Company (Symbol)

Type Of Financing

Number Of Shares, Units
Or Warrants (M)

Raised (M)

Investors; Placement Agents; Details(Date)

Aronex Pharmaceuticals Inc. (ARNX)

Institutional offering of registered stock



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



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



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



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



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



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



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



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



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)

TOTAL: $222.1M


ND = Not disclosed, reported and/or available; S = Shares

The financings in this chart include loans, bridge financings and other interim measures as well as sales of business units, debt offerings, rights offerings, exercises of warrants, institutional offerings of registered stock and standard private placements.