I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $ 68.2M

Company

Location

Date

Amt. (M)

Investors

Adolor Corp. (mezzanine)

Malvern, Pa.

3/17

$8.5

Private placement for $8.5M was led by Tredegar Investments, which joined existing investors S.R. One Ltd., TL Ventures, Alta Partners, OneLiberty Partners, ARCH Venture Partners, Falcon Technologies and Weiss, Peck & Greer Venture Partners

EntoMed (1st round)

Strasbourg, France

3/22

$3.6M

Atlas Venture, CDC Innovation and Oxford Bio-science Partners, along with Rhone-Poulenc Sante Vegetale et Animale, invested in this private offering, which raised FFr2.1M ($3.6M)

Genmab (Seed funding)

Denmark

3/3

$5.5M

Medarex Inc. and BankInvest Biomedical Development Venture Fund formed new company to develop and commercialize a portfolio of fully human antibodies derived from Medarex's HuMab Mouse technology; BankInvest is lead investor; co-investors include A/S Dansk Erhvervsinvestering

Genomica Corp. (2nd round)

Boulder, Colo.

3/1

$13.6

Punk, Ziegel & Co. managed the private placement of Series B convertible preferred stock; participating new investors included The Kauffmann Fund and Anders L.P.; previous investors who participated in this Series B financing included Falcon Technology Partners, INVESCO Global Health Sciences Fund, ARCH Venture Partners, Boulder Ventures and others

IBC Pharmaceuticals LLC (joint venture of Immunomedics Inc. and Beckman Coulter Inc. [NYSE:BEC])

Morris Plains, N.J.

3/12

$2.45

Investors consisted of undisclosed individuals and institutions; they paid $2.45M for a 7% stake in IBC, a joint venture set up to develop a cancer drug combining a bi-specific antibody from Immunomedics with a targeting technology from Beckman Coulter

Immunicon Corp. (mezzanine)

Huntingdon Valley, Pa.

3/24

$10.7

Immunicon completed convertible preferred equity offering totaling $10.7M in cash and conversion of bridge loans; lead investors were MDS Capital Corp. and TL Ventures; also participating were Canaan Partners, which was instrumental in structuring the financing and conducting additional diligence, and Anthem Capital

Inpharmatica Ltd. (2nd round)

London

3/9

$4.8

3i plc and GIMV invested US$4.8M in Inpharmatica equity

Aclara BioSciences Inc. (mezzanine)

Hayward, Calif.

3/23

$3

Burrill Agbio Capital Fund invested $3M in a private placement, raising total to $18M; SG Cowen Securities Corp. acted as placement agent

Orchid Biocomputer Inc.

Princeton, N.J.

3/10

$16

Orchid established a lease financing line package with Oxford Venture Finance; Orchid will be immediately provided $6M toward an eventual lease financing package of $16M, contingent upon completion of additional stages

Vascular Genetics Inc. (1st round)

Durham, N.C.

3/29

ND

The investment is in the form of a private placement on behalf of a consortium of individuals, based on achievement of milestones by Vascular Genetics, at a final post-money valuation of $63.5M

II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM CORPORATE PARTNERS: $5M

Company (Symbol)

Partner (Symbol; Country)

Amt. (M)

Triggering Event

Details/Date

Ligand Pharmaceuticals Inc.

Wyeth-Ayerst Laboratories (subsidiary of American Home Products; NYSE:AHP)

ND

Submission of IND for ERA-923

Ligand submitted IND for ERA-923, a tissue-selective estrogen receptor modulator for breast-cancer treatment (3/1)

ImClone Systems Inc.

Merck KGaA (Germany)

$5M

FDA clearance to start Phase III trial

FDA cleared ImClone's Phase III trial of C225 in patients with advanced squamous head and neck cancer (3/9)

Structural Bioinformatics Inc.

Yamanouchi Pharmaceutical Co. Ltd. (Japan)

ND

Provided small-molecule leads

Structural Bioinformatics used protein modeling and DynaPharm technologies to find small-molecule leads starting from the gene sequence of the protein target (3/8)

III. PIPE FINANCINGS: $0M

There were no PIPE financings in March 1999.