I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $193.5M |
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Company | Location | Date | Amt. (M) | Details |
Acadia Pharmaceuticals | San Diego | 5/8 | $15.5 | Acadia completed a $15.5M private placement of preferred stock in a mezzanine round led by H&Q Healthcare Investors, H&Q Life Sciences Investors and OrbiMed Advisors LLC; other participants included The Kaufmann Fund and previous investors Dansk Kapitalanlaeg and Kommunernes Pensionsforsikring A/S (both of Denmark) |
Athersys Inc. | Cleveland | 5/8 | $47.5 | Athersys raised $47.5M in a placement of Class F convertible preferred stock; investors included INVESCO Funds, Van Wagoner Funds, Crestwood Capital Partners, Cogene Biotech Ventures, Roxbury Capital, Chelsey Capital, KBC Equity Funds, MCP Global Corp., President Life Sciences, Manschot Opportunity Fund, TalMor Capital Management, Curran Partners, Emerging Growth Management and DRW Venture Partners |
Biofrontera Pharmaceuticals GmbH | Leverkusen, Germany | 5/31 | DM23 (US$11.5) | Biofrontera completed oversubscribed placement led by 3i Group Investments LP and including Alta Vista Equity Partner GmbH & Co. KG (Germany), TRE Holding AG (Switzerland), Technologie-Beteiligungs-Gesellschaft der Deutschen Ausgleichsbank (Germany); first-round investors who participated included LeVenture and TechnoMedia (both of Germany) (5/31) |
BioNumerik Pharmaceuticals Inc. | San Antonio, Texas | 5/8 | $12 | BioNumerik raised more than $12M in a self-managed private placement |
eBioinformatics | Pleasanton, Calif. | 5/26 | $10 | eBioinformatics raised $10M in second-round financing of Series C preferred stock; International Biotechnology Trust (UK) invested $3M as co-lead investor; other new investors were Colonial First State Private Equity and CSL Ltd; previous investors who participated included Rotschild's Australian Bioscience Trust, Allen & Buckeridge and 3i Bioscience Investment Trust (5/26) |
Entelos Inc. | Menlo Park, Calif. | 5/4 | $14.6 | Entelos raised $14.6M in a Series B financing led by Abingworth Management; new investors were St. Paul Ventures and Boulder Ventures; previous investors Brentwood and Charles River Ventures also participated (5/4) |
Eurogene Ltd. | London | 5/24 | #15 (US$22) | Eurogene raised #15M (US$22M) in second-round financing |
GeneMachines | San Carlos, Calif. | 5/3 | $10.7 | Gene Machines raised $10.7M in a Series B preferred stock financing co-led by Oxford Bioscience Partners III L.P. and Frazier & Co., each of which invested $5M (5/3) |
GeneTrol Biotherapeutics Inc. | Oakland, Calif. | 5/15 | $3.9 | GeneTrol raised $3.9M in second-round financing led by Fortune Consulting Group (Taiwan); other investors include CYPAC Investment Management Ltd., Global Ventures, First BioVenture Capital, Asia Pacific Holdings Corp., and Pacific Venture Capital Co. Ltd. (all of Taiwan), and Creative Assets Ltd. (Hong Kong) (5/15) |
HepaVec AG | Berlin | 5/8 | DM8 (US$3.7) | Techno Venture Management led this second-round financing, which attracted previous investors Dansk Kapitalanlaeg (Denmark) and Alpinvest International NV (the Netherlands); they were joined by new investors Industrie Management Holding GmbH (Germany) and KB Lux Venture Capital Fund (Luxembourg) |
ImmGenics Pharmaceuticals |
Vancouver, British Columbia |
5/16 |
C$9 (US$6) |
ImmGenics netted C$9M (US$6M) in a placement of preferred equity with Nomura International plc and International Biotechnology Trust (maanged by Rothschild Asset Management Ltd.) |
Morphotek Inc. | Philadelphia | 5/22 | $2 | Morphotek received $2M in seed financing led by Allan Bedwick, president of Bedwick Capital Management |
Novocell Inc. | Irvine, Calif. | 5/16 | ND | Novocell completed a Series B financing led by BD Ventures LLC, a venture capital fund sponsored by Becton, Dickinson and Co. (NYSE:BDX) |
Oxxon Pharmaccines | London | 5/17 | #1.1 (US$1.6) | Oxxon raised #1.1M (US$1.6M) in a first-round financing with MVM Ltd. and Neomed Management |
Pharmadigm Inc. | Salt Lake City | 5/2 | ND | Pharmadigm completed the first of two closings on a $12M Series E convertible preferred stock offering with Friedli Corporate Finance (Switzerland) and an existing shareholder; final closing is slated for 6/30 (5/2) |
Repair Inc. | Boston | 5/31 | $2 | Repair raised $2M in seed financing; founders and investors include Maine Medical Center and Masthead Venture Partners |
Xenogen Corp. | Alameda, Calif. | 5/18 | $30.5 | Xenogen raised $30.5M in a mezzanine round that attracted new investors HSBC Investment Bank plc (UK), Lombard Odier & Cie (Switzerland), Pictet & Cie Banquiers (Switzerland), and Chevron Technology Ventures (subsidiary of Chevron Corp.); previous investors provided $11M; they included Brentwood Associates, Delphi Ventures, Harvard Private Capital Holdings, S.R. One Ltd., and Invemed Fund; Bay City Capital advised Xenogen |
II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM EXISTING CORPORATE PARTNERS: $24.7M |
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Company (Symbol)# | Partner (Country; Symbol) | Amt. (M) | Triggering Event | Details (Date) |
Amrad Corp. Ltd. (ASX:AML) | Baxter Healthcare Corp. (NYSE:BAX) | $2 | Production milestone | Amrad received $2M under 3/99 agreement for producing significant quantities of vascular endothelial growth factor B protein (AM133) |
Cortex Pharmaceuticals Inc. (OTC BB: CORX) | NV Organon (the Netherlands) | $2 | Selection of clinical candidate | Cortex received $2M under 1/99 agreement upon selection of an Ampakine drug candidate to enter Phase I trials (5/9) |
NiCox SA (France; Nouveau Marche:NICOX) | AstraZeneca plc (UK; NYSE:AZN) | $2 | Initiation of clinical trial | NicOx received $2M under 1998 agreement upon AstraZeneca's start of Phase I trial of HCT-3012, a pain and inflammation drug (5/19) |
NPS Pharmaceuticals Inc. (NPSP) |
Janssen Pharmaceutica NV (subsidiary of Johnson & Johnson [NYSE:JNJ]) |
$2 |
ND/equity pruchase |
NPS satisfied conditions under 10/98 agreement for equity purchase by Johnson & Johnson Development Corp.; original agreement was signed with Allelix Biopharmaceuticals, now a NPS subsidiary (5/11) |
Onyx Pharmaceuticals Inc. (ONXX) | Warner-Lambert Co. (NYSE:WLA) | $3.7 | Feasibility demonstration | Onyx received $3.7M for demonstrating the feasibility of using a selectively replicating adenovirus to deliver an anticancer gene (5/23) |
Paradigm Genetics Inc. (PDGM) | Pharmacia Corp. (NYSE:PHA) | ND | ND | Paradigm received an undisclosed milestone payment under 1/00 functional genomics agreement (5/18) |
Regeneron Pharmaceuticals Inc. (REGN) | Sumitomo Pharmaceutical Co. (Japan) | $3 | ND | Regeneron received $3M payment (less $0.3M for Japanese tax) related to development of brain-derived neurotrophic factor in Japan (5/2) |
Vertex Pharmaceuticals Inc. (VRTX) |
Aventis SA (France) |
$10 |
ND |
Vertex received $10M payment under 9/93 agreement (expanded 9/99) to develop HMR 3480/VX-740 and other compounds for a range of inflammatory diseases; original agreement was with Hoechst Marion Roussel, since merged with Rhone-Poulenc to form Aventis (5/24) |
Notes: |
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* Denotes privately held company. |
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