Company (Symbol)#

Type Of Financing

Number Of Shares, Units Or Warrants (M)

Amount Raised ($M)*

Investors; Placement Agents; Details (Date)@

Aastrom Biosciences Inc. (ASTM)

Private placement of units

2.26U

$6

Aastrom raised $6M through the sale to a single investor of 2.26M units, each of which consists of one share of common stock and a three-year warrant to purchase one-half of one share of common stock at an exercise price of $3.70; full exercise of the warrants would raise an additional $4.2M (3/2)

Alexion Pharmaceuticals Inc. (ALXN)

Private placement of convertible subordinated notes

--

$120

Alexion raised $120M through the placement of 5.75% convertible subordinated notes due 3/15/07; notes are convertible to Alexion common stock at $106.43 per share (3/3)

AltaRex Corp. (Canada; TSE:AXO)

Exercise of stock options

1.96S

C$0.98 (US$0.67)

National Bank Financial Inc. and HSBC James Capel Canada Inc. exercised all their compensation options to acquire 1.96M common shares of AltaRex; the options were issued mid-1999 as partial compensation for services provided to the company in a public offering; net proceeds to the company total $0.98M (US$0.67M) (3/9)

Antex Biologics Inc. (OTC BB: ANTX)

Private placement of common stock and warrants

23.2U

$15.3

Antex netted $15.1M in a self-managed placement of common stock and warrants; the company sold 18.7M "A" units and 4.5M "B" units, in each case at a price of $0.66 per unit; each "A" unit consists of one share of common stock and one Class A warrant, which has a five-year term and is exercisable immediately for purchase of one share of common stock at $1.50 per share; each "B" unit consists of 1/100 share of Series A convertible preferred stock and one Class B warrant; beginning one year following the issue date, each 1/100 share of preferred stock is convertible into one share of common stock; Class B warrants are identical to Class A warrants except they do not become exercisable until until one year after issuance (3/16)

Aquila Biopharmaceuticals Inc. (AQLA)

Private placement of common stock

0.5S

$3.03

Aquila raised $3.03M in a self-directed private placement of 0.5M shares of common stock with the State of Wisconsin Investment Board (3/23)

AutoImmune Inc. (AIMM) <

Sale of patent rights

--

$7

A subsidiary of Elan Corp. plc (Ireland; NYSE: ELN) purchased all of AutoImmune's rights to a group of patent applications related to treatment of Alzheimer's disease; AutoImmune will receive up to $7M in cash through a combination of up-front fees and contingent payments over three years; when those payments are made, the buyer will receive warrants to purchase up to 0.75M shares of AutoImmune stock at the market price when the warrants were issued (3/21)

Avax Technologies Inc. (AVXT)

Private placement of common stock and warrants

2.26S and warrants for 0.23S

$25.1

Avax sold 2.26M shares of common stock at $11.125 per share and warrants to purchase an additional 0.23M shares of common stock at $12.79< per share or 115% of the offering price; Gruntal & Co. LLC acted as placement agent (3/13)

Axonyx Inc. (OTC BB: AXYX)

Private placement of units

188U

$4.7

Axonyx sold 188 units at $25,000 each to raise $4.7M; each unit consists of 4,000 shares of restricted common stock and 2,000 five-year warrants exercisable at $11 (3/1)

BioChem Pharma Inc. (BCHE)

Divesture of division

--

$54

BioChem sold its diagnostics division, BioChem ImmunoSystems Inc. to a minority shareholder and management group; BioChem received a $54M debenture to be paid out of future cash flows (3/15)

Biomira Inc. (BIOM)

Draw down of equity line of financing

$29

Biomira issued $29M worth of new stock; terms of 2/99 financing agreement allowed for tranches of $10M, for up to $100M; the underwriter agreed to let Biomira take advantage of a strong stock price to drawn down a larger amount (3/17)

Cel-Sci Corp. (AMEX:CVM)

Private placement of common stock

$7.7

Cel-Sci sold $7M worth of stock to two institutional investors (3/16), along with $0.7M to a director (3/24)

Celsion Corp. (OTC BB: CELN)

Exercise of warrants

5.28S

$5

Holders of Celsion's Series 700 and 800 warrants exercised warrants in response to Celsion's call for redemption; Series 700 warrant holders bought 2.63M shares at $1 each and Series 800 warrant holders bought 2.65M shares at $0.90 each (3/15)

CV Therapeutics Inc. (CVTX)

Private placement of convertible subordinated notes

--

$196.25

CV Therapeutics sold $175M worth of 4.75% convertible subordinated notes due 3/7/07; the notes are convertible into shares of CV common stock at $63.84 per share, subject to adjustment in certain circumstances (3/2); initial purchasers exercised overallotment option for $21.25M worth of additional notes (3/16)

Cytoclonal Pharmaceutics Inc. (CYPH)

Exercise of warrants

1.94S

$12.6

About 97% of Class C warrants were redeemed, with holders exercising each warrant to buy one share of common stock and one Class D warrant for a total of $6.50; each Class D warrant is exercisable for one share of common stock at $8.75; the Class D warrants expire 11/2/00 (3/13)

Demegen Inc. (OTC BB: DBOT)

Private placement of restricted shares of common stock and warrants

5.4S and warrants for 5.4S

$2.7

Demegen sold 5.4M restricted shares of common stock and warrants to purchase 5.4M common shares (3/17)

DiagnoCure Inc. (TSE:CUR)

Private placement of special warrants

1.25W

$5

DiagnoCure sold 1.25M special warrants at $4 each for a total of $5M; each special warrant is exchangeable for one common share without additional payment (3/16)

Discovery Laboratories Inc. (DSCO)

Private placement of common stock and warrants

2.8S and 0.57W

$18.5

Discovery raised approximately $18.5M through a private placement of 2.8M shares and 0.57M warrants; investors include PIMCO Equity Advisors, The Lincoln Fund, Royal Bank of Canada, The Keys Foundation, Albert Fried and Co., and Credito Privato Commerciale; Paramount Capital acted as placement agent (3/20)

Flamel Technologies

Private placement of units (France; FLMLY)

3.2U

$12.8

Flamel sold 3.2M units at $4 each to raise $12.8M; each unit consists of one ordinary share, 0.56 of a Class A warrant and 0.60 of a combination of Class B or C warrants; altogether, 3.21M shares are to be issued, along with warrants for a total of 3.73M ordinary shares; the warrants have a five-year term; investors are Biotechnology Value Fund, Alta BioPharma Partners and Chase Capital Partners (3/23)

GelTex Pharmaceuticals Inc. (GELX)

Private placement of common stock

1.75S

$35

GelTex raised $35M through the sale of 1.75M shares at $20 per share to institutional investors; the company also entered an agreement with Acqua Wellington North American Equities Fund Ltd. for a financing facility covering the sale of up to >1.75M shares of common stock over the next 12 months at GelTex's discretion at a small discount to market price; transactions stemmed from a shelf registration covering up to 3.5M shares (3/13)

Geron Corp. (GERN)

Private placement of common stock and warrants

--

$9

Geron sold $9M in common stock and warrants to an individual investor; the common stock and stock underlying the warrants are subject to a two-year prohibition on sale; the transaction was structured in two tranches, the first of which consisted of common stock priced at market and warrants priced at a premium to market; the second tranche, 30% of the total, was priced at a discount to market (3/10)

Helix Biopharma (Canada: TSE:HBP)

Private placement of special warrants

3W

C$12.75 (US$8.7)

Pacific International Securities and Roche Securities Ltd. paid C$4.25 (US$2.90) each for 3M warrants, convertible into 3M common shares at C$6.66 (US$4.53) for one year and warrants to buy 1.5M shares at C$10 (US$6.80) for two years (3/20)

Human Genome Sciences Inc.

Private placement of convertible subordinated notes

--

$300

HGS raised $300M through the private placement of $300M worth of 3.75% convertible subordinated notes due 2007; notes are convertible into HGS common stock at $219 per share (3/10)

Ilex Oncology Inc. (ILXO)

Private placement of common stock

3S

$135

Ilex sold 3M shares of common stock at $45 per share to institutional and other investors for a total of $135M ($127M net); a selling stockholder sold an additional 1.26M shares; Prudential Vector Healthcare Group served as placement agent (3/7)

Immune Network Research Ltd. (Canada; CDNX:IMM)

Private placement of special warrants

15.45W

C$8.5 US$5.83

Immune Network sold 15.45M special warrants at C$0.55 (US$0.38) per special warrant in a brokered private placement with Groome Capital.com Inc.; each is exercisable into one unit at no additional cost, each unit consisting of one common share and a half-share purchase warrant; each whole-share purchase warrant entitles the holder to purchase one additional common share at C$1.40 (US$0.96) for 18 months (3/9)

Inflazyme Pharmaceuticals Ltd. (Canada; CDNX:IZP)

Exercise of warrants

3.26S and 0.37W

$7.57

Goldman Sachs Group Inc. and Biotechnology Investments Ltd. exercised all of their Series A common share purchase warrants, receiving a total of 3.2M shares for total proceeds of $7.11M ($2.18 per share); in addition, National Bank Financial Inc. exercised 0.37M agent warrants (issued in connection with a 1999 financing) for total proceeds of $0.46M (3/7)

Isis Pharmaceuticals Inc. (ISIP)

Offering of common stock under a shelf registration

1S

$27.25

Isis raised $27.25M through the sale of 1M shares at $27.25 per share; financing is part of an ongoing relationship with principal investor Acqua Wellington North American Equities Fund Ltd., and was underwritten by Ridgeway Investments Ltd.; the offering was made pursuant to shelf registration for up to 4M shares (3/8)

KS Biomedix plc (UK; LSE: KSB)

Placement of ordinary shares

2.27S

#15.82 US$24.97

KS placed 2.27M ordinary shares at 698 pence (US$11.02) to raise #15.82M (US$24.97M); the placement was fully underwritten by WestLB Panmure Ltd. (3/1)

Micrologix Biotech Inc. (Canada; TSE:MBI)

Private placement of special warrants

4W

$40

Micrologix raised $40M through a private placement of 4M special warrants at $10 each via a syndicate of underwriters co-led by TD Securities Inc. and Yorkton Securities Inc., and including RBC Dominion Securities Inc., Goepil McDermid Inc. and Canaccord Capital Corp.; each warrant will entitle the holder to acquire, at no additional cost, one common share of Micrologix (3/20)

NeoTherapeutics Inc. (NEOT)

Private placement of common stock

0.52S

$8

NeoTherapeutics sold 0.52M shares of common stock at $15.375 per share, a 12% premium; investors also receive five-year warrants to purchase 0.1M shares of common stock at $21 per share (3/6)

Novavax Inc.(AMEX: NOX)

Exercise of stock options and warrants

0.85S

$3.6

Novavax received $3.6M when Anaconda Opportunity Fund LP exercised its warrant to purchase 0.66M shares of common stock for $3.6M; in addition, Anaconda was issued 0.19M shares in a cash-less exercise of additional warrants to purchase Novavax stock (3/15)

Nymox Pharmaceutical Corp. (NYMX)

Private placement of shares and warrants

0.67S and 0.07W

$4

Nymox raised $4M through a private placement of 0.67M shares and 0.07M warrants; investment was placed by Ladenburg Thalmann & Co. (3/14)

Ophidian Pharmaceuticals Inc. (OPHD)

Sale of patents and patent applications

--

$1.3

Ophidian sold five patents and patent applications to an undisclosed buyer for $1.3M (3/28)

Organogenesis Inc. (AMEX: ORG)

Private placement of shares

0.3S

$5.3

Organogenesis, which raised $10.8M in 2/00, directly placed an additional 0.3M shares at $17.625 per share, raising $5.3M (3/9)

Ortec International Inc. (ORTC)

Private placement of common stock

0.07S

$1

New Medical Technologies (Switzerland) bought 0.067M shares at $15 each, for a total of $1M; Robert Mitani Capital LLC, an affiliate of Aqua Partners, acted as placement agent (3/13)

Oxford GlycoSciences plc (UK; LSE:OGS)

Placement of common shares to existing stockholders

2.1S

#35.3 (US$55.6)

OGS netted #33.2M (US$52.3) from a placement that allowed existing share holders to buy 1 share at 1,700 pence (US$26.78; a 6.72% discount to the 2/24 price) for every 18 shares owned; the placement was underwritten by Lehman Brothers; Lehman and Cazenove & Co. were brokers to the issue (3/20)

Oxis International Inc. (OXIS)

Private placement of units

1U

$4.8

Oxis raised approximately $4.8M in the first tranche of a units financing; each unit is priced at $4.75 and consists of one share of common stock and warrants to purchase two shares, one of which may be purchased at $5.94, the other share covered by the warrants may be purchased at $7.13 (3/7)

Pharmacopeia Inc. (PCOP)

Private placement of common stock

1.86S

$117

Pharmacopeia raised $117M through the sale of 1.86M shares of common stock at $63 per share to institutional investors (3/8)

Pharmacyclics Inc. (PCYC)

Private placement of common stock

0.82S

$60

Pharmacyclics raised $60M through the sale of 0.82M shares of common stock at $73.75 per share to selected institutional investors (3/2)

Protein Polymer Technologies Inc. (PPTI)

Exercise of warrants

4.2S

$2.1

Protein Polymer received $2.1M through conversion of warrants to common stock at $0.50 per share (3/7)

Repligen Corp. (RGEN)

Private placement of common stock

2.6S

$22.4

Repligen raised $22.4M through the sale of 2.6M shares at $8.625 per share; Paramount Capital Inc. acted as financial advisor (3/7)

SafeScience Inc. (SAFS)

Two private placements of common stock and warrants

0.68S and warrants for .87S

$9

SafeScience conducted two separate private placements of equity; in the one transaction, the company raised $5M through the sale of 0.35M shares at $14.45 per share; shares included a warrant to purchase 0.11M shares at $15.98 per share; the investors, led by Cavallo Capital Corp., will buy up to $9M worth of additional stock, subject to certain conditions; in the other transaction, SafeScience raised $3M in a placement of 0.33M shares at $12 per share; shares included a warrant to purchase an additional 0.76M shares at $15.98 per share; Gerard Klauer Mattison & Co. Inc. and George K. Baum & Co. acted as placement agents for the transactions (3/31)

Sangui BioTech International Inc. (Germany; OTC BB:SGBI)

Regulation S sale of common stock

8S

$7.71

Sangui issued 8M shares at $0.96 per share to longterm financial partner Euro-American GmbH (Germany); the shares will be issued under Regulation S with a restriction term of 24 months (3/31)

Select Therapeutics Inc. (OTC BB: SLPU)

Private placement of equity

ND

$9.5

Select Therapeutics raised $9.5M; Clayton Dunning & Co. Inc. acted as placement agent (3/31)

SignalGene (TSE:SGI)

Private placement

7.16S

C$3.7 (US$2.5)

In conjunction with the acquisition of GeneScape Inc., SignalGene raised C$2.7M (US$1.85M) in a private placement with two existing GeneScape shareholders: the Business Development Bank of Canada and Royal Bank Venture Inc.; Societe Innovatech du Grand Montreal also bought $1M (US$0.68M) worth of stock (4/14)

Synsorb Biotech Inc. (Canada; SYBB)

Sale of subsidiary

--

ND

Synsorb sold INH Technologies Inc., a subsidiary, to MDS Inc. (Canada; TSE:MDS.A) for an undisclosed cash payment, plus future milestones and royalties (3/7)

Targeted Genetics Corp. (TGEN)

Private placement of common stock

2.16S

$30.3

Targeted raised $30.3M through the sale of 2.16M shares of common stock at $14 per share; investors are Franklin Templeton Group, Invesco Funds, Lone Pine Capital LLC, International Biotechnology Trust, and Deerfield Management Co.; Chase H&Q served as placement agent (3/1)

Theratechnologies (TSE:TH)

Exercise of warrants

0.5S

C$3.05 US$2.1

The Societe generale de financement du Quebec exercised 0.5M warrants at C$6.10 (US$4.15), for a total of C$3.05M; warrants stem from 6/99 financing (3/20)

Vasogen Inc. (Canada; TSE: VAS)

Private placement of special warrants

1.725W

C$15.5 US$10.7

Vasogen raised C15.5M (US$10.7M) through a private placement of 1.725M special warrants at C$9 (US$6.21); each warrant is convertible into one share of Vasogen for no additional consideration (3/1)

Vertex Pharmaceuticals Inc. (VRTX)

Private placement of convertible subordinated notes

--

$175

Vertex sold $175M worth of 5% notes, due 3/07; notes are convertible into common stock at $80.64 per share (3/9)

Vion Pharmaceuticals Inc. (VION)

Exercise of warrants

1.07S and 1.07W

$5.34

About 90% of Vion's Class A warrants were exercised for $4.63 each, for a total of $4.71M; holders received a total of 1.07M shares of common stock and 1.07M shares of Class B warrants; also, holders of the company's 0.23M unit purchase options exchanged 0.12M of these options, generating $0.62M; the options were exchanged for 0.12M shares of stock, 0.13M Class A warrants (immediately exchanged for 0.13M shares and 0.13M Class B warrants) and 0.13M Class B warrants (3/14)

Viragen Inc.(OTC BB: VRGN)

Shelf registration

--

--

Viragen is seeking to raise $60M this year via equity equity financing through Ladenburg Thalmann & Co. (3/14)

NOTES:

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

* Non-U.S. currencies converted at the exchange rate on the date of the announcement.

@ Dates refer to the date of the press release.

ASX = Australian Stock Exchange

LSE = London Stock Exchange

TSE = Toronto Stock Exchange

VSE = Vancouver Stock Exchange

OTC BB = Over The Counter Bulletin Board