TOTAL: $180.9M

Company (Symbol)

Type Of Financing

Number Of Shares, Units Or Warrants (M)

Amount Raised ($M)

Investors; Placement Agents; Details (Date)

Access Pharmaceuticals Inc.(OTC BB:AXCS)

Private placement of common stock



First closing of a planned financing for up to $8M; placement consists of $3M worth of common stock; in connection with the financing, Access will add three new members to its board of directors (7/21)

Aquila Biopharmaceuticals Inc. (AQLA)

Direct limited placement of newly issued shares of common stock



Aquila completed a direct, limited placement in which it sold 0.7M shares of common stock to the State of Wisconsin Investment Board (7/21)

BioChem Pharma Inc. (Canada; NASDAQ: BCHE; ME TSE:BCH)

Sale of diagnostics subsidiary


BioChem Pharma will sell the hematology operations of its diagnostics subsidiary, Biochem Immunosystems Inc., to ABX Diagnostics Inc. (7/7)

Celgene Corp. (CELG)

Convertible notes


Celgene placed $15M principal amount of convertible notes with John Hancock Mutual Life Insurance Company and several of its affiliates; the notes are convertible beginning 7/00 at $19 per share (7/12)

Cellex Biosciences Inc. (OTC BB:CLXX, CLXXL, CLXXZ)

Debtor-in-possession financing


Under its plan of reorganization, Cellex received a cash investment from Biovest LLC of $265,000 and the payment of approximately $700,000 to a secured creditor of the company; the plan provides for Biovest to gain equity control of Cellex, with 25% of the company's new common stock to be issued to its unsecured creditors; all prior equity interests in the debtor will be canceled as of the plan's effective date of 7/30/99 (7/13)

Discovery Laboratories Inc. (DSCO)

Private placement of common stock and warrants



Unit offering consisted of common stock priced at market with warrants priced at a premium to market; lead investor OrbiMed Advisors LLC, of New York, made an investment totaling $2M (7/30)

EntreMed Inc. (ENMD)

Private placement of common stock and two series of warrants



EntreMed issued shares of common stock at a 7.5% discount to a five-day averaged market price, and two series of warrants with an exercise price at a premium to the present market price; the warrants may be called by EntreMed if the market price for the common stock reaches certain levels; First Security Van Kasper acted as placement agent; buyers are institutional investors and existing shareholders who expressed interest in such a transaction (7/28)

Human Genome Sciences Inc. (HGSI)

Convertible notes


The initial purchaser of the company's recently completed private placement of $100M principal amount of 5.5% convertible subordinated notes due 2006 exercised its option and purchased an additional $25M of notes; the notes are convertible into common stock at $52.50 per share (7/23)

Ilex Oncology Inc.

Private placement of common stock



Ilex completed a $20M private placement of (ILXO) 2.4M shares of common stock; participants in the financing included Alta Partners, Advent International, and Chase Capital and McCombs Enterprises (7/19)

LeukoSite Inc. (LKST)

Private placement of common stock



Placement consists of approximately 1.5M unregistered shares of common stock to Perseus Capital LLC, and HealthCare Ventures LLC (7/20)

Maxim Pharmaceuticals Inc. (AMEX:MMP; SSE:MAXM)

Private placement of convertible preferred stock



Maxim made a private placement of $20M of convertible preferred stock to a group of existing shareholders and new investors based in the U.S. and Europe; the preferred stock is convertible into shares of common stock at a fixed price of $9.73 per share, and may be converted into a total of 2.1M shares of common stock; the preferred stock has a dividend of 12%, payable in cash or in additional shares of preferred stock at the option of the holder; Maxim may call for a mandatory conversion of preferred stock into common stock after 90 days (7/26)

SciClone Pharmaceuticals (SCLN)

Private placement of shares and warrants

1.37U (each consisting of one share and one warrant to purchase one share)


Private placement with institutions and accredited individual investors; the placement consists of approximately 1.37M units, each accompanied by a warrant to purchase one share of common stock; each unit was priced at $1.46, a 20% premium over the market price on the closing date (7/6)

Private placement of shares and warrants

2.5U (each unit consists of 1S and 1W)


Private placement with institutional investors, led by Brown Simpson Asset Management and New York Life Insurance Company, the placement consisted of units of approximately 2.5M shares of common stock, each accompanied by a warrant to purchase one share of common stock (7/22)-

Visible Genetics Inc. (TSE:VGI; NASDAQ: VGIN)

Equity investment in exchange for preferred convertible stock and warrants


C$30 (US$20)

Visible Genetics received C$30M in equity financing from E.M. Warburg, Pincus & Co. LLC in exchange for which Warburg received preferred stock convertible at C$11 per share, and 1.1M warrants exercisable for a 4-year period at C$12.60 per share (7/16)

Xenova Group plc (U.K., LSE:XEN)

Private placement of shares, exercising of warrants

2.2S; 5W

£6.1 (US$9.9)

Private placement of 2.2M shares with institutional shareholders at 85 pence per share, raising a total of £1.9M before expenses; Nomura International plc disposed of 3.2M Xenova shares to institutional investors at 85 pence per share, enabling its early exercise of 5M Xenova warrants at 70 pence per warrant; four additional institutional investors and certain members of Xenova's board of directors announced their intention to exercise their Xenova warrants which, with the exercise of warrants by Nomura, will provide Xenova with an additional £4.2M (7/1)

Xenova Group plc (U.K., LSE:XEN)

Net cash payment for sale of assets


£0.24 (US$0.38)

Exelixis Pharmaceuticals Inc. will acquire the majority of assets of MetaXen LLC, a subsidiary of Xenova, including facilities, equipment and employees; Xenova will receive a net cash payment of £0.24M (US$0.38M), as well as retain ownership of certain intellectual property developed by MetaXen relating to lead drug optimization, drug profiling and predictive modeling (7/12)

Xoma Ltd. (XOMA)

Private placement of common stock



Private placement of 3M common shares for gross proceeds of $17.4M; Sutro & Co. and Arnhold & S. Bleichroeder served as placement agents (7/22)