Company Type Of Number Of Amount Investors; Placement Agents;
(Symbol) Financing Shares, Units Raised (M) Details (Date)
Or Warrants (M)
CytRx Corp. Note $4 CytRx received $4M from VetLife LLC for the
(CYTR) repayment repayment of a note receivable issued on the
sale of its cattle implant business in 4/98 (12/9)
Dragon Private 2.0S $1 Dragon sold 2M shares of common stock at
Pharmaceuticals Inc. placement $0.50 each for proceeds of $1M (12/31)
(OTC Bulletin Board:
DRUG; Canada)
Gensia Sicor Inc. Convertible $10 Carlo Salvi, president and CEO of Gensia Sicor,
(GNSA) notes bought $5M in 8% convertible notes due 2001;
he will buy an additional $5M in notes before
year-end; for the next 2 years, the notes are
convertible into common stock at $4.50 per
share (12/16)
Genzyme Credit $20 Fleet Bank will increase Genzyme Transgenics'
Transgenics Corp. facility credit facility by $15M (to total of $24.6M); the
(GZTC) unsecured credit facility, which will be guaran-
teed by Genzyme Corp., includes a $17.5M oper-
ating line of credit, a $7.1M capital line of
credit and $5M for expansion of production
facilities; Genzyme Transgenics also received a
$5M lease line of credit with Transamerica
Technology Finance (12/22)
Geron Corp. Convertible $15 Geron sold $15M in convertible zero coupon
(GERN) debentures debentures to investment funds managed by
institutional investors Brown Simpson Asset
Management LLC and Rose Glen Capital Man-
agement LP; the debentures are convertible at a
fixed price of $10 per share; Geron has the option
to convert the debentures when its stock has
traded at an undisclosed premium to the $10
price for 5 consecutive days; for 18 months, the
investors can purchase up to $15M of additional
common stock at premium to fixed conversion
price (12/10)
Immunomedics Inc. Private ND $12.5 Immunomedics sold $12.5M in 4% convertible
(IMMU) placement preferred stock, with an option to sell an addi-
tional $7.5M, to unnamed investors; the pre-
ferred stock can't be converted into common
stock for 6 months, and then at the lesser of 125%
of market price or 100% of average of lowest
closing bid during specified time period (12/10)
Interferon Sciences Private 4.0S $1.6 The company sold 4M shares of common stock
Inc. (IFSC) placement at $0.40 each to institutions and high-net-worth
individuals (11/30)*
Paracelsian Inc. Private ND $0.3 Paracelsian obtained $0.25M through a private
(OTC Bulletin Board: placement placement of common stock (details not pro-
PRLN) vided) (12/17)
Pharmos Corp. Line of $10 Pharmos obtained a $10M equity line of credit
(PARS) credit with a single institutional investor; the company
has the right to draw funds periodically by sell-
ing its common stock at a 7% discount to the
closing bid price at the time of draw-down; the
agreement is in effect for 2.5 years; Jesup &
Lamont Securities Corp. acted as the placement
agent (12/14)
Phage Therapeutics Private 4.0S $0.2 The company sold 4M common shares for
International Inc. placement $0.05 each in a Regulation D financing (12/15)
(OTC Bulletin
Sepracor Inc. Convertible $300 Sepracor priced $300M of convertible subordi-
(SEPR) debentures nated debentures due 2005; the debentures have
an annual interest rate of 7% and will be convert-
ible into common stock at $124.875 per share
after 3 years; the purchaser of the debentures
has an option to buy up to $45M more (12/10)
Synsorb Biotech Inc. Loan $1.9 Synsorb received US$1.9M under a 4-year loan
(TSE:SYB; Canada) from GATX/MM Venture Finance Partnership
(prices converted at a rate of C$1.55/US$1) (12/29)
Techniclone Corp. Sale/ $6.1 Techniclone received $6.1M from the sale/
(TCLN) leaseback leaseback of its 2 corporate facilities; the com-
of facilities pany got $4.175M in cash and $1.925M in the
form of a 7% interest-bearing note (12/28)
Triangle Pharma- Private 0.17S $17 Triangle sold 170,000 shares of preferred stock
ceuticals Inc. (VIRS) placement at $100 each to selected institutional investors;
each share of preferred stock will convert into 10
shares of common stock after 1 year or when
Triangle's stockholders approve, whichever is
earlier; a dividend of $5 per share will be paid to
those holding outstanding preferred stock after
6/15/99; the company will register the underly-
ing shares for resale; Vector Securities Inter-
national Inc. acted as the placement agent (12/28)
TOTAL: $398.0M
* Interferon Sciences Inc.'s private placement occurred in 11/98. The proceeds have been attributed to that month and are not included in the total above.
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.