Company (Symbol)

Type Of Financing

Number Of Shares, Units Or Warrants (M)

Amount Raised ($M)

Investors; Placement Agents; Details (Date)

Aastrom Biosciences Inc. (ASTM)

Convertible preferred stock and warrants

3,000 preferred shares; warrants for 0.3M shares of common stock


Placement consists of $3M worth of 1999 Series III convertible preferred stock, yielding 5.5%; conversions are based on 0% to 6% discount to market price of Aastrom common stock; maximum conversion price is $2.34; in addition the undisclosed single investor received 5-year warrants to purchase 0.3M shares of common stock (6/3)

Human Genome Sciences Inc. (HGSI)

Convertible subordinated notes



HGS placed $100M principal amount of 5.5% convertible subordinated notes due 2006; notes are convertible to common stock at $52.50 per share (6/22)

Inex Pharmaceutical Inc. (TSE:IEX)

Special warrants


C$12 (US$8.2)

Yorkton Securities and Goepel McDermid Inc. acted as agents in sale of special warrants, each of which is exchangeable into one common share without additional payment; proceeds to be held in trust pending final prospectus and satisfaction of related requirements (6/22)

Inflazyme Pharmaceuticals Ltd. (TSE:IZP)

Release of special warrants funds


C$15.5 (US$10.5)

Conditional listing on Toronto Stock Exchange permitted release from escrow of gross proceeds of C$15.5M from special warrants sale in May (6/28)

International Isotopes Inc. (INIS)

Private placement of units and placement of convertible preferred stock

1.04U (each unit consists of 1S and and 1W)

$19.5 ($9.5 from units, $10 from preferred convertibles)

Investors included officers, directors, previous investors and 2 investment funds; 2-part private placement consisted of placement of 1.04M units, each consisting of 1 common share (at $9.10 per share) and 1 warrant to buy a common share at $10; preferred convertible stock has 5% coupon; initial conversion price is $11.86 per share; convertibles come with 0.41M warrants to buy common stock (6/3)

Martek Biosciences Corp. (MATK)

Private placement of shares and warrants

1.5S; warrants for 0.45S


Martek sold 1.5M shares of common stock and issued warrants to buy 0.45 shares for an aggregate purchase price of $13.5M; purchase price was $9.03 per share, reflecting 30-day price average; warrants have a 3-year term and are exercisable at $10.84; buyers are institutional investors that have previously invested in the company (6/1)

Neose Technologies Inc. (NTEC)

Private placement of common stock



Neose sold 1.5M shares of common stock to institutional and individual investors at $9.50 per share, the closing bid price of the stock on 6/17 (6/29)

Ophidian Pharmaceuticals Inc. (OPHD)

Senior note financing

Notes plus 1W


Company director Rex Bates and shareholder Davis Merwin provided $2M in financing consisting of 10-year, 10% senior notes with warrants; interest payable in stock for the first 3 years and thereafter in cash; the company issued 1M 5-year warrants separately to the same investors, exercisable at $2 per share (notes can be applied to exercise of warrants) (6/7)

Viragen Inc. (VRGN)

Private placement

3S and additional convertible notes


Subscription agreements provide for the direct purchase of Viragen common stock at market price pursuant to which Viragen will register and issue about 3M shares for 2.5M; the 3 investors may sell no more than 0.125M shares each per quarter; company also received $0.5M balance of the first tranche for which it has issued 8% convertible notes (6/14)

TOTAL: $174.0

* Conversion rate of C$1=US$0.68.