Company (Symbol)

Type Of Financing

Number Of Shares, Units Or Warrants (M)

Amount Raised (M)

Investors; Placement Agents; Details (Date)

Avanir Pharmaceuticals (AVNR)

Equity line

$10

Avanir secured a $10M equity line from Promethean Investment Group LLC; Avanir can access the $10M over 2 years by selling common stock at threshold prices (to be set by Avanir); pricing above threshold is at a discount to market; no transaction occurs if the stock price is below $1.064 per share; Avanir will register the shares for resale (1/25)

Avigen Inc. (AVGN)

Private placement

ND

$5.8

Avigen sold $5.8M in common stock and warrants to investors from the U.S., Europe and Hong Kong; the investor group bought the common shares in multiple closings, with shares in each closing priced at market; for every 5 shares, the investors got a 5-year warrant to purchase 1 share of common stock at a 25% premium to market; the company will register the underlying shares for resale (1/11)

Bio-Technology General Corp.

Exercise of warrants

3.1W

$17

The company received $17M on the exercise of 3.1M common stock purchase warrants, which were issued in 12/93 as part of a private placement with Biocardia Corp.; the warrants had an exercise price of $5.49 per Bio-Technology General share (1/6)

Celgene Corp. (CELG)

Convertible notes

$15

Celgene placed $15M principal amount of convertible notes with John Hancock Mutual Life Insurance Co. and several of its affiliates; the notes are convertible into common stock at $18.00 per share, beginning 1/00; Warburg Dillon Read LLC acted as the placement agent (1/21)

Cytogen Corp. (CYTO)

Private placement

6S

$4.5

Cytogen sold $4.5M in registered stock to its 2 largest stockholders (a subsidiary of The Hillman Co. and the State of Wisconsin Investment Board); the company sold 6M shares of common stock at $0.75 each (1/6)

Diatide Inc. (DITI)

Private placement

0.83S

$6

Diatide sold $6M of convertible preferred stock to 2 unnamed investors; the stock is convertible at $7.27 per share into 825,309 shares of common stock; the investors also got 2-year warrants to buy 123,795 shares of common stock at $8.72 each; the company may be required to register the underlying common stock any time after 1 year (1/21)

DNAP Holding Corp. (DNAP)

Loan

$30

DNAP completed a $30M 1-year term credit commitment with the Bank of Montreal; the loan facility is guaranteed by Empresas LaModerna SA de CV, DNAP's parent company (1/6)

Dusa Pharmaceuticals Inc. (DUSA)

Private placement

1.5S

$7.5

Dusa sold 1.5M unregistered shares of common stock at $5.00 each (a 15.6% discount to market) to existing and new institutional and other accredited investors (1/14)

Endorex Corp. (DOR)

Line of credit

$0.8

Endorex completed a $0.75M financing agreement with Finova Capital Corp.; Endorex will get the money in the form of secured equipment loans over 12 months (it drew down the 1st $0.3M on 12/31/98) (1/7)

Endovasc Ltd.(OTC Bulletin Board: ENDV)

Debt financing

$0.5

Endovasc secured $0.5M in the form of a debt instrument through Portfolio Strategic Advisors (1/19)

Hollis-Eden Pharmaceuticals Inc. (HEPH)

Private placement

0.72S

$13

The company sold 719,220 shares of common stock at $18.075 each to an investment group led by Capital Research and Management Co. (1/26)

Private placement

0.65S

$12

The company sold 648,649 shares of common stock at $18.50 each to individual investor Robert Petersen (1/31)

Hyal Pharmaceutical Corp. (TSE:HPC)

Sale of ownership in subsidiary

$1.3

Hyal sold its entire interest in its 60%-owned subsidiary Hyal Pharmaceutical Australia Ltd. to a number of independent buyers; the sale was made through the facilities of the Australian Stock Exchange; Hyal received US$1.3M in proceeds (prices converted at a rate of C$1.51/US$1) (1/7)

Ligand Pharmaceuticals Inc. (LGND)

Exercise of warrants

2.27S

$12.5

Ligand received $12.5M from institutional investors who elected to exercise early their warrants to purchase 2.27M shares of common stock prior to year-end; the warrants were issued through a Ligand/Allergan Ligand Retinoid Therapeutics Inc. 1995 public offering of 3.25M units at $10 each (1/4)

LJL BioSystems Inc. (LJLB)

Private placement

2.0S

$7

The company sold 2M shares of unregistered common stock at $3.50 each to Bay City Capital and The Kaufmann Fund; the company will register the shares for resale; Hambrecht & Quist LLC advised the company (1/27)

Lorus Therapeutics Inc. (TSE:LOR)

Private placement

5.33W

$1.1

Lorus placed 5.33M special warrants at US$0.20 each with 6 institutional investors; each warrant can be converted into 1 share common stock (at US$0.24 per share any time before 1/8/00) and 0.5 common share purchase warrant; Groome Capital Inc. acted as the placement agent (prices converted at a rate of C$1.51/US$1) (1/11)

RiboGene Inc. (RBO)

Loan

$5

RiboGene completed a $5M working capital loan from Venture Banking Group, a division of Cupertino National Bank; the $5M note is due in 3 years (1/5)

Titan Pharmaceuticals Inc. (TTP)

Private placement

2.25S

$6.2

Titan sold 2.25M shares of common stock at $2.76 each to 2 members of the company's board of directors as well as institutional investors OrbiMed Advisors LLC, Biotechnology Value Fund LP, Emerging Growth Management Co. and Ursus Capital LP Evolution Capital Inc.; Leerick, Swann & Co. acted as the placement agent for part of the transaction (1/28)

U.S. Bioscience Inc. (UBS)

Private placement

2.69S

$20

U.S. Bioscience issued 2,686,728 shares of common stock at $7.44 each (average closing price over 30-day period) to investors led by Domain Partners IV LP and Proquest Investments LP (which together now own an 11% stake in the company); the investors also got 3-year warrants to buy 537,346 shares of common stock at $11.17 each; the investors will hold the shares for at least 1 year (1/28)

Xoma Ltd. (XOMA)

Private placement

2.0S

$12

Xoma sold 2M shares of common stock at $6 each (60% premium over market) to 2 institutional investors, Advantage Fund II Ltd. and Koche Investment Group Ltd.; the shares will be held in an escrow account until sold; beginning 8/31/99, the number of shares in escrow may be adjusted at 90-day intervals based on an 11% discount from market price at the time; the investors also got 5-year warrants to buy 0.24M shares at 60% premium to market; CIBC Oppenheimer served as an advisor to Xoma (1/29)

ND = Not disclosed, reported and/or available; S = Shares; TSE = Toronto Stock Exchange; U = Units; W = Warrants

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.