I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $213.3M

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

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:

* Privately held company.

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