Amt. (M)


Biosyn Inc. (1st round)




Private financing comprised of $7M in equity financing, plus $1.5M of debt converted into common stock; financing was led by Warburg, Pincus Equity Partners LP, a private equity investment fund managed by E.M. Warburg, Pincus & Co. LLC

Elitra Pharmaceuticals Inc. (2nd round)

San Diego



Private placement was led by Interwest Partners and Walden Group, who were joined by existing investors, Enterprise Partners and Mayfield Fund

Maxygen Inc. (4th round)

Redwood City, Calif.



Private placement by new and existing investors; existing investors included lead investor Technogen Associates LP; new investors included Lombard Odier, Invemed Fund LP, and CMEA Life Sciences Fund

t. Breeders Inc. (Round ND)

Worcester, Mass.



t. Breeders received an equity capital financing from a syndicate of four venture capital firms led by MPM Asset Management, of Cambridge, Mass., and including Javelin Capital, of Birmingham, Ala.; Seaflower Associates, of Waltham, Mass.; and Zero Stage Capital, also of Cambridge

Third Wave Technologies Inc. (mezzanine)

Madison, Wis.



Third Wave raised $19.5M in a private round of equity financing; new investors included Shroder Ventures International Life Sciences Fund II, The Wellcome Trust, SR One, and MVM Ltd; existing investors in this round included Venture Investors and Kenneth R. McGuire

Triad Biotechnology Inc. (seed)

Rancho Santa Fe, Calif.



Triad completed a Series A preferred stock financing; investors included Skyline Ventures, GeneChem Technologies Venture Fund, Hambrecht & Quist Life Science Investors, H&Q Healthcare Investors and Lombard-Odier



Company (Symbol)

Partner (Symbol; Country)

Amt. (M)

Triggering Event

Details (Date)

Advanced Tissue Sciences Inc. (ATIS)

Smith & Nephew plc (U.K.)


Stock conversion (ND)

A $10M loan from Smith & Nephew was converted into approximately 2.8M shares of the company's common stock as allowed under the terms of the loan agreement; the loan was due and payable in less than a year; the conversion increases Smith & Nephew's interest in the company to about 8% (7/30)

Amarillo Biosciences Inc. (AMAR)

Hayashibara Biochemical Laboratories (Japan)


Phase III clinical trial

Hayashibara will provide Amarillo with three loans of $1M per quarter beginning 8/99 for a total of $3M; the loan will be repayable upon the earlier of 7/04 or one year after FDA approval of low dose oral interferon alpha for any indication (7/19)

Avant Immuno-therapeutics Inc. (AVAN)

Novartis Pharma AG (Switzerland)


Exercise of option to license TP10

Novartis exercised its option to license TP10 in the field of transplantation; Avant will receive a $6M equity investment and milestone payment subject to certain conditions being met (7/19)

BioMarin Pharmaceutical Inc. (BMRN)

Genzyme Corp.


Completion of BioMarin's IPO

Genzyme Corp. purchased 0.77M shares at the IPO price of $13 per share in a private placement totaling $10M (7/23)

Cell Genesys Inc. (CEGE)

Japan Tobacco Inc.


Completion of initial Phase I/II trial

The pharmaceutical division of Japan Tobacco Inc. paid Cell Genesys $4.5M milestone upon completion of a Phase I/II trial of GVAX prostate cancer vaccine (7/1)

Cortecs plc (LSE:CCS)

Towa Pharmaceuticals Co. Ltd (Japan)

£1.6 (US$2.6)


Cortecs received a £1.6M milestone payment from Towa Pharmaceuticals as they terminated their agreement on Macritonin, Cortecs' slow-release osteoporosis drug (7/22)

Emisphere Technologies Inc. (EMIS)

Elan Corp. (Ireland; NYSE:ELN)


Restructuring of joint venture agreement

As part of the restructuring of a previous joint venture agreement, Elan will provide Emisphere with up to $15M for Phase III trials of oral heparin; additionally, at conclusion of the joint venture, Emisphere will receive cash payments of approximately $6M owed for past services (7/6)

The Immune Response Corp. (IMNR)

Agouron Pharmaceuticals Inc. (a Warner-Lambert company; NYSE:WLA)


Quarterly payment for research collaboration

Immune Response received a $5M payment from Agouron, $2M of which was for the purchase of more than 0.25M shares of unregistered common stock purchased at a premium to the market; under the terms of the collaboration, Immune Response may receive up to an additional $40M (7/16)

Inflazyme Pharmaceuticals Ltd. (Canada; TSE, VSE:IZP)

Hoechst Marion Roussel

C$4.9 (US$3.3)

Collaborative research agreement

Inflazyme closed on a second tranche of convertible preferred shares; the preferred shares are convertible into common shares at Inflazyme's option any time after one year at a price based on the higher of the common share price at the time of subscription or conversion, up to a maximum of C$9M; Inflazyme will be required to convert the preferred shares into common stock following the completion of Phase IIa for an oral compound from the company's IPL576 series and the H1/NK1 dual antagonists (7/12)

Ligand Pharmaceuticals Inc. (LGND)

Elan Corp. plc (Ireland; NYSE:ELN)


Part of terms of 9/98 alliance

Ligand issued $40M of zero-coupon convertible notes to Elan Corp.; the notes are convertible into Ligand common stock at $14 per share, a premium of about 27% over the 7/14 closing price of $11 (7/15)

NeoPharm Inc. (NEO)

Pharmacia & Upjohn (NYSE:PNU)


Progress in clinical development agreement

NeoPharm received a $2M milestone payment from Pharmacia, the first of several possible under a previous collaboration agreement using NeoPharm's patented drug-delivery in conjunction with Pharmacia's Liposomal Encapsulated Paclitaxel and Liposomal Encapsulated Doxorubicin (7/19)

North American Vaccine (NVX)

BioChem Pharma Inc. (Canada; BCHE)


Pending negotiations on strategic initiatives

North American received a $6M line of credit guarantee from BioChem; if the company draws down the line of credit in full, BioChem will be entitled to receive warrants to purchase 0.75M shares of North American's common stock (7/6)

Vertex Pharmaceuticals Inc. (VRTX)

Kissei Pharmaceutical Co. (Japan)


Filing a marketing application in Japan

Kissei has filed for approval in Japan of a protease inhibitor discovered at Vertex and developed in conjunction with Kissei; in conjunction with the filing, Vertex received a $1M milestone payment from Kissei (7/2)

* 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.