I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $109.3M | |||||
Company | Location | Date@ | Amt. (M) |
Details | |
Ceptyr Inc. (3rd Round) | Bothell, Wash. | 8/2 | $11.5 | Ceptyr received an $11.5M equity investment from ARCH Venture Partners, Cascade Investment LLC, Falcon Technology Partners, Gene-Chem Technologies Venture Fund LP, Lombard Odier & Cie and Tredegar Investments Inc. | |
Combimatrix Corp. | Burlingame, Calif. | 8/10 | $4 | ND | |
Conjuchem Inc. (2nd Round) | Montreal | 8/9 | C$12.7 (US$8.5) | Conjuchem raised C$12.7 (US$8.5) in a private financing; leading the financing was new investor Finedix BV, an affiliate of Paris- based Halisol; existing investors included BioCapital Investment, Societe Innovatech du Grand Montreal FSTQ, Business Development Bank of Canada and European Medical Ventures; two-thirds of the funds were disbursed at closing, with the remainder to be disbursed upon the achievement of specified milestones | |
CpG Immuno-Pharmaceuticals (2nd Round) | Wellesley, Mass. | 8/3 | $12.9 | CpG raised $12.9M in a second round venture financing to fund clinical studies; participants included lead investor TVM Techno Venture Management, of Munich, Germany, as well as Alafi Capital Co., Quiagen NV, Alpinvest Holding NV, Kredietbank SA Luxembourgeosie and Mulligan Beteiligungs GmbH | |
Cyclacel Ltd. (3rd Round) | Dundee, Scotland | 8/16 | £4 (US$6.5) | Cyclacel completed a private financing in which two private investors, Brian Souter and and Ann Gloag, agreed to invest £2M each | |
Durect Corp. (2nd Round) | Cupertino, Calif. | 8/2 | $20 | Durect closed a $20M private placement of preferred convertible stock, led by Brookside Capital, a Bain Capital Fund; additional investors included J.P. Morgan Investment Management, Collinson Howe & Lennox, and Sofinov, a subsidiary of the Caisse de depot et placement du Quebec | |
eNOS Pharmaceuticals Inc. (1st Round) | Cambridge, Mass. | 8/25 | ND | eNOS completed its first round of financing; investors included Polaris Venture Partners and Essex Woodlands Health Ventures Fund IV | |
FibroGen Europe Ltd. (a subsidiary of FibroGen Inc.; 1st and 2nd Rounds) | Oulu, Finland | 8/2 | $15.3 | Fibrogen raised $15.3M in a private offering sold in two tranches to European investors and 23 institutional investors; BioFund, of Helsinki, Finland, was the lead investor for the first round; BankInvest, of Copenhagen, Denmark, was the lead investor for the second round, with D. Carnegie AB, of Stockholm, Sweden, acting as private placement agent | |
InterMune Pharmaceuticals (1st Round) | Palo Alto, Calif. | 8/20 | $1.5 | A spin-off company of Connectics Corp., InterMune completed an additional closing of its Series A preferred stock financing, the first closing of which was completed in April 1999; a new investor, Sofinnova Ventures, purchased $1M of Series A preferred stock and will close on an additional $0.5M | |
Kinetek Pharmaceuticals Inc. (1st Round) | Vancouver, British Columbia | 8/18 | C$7.9 (US$5.3) | Kinetek raised C$7.9M (US$5.3M) in an equity financing made by a syndicate of six venture capital funds and private investors; the financing was led by Ventures West B.C. Technology Investment Fund, Bank of Montreal Capital Corp., Working Opportunity Fund and Royal Bank Capital Corp.; other investors included Exceptional Technologies (VCC) Funds, Trian Equities Ltd. and undisclosed private parties | |
Santarus Inc. (1st Round) | San Diego | 8/17 | $4.8 | Santarus received $4.8M in seed capital from St. Paul Venture Capital, Windamere Venture Partners LLC, Mayo Medical Ventures and other private investors | |
Variagenics Inc. (2nd Round) | Cambridge, Mass. | 8/2 | $19 | Variagenics completed a $19M round of financing led by The Sprout Group, the venture capital affiliate of Donaldson, Lufkin & Jenrette; existing investors included Atlas Venture, Oxford Bioscience Partners, Forward Ventures, Kummell Investments Ltd., Goldman Sachs & Co. and Advent International; the financing included new investor A.M. Pappas and Associates | |
II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM CORPORATE PARTNERS: $38.65M | |||||
Company (Symbol) | Partner (Symbol; Country) | Amt. (M) | Triggering Event | Details (Date) | |
BioTime Inc.(BTIM) | Abbott Laboratories | $0.9 | FDA approval of Hextend and the commencement of sales | BioTime received $850,000 from Abbott under its exclusive license agreement for Hextend, BioTime's proprietary blood plasma volume expander (8/25) | |
COR Therapeutics Inc. (CORR) | Schering-Plough Corp. (NYSE:SGP) | $12 | Marketing authorization of Integrilin in the European Union | COR received a $12M milestone payment from Schering-Plough in connection with marketing authorization of Integrilin in the European Union for certain indications; Schering will launch and market Integrilin exclusively for a specified period, and COR will receive royalty payments; COR will then have the right to co-promote Integrilin in Europe (8/3) | |
Cubist Pharmaceuticals Inc. (CBST) | Merck & Co. (NYSE:MRK) | ND | Achievement of medicinal chemistry research milestone | Cubist received a payment from Merck for achieving a milestone under its agreement to develop and commercialize new antiinfective drugs; financial details ND (8/16) | |
Cytoclonal Pharmaceutics Inc. (CYPH) | Bristol-Myers Squibb (NYSE:BMY) | ND | Collaborative license and research agreement | Cytoclonal received a second payment this year from Bristol-Myers as part of its license and research agreement for the production of paclitaxel; financial details ND (8/20) |
|
Diatide Inc. (DITI) | Nycomed Amersham plc (London) | $2 | FDA approval of NeoTect | Diatide received a $2M milestone payment from Nycomed in connection with FDA approval of NeoTect, Diatide's lung cancer diagnostic imaging product (8/16) | |
Epimmune Inc. (EPMN) | G.D. Searle & Co. (the pharmaceutical unit of Monsanto Company; NYSE:MTC) | $2 | Searle's acceptance of a lead product candidate | Epimmune received a $2M milestone payment in connection with Searle's acceptance of a lead product candidate for breast, lung and colon cancers, for further preclinical development, IND filing and initial clinical studies; Epimmune will receive an additional milestone payment upon completion of clinical trials (8/27) | |
Guilford Pharmaceuticals Inc.(GLFD) | Rhone-Poulenc Rorer Pharmaceuticals Inc. | $2.5 | French approval of Gliadel wafer | Guilford received a $2.5M milestone payment from Rhone-Poulenc for French approval of the Gliadel wafer as an adjunct to surgery to prolong survival in patients with recurrent glioblastoma multiforme (8/2) | |
Rhone-Poulenc Rorer Pharmaceuticals Inc. | $2 | German approval of Gliadel wafer | Guilford received a $2M milestone payment from Rhone-Poulenc for German approval of the Gliadel wafer as an adjunct to surgery to prolong survival in patients with recurrent glioblastoma multiforme (8/12) | ||
Incara Pharmaceuticals Corp. (INCR) | Merck & Co. Inc. (NYSE:MRK) | $1.5 | Achievement of an initial research collaboration milestone | Incara received a $1.5M milestone payment from Merck for the achievement of an initial milestone in the company's collaboration targeting the discovery and development of a class of vancomycin analogues; Incara's collaboration with Merck is based on research the company sponsored in the chemistry department of Princeton University; Incara will pay Princeton $0.5M of the milestone payment (8/9) | |
Isis Pharmaceuticals(ISIP) | CIBAVision Corp. | $2.5 | Marketing approval of Vitravene in the European Union | Isis received a $2.5M milestone payment from CIBAVision in connection with CMA marketing approval of Vitravene in the European Union; under the terms of the companies' worldwide distribution agreement, CIBAVision has worldwide marketing rights to Vitravene (8/4) | |
NeoPharm Inc. (AMEX:NEO) | Pharmacia & Upjohn (NYSE: PNU) | $8 | Transfer of investigational new drug applications (INDs) | Under the terms of their Feb. 1999 licensing agreement, NeoPharm sold 0.5M shares of its stock to Pharmacia & Upjohn at $17.67 per share for an equity investment total of $8M; the stock sale provision of the agreement was triggered by the transfer of the INDs for NeoPharm's two anticancer agents: Liposomal Encapsulated Paclitaxel and Liposomal Encapsulated Doxorubicin (8/2) | |
Neurocrine Biosciences Inc.(NBIX) | Wyeth-Ayerst Laboratories (division of American Home Products Corp.; NYSE:AHP) | $0.75 | Fundamental | Neurocrine received a $750,000 mile-discovery under research collaboration stone payment for a fundamental discovery in EAATs (excitatory amino acid transporters) neurotransmitter transporter biology (8/3) | |
Unigene Laboratories Inc. (UGNE) | Warner-Lambert Co. (NYSE:WLA) | $2.5 | Conclusion of final pilot human | Unigene received a $2.5M milestonepayment from Warner in connection with the conclusion of the final pilot human study prior to initiating Phase I studies with an oral calcitonin formulation (8/19) | |
Vivus Inc.(VVUS) | AstraZeneca Group plc (UK; NYSE:AZN) | $2 | Marketing approval of Muse (alprostadil) in Spain | Vivus received a $2M milestone payment from AstraZeneca in connection with receiving a marketing license in Spain for Muse (alprostadil), a treatment for erectile dysfunction (8/27) | |
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; ND = Information not disclosed. | |||||
