I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $92.85M

Company

Location

Date@

Amt.* (M)

Details

AtheroGenics Inc. (3rd Round)

Alpharetta, Ga.

9/15

$8

AtheroGenics closed an $8M tranche from William Blair Capital Parners LLC, completing a $24M Series C convertible preferred stock financing

Cytokinetics Inc. (2nd Round)

South San Francisco, Calif.

9/9

$20

Cytokinetics completed a Series B preferred stock financing; leading the financing were new investors International Biomedicine Holdings and Paul Allen's Vulcan Ventures; other new investors were Duke University and New Medical Technologies; existing investors were Mayfield Fund and Sevin Rosen Funds; individual investors included William J. Rutter, founder of Chiron Corp.

Eos Biotechnology Inc. (Round ND)

South San Francisco, Calif.

9/27

$27

Eos completed a private placement of preferred stock; further details ND (9/27)

Idun Pharmaceuticals (Mezzanine)

La Jolla, Calif.

9/14

$7.4

Idun completed a private placement of preferred stock; lead investor was John Hancock Mutual Life Insurance Co.; other participants were Venrock Associates, Accel Partners, Institutional Venture Partners, ARCH Venture Fund and Delphi Ventures

Link Technology Inc. (Seed)

Research Triangle Park, NC

9/23

$0.75

Link Technology completed a $0.75M round of financing, including a $0.5M investment by Access Investment Partners, of Westport, Connecticut

Morphochem AG (2nd Round)

Munich, Germany

9/1

DM28 US$15.1

Morphochem completed a private financing round that raised DM28M from European and U.S. investors; new equity funding of DM22M (US$11.9M) was raised from existing investors including Techno Venture Management, of Munich, Germany; Alta Berkeley Associates, of London; and Alta California Partners, of San Franscisco; the complete financing included silent partnership and leasing programs of DM6M (US$3.2M)

Reprogenesis Inc. (2nd Round)

Cambridge, Mass.

9/15

$10.5

Reprogenesis completed a second private financing round; existing investors were Hambrecht & Quist Capital Management, Essex Woodlands Health Ventures and Piedmont Venture Partners; new investor was A.M. Pappas & Associates

RxKinetix Inc. (1st and 2nd Rounds)

Louisville, Colo.

9/1

$4.1

RxKinetix announced on Sept. 1 the completion of $4.1M in sales of newly-issued shares of preferred stock year-to-date; the first private offering of $1.1M closed March 16, 1999; the second private offering of $3M closed August 23, 1999

II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM EXISTING CORPORATE PARTNERS: $7.0M

Company (Symbol)#

Partner (Symbol; Country)

Amt. (M)

Triggering Event

Details (Date)

Avant Immunotherapeutics Inc. (AVAN)

Heska Corp. (HSKA)

ND

Achievement of development milestone

Avant received an undisclosed milestone payment from Heska Corp. for achieving a milestone in efforts to develop and utilize Avant's PCPP polymer as an adjuvant in Heska's animal health vaccine against B. henselae, the bacterium that causes Cat Scratch Disease in people (9/9)

BioTransplant Inc. (BTRN)

Novartis AG (Switzerland)

$2.5

Achievement of research milestone

BioTransplant received $2.5M from Novartis for achieving a milestone in a research collaboration involving organ transplant technology (9/27)

ImmunoGen Inc. (IMGN)

SmithKline Beecham plc (NYSE:SBH)

$2.5

Manufacturing capability

Upon demonstrating the ability to produce sufficient quantities of huC242-DM1 for clinical trials, ImmunoGen elected to exercise the first of two put options available to it under the terms of its February 1999 license agreement with SmithKline; Smith purchased 1M shares of ImmunoGen common stock at $2.44 per share, bringing its total payments to ImmunoGen up to $9.5M (9/27)

InSite Vision Inc. (AMEX:ISV)

Pharmacia & Upjohn (P&U; NYSE:PNU)

$1.5

Completionof Phase II trials

Insite received $1.5M from P&U for the completion of Phase II trials evaluating the company's ISV-205 glaucoma treatment; the payment took the form of an equity investment, increasing P&U's ownership of InSite's common shares to just below 10% (9/8)

Ligand Pharmaceuticals Inc. (LGND)

Wyeth-Ayerst Laboratories (a division of American Home Products Corp.; NYSE:AHP)

ND

Election to proceed with development of clinical candidate

Ligand received an undisclosed milestone payment from Wyeth-Ayerst upon the company's election to proceed with preclinical development of the clinical candidate WAY160910, a non-steroidal progesterone receptor antagonist; Ligand will receive additional milestone payments and royalties upon IND filing and marketing approval (9/21)

Unigene Laboratories Inc. (UGNE)

Warner-Lambert Co. (NYSE:WLA)

$0.5

Identification of clinical trial candidate

Unigene received a $0.5M payment upon the identification of an oral calcitonin formulation that will be used in a Phase I study; Unigene will receive the balance of the $4.5M milestone upon initiation of the Phase I study (9/22)

Notes:

@ The dates listed indicate the issue dates of press releases.

* Conversion rate of #1 = US$1.62; conversion rate of Euro1 = US$0.97; conversion rate of C$1 = US$0.67; conversion rate of DM1 = US$0.54; ND = Information not disclosed.

# Unless otherwise indicated, the stock symbols listed are on the Nasdaq Market.