Company*

Amount(M)

Number Of Shares(M)

Share/Unit Price

Discount

Placement Agent (Date)

Cubist Pharmaceuticals Inc.

13.7

6.1

2.25

0%

Cubist issued 6.1M shares of common stock (priced at market), plus warrants for an additional 3M shares (also at $2.25 each) to new and current shareholders; Pacific Growth Equities acted as the placement agent (9/98)

Enzon Inc.

19

4

4.75

9%

The company sold 4M unregistered shares at $4.75 each to a small group of current and new institutional investors; SBC Warburg Dillon Read Inc. led the financing (6/98)

Inhale Therapeutic Systems Inc.

37.2

1.2

31

2%

Inhale sold 1.2M newly issued shares of common stock at $31.00 each to the Smallcap World Fund Inc. and American Variable Insurance Series Growth Fund (both managed by Capital Research and Management Co); Volpe Brown Whelan & Co. acted as the placement agent (12/98)

Triangle Pharmaceuticals Inc.

48

4.8

10

15%

Triangle sold 4.8M newly issued shares of common stock at $10.00 each to selected institutional and other accredited investors; Vector Securities International Inc. acted as the placement agent (12/98)