I. COMMENCED TRADING IN FEBRUARY

Company (Symbol)

Date Filed

Date Comm.

Shares/Units

Price

Shares Out (M)

Lead, Other Underwriters

Gross ($M)

Net ($M)

INITIAL OFFERINGS

Antigenics LLC (AGEN)1

1/30

2/3

4.035S

$18

24.7

U.S. Bancorp Piper Jaffray Robertson Stephens

$72.5

$66.5

Diversa Corp. (DVSA)2

12/16

2/14

8.34S

$24

34.1

Bear Stearns & Co. Inc. Chase H&Q Deutsche Banc Alex. Brown

$200.1

$184.9

Sequenom Inc. (SQNM)3

1/24

2/1

6.04S

$26

23.6

Warburg Dillon Read LLC Deutsche Banc Alex. Brown Chase H&Q

$157.0

$144.7

TOTAL: $429.6

Number of IPOs year-to-date: 3

Number of IPOs in February: 3

Total raised in IPOs year-to-date: $429.6M

Average value: $143.2M

FOLLOW-ON OFFERINGS

Abgenix Inc. (ABGX)4

1/28

2/11

2.48S

$210

19.6

Robertson Stephens Lehman Brothers Inc. Merrill Lynch & Co. Pacific Growth Equities Inc.

$521.6

$496.5

Celgene Corp. (CEGE)5

1/19

2/10

2.48S

$101

20.7

J.P. Morgan & Co. (co-lead) Prudential Vector Healthcare Group (co-lead) U.S. Bancorp Piper Jaffray

$250.9

$235.3

Genzyme Transgenics Corp. (GZTC)6

1/6

2/4

4.03S

$20

26.5

Warburg Dillon Read LLC Chase H&Q

$80.5

$75.7

Maxim Pharmaceuticals Inc.(AMEX: MMP)7

1/25

2/22

3.21S

$55

19.7

J.P. Morgan & Co. Prudential Vector Healthcare Group Aragon Securities AB

$176.3

$164.9

TOTAL: $1,029.3M

Number of follow-on offerings in February: 4

Average value of February follow-ons: $257.3M

Number of follow-on offerings year-to-date: 6

Total raised in follow-ons year-to-date: $1,417.2M

Average value of follow-ons year-to-date: $236.2M

Notes:

1 Antigenics figures take into account the exercise of the underwriters' overallotment option for 525,000 shares.

2 Diversa figures take into account the exercise of the underwriters' overallotment option for 1,087,500 shares.

3 Sequenom figures take into account the exercise of the underwriters' overallotment option for 787,500 shares.

4 The offering sold a total of 3.45M shares for gross proceeds of $725M. Abgenix sold 2,484,000 shares, including 324,000 through the exercise of the underwriters' overallotment option. Selling stockholder Cell Genesys sold an additional 966,000 shares, including 126,000 through exercise of the overallotment option. Figures above exclude shares sold by Cell Genesys (see the company's entry in Other Financings of Public Biotechnology Companies on p. 12).

5 The offering sold a total of 3M shares for $303M, including 516,000 shares sold by selling stockholders. Shares sold by existing stockholders were excluded from the figures above. The underwriters have an overallotment option for an additional 450,000 shares.

6 Genzyme Transgenics figures take into account the exercise of the underwriters' overallotment option for 525,000 shares.

7 The Maxim offering did not include an overallotment option.

  II. FILED AND PENDING

Company (Symbol)*

Date Filed

Shares/Units (M)

Price Range

Shares Out (M)**

Lead, Other Underwriters

Value ($M)

INITIAL OFFERINGS

ACLARA Biosciences Inc. (ACLA)1

1/20

9S

$13-15

22.2

Deutsche Banc Alex. Brown (co-lead) Warburg Dillon Read LLC (co-lead) U.S. Bancorp Piper Jaffray

$126.0

Adolor Corp. (ADLR)2

2/8

6S

$12-14

16.8

Warburg Dillon Read LLC FleetBoston Robertson Stephens Pacific Growth Equities Inc.

$78.0

Allos Therapeutics Inc. (ALTH)3

1/26

N/A

N/A

N/A

S.G. Cowen Prudential Vector Healthcare Group U.S. Bancorp Piper Jaffray

$69.0

AtheroGenics Inc. (AGIX)4

2/25

N/A

N/A

N/A

S.G. Cowen Chase H&Q Adams, Harkness & Hill Inc. A.G. Edwards & Sons Inc.

$100.0

DrugAbuse Sciences Inc. (DASI)5

2/3

N/A

N/A

N/A

Warburg Dillon Read LLC Robertson Stephens

$69.0

Esperion Therapeutics (ESPR)6

2/24

N/A

N/A

N/A

FleetBoston Robertson Stephens (co-lead) Chase H&Q (co-lead) U.S. Bancorp Piper Jaffray

$138.0

Exelixis Pharmaceuticals Inc. (EXEL)7

2/7

N/A

N/A

N/A

Goldman, Sachs & Co. Credit Suisse First Boston >S.G. Cowen

$100.0

Inspire Pharmaceuticals Inc. (ISPH)8

2/25

N/A

N/A

N/A

Bear, Stearns & Co. Inc. Deutsche Banc Alex. Brown U.S. Bancorp Piper Jaffray

$80.0

InterMune Pharmaceuticals Inc. (ITMN)9

2/2

5.5S

$14-16

14.7

Warburg Dillon Read LLC Chase H&Q Prudential Vector Healthcare Group

$82.5

IntraBiotics Pharmaceuticals Inc. (IBPI)10

1/27

7.5

$14

21.1

Deutsche Banc Alex. Brown Warburg Dillon Read LLC S.G. Cowen Adams, Harkness & Hill

$105.0

Introgen Therapeutics Inc. (INGN)11

2/17

N/A

N/A

10.3

S.G. Cowen Securities Corp. Prudential Securities Inc. U.S. Bancorp Piper Jaffray

$92.0

Lexicon Genetics Inc. (LEXG)12

2/9

N/A

N/A

N/A

J.P. Morgan & Co. (co-lead) Credit Suisse First Boston (co-lead) Dain Rauscher Wessels Punk Ziegel & Co.

$100.0

Luminex Corp. (LMNX)13

2/7

N/A

N/A

N/A

Warburg Dillon Read LLC Lehman Brothers Dain Rauscher Wessels

$100.0

OraPharma Inc. (OPHM)14

12/30

4S

$15-17

8.6

FleetBoston Robertson Stephens U.S. Bancorp Piper Jaffray Gerard Klauer Mattison & Co. Inc.

$64.0

Orchid BioSciences Inc. (ORCH)15

2/18

N/A

N/A

N/A

Credit Suisse First Boston Robertson Stephens Salomon Smith Barney

$90.0

Paradigm Genetics Inc. (PDGM)16

2/18

N/A

N/A

N/A

Chase H&Q J.P. Morgan & Co. Pacific Growth Equities Inc. Stephens Inc.

$100.0

Praecis Pharmaceuticals Inc. (PRCS)17

2/8

N/A

N/A

N/A

Salomon Smith Barney CIBC World Markets Credit Suisse First Boston

$156.4

Rigel Pharmaceuticals Inc. (RIGL)18

2/4

N/A

N/A

N/A

Warburg Dillon Read LLC Robertson Stephens Prudential Vector Healthcare Group

$100.0

Sangamo BioSciences Inc. (SGMO)19

2/11

N/A

N/A

N/A

Lehman Brothers Inc. Chase H&Q ING Barings William Blair & Co.

$100.0

Signal Pharmaceuticals (SGNL)20

2/18

N/A

N/A

N/A

FleetBoston Robertson Stephens Chase H&Q CIBC World Markets Corp.

$80.5

Tanox Inc. (TNOX)21

2/2

N/A

N/A

N/A

CIBC World Markets Robertson Stephens Warburg Dillon Read LLC Adams, Harkness & Hill Inc. KBC Securities

$126.0

ViroLogic Inc. (VLGC)22

2/22

N/A

N/A

N/A

CIBC World Markets Corp. ING Barings Prudential Vector Healthcare Group

$75.0

FOLLOW-ON OFFERINGS

Angiotech Pharmaceuticals (ANPI TSE:ANP)23

2/22

1.75S

C$67.35 (US$46.63)

15.2

Deutsche Banc Alex. Brown (co-lead) Merrill Lynch & Co. (co-lead) U.S. Bancorp Piper Jaffray

C$117.9 (US$81.6)

Avigen Inc. (AVGN)24

2/18

4S

$66.81

15.0

Salomon Smith Barney Inc. CIBC World Markets Corp ING Barings

$267.2

BioPure Corp. (BPUR)25

2/14

2.5S

$37

22.3

J.P. Morgan & Co. Salomon Smith Barney Robert W. Baird & Co. Inc. Adams, Harkness & Hill

$92.5

Celera Genomics Group (CRA)26

1/31

1.615S

$195.57

N/A

Morgan Stanley Dean Witter (co-lead) Goldman, Sachs & Co. (co-lead) S.G. Cowen ING Barings Bear Stearns & Co.

$315.9

Centaur Pharmaceuticals Inc.27

2/3

1.08S

$11.50

15.6

Bank Vontobel AG

$12.4

Diacrin Inc. (DCRN) 28

2/23

3S

$17.63

14.4

Paine Webber Inc. Nomura International plc

$52.9

Emisphere Technologies Inc. (EMIS)29

2/14

2.5S

$65.50

14.5

Chase H&Q Deutsche Banc Alex. Brown Warburg Dillon Read LLC Adams, Harkness & Hill Inc.

$163.8

Enzon Inc. (ENZN)30

2/22

2S

$56.44

38.0

Morgan Stanley Dean Witter CIBC World Markets Corp. S.G. Cowen

$112.9

Medarex Inc. (MEDX)31

1/28

1.75S

$81.88

32.6

Morgan Stanley Dean Witter Chase H&Q Dain Rauscher Wessels Warburg Dillon Read LLC

$143.3

Nanogen Inc. (NGEN)32

2/18

2.5S

$64.56

19.0

Warburg Dillon Read LLC Lehman Brothers Inc. Pacific Growth Equities Inc. Dain Rauscher Wessels First Union Securities Inc.

$161.4

Neose Technologies Inc. (NTEC)33

2/11

2.5S

$27.81

11.5

Chase H&Q Prudential Vector Healthcare Group U.S. Bancorp Piper Jaffray Warburg Dillon Read LLC

$69.5

SuperGen Inc. (SUPG)34

2/14

2S

$61.75

27.7

Banc of America Securities LLC Lehman Brothers Inc. Prudential Vector Healthcare Group Warburg Dillon Read LLC

$123.5

Tularik Inc. (TLRK)35

2/23

3.75S

$65.44

44.9

Lehman Brothers Inc. J.P. Morgan & Co. Chase H&Q Thomas Weisel Partners LLC Warburg Dillon Read LLC

$245.4

NOTES

* Stock symbols for companies seeking to complete IPOs are proposed.

** Shares outstanding exclude new shares to be issued in the offering.

1 ACLARA'S prospectus was amended 2/22/00 and 2/24/00. The underwriters have an overallotment option for an additional 1,350,000 shares. Strategic partner PE Biosystems has expressed interest in buying $5M worth of shares in the offering. The estimated value of the offering, $126M, is based on the sale of 9M shares at an assumed offering price of $14 per share.

2 Adolor's prospectus was amended 2/18. The estimated value of the offering, $78M, is based on the sale of 6M shares at an assumed offering price of $13 per share. The underwriters have an overallotment option for an additional 900,000 shares.

3 Allos' prospectus leaves blank the number of shares that are being offered, the price per share and the number of shares outstanding. The estimated value of the IPO, $69M, is the proposed maximum aggregate offering price, which is used to calculate the SEC filing fee.

4 AtheroGenics' prospectus leaves blank the number of shares that are being offered, the price per share and the number of shares outstanding. The estimated value of the IPO, $100M, is the proposed maximum aggregate offering price, which is used to calculate the SEC filing fee.

5 DrugAbuse Sciences' prospectus was amended 2/17/00. The prospectus leaves blank the number of shares that are being offered, the price per share and the number of shares outstanding. The estimated value of the IPO, $69M, is the proposed maximum aggregate offering price, which is used to calculate the SEC filing fee.

6 Esperion's prospectus leaves blank the number of shares that are being offered, the price per share and the number of shares outstanding. The estimated value of the IPO, $138M, is the proposed maximum aggregate offering price, which is used to calculate the SEC filing fee.

7 Exelixis' prospectus was amended 2/18/00. The prospectus leaves blank the number of shares that are being offered, the price per share and the number of shares outstanding. The estimated value of the IPO, $100M, is the proposed maximum aggregate offering price, which is used to calculate the SEC filing fee.

8 Inspire's prospectus leaves blank the number of shares that are being offered, the price per share and the number of shares outstanding. The estimated value of the IPO, $80M, is the proposed maximum aggregate offering price, which is used to calculate the SEC filing fee.

9 InterMune's prospectus was amended 2/18/00. The estimated value of the IPO, $82.5M, is based on the sale of 5.5M shares at an assumed offering price of $15 per share. The underwriters have an overallotment option for 825,000 shares.

10 IntraBiotics' prospectus was amended 2/29/00. The estimated value of the offering, $105M, is based on the sale of 7.5M shares at an assumed offering price of $14 per share. The underwriters have an overallotment option for an additional 1,125,000 shares.

11 Introgen's prospectus leaves blank the number of shares that are being offered and the price per share. The estimated value of the IPO, $92M, is the proposed maximum aggregate offering price, which is used to calculate the SEC filing fee.

12 Lexicon's prospectus leaves blank the number of shares that are being offered, the price per share and the number of shares outstanding. The estimated value of the IPO, $100M, is the proposed maximum aggregate offering price, which is used to calculate the SEC filing fee.

13 Luminex's prospectus leaves blank the number of shares that are being offered, the price per share and the number of shares outstanding. The estimated value of the IPO, $100M, is the proposed maximum aggregate offering price, which is used to calculate the SEC filing fee.

14 OraPharma's prospectus was amended 2/7/00, 2/22/00 and 2/28/00. The estimated value of the IPO, $64M, is based on the sale of 4M shares at an assumed offering price of $16 per share. The underwriters have an overallotment option for an additional 600,000 shares.

15 Orchid's prospectus leaves blank the number of shares that are being offered, the price per share and the number of shares outstanding. The estimated value of the IPO, $90M, is the proposed maximum aggregate offering price, which is used to calculate the SEC filing fee.

16 Paradigm's prospectus leaves blank the number of shares that are being offered, the price per share and the number of shares outstanding. The estimated value of the IPO, $100M, is the proposed maximum aggregate offering price, which is used to calculate the SEC filing fee.

17 Praecis' prospectus leaves blank the number of shares that are being offered, the price per share and the number of shares outstanding. The estimated value of the IPO, $156.4M, is the proposed maximum aggregate offering price, which is used to calculate the SEC filing fee.

18 Rigel's prospectus leaves blank the number of shares that are being offered, the price per share and the number of shares outstanding. The estimated value of the IPO, $100M, is the proposed maximum aggregate offering price, which is used to calculate the SEC filing fee.

19 Sangamo's prospectus was amended 2/24/00. The prospectus leaves blank the number of shares that are being offered, the price per share and the number of shares outstanding. The estimated value of the IPO, $100M, is the proposed maximum aggregate offering price, which is used to calculate the SEC filing fee.

20 Signal's prospectus leaves blank the number of shares that are being offered, the price per share and the number of shares outstanding. The estimated value of the IPO, $80.5M, is the proposed maximum aggregate offering price, which is used to calculate the SEC filing fee.

21 Tanox's prospectus leaves blank the number of shares that are being offered, the price per share and the number of shares outstanding. The estimated value of the IPO, $126M, is the proposed maximum aggregate offering price, which is used to calculate the SEC filing fee.

22 ViroLogic's prospectus leaves blank the number of shares that are being offered, the price per share and the number of shares outstanding. The estimated value of the IPO, $75M, is the proposed maximum aggregate offering price, which is used to calculate the SEC filing fee.

23 Angiotech's prospectus was filed in Canada. The estimated value of the offering, US$81.6M, is based on the 2/18/00 closing price of the company's shares, US$46.63.

24 The estimated value of Avigen's offering, $267.2M, is based on the sale of 4M shares at an assumed price of $66.81. The underwriters have an overallotment option for an additional 600,000 shares.

25 Biopure's prospectus was amended 2/22/00. The estimated value of the offering, $92.5M, is based on the sale of 2.5M shares at an assumed price of $37 per share. The underwriters have an overallotment option for an additional 375,000 shares.

26 Celera's proposed offering, filed by parent company PE Corp., is for 1.615M shares with an underwriters' overallotment option of 242,250 shares. The prospectus leaves blank the price range and the number of shares to be outstanding after the offering. The estimated price given here, $195.57, is the price used to calculate the SEC registration fee; it is used here to calculate the estimated value of a 1.615M share offering, $315.9M.

27 Centaur's prospectus was amended 2/24/00. The company anticipates that most of the shares will be sold outside the U.S. to a limited number of institutional and private investors. There is no symbol listed because the stock is not listed or quoted on any exchange or automated quotation system. The estimated value of the offering, $12.4M, is based on the sale of 1.08M shares at the proposed maximum offering price per share, $11.50.

28 The estimated value of Diacrin's offering, $52.9M, is based on the sale of 3M shares at an assumed offering price of $17.63. The underwriters have an overallotment option for an additional 450,000 shares.

29 Emisphere's prospectus was amended 2/22/00. The estimated value, $163.8M, is based on the sale of 2.5M shares at an assumed price of $65.50. The underwriters have an overallotment option for an additional 375,000 shares.

30 Enzon's prospectus was amended 2/29/00. The estimated value, $112.9M, is based on the sale of 2M shares at an assumed price of $56.4375. The underwriters have an overallotment option for an additional 300,000 shares.

31 Medarex's prospectus was amended 2/16/00. The estimated value, $143.3M, is based on the sale of 1.75M shares at an assumed offering price of $81.88 per share. The underwriters have an overallotment option for an additional 262,500 shares.

32 Nanogen's prospectus was amended 2/25/00 and 2/28/00. The estimated value, $161.4M, is based on the sale of 2.5M shares at an assumed offering price of $64.5625 per share. The underwriters have an overallotment option for an additional 375,000 shares; included in the overallotment option are 229,645 shares from selling stockholders and 145,355 shares from the company.

33 Neose's prospectus was amended 2/28/00. The estimated value, $69.5M, is based on the sale of 2.5M shares at an assumed offering price of $27.81 per share. The underwriters have an overallotment option for an additional 375,000 shares.

34 SuperGen's prospectus was amended 2/23/00 and 2/28/00. SuperGen is offering 2M shares of stock, and selling stockholders are offering an additional 730,000 shares. The underwriters have an overallotment option for 409,500 additional shares from the selling stockholders. The estimated value, $123.5M, is based on the company's proposed sale of 2M shares at an assumed price of $61.75 per share.

35 Tularik's offering includes 3.75M shares offered by the company and 1.25M shares offered by selling stockholders, for a total of 5M shares. The underwriters have an overallotment option for an additional 750,000 shares. The estimated value of the offering, $245.5M, is based on the sale of 3.75M shares at the proposed maximum offering price of $65.44 (used to calculate the SEC filing fee).

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