I. COMMENCED TRADING IN JANUARY

INITIAL OFFERINGS

There were no initial public offerings in January.

FOLLOW-ON OFFERINGS

There were no follow-on offerings in January.

II. FILED AND PENDING

Company (Symbol)

Date Filed

Shares/Units (M)

Price Range

Shares Out (M)

Lead, Other UWs

Value@ ($M)

INITIAL OFFERINGS

Albany Molecular Research Inc.*

1/5

2.2S

$17-$19

12.2

INGB; HQ

$37.4

Intracel Corp.

7/9;1/25

4.0S

$12-$14

15.4

DLJ; PJI

$48

Invitrogen Corp.**

12/10; 1/28

3.0S

$14-$16

12.6

DLJ; WDR, PJI

$42

Phytera Inc.***

10/28;1/14

2.5S

$12-$14

8.2

SGC; CI; BRS

$30

Praecis Pharmaceuticals Inc.

8/12

3.5S

$14-$16

19.2

BTAB; NBMS

$49

NOTES:

* Albany Molecular Research Inc. had originally filed a prospectus for an initial public offering (IPO) of 2.2M shares priced between $15 and $17 each on 7/9/98. The company postponed the offering in early September due to market conditions, but has now reactivated it, offering the same number of shares at a higher price range. The underwriters are the same as for the first prospectus.

** On 1/28/99, Invitrogen Corp. raised the number of shares to be offered in its IPO to 3.5M from 3M. However, the company is still offering 3M, while existing stockholders are offering 0.5M. Also, the company has changed underwriters. NationsBanc Montgomery Securities LLC is no longer a co-manager; the new co-manager is Piper Jaffray Inc.

*** Phytera Inc. intends to sell shares in its IPO to investors in the U.S., Canada and Europe. It is offering 0.75M shares in the U.S. and Canada and 1.75M shares in Europe. Shares will be offered to the public in Denmark and will be offered in private placements in other European countries. The offering in the U.S., Canada and Belgium will be limited to institutional investors. Phytera has applied for listing on Easdaq, the pan-European exchange, as well as the Copenhagen Stock Exchange (CSE).

FOLLOW-ON OFFERINGS

Abgenix Inc. (ABGX)

1/27

3.0S

14.6

BRS; LB; PGE

$50.6

III. WITHDRAWN OR POSTPONED

Company (Symbol)

Date Filed

Shares/ Units (M)

Price Range

Shares Out (M)

Lead, Other UWs

Value@ ($M)

Anthra Pharmaceuticals Inc.*

3/11; 11/16

2.0U

$5

6.9

JM

$10

NOTE:

* Anthra Pharmaceuticals Inc.withdrew its initial public offering prospectus 1/18/99. The company did not state a reason.

OTHER NOTES:

E = estimated; ND = not disclosed, reported and/or available; S = shares; U = units; W = warrants

"Date filed" indicates the date on which the company announced that it had filed a preliminary prospectus with the Securities and Exchange Commission for its offering. It is not necessarily the same date as that which is printed on the preliminary prospectus itself.

In completed offerings, the number of shares sold includes the overallotment (in full or in part) if that option has been exercised by the time this publication goes to press.

Shares outstanding refers to the number of shares outstanding after the public offering. In the case of those offerings which are still pending, it assumes that the number of shares sold in the offering will be equal to the number intended for sale as per the prospectus.

@ Values are estimated from the low-end range for IPOs or from the 2/3/99 closing price for follow-on offerings.

Underwriters' Key:

BRS (BancBoston Robertson Stephens Inc.); BTAB (BT Alex. Brown Inc.); CI (Carnegie Inc.); DLJ (Donaldson, Lufkin & Jenrette Securities Corp.); HQ (Hambrecht & Quist LLC); INGB (ING Baring Furman Selz LLC); JM (Janssen/Meyers Associates LP); LB (Lehman Brothers); NBMS (NationsBanc Montgomery Securities Inc.); PGE (Pacific Growth Equities Inc.); PJI (Piper Jaffray Inc.); SGC (SG Cowen Securities Corp.); WDR (Warburg Dillon Read LLC)