I. COMMENCED TRADING IN MAY

Company (Symbol)

Date Filed

Date Comm.

Shares/Units (M)

Price

Shares Out (M)

Lead, Other Underwriters

Gross ($M)

Net ($M)


INITIAL OFFERINGS
No initial public offerings were completed in May.


FOLLOW-ON OFFERINGS

AltaRex Corp. (TSE:AXO)

4/27

5/7

28.5S

C$0.50

45.0

First Marathon Securities Ltd.; HSBC James Capel Canada Inc.

C$19.6 (US$13.3)*

C$18.62E

SYNSORB Biotech Inc. (SYBB; TSE:SYB)

3/23

5/13

9S

$1.75

29.9

TD Securities Inc.; HSBC James Capel Canada Inc.; Loewen, Ondaatje, McCutcheon Ltd.; Canaccord Capital Corp.

C$15.75 (US$10.7)*

C$15E

Trimeris Inc. (TRMS)

4/21

5/27

2.5S

$11.75

13.2

ING Baring Furman Selz LLC; BancBoston Robertson Stephens Inc.; SG Cowen Securities Corp.

$29.4

$27.2

TOTAL: $58.4
* Conversion rate of C$1=US$0.68.

II. FILED AND PENDING

Company (Symbol)

Date Filed

Shares/Units (M)

Price Range

Shares Out (M)

Lead, Other UWs

Value (M)

INITIAL OFFERINGS

BioMarin Pharmaceutical Inc.1 (Proposed NASDAQ symbol:BMRN)

5/4

N/A

N/A

N/A

U.S. Bancorp Piper Jaffray; Vontobel Securities Ltd.; Schroders Securities Co. Ltd.; Leerink Swann & Company

N/A

Biopure Corp.2 (Proposed NASDAQ symbol: BPUR)

5/19

N/A

N/A

N/A

J.P. Morgan & Co.; Adams, Harkness & Hill Inc.; Robert W. Baird & Co.

N/A

VaxGen Inc.3 (Proposed NASDAQ symbol: VXGN)

5/7

3.1S

$13-15

10.8

Prudential Securities; Punk, Ziegel & Co.

$40.3

1 BioMarin's registration statement leaves blank information on the number of shares to be offered, number outstanding following the offering and price per share. The offering is international ­ the company has applied for listings on both the Nasdaq National Market and the Swiss Exchange. The maximum aggregate price, for the purpose of determining SEC fees, is $58.5 million.
2 Biopure's registration statement leaves blank information on the number of shares to be offered, number outstanding following the offering and price per share. The maximum aggregate price, for the purpose of determining SEC fees, is $86.25 million.
3 The value of VaxGen's proposed IPO was calculated using the low end of the price range, $13.
N/A = Information not available.

FOLLOW-ON OFFERINGS

Company (Symbol)

Date Filed

Shares/Units (M)

Price Range

Shares Out (M)

Lead, Other UWs

Value (M)

Alliance Pharmaceutical Corp.1 (ALLP)

4/15

12S

2.72

33.2

Cruttendon Roth

$32.6

Ribozyme Pharmaceuticals Inc. (RZYM)

3/26

1.8

$5.50

11

­

$9.9

III. WITHDRAWN OR POSTPONED

No offerings were withdrawn or postponed in May.

Note
1. The $2.72 per share is the amount used to calculate the SEC fees.