Company (Symbol)

Type Of Financing

Number Of Shares, Units
Or Warrants (M)

Amount
Raised (M)

Investors; Placement Agents; Details(Date)

Aronex Pharmaceuticals Inc. (ARNX)

Institutional offering of registered stock

6.0S

$13.1

Aronex sold 6M shares of newly registered common stock at $2.1875 each to selected investors; the company offered the shares on an all-or-none basis; Paramount Capital Inc. acted as the placement agent (2/24)

Boston Life Sciences Inc. (BLSI)

Private placements

2.19S

$8.5

The company raised $8.5M total in 2 private placements; in the first placement, it sold $4.4M in convertible preferred stock; the $19.50 shares can be converted into 5 shares of common stock; an additional $1.6M is being held in escrow; the total of $6M from this placement may be converted into 1.54M shares of common stock; the company will register the underlying shares for resale; this 1st placement was managed by Josephthal & Co. Inc.; in the 2nd placement, the company raised $2.5M by issuing 0.65M shares of common stock and 0.1M purchase warrants; the company will also register these shares; the institutional investors in these placements included CIBC Oppenheimer and The Tail Wind Fund (2/16)

Cephalon Inc. (CEPH)

Revenue-sharing notes

--------

$30

Cephalon raised $30M in a debt offering by selling revenue-sharing notes to The Kaufmann Fund, The Sprout Group and Delta Opportunity Fund; the interest-bearing notes (11% annually) are repayable by the company in cash in 2/02 and are secured by the company¿s U.S. rights to Provigil (for treating narcolepsy); the investors will get a 6% royalty on U.S. sales of the product for up to 5 years; the notes are not convertible into common stock; Cephalon also issued 1.92M 5-year warrants to purchase shares of common stock at $10.08 each (a 25% premium to market); Diaz & Altschul Capital LLC acted as the placement agent (2/25)

Idec Pharmaceuticals Corp. (IDPH)

Liquid yield option notes

-------

$115

Idec sold $345M aggregate principal amount (including the overallotment option, which was exercised 3/1/99) in liquid yield option notes (LYONS) due 2019; the company received $115M from the private placement; the 20-year convertible zero coupon subordinated notes were priced with a yield to maturity of 5.5% per year; each $1,000 note is convertible at any time into 6.734 shares of Idec common stock at an initial price of $50.17; the company may redeem the securities for cash on or after 2/16/04; Merrill Lynch & Co. served as the placement agent (2/10; 3/1)

NeoTherapeutics Inc. (NEOT)

Private placement

1.53S

$4

The company sold $4M in preferred stock to 2 institutional investors, who have the option to buy an additional $2M in preferred stock in 180 days; the first $4M in stock is convertible into common stock (for a maximum of 1.45M shares) at an initial fixed price of $13.06 per share for the 1st 90 days and thereafter at the lesser of the fixed price or at 101% of the market price; the company has the option to sell the 2nd tranche of $2M; it has similar terms except the conversion price is 125% of the market price; the investors also got 5-year warrants to buy 75,000 shares of common stock at $12.98 each (2/2)

Peptide Therapeutics Group plc (LSE:PTE; U.K.)

Rights offering

29.3S

$37.5

The company raised $37.5M gross ($33.8M net) by selling 29.3M new shares of common stock to current shareholders at $1.28 each in a 4 for 5 rights offering; current shareholders bought 0.91M shares and BT Alex. Brown International underwrote the rest (prices converted at a rate of £0.609/$US1) (2/16)

Phage Therapeutics International Inc. (OTC Bulletin Board:PTXX)

Private placement

3.0S

$0.2

The company sold an additional 3M common shares for $0.05 each in an extension of its 12/98 Regulation D financing; in all, it sold 7M shares at $0.05 each for total proceeds of $0.35M (2/18)

Palatin Technologies Inc. (PLTN)

Private placement

ND

$3.8

Palatin sold $3.8M in unregistered common shares and warrants; each share has a detachable 5-year warrant to purchase 1 share common stock at market; the securities were sold under a Regulation D exemption; the company will register the shares for resale (2/9)

Viragen Inc. (VRGN)

Private placement

ND

$9

Viragen signed a preliminary agreement with a single investor for $9M in funding; the investor will buy newly issued shares of common stock (at market; no discount) in 3 tranches of $3M each (2/18)