I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $213.3M |
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Company | Location | Date | Amt. (M) | Details |
454 Corp. (majority-owned subsidiary of CuraGen Corp.;CRGN) | New Haven, Conn. | 6/1 | $32.5 | 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 | 6/20 | $6.5 | 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 | Paris | 6/8 | 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. | Montreal | 6/28 | 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 | Montreal | 6/15 | 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 | 6/15 | $34 | EyeTech raised $34M in initial round of financing led by Schroeder Life Sciences; Merrill Lynch participated |
GeneEd Inc. | San Francisco | 6/26 | $2 | 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 | 6/13 | $40.5 | 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) |
GenOdyssee | Paris | 6/14 | 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. | 6/14 | $15 | 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 | 6/1 | $10.25 | 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. | 6/13 | $6 | Neuronyx raised $6M in a Series A financing whose participants included Neose Technologies Inc. (NTEC) |
Paratek Pharmaceuticals Inc. | Boston | 6/27 | $20 | 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) |
ValiGen | Paris; Newtown, Pa. | 6/8 | $25 | 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) |
II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM EXISTING CORPORATE PARTNERS: $33.5M |
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Company (Symbol)# | Partner (Symbol; Country) | Amt. (M) | Triggering Event | Details (Date) |
Elan Corp. plc (NYSE:ELN) | Ligand Pharmaceuticals Inc. (LGND) | $4 | 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) | $2 | 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) | $2 | 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) | $1 | 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) | $4 | 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) | ND | | 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) | $17 | 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) | $1 | 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) | ND | 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) | $1 | 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) |
Notes: |
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* Privately held company. |