Company

Location

Date

Amt. (M)

Details

Achillion Pharmaceuticals Inc.

New Haven, Conn.

3/27

$17

Achillion raised $17M in first round of financing, attracting investments from Schroder Ventures, Atlas Venture, Advent International, and Connecticut Innovations Inc.

AlphaVax Inc.

Durham, N.C.

3/7

$8.2

AlphaVax raised $8.2M in Series B financing, which attracted domestic and overseas institutions, as well as venture capital funds and individuals; Burton Advisors Ltd. (London) acted as placement agent

Axxima Pharmaceuticals AG (formerly VirGene Pharmaceuticals AG)

Martinsried, Germany

3/10

DM20 (US$9.88)

Axxima raised $9.88M in oversubscribed second-round financing; TVM Techno Venture Management GmbH was lead investor and coordinated the round; the other participants were International Biotechnology Trust plc (UK); Alpinvest (Netherlands); Global Life Science Ventures (Germany); IKB Deutsche Industriekreditbank AG (Germany); tbg Technology Beteiligungsgesellschaft der Deutschen Ausgleichbank (Germany); Biotechnology Investments Ltd. (now being transferred to 3i Bioscience Investment Trust plc (UK); KB Lux Venture Capital Fund (Luxembourg); S|d Venture Capital Investition (Germany); and several private investors

BioStratum Inc.

Research Triangle Park, N.C.

3/27

$28

BioStratum raised $28M in a private placement that attracted new and previous investors from the U.S. and Europe; investors included HealthCap (Sweden); Equity Resources Group (U.S.); BankInvest (Denmark); Mellon Holdings Ltd. (UK); and MP Bio hf (Iceland)

Cepheid

Sunnyvale, Calif.

3/6

$19.1

Cepheid raised $19.1M from corporate and indvidual investors in a Series C round led by Wheatley Partners II LP; new investors include Palladin Group, Merlin Biomed Group, Formula Growth Ltd., R.H. Capital Partners LLC and GBC North American Growth Fund Inc.; previous investors that participated include Invemed Associates Inc., Innogenetics NV, Medtronic Inc., and Advanced Technologies Ventures

Ciphergen Biosystems Inc.

Palo Alto, Calif.

3/17

$28.6

Ciphergen sold 10.4M shares of Series E preferred stock for an aggregate purchase price of $28.6M; new investors include Atlas Venture (lead), Morgan Stanley Ventures, Essex Ventures, AP Asset Management and Orbimed Advisors; previous investors that participated in this round include Falcon Technology Partners, MDS Capital Corp. and SROne Ltd.

Genaissance Pharmaceuticals

New Haven, Conn.

3/14

$60

Genaissance raised $60M in two rounds (B and C) of financing; new investors include Canaan Partners, A&A Actien Bank, Alta Partners, Chase Capital Partners, Johnson & Johnson Development Corp., Lombard Odier & Cie, and Sofinov; previous investors that participated include Biomedicine, Dresdner Kleinwort Benson, and Connecticut Innovations Inc.; the financings consisted of a $48M Series B round and a $12M Series C round

Genomica Corp.

Boulder, Colo.

3/14

$15

Genomica raised $15M in a private placement of Series C preferred stock to institutional and accredited investors; the company subsequently filed for an IPO (see page 7)

Genteric Inc.

Alameda, Calif.

3/29

$9

Genteric raised over $9M in a Series A financing; Alta Partners, MedVenture Associates and Sanderling participated, along with several individual investors

Kinetek Pharmaceuticals Inc.

Vancouver, B.C.

3/4

C$20.1 (US$13.84)

Kinetek raised C$20.1M (US$13.84M) in the second stage of its current round of financing; investors were led by Ontario Teachers Pension Plan, Royal Bank Ventures Inc., Ventures West B.C. Technology Investment Fund and the Working Opportunity Fund; other participants include RT Capital, Trian Equities, FutureFund Capital Corp., T2C2 Limited Partnership, Navigator Canadian Technology Fund, and Societi Innovatech du Grand Montreal, as well as U.S. and Canadian private parties; the first stage of the financing raised C$7.9M (US$5.44M)

LifeSpan BioSciences Inc.

Seattle

3/8

$13.5

LifeSpan received $13.5M from undisclosed investors

Metabolex Inc.

Hayward, Calif.

3/7

$10.75

Metabolex raised $10.75M in a financing led by John Hancock Life Insurance Co.; other participants are Pictet & Cie (Switzerland), the Acorn USA Fund of Wanger Asset Management, Lombard Odier (Switzerland), and Bay City Capital (which also acted as advisor)

NeuColl Inc. (subsidiary of Cohesion Technologies; CSON) Bioscience Inc.

Palo Alto, Calif.

3/7

$4

Cohesion's osteobiologics subsidiary garnered $4M in a private placement financing made by Stephens Group Inc.; Cohesion's stake is now under 50%

Neurotrophic Bioscience Inc.

Toronto

3/24

$0.5

Neurotrophic completed a $0.5M leasing line with Transamerica Commercial Finance Corp.; agreement allows the company to convert existing equipment as well as to buy new equipment using the line

Promix Pty Ltd.

Brisbane, Australia

3/22

A$3 (US$1.83)

Promix raised A$3M (US$1.83M) from Start-Up Australia and Rothschilds Bioscience Managers (Melbourne)

Proneuron Biotechnologies Ltd.

Ness-Ziona, Israel

3/15

$3.7

Israel Infinity Venture Capital invested $0.75M in the round; other investors include D.S. Polaris Ltd., Hudson Investment Group, and Giza Venture Capital (Israel) (3/15)

Proteome Inc.

Beverly, Mass.

3/1

$8.1

Proteome raised $8.1M from Boston Millennia Partners and William Blair Capital Partners LLC

Quorex Pharmaceuticals Inc.

Carlsbad, Calif.

3/13

$1.1

Quorex completed its $2.2M seed financing with an additional $1.1M; investors include Johnson & Johnson Development Corp., Tullis-Dickerson & Co. Inc., Ingelwood Ventures, and private investor Michael Grantham (3/13)

Seattle Genetics Inc.

Bothell, Wash.

3/14

$30

Seattle raised $30M in Series B financing led by Bank of America Ventures; other investors include Cascade Investment, Vulcan Ventures, Olympic Venture Partners, Sofinnova Ventures and Indosuez Ventures (3/14)

TranXenoGen Inc.

Shrewsbury, Mass.

3/28

$1.5

TranXenoGen raised $1.5M in a Series C and D placement of preferred stock to existing private investors and institutions including WestLB Panmure

Variagenics Inc.

Cambridge, Mass.

3/7

$20

Variagenics raised $20M in a self-managed private placement; new investors include CIBC Capital Partners (lead) and Essex Investment Management Co.; previous investors that participated include The Sprout Group, Atlas Venture, Oxford Bioscience Partners, Forward Ventures, and Advent International

Zyomyx Inc.

Hayward, Calif.

3/7

$22

Zyomyx raised $22M in a placement of Series C preferred stock; new investors include eHealth Technology Fund, Burrill & Co., and Singapore BioInnovation of America; the financing also attracted previous investors Skyline Ventures, Alloy Ventures, Lombard Odier & Cie, and H&Q Capital Management Inc.

NOTE:

@ Dates refer to the date of the press release.

II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM EXISTING CORPORATE PARTNERS: $30.2M

Company (Symbol)#

Partner (Symbol; Country)

Amt.(M)

Triggering Event

Details (Date)@

Angiotech Pharmaceuticals Inc. (ANPI)

Boston Scientific Corp. (NYSE: BSX)

C$1.8 (US$1.23)

Regulatory filing

Under terms of 7/97 agreement, Angiotech received a $1.8M milestone payment triggered by a filing to initiate clinical studies of a paclitaxel-coated coronary stent for treating restenosis associated with stent implantation (3/10)

Biohybrid Inc.*

Micromet GmbH* (Germany)

ND

ND

Biohybrid received a milestone under 12/99 licensing agreement for Biohybrid's Activating Hybrid Anbody (3/28)

Connetics Corp. (CNCT)

Celltech Group plc (UK; LSE: CTH)

$5

Manufacturing scale-up

Under 1/99 agreement with Medeva plc since (merged with Celltech), Connetics received a $5M payment for completion of manufacturing scale-up of ConXn (recombinant human relaxin) from pilot lots to commercial quantities (3/20)

Genset SA (France; GENXY)

Abbott Laboratories (NYSE: ABT)

$10

Exercise of put option

Genset exercised a put option under 7/99 agreement to issue the equivalent of $10M worth of Genset equity to Abbott; the exercise will result in the issuance and sale of 0.055M ordinary shares at about $178 per share(3/15)

ImClone Systems Inc.

Merck KGaA (Germany)

$2

Expansion of clinical trial

Under terms of longstanding collaboration, ImClone receives a milestone of $2M for expansion into France of a Phase II study combining IMC225 and cisplatin to treat refractory advanced squamous cell head and neck carcinoma (3/15)

Inflazyme Pharmaceuticals Ltd. (CDNX: IZP)

Aventis Pharma (the pharmaceutical company of Aventis SA; France; NYSE: AVE)

C$5.82 (US$3.94)

Equity purchase

Aventis bought C$5.82M (US$3.94M) of Inflazyme equity under 2/99 agreement (3/20)

NeoPharm Inc. (AMEX:NEO)

Pharmacia & Upjohn (NYSE: PNU)

$3

Clinical trial progress

NeoPharm received a $3M milestone for completing Phase I and beginning Phase II clinical trials for liposomal-encapsulated paclitaxel (3/15)

Organogenesis Inc. (AMEX: ORG)

Novartis Pharma AG

$5

Regulatory progress

Organogenesis received $5M in advance due to submission of PMA supplement for Apligraf (3/24)

NOTES:

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

* Denotes privately held company.

@ Dates refer to the date of the press release.