Amt. (M)


Antigenics LLC (4th round)

New York



Lead investors in this round included Deutsche Bank AG, Elan Corp., Sigma-Tau, Zeneca Group plc, Oracle Strategic Partners and SAC Capital

Atugen Biotechnology GmbH (start-up funding)




Atugen completed its initial financing of $20M; MPM Asset Management provided $7M in 6/98;other sources include the German Federal Ministry for Education, Science, Research and Technology ($3.5M), the Technologie-Beteiligungs-Gesellschaft mbH ($3M), Ribozyme Pharmaceuticals Inc. ($2M), the Berlin Senate Administration for Commerce and Business ($1.9M) and the Investitions Bank Berlin ($2.7M)

Epicyte Pharmaceutical Inc.

San Diego



The company raised $4.5M from TD Javelin Capital Fund II LP, CMEA Life Sciences LP, Viridian Capital LP and Dow Chemical Co.

OriGenix Technologies Inc. (start-up funding)




OriGenix was founded by Hybridon Inc. and 3 Canadian venture capital firms; Hybridon, which owns a 49% stake, has licensed certain antisense compounds and other technology to OriGenix; the venture capital firms (BioCapital Investments LP, Le Fonds de Solidarite des Travailleurs de Quebec and Societe Innovatech du Grand Montreal) will invest a total of US$3.95M; for an initial investment of US$2.63M, the firms get a 51% stake in OriGenix; the remaining US$1.32M investment will bring their ownership to 60% (prices converted at a rate of C$1.52/US$1)

Pentose Pharmaceuticals Inc. (2nd round)

Cambridge, Mass.



Participants in this financing round include new investor JAFCO Co. Ltd. and founding investor Ampersand Ventures

Regen Biologics Inc.

Redwood City, Calif.



Regen raised $6M in financing, consisting of a $4M preferred equity investment and a $2M line of credit from Sulzermedica

Symyx Technologies (other)

Santa Clara, Calif.



The company raised $10M in equipment financing and $13M in private equity; the equity financing was raised primarily from existing investors with Aventis Research and Technology (a subsidiary of Hoechst AG) also participating. Lease Management Services Inc. and Transamerica Business Credit Corp. provided the equipment financing

Zarix Ltd. (1st round)

Hamilton, Bermuda



Zarix, an Irish company, sold $5.45M in preferred stock to an international consortium of investors, led by Vernon International Ltd. and including previous investors BioAsia Investments LLC, New York Life Insurance and EJ Financial Enterprises Inc.


Company (Symbol)

Partner (Symbol; Country)

Amt. (M)

Triggering Event


Advanced Tissue Sciences Inc. (ATIS)

Smith & Nephew plc (U.K.)


Terms of agreement to expand Dermagraft joint venture

The companies signed a joint venture in 4/96 on Advanced Tissue's Dermagraft for treating diabetic foot ulcers, and expanded it in 1/98 to include indications of venous and pressure ulcers as well as the product TransCyte Dermagraft-TC) for treating burns outside the (formerly U.S.; this was expanded in 8/98 to include marketing of TransCyte in the U.S.; Advanced Tissue received a $15M payment in conjunction with the agreement (1/4)

AntexBiologics Inc. (OTC Bulletin Board: ANTX)

Pasteur Merieux Connaught (unit of Rhone-Poulenc Group; France)


Clinical development milestone

The companies signed a licensing agreement in 12/94 on Antex's recombinant Haemophilus influenzae (nontypeable) vaccine for treating inner ear infections (otitis media) in infants and children and upper respiratory disorders in the elderly; Antex received a $0.5M clinical development milestone (triggering event not identified) (1/20)

Ariad Pharmaceuticals

Hoechst Marion Roussel Inc. (subsidiary of Hoechst AG; Germany)


Terms of agreement on joint venture

The companies formed a joint venture, the Hoechst-Ariad Genomics Center LLC, in 3/97 in functional genomics; under terms of the agreement, Ariad had the option, beginning in 1999, to issue $25M in Series B preferred stock to Hoechst Marion over the remaining term; in this 1st tranche of that option, Ariad issued 478,120 shares to Hoechst Marion for proceeds of $5.747M (1/7)

Aronex Pharmaceuticals Inc. (ARNX)

Abbott Laboratories (NYSE:ABT)


Completion of Phase III trials in U.S. and Europe

The companies signed a licensing agreement in 11/98 on Aronex's Nyotran (liposomal formulation of Nystatin) for treating systemic fungal infections; Aronex completed patient enrollment and treatment in Phase III trials in the U.S. and Europe, triggering 2 milestone payments (totaling $5.6M) from Abbott (1/11)

Cadus Pharmaceutical Corp. (KDUS)

SmithKline Beech-am plc (NYSE:SBH;U.K.)


Research milestone

The companies signed an agreement in 2/97 to collaborate in functional genomics, especially orphan G-protein coupled receptors identified from the human genome; Cadus has identified ligands for these receptors, triggering a $1M milestone payment (1/12)

Cerus Corp. (CERS)

Baxter Healthcare Corp. (NYSE:BAX)


Set parameters for Phase III trial of pathogen inactivation system

The companies entered into an agreement in 12/93 to develop and market Cerus' platelet pathogen inactivation system; Cerus and the FDA agreed on the preliminary protocol for U.S. Phase III trials, triggering a $2M stock purchase for platelets(at 120% of market) by Baxter (1/26)

CV Therapeutics Inc. (CVTX)

Biogen Inc. (BGEN)


Final report on Phase II trial of CVT-124

The companies signed an agreement in 3/97 on CV Therapeutics' CVT-124 (now called Adentri; an adenosine A1-receptor antagonist) for treating edema associated with congestive heart failure; they amended that agreement in 7/98, to accelerate the release of a $4.5M loan to CV Therapeutics (in form of milestone) once Biogen received the final report of an earlier Phase II trial jointly conducted by the partners; the loan is repayable in common stock or cash (1/5)

Draxis Health Inc. (DRAXF; Canada)

Pfizer Inc. (NYSE:PFE)


Marketing approval of Anipryl in U.S. and Australia

The companies signed a marketing agreement in 11/97 for Draxis' Anipryl (for treating canine Cushing's disease and canine cognitive dysfunction); the FDA approved Anipryl for canine dysfunction on 12/11/98, triggering a $10M milestone; the National Registration Authority in Australia approved the product on 12/14/98 for treating both cognitive dysfunction and Cushing's disease, triggering a $3M milestone payment (1/6)

The Immune Response Corp. (IMNR)

Agouron Pharmaceuticals Inc. (AGPH)


Quarterly payment

The companies entered an agreement in 6/98 to collaborate on the final development and commercialization of the immune-based therapy Remune for treating HIV infection; this is the 2nd in a series of quarterly payments Agouron will make to Immune Response; it consists of $3M for R&D and $2M for the purchase of 0.15M shares of unregistered common stock (at a premium to market) (1/19)

Xoma Ltd. (XOMA)

Genentech Inc. (GNE)


Completion of Phase II trial

The companies entered an agreement in 4/96 to jointly develop Genentech's anti-CD11a humanized monoclonal antibody (a.k.a. hu1124) for treating psoriasis and organ transplant rejection; Xoma completed a Phase II trial in the psoriasis indication, triggering a $2M milestone payment (1/7)



Amount (M)

Number Of Shares/Units (M)

Share/Unit Price


Placement Agent (Date)

Aradigm Corp. (ARDM)





Aradigm sold 2.4M newly issued shares of common stock at $10.625 each to institutional investors, including The Kaufmann Fund Inc., Hambrecht & Quist Capital Management Inc., Bank Invest, Delta Opportunity Fund and Zesiger Capital Group LLC. The company will register the shares for resale. Piper Jaffray Inc. and Petkevich & Partners LLC served as advisors to Aradigm (1/27)