzerland; SWX:SEO)

#1 (US$1.5)

Advancement of product into clinical development

Following successful completion of initial testing, companies decided to progress development of Gonal-F (recombinant follicle-stimulating hormone) delivered via PowderJect system into clinical development; decision triggered a #1M (US$1.51M) milestone (6/12)

Regeneron Pharmaceuticals Inc. (REGN)

The Procter & Gamble Co. (NYSE:PG)


Equity investment under collaboration agreement

P&G purchased 0.574M shares at $29.75 per share pursuant to 1997 agreement granting Regeneron the right to sell $17M worth of stock; the price is the same price per share as Regeneron's 4/00 public offering; P&G now owns about 16% of Regeneron (6/1)

Shearwater Polymers Inc.*

F. Hoffmann-La Roche Ltd. (Switzerland)


Regulatory filing

Shearwater received $1M milestone payment when Roche filed a new drug application for Pegasys, a pegylated formulation of interferon (6/5)

Synsorb Biotech Inc. (Canada; SYBB)

MDS Sciex (Canada; TSE:MDS)


Patent issuance

Synsorb received a milestone payment upon issuance of the first of several key high-throughput screening patents for INH Technologies Inc., a former subsidiary Synsorb sold to MDS 3/00 (6/27)

Transgene (France; TRGNY)

Schering-Plough Corp. (NYSE:SGP)


Preclinical success

Animal studies at Canji Inc. (the gene therapy center for Schering-strated that Transgene's new adeno-viral vector was safer than first-generation adenovirus vectors when used to deliver the p53 tumor-suppressor gene (6/8)


* Privately held company.

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