Company (Symbol)

Type Of Financing

Number Of Shares, Units Or Warrants (M)

Amount Raised ($M)

Investors; Placement Agents; Details (Date)

Amylin Pharmaceuticals Inc. (AMLN)

Sale of division



Amylin sold its Cabrillo Laboratories division to Magellan Laboratories Inc. for a cash payment of $2.1M and a $0.5M credit for future laboratory services (5/4)

Avigen Inc. (AVGN)

Private placement of common stock and warrants

2.2S; 0.44W


Avigen completed a placement of 2.2M shares of common stock at prices from $5.50 to $6; for every 5 shares purchased, investors get one 5-year warrant to purchase 1 common share at a premium 25% to the price paid in this placement; the investors, all non-U.S., were not disclosed (5/4)

Cocensys Inc. (COCN)

Sale of stake in Cytovia Inc.



Cocensys sold its stake in Cytovia Inc. spin-off for $3.3M to entities affiliated with Domain Associates LLC; Cytovia will use proceeds to repurchase $3.18M worth of its Series E convertible preferred stock (5/18)

Gensia Sicor Inc. (GNSA)

Private placement of units



Investors included Carlo Salvi, president and CEO; Gensia Sicor sold or received near-term commitments for 8.675M units at $4 each; each unit consists of 1 share of common stock and a warrant to purchase 1/10 share of common stock at a per-share exercise price of $5.75; Gensia used $10M of the proceeds to repay Salvi's 12/98 loan to the company (5/21)

Genta Inc. (GNTA)

Sale of subsidiary



Genta sold its JBL Scientific Inc. subsidiary to Promega Corp.; terms included a cash payment of $5M, a promissory note of $1.2M (subject to offset under certain circumstances), and pharmaceutical development services supporting Genta's G3139 cancer compound (5/11)

INEX PharmaCeuticals Corp. (TSE:IEX)

Private placement of warrants

5.5W (US$7.5)*


INEX closed the first, $11M tranche of a $12M offering; the company issued 5.5M warrants at $2 each; each warrant is exchangeable for 1 common share without additional payment; Yorkton Securities Inc. and Goepel McDermid Inc. are agents (5/27)

NeoTherapeutics Inc. (NEOT)

Private placement of common stock and warrants

0.4S, Warrants for 0.08S


Clients of Ingalls & Snyder LLC paid $4M for 0.4M common shares and warrants to purchase 0.08M shares; for each $50, the investor received 5 common shares and 1 warrant exercisable over a 5-year period at $15 per share (5/14)

Repligen Corp. (REGN)

Private placement of common stock



Repligen raised $9M through placement of 3.6M shares at $2.50 per share; investors included Wellington Management Company LLP; Paramount Capital acted as advisor (5/17)

Oxford Glycosciences plc (LSE:OGS)

Sale of biochemicals business



Glyko Inc. agreed to pay $2.1M to acquire OGS' biochemicals business; payment is in 3 stages: $0.75M due immediately, $0.75M due upon completion of certain technology transfers, and $0.6M due on 2nd anniversary of signing, contingent upon sales and inventory factors (5/4)

Theratechnologies (ME, TSE:TH)

Private placement of units


C$6 (US$4.1)*

Fidelity Investments purchased 0.6M units (C$10 each) for a total of C$6M (US$4.1M); each unit consists of 1 share and 1 warrant for the purchase of 2.5 shares of Ecopia Biosciences held by Theratechnologies, or in certain circumstances, 1/3 of a share of Theratechnologies (corresponding to C$15 a share; Lévesque Beaubien Geoffrion Inc. arranged the placement (5/28)

ViroPharma Inc. (VPHM)

Private placement of preferred shares



Perseus-Soros BioPharmaceutical Fund LP purchased 2.3M preferred shares (5% annual dividend), convertible on a 1-for-1 basis to common stock; Perseus-Soros also receives warrants to buy up to 0.595M common shares at $9.53 per share (5/6)

TOTAL: $101.2M
* Conversion rate of C$1=US$0.68.