Company*

Type Of Financing

Number Of Shares, Units Or Warrants (M)

Amount Raised (M)

Investors; Placement Agents; Details (Date)

Aastrom Biosciences Inc.

Private placement

ND

5

Aastrom sold $5M in Series I convertible preferred stock to a single investor; the preferred stock yields 5% annual interest and is convertible for the 1st nine months only after the market price of Aastrom¿s common stock reaches $4.83 per share; Aastrom will register the underlying shares for resale (7/98)

Abaxis Inc. (ABAX)

Debt financing

____

5.5

Transamerica Technology Finance is providing $5.5M in debt financing, consisting of $3M for capital equipment and $2.5M in working capital (9/98)

Abaxis Inc. (ABAX)

Private placement

ND

4

Abaxis raised $4M through the sale of convertible preferred stock to a current investor and a new investor group; the stock can be converted into common shares at $2.50 per share; the company will register the shares for resale (11/98)

Access Pharmaceuticals Inc. (OTC Bulletin Board:AXCS)

Private placement

0.95S

2.9

Access raised $2.9M in the 1st closing of a private placement of $7.8M total; the company sold 0.95M shares of unregistered common stock at $3.053 each to undisclosed investors; the company will register the stock for resale; Sunrise Securities Corp. acted as the placement agent (6/98)

AccuMed International Inc. (NASDAQ SmallCap Market:ACMIC)

Private placement

8.7S; 8.7W

6.5

AccuMed sold a total of 8.69M common shares and the same number of 7-year warrants (to buy shares at $0.75/each) in 2 tranches; Sakura Fineteck USA Inc. participated in the financing (3/98)

Advanced Tissue Sciences Inc.

Private placement

ND

25

Advanced Tissue raised $25M through the sale of Series B convertible preferred stock to a group of new investors; the preferred stock, which earns 5% interest per year, can be converted into common stock at a premium to market if the trading price goes above $8 per share; Advanced Tissue will register the underlying shares for resale (7/98)

Affymetrix Inc.

Private placement

1.63S

50

Affymetrix sold 1.63M shares of Series AA preferred stock for $50M total to Glaxo Wellcome Americas Inc.; the Series AA stock is convertible into common stock at $40 per share; Affymetrix will pay a 6.25% dividend on the Series AA stock until the time of conversion; Glaxo now owns 37% of Affymetrix¿s outstanding shares (4/98)

Agritope Inc.

Private placements

1.56S

10.9

Agritope, a recent spin-off of Epitope Inc., raised $10.9M in private placements of 1.34M shares of common stock and 0.21M shares of preferred stock, all at $7/share; the shares were issued to certain foreign investors in connection with the spin-off of Agritope as a public company (1/98)

Alexion Pharmaceuticals Inc.

Private placement

0.67S

8.8

Alexion sold 670,000 shares of common stock at $13.13/each to institutional investor BB Biotech for $8.827M; BB Biotech now owns a 16.5% stake; Alexion registered the shares for resale (3/98)

Alfacell Corp. (ACEL)

Private placement

1.2U

4.7

Alfacell sold 1.2M units at $4.00 each to institutional investors for $4.7M; each unit consists of 2 shares of common stock and one 3-year warrant to buy 1 share at $2.50; Harris, Webb & Garrison Inc. acted as placement agent and received purchase warrants for 0.117M units (2/98)

Algos Pharmaceutical Corp. (ALGO)

Private placement

1.0S

25

Algos raised $25M in a placement of 1M newly issued shares with Biotech Target SA (a subsidiary of BB Biotech AG); Biotech Target also received a 4-year warrant to buy 0.25M shares of common stock at $25 per share; Algos will register the stock for resale (11/98)

Alkermes Inc.

Private placement

2.0S

100

Alkermes sold 2M shares of convertible exchangeable preferred stock at $50 per share to certain institutional investors; the buyers have a 30-day option to purchase an additional 0.3M shares to cover overallotments; the preferred stock will pay dividends annually at $3.25/share; the preferred stock will be convertible into common stock at $29.625 per share; it will also be exchangeable into 6.5% convertible debentures (also convertible into common stock); the preferred stock and debentures will be redeemable at declining prices starting in March 2001 (2/98)

Alliance Pharmaceutical Corp.

Private placement

0.1S

6

Alliance sold 0.1M shares of convertible redeemable preferred stock at $60 each to 3 institutional investors, led by Brown Simpson Asset Management; the preferred shares are convertible into common stock at $6 per share through 1/3/99 and there-after at a price adjusted to market price; no dividends will accrue; CIBC Oppenheimer and Solomon Smith Barney advised the company in the transaction (8/98)

Alpha-Beta Technology Inc.

Private placement

ND

3

The company agreed to sell $3M in convertible preferred stock to a single institutional investor; the investor bought $1.5M immediately and will purchase the rest on the effectiveness of a resale registration statement (10/98)

American Biogenetic Sciences Inc.

Private placement

ND

4

The company placed $4M of convertible debentures and warrants with undisclosed institutional investors (5/98)

Aquila Biopharmaceuticals Inc.

Private placement

0.77S

3.6

Aquila sold 769,000 newly issued shares of common stock at $4.681 each to a group of current investors, led by OrbiMed Advisors LLC; Aquila will register the shares for resale (2/98)

Ariad Pharmaceuticals Inc.

Private placement

0.005S

5

Ariad sold 5,000 shares of Series C convertible preferred stock for $5M to a group of institutional investors; each share of Series C stock has a stated value of $1,000, accrues 5% interest annually and is convertible into common stock 3 months after closing at a price equal to the lower of a variable conversion price or a maximum conversion price; the company will register the shares for resale; Promethean Investment Group LLC acted as an advisor (11/98)

Avax Technologies Inc.

Loan


0.2

Avax received authorization from Philadelphia¿s Economic Development Corp. for a $0.15M loan (at 3%) to assist in the building of its GMP manufacturing facility (4/98)

Aviron

Convertible subordinated notes


100

Aviron sold $100M in convertible subordinated notes due 2005; the notes have an annual coupon of 5.75%, will be convertible into common stock at $30.904/share and will not be redeemable for 3 years (3/98)

Biomatrix Inc.

Debt financing


15

Biomatrix issued $15M of subordinated convertible debt to an undisclosed investor; the debt has a 5-year term and a coupon rate of 6.9%; the debt can be converted into common shares at $40/share after 1 year (5/98)

Cell Genesys Inc.

Sale of Abgenix Inc. stock

1.1S

9.5

Cell Genesys sold 1.1M shares of stock it held in its subsidiary Abgenix Inc. to Zesiger Capital Group LLC; Cell Genesys now owns 30% of Abgenix; Abgenix will register the shares, which are subject to lockup provisions; BancBoston Robertson Stephens Inc. acted as the placement agent (11/98)

Celgene Corp.

Private placement

ND

8.3

Celgene netted $8.3M from a private placement with a single investor; the financing ¿instrument¿ is convertible into stock at $11.00 per share (9/98)

Celtrix Pharmaceuticals Inc.

Interim financing


2

As part of Celtrix¿s corporate restructuring, the company¿s existing investors committed $2M in additional funding to extend its cash resources into 4Q:99 (9/98)

Centocor Inc.

Convertible debentures


460

Centocor sold $460M of convertible subordinated debentures (including the full over-allotment) due 2005; the debentures have an annual coupon rate of 4.75%, are convertible into common stock at $49.261 per share and are not redeemable for 3 years (2/98)

ChemTrak Inc. 1 (OTC Bulletin Board:CMTR)

Line of credit


1

ChemTrak established a $1M fixed asset lease line of credit with Pentech Financial Services Inc; ChemTrak has already drawn down 50% of the lease line, which is secured by the company¿s assets (1/98)

ChemTrak Inc. (OTC Bulletin Board:CMTR)

Private placement

ND

1.3

The company raised net proceeds of $1.3M through the placement of convertible preferred A stock to 7 private investors; this is the 1st of 2 tranches, expected to raise a total of $4M; the preferred stock is convertible into common stock 60 days after closing at 75% of market and bears 6% annual dividends (2/98)

ChemTrak Inc. (OTC Bulletin Board:CMTR)

Private placement

ND

1

ChemTrak raised $1M in the 1st of 2 tranches in this private placement of redeemable convertible preferred B stock; the shares are convertible into common stock, 90 days after closing, at a price equal to market on the closing date or 75% of market at the time of conversion, whichever is lower (4/98)

ChemTrak Inc. (OTC Bulletin Board:CMTR)

Private placement

ND

0.2

ChemTrak said it received $150,000 of equity financing, but supplied no details (7/98)

CoCensys Inc.

Private placement

ND

8

CoCensys placed $8M in convertible preferred stock, which carries a 7.5% annual dividend; the shares are convertible for 3 years into common stock at a price based in part on market value at the time of conversion but not to exceed $3.93 per share; the holders also get warrants to buy 0.35M shares of common stock at $4.50 each and additional warrants to buy 0.1M shares if the investors hold a specified amount of preferred stock for at least 5 months after purchase; CoCensys may sell an additional $2M of convertible preferred stock at a later date (6/98)

Connetics Corp.

Private placement

2.16S

10

The company self-managed this placement of 2.16M shares of unregistered common stock (at $4.625 each) to Alta BioPharma Partners LLC (4/98)

Connetics Corp.

Private placement

3.14S

12.6

Connetics sold 3.14M shares of unregistered common stock at $4.01 each to new and existing investors, including several of the company¿s directors; the company selfmanaged the placement (11/98)

Corvas International Inc.

Exercise of warrants

1.03S

3.7

Corvas received $3.7M from a group of current institutional investors that accepted the firm¿s offer to exercise their warrants early at a discount; Corvas will issue 1.03M shares in exchange (7/98)

Creative BioMolecules Inc.

Private placement

ND

25

The company sold $25M in convertible preferred stock, which carries no dividend; the stock can be converted into common stock at $10/share through 5/99 and at higher prices thereafter; the company can redeem the preferred stock under certain conditions; Creative BioMolecules will register the underlying stock for resale; the lead investor was Delta Opportunity Fund Ltd; Diaz & Altschul Capital LLC acted as the placement agent (5/98)

Creative BioMolecules Inc.

Sale of OP-1 manufacturing rights and facilities


20

Creative BioMolecules sold its OP-1 manufacturing rights and facilities to development partner Stryker Corp.; Creative gets increased royalties on sale of the product for orthopedic and dental reconstruction in place of manufacturing profits per terms of the partners¿ original agreement (announced 10/98; closed 11/98)

Cygnus Inc.

Debt and equity offerings


56.8

Cygnus completed two public offerings (of subordinated convertible notes and common stock) for total gross proceeds of $56.8M; the securities were registered in 11/97 under a universal shelf offering (for up to $90M); Cygnus sold $43M of 4% senior subordinated convertible notes due 2005 to certain institutional investors; the notes will be sold at par and bear 4% annual interest; the notes are convertible into common stock according to a fixed formula; Delta Opportunity Fund Ltd. was the lead investor in the debt offering; Diaz & Altschul Capital LLC acted as advisor; Cygnus also sold $13.8M of its common stock (at a discount to market) directly to unnamed investors (2/98)

Cypress Bioscience Inc.

Private placement

2.2S

3.3

Cypress sold 2.18M shares of Series A preferred stock at $1.514 per share to current shareholders and new institutional investors in this placement; the preferred stock is convertible on a 1:1 basis into common shares (9/98)

Cytogen Corp.

Equity line


12

Cytogen secured a $12M common stock equity line from Kingsbridge Capital, an institutional investor based in Ireland; the company can draw up to $12M in cash over 2 years in exchange for common stock (at a 15% discount to market); Cytogen must register the shares before it can draw down the cash (10/98)

CytRx Corp.

Note repayment


4

CytRx received $4M from VetLife LLC for the repayment of a note receivable issued on the sale of its cattle implant business in 4/98 (12/98)

Demeter BioTechnologies Ltd. (OTC Bulletin Board: DBOT)

Private placement

ND

2

Demeter placed $2M in convertible preferred stock with the CEO Venture Fund III (6/98)

DepoMed Inc.

Private placement

ND

8

The company sold $8M in common stock to investors who agreed to a lock-up provision until 11/6/98; Evolution Capital Inc. managed the placement (2/98)

Diacrin Inc.

Private placement

1.03S

9.5

The company sold 1.027M new shares of common stock at $9.25 each to a group of existing shareholders in a self-managed private placement; Diacrin will register the shares for resale (2/98)

Dragon Pharmaceuticals Inc. (OTC Bulletin Board:DRUG; Canada)

Private placement

2.0S

1

Dragon sold 2M shares of common stock at $0.50 each for proceeds of $1M (12/98)

Emisphere Technologies Inc.

Private placement


13.5

Emisphere sold $13.5M in 5% senior convertible preferred notes to unnamed institutional investors; the notes, which mature in 2001, are convertible into common stock at a market price formula to be determined at the time of the transaction; Emisphere will register the underlying stock for resale; Diaz & Altschul Capital LLC acted as the placement agent (5/98)

Flamel Technologies SA (France)

Private placement

2S

10

Flamel sold 2M common shares at US$5/ each to Financiere et Industrielle Gaz et Eaux (G&E), an affiliate of the Lazard group, for a 14% equity stake; G&E has the option to obtain 5-year warrants at $10/ share to increase its stake to 16.6% in the next 2 years (5/98)

GelTex Pharmaceuticals Inc.

Private placement

ND

4.1

The company sold $4.1M in common stock to International Biotechnology Trust, which had a 4% stake in GelTex before the placement (4/98)

Genelabs Technologies Inc.

Sale of shares in affiliate

8.5S

4.3

Genelabs received $4.3M from the sale of some of the shares in its Taiwan affiliate, Genelabs Biotechnology Co. Ltd., to a single investor, Long Bon Development Co.; Genelabs sold 8.48M shares at $0.507 each; it still holds a 16% stake in the affiliate (prices converted at a rate of NT34.55/ US$1) (6/98)

Genetronics Biomedical Ltd.

Exercise of warrants

0.2W

0.5

Genetronics received US$0.46M from the exercise of 0.2M special warrants at US$2.31 per share by Canaccord Capital Corp. and Index Securities; the warrants were issued as part of a 5/97 private placement; prices converted at a rate of C$1.43/ US$1 (4/98)

Genetronics Biomedical Ltd.

Exercise of warrants

0.2W

0.6

Genetronics received US$0.61M through the exercise of 0.2M warrants at US$3.05 each; Canaccord Capital Corp. and Index Securities each exercised warrants for 0.1M shares; the warrants were issued 4/97 (prices converted at a rate of C$1.55/US$1) (11/98)

Gensia Sicor Inc.

Convertible notes


10

Carlo Salvi, president and CEO of Gensia Sicor, 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 (12/98)

Genzyme Corp.

Convertible subordinated notes


250

Genzyme sold $250M in 5.25% convertible subordinated notes due 2005; the notes are not callable for 3 years and will be convertible into common stock at $39.60/share; Credit Suisse First Boston Corp., Cowen & Co. and Goldman Sachs & Co. acted as the placement agents (5/98)

Genzyme Tissue Repair

Long-term financing


66

Genzyme Corp. has committed up to $66M to its subsidiary Genzyme Tissue Repair; Genzyme has increased the equity line of credit available to Genzyme Tissue from $12M to $50M, which the latter may draw down as needed on a quarterly basis in exchange for stock; Genzyme also will buy Genzyme Tissue¿s manufacturing facility for $16M in cash; Genzyme Tissue will lease back part of the facility (6/98)

Genzyme Transgenics Corp.

Private placement

0.02S; 0.4W

20

The company sold $20M of Series A convertible preferred stock (0.02M shares) to 3 undisclosed institutional investors; for the 1st 9 months, the stock is convertible at $14.55/share; afterwards, it is convertible at market (but not more than $14.55/share); the investors also got 0.4M warrants to buy common stock at $15.16/share; the company can call the warrants when the stock reaches $21.22/share (3/98)

Genzyme Transgenics Corp.

Credit facility


20

Fleet Bank will increase Genzyme Transgenics¿ credit facility by $15M (to total of $24.6M); the unsecured credit facility, which will be guaranteed by Genzyme Corp., includes a $17.5M operating 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 (12/98)

Geron Corp.

Private placement

ND

15

Geron sold $15M of Series A convertible preferred stock to funds managed by the institutional investors Rose Glen Capital Management LP and The Citidel Group; the convertible stock yields 6% annual interest and is convertible for the 1st 9 months only if Geron¿s common stock equals or exceeds $15/share; thereafter, the stock is convertible based on market price (up to $16.88/share); Geron maintains the option to call the stock if the price of its shares exceeds or falls below certain thresholds; the company will register the underlying shares for resale (3/98)

Geron Corp.

Convertible debentures


15

Geron sold $15M in convertible zero coupon debentures to investment funds managed by institutional investors Brown Simpson Asset Management LLC and Rose Glen Capital Management 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 additional common stock at premium to fixed conversion price (12/98)

HemaSure Inc. (OTC Bulletin Board:HMSR)

Revolving line of credit


5

HemaSure received a commitment from a commercial bank for a $5M revolving line of credit; $3M will be available on signing with the rest available based on development milestones; the line of credit will expire in 6/00; Sepracor Inc., the company¿s largest shareholder, will guarantee the repayment in exchange for the right to buy up to 1.7M shares of HemaSure at $0.69 per share (8/98)

Hemosol Inc. (TSE: HML; Canada)

Rights offering

2.44U

5

Hemosol sold 2.44M units at US$2.05 each to existing shareholders; each unit consists of 1 common share and 0.5 warrant that can be used to buy 1 share at US$2.57 until 12/21/99; major shareholder MDS Inc. subscribed to 1.46M of the units, increasing its stake in Hemosol to 34% (7/98)

Human Genome Sciences Inc.

Construction financing


40

The Maryland Economic Development Corp. (MEDCO) provided bond financing for the construction of Human Genome Sciences¿ process development and production facility; key elements of the financing were also provided by First National Bank of Maryland, the State of Maryland and Montgomery County; MEDCO is building the facility and will lease it to Human Genome Sciences (1/98)

Hybridon Inc. (OTC Bulletin Board: HYBN)

Private placement and conversion of subordinated notes


75.9

Hybridon raised a total of $76M in several transactions; it raised $21M in a private placement of 6.6M shares common stock at $2/each and warrants to buy common stock as well as 0.11M shares of Series A convertible preferred stock (sold at $70/ share) and warrants to purchase common stock; of the $21M in proceeds, $6.7M was applied to reduce existing obligations; also, $48.6M principal amount of the company¿s 9% notes have been tendered to be exchanged for shares of series A convertible preferred stock and stock purchase warrants (i.e., the debt was exchanged for $48.6M in equity); also, all the recent puchasers of Hybridon¿s units consisting of 14% notes due 2007 and stock purchase warrants have agreed to exchange the units for common stock (at $2/share) and warrants, bringing total proceeds to $27.3M; several large existing shareholders as well as new institutional investors and the company¿s creditors participated in the transactions (5/98)

Hybridon Inc. (OTC Bulletin Board:HYBN)

Facility consolidation


6.5

Hybridon terminated its lease on a facility owned by Charles River Building Limited Partnership and is selling its interest in that limited partnership; the company will get $6.5M, including release of restricted cash, in connection with these transactions (9/98)

Ibex Technologies Inc. (TSE:IBT; Canada)

Private placement

4.14W

8.4

Ibex sold 4.14M special warrants (including overallotments) for US$2.02 each; each warrant can be exercised for 1 unit at no extra cost; each unit entitles the holder to 1 common share and 0.5 warrant, which can be used to acquire an additional share of common stock at US$2.15 for 18 months; Nesbitt Burns Inc., Sprott Securities Ltd. and Eagle & Partners Inc. served as the underwriters; prices converted at a rate of C$1.44/US$1 (3/98; 4/98)

ID Biomedical Corp. (Canada)

Private placement

ND

4

ID Biomedical will sell $4M in Class A convertible preferred stock to a single institutional investor; the preferred shares carry a 6% annual dividend and can be converted into common stock at market anytime over 3 years; the investor will also get 0.3M common stock purchase warrants, exercisable over 2 years at a premium to market (announced 9/98; closed 10/98)

Igene Biotechnology Inc. (OTC Bulletin Board:IGNE)

Rights offering

50U

5

The company sold 50M units to its share-holders in this rights offering for gross proceeds of $5M; each unit consists of $0.10 principal amount of 8% notes due 2003 and one 10-year warrant to buy 1 common share at $0.10 per share; holders of Igene¿s common stock got 1 right for each share (4/98)

The Immune Response Corp.

Private placement

ND

10

The company sold $10M in Series F convertible preferred stock to unnamed investors; the holders have the option of converting the shares into common stock at $14.07 each for the 1st year (a 20% premium to market at the time of the transaction); the Series F shares mature in 4/01 and bear an annual dividend of 7.5%; the company will register the underlying shares for resale; Prudential Securities Inc. acted as advisor (4/98)

Immunomedics Inc.

Private placement

ND

12.5

Immunomedics sold $12.5M in 4% convertible preferred stock, with an option to sell an additional $7.5M, to unnamed investors; the preferred 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 (12/98)

Inflazyme Pharmaceuticals Ltd. (VSE: IZP; Canada)

Private placement

7U

4.1

Inflazyme raised US$4.1M from current and new investors Biotechnology Investments Ltd., The Goldman Sachs Group LP, Royal Bank Capital Corp. and Royal Trust Corp. of Canada; the company sold 7.02M units at US$0.582 each; each unit consists of 1 common share and 1/5 common share purchase warrant; each whole warrant can be used to buy 1 share for US$0.776 before 12/25/01; Biotechnology Investments¿ purchase gives it a 16.5% stake in Inflazyme; the investors must hold the shares and warrants for 1 year before trading (prices converted at a rate of C$1.47/US$1) (6/98)

Interferon Sciences Inc.

Private placement

4.0S

1.6

The company sold 4M shares of common stock at $0.40 each to institutions and high-net-worth individuals (11/98)

Isis Pharmaceuticals Inc.

Debt financing


15

Isis arranged this $15M private debt financing with the same institutional investor that financed the company¿s $40M debt in 10/97; the debt matures in 2007, with interest payments accruing during the 1st 5 years and payable quarterly in cash at 14% per year thereafter; in connection with the financing, Isis issued 7-year warrants to purchase 0.3M shares of common stock at $25/share (5/98)

LeukoSite Inc.

Private placement

1.97S

11.8

LeukoSite sold 1.97M unregistered shares to new and current shareholders at $6 each (an 18.6% discount to the market) for proceeds of $11.8M; new investors included Goldman, Sachs & Co. and Perseus Capital LLC (7/98)

LXR Biotechnology Inc.

Private placement

1.28S

2.2

This represents the final closing of LXR¿s $10M private placement (the 1st 2 closings occurred in 12/97); in this closing, LXR sold 1.28M shares at $1.75/each to a group of investors led by Grace Brothers Ltd.; the company will register the shares for resale (12/97; 1/98)

Martek Biosciences Corp.

Private placement

0.66S; 0.2W

20.5

Martek sold 0.66M shares of common stock and warrants to buy 0.2M shares (for a total of $10.25M) to accredited investors, led by Vector Fund Management; the investors also agreed to a 2-year funding commitment to provide up to $10.25M in additional funds in the form of common stock and warrants; the 3-year warrants are exercisable at $18.76 per share (a 20% premium to market at the time of the transaction); Hambrecht & Quist LLC served as advisor (4/98)

Matrix Pharmaceutical Inc.

Sale and lease-back of real estate


14

Matrix agreed with Alexandria Real Estate Equities Inc. to sell and lease back its office/ laboratory, manufacturing facility and an adjacent piece of land; the transaction was structured as an $18.6M purchase and a $6M convertible loan; net cash totals $14M (4/98)

Medarex Inc.

Rights offering to former shareholders of GenPharm International

3.7S

25.1

The Bay City Capital Fund I LP and various Pritzker family business interests (together, BCC Acquisition I LLC) bought the rights of former GenPharm International Inc. shareholders to receive $25.1M in shares of Medarex common stock; the investors exchanged these rights for 3.72M shares of Medarex stock and warrants to purchase 0.45M shares at $10 each over 7 years; once the warrants are exercised, BCC Acquisition will hold a 15.8% stake in Medarex (8/98)

Medarex Inc.

Payment of principal and interest on note


15.5

Medarex received a $15M principal payment and $0.5M in interest from Cell Genesys Inc. The payment is in satisfaction of a note issued in connection with a cross-license and settlement agreement from 3/97 between Medarex¿s subsidiary GenPharm International Inc. and Cell Genesys (10/98)

MedImmune Inc.

Private placement

1.7S

66.3

MedImmune sold 1.7M new shares of common stock at $39/each to institutional investors BB Biotech, Investor AB and INVESCO Trust Co. in a self-managed private placement (1/98)

Nabi

Revolving credit facility; loan


50

Nabi amended its bank credit agreement to provide for a $45M revolving credit facility due 9/02 and a $5M term loan due 3/99; the lenders both waived non-compliance with prior financial covenants and prospectively modified the covenants (3/98)

NeoTherapeutics Inc.

Line of credit


15

The company secured an equity-based $15M line of credit from a single institutional investor; NeoTherapeutics has the right to draw up to $15M in cash in exchange for its common stock for 30 months; when exchanged, the shares will be issued at a 12% discount to market; NeoTherapeutics will register the shares for resale (4/98)

Novavax Inc.

Private placement

ND

6.5

The company sold $6.5M in custom convertible preferred stock, which is convertible into common stock at 100% of market for the 1st 90 days and at 94% thereafter; the company has the option to call any unconverted stock at the end of 2 years and 3 years at certain set prices; the holders have option to put the preferred stock back to the company under certain conditions; Novavax will register the underlying shares for resale; Delta Opportunity Fund Ltd. was the lead investor in this transaction; Diaz & Altschul Capital LLC acted as the placement agent (1/98)

North American Vaccine Inc.

Convertible secured notes


25

The company sold $25M of 4.5% convertible secured notes due 11/13/03; the notes are convertible into common stock at $8.54 per share; the notes were issued to certain existing shareholders, affiliates and other investors, including BioChem Pharma Inc. (which had owned a 36% stake in the company) and company director Phillip Frost (who owned a 17% stake) (11/98)

Oncor Inc. 2

Private placement

ND

5

Oncor sold $5M in preferred stock to undisclosed investors; the company will also issue warrants to buy 0.125M shares at $5.16/each (1/98)

Oncor Inc.

Line of credit


1

Oncor raised $1M through 2 cash infusions from certain of its directors and a major shareholder of the company, which provided credit support expanding Oncor¿s existing bank line of credit (6/98)

Oncormed Inc. 3

Private placement

ND

3

Oncormed sold $3M in convertible preferred stock to certain (unnamed) investors; the stock is convertible into common stock at market price at the time of conversion; Oncormed also issued an undisclosed number of warrants to the same investors; the company will register the underlying shares for resale (3/98)

Onyx Pharmaceuticals Inc.

Private placement

1.4S

10

Onyx sold 1.4M shares of common stock at $7.125/share to International Biotechnology Trust plc and Lombard Odier & Cie; the company will register the shares for resale (1/98)

OraVax Inc. (OTC Bulletin Board: ORVX)

Private placement

ND

6.8

The company raised $6.75M by selling newly issued shares of 6% convertible preferred stock to a small group of investors; Cappello Capital Corp. acted as the placement agent (1/98)

Organogenesis Inc.

Private placement

ND

20

The company sold $20M in convertible preferred stock to 2 undisclosed institutional investors; the shares pay no dividends and are convertible into common stock over 2 years based on market price (but not to exceed $36/share); the investors also got 0.16M 3-year warrants to buy stock at $39 per share; Reedland Capital Partners acted as the placement agent (3/98)

Ortec International Inc.

Exercise of warrants

1.08W

10.8

1.08M of Ortec¿s Class A warrants, which were issued as part of the company¿s 1/96 IPO unit offering, were exercised at a price of $10/each (1/98)

Oxis International Inc.

Private placement

6.11U

6.3

This is the 1st tranche of a private financing; Oxis issued 6.11M units at $1.031 each; the units consist of 1 share of common stock plus 1 warrant to buy 1 share at 120% of the unit price; institutional investors participating in the financing included Credit Suisse Pharma Fund, Banc Pictet & Cie, Swiss Re Investors and S.R. One Ltd.; Credit Lyonnais acted as the placement agent (5/98)

Pacific Pharmaceuticals Inc. (OTC Bulletin Board: PPHA)

Private placement

1.47S

2.6

Pacific Pharmaceuticals and its subsidiary B-G Development Corp. raised $2.6M by selling 1.47M convertible preferred shares of B-G Development to undisclosed investors; each share of preferred stock is convertible into 1 share common stock (7/98)

Paracelsian Inc. (OTC Bulletin Board: PRLN)

Exercise of warrants

ND

0.5

Biomar International Inc., which received warrants as part of its 1/98 investment in Paracelsian, exercised those for $0.52M in common stock (8/98)

Paracelsian Inc. (OTC Bulletin Board: PRLN)

Private placement

ND

0.3

Paracelsian obtained $0.25M through a private placement of common stock (details not provided) (12/98)

Penederm Inc. 4

Line of credit


10

Penederm entered an agreement with an unnamed investment group for an equity line of credit for up to $10M through sales of its common stock over 2 years (at a discount to market) (1/98)

Pharmos Corp.

Private placement

ND

5

Pharmos sold $5M of convertible preferred stock and warrants to a single institutional investor; Gemini Capital acted as the placement agent (2/98)

Pharmos Corp.

Line of credit


10

Pharmos obtained a $10M equity line of credit with a single institutional investor; the company has the right to draw funds periodically by selling 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 (12/98)

Phage Therapeutics International Inc. (OTC Bulletin Board:PTXX)

Private placement

4.0S

0.2

The company sold 4M common shares for $0.05 each in a Regulation D financing (12/98)

Phytopharm plc (U.K.)

Private placement

1.56S

3.6

Phytopharm sold 1.56M shares at $2.308 to institutional investors; the company registered the shares for resale; WestLB Panmure Ltd. acted as the placement agent (prices converted at a rate of #0.61/US$1) (11/98)

PPL Therapeutics plc (U.K.)

Rights offering

27.1

34.2

The company raised $34.2M through a 6 for 5 rights offering; it issued 27.1M new shares at $1.26 each; BT Alex Brown International acted as the underwriter (prices converted at a rate of #0.60/US$1) (11/98)

Procept Inc.

Private placement

2.4U

1.2

Procept raised $1.2M in the 1st closing of its common stock unit offering, which was intended to raise as much as $10M in 1Q:98; each unit consists of 1 common share and 1 5-year warrant to buy 1 share at $0.50; the company sold 2.4M units at $0.50/each to a combination of institutional and private investors; Procept will register the underlying shares for resale (1/98)

Procept Inc.

Private placement

19.2S

9.6

The company raised a total of $9.6M from the sale of 96 units at $0.1M each to institutional investors; each unit consists of 0.2M shares of common stock and 5-year warrants to buy 0.2M shares of common stock at $0.50 each; Paramount Capital Inc. acted as the placement agent (4/98)

Progenitor Inc. 5

Loan and sale-leaseback


2.7

Progenitor arranged $2.7M in financing from Transamerica Business Credit; the financing consisted of a $1.9M secured loan and $0.8M from a sale-leaseback transaction (5/98)

Protein Polymer Technologies Inc.

Private placement

0.039S

3.9

The company raised $3.9M from a small group of accredited and institutional investors in the 1st closing of this private placement; the Series E convertible preferred stock was priced at $100/share (39,213 shares); the preferred shares can be converted at any time into common stock at $1.25/share; investors also receive 2 warrants for each preferred share; 1 warrant, exercisable for 18 months, can be used to buy 40 shares of common stock at $2.50 each; the 2nd warrant, exercisable for 36 months, can be exercised for 20 shares of common stock at $5.00 each; the company will register the underlying stock for resale (4/98)

Protein Polymer Technologies Inc.

Private placement

0.015S

1.5

The company raised $1.5M from a small group of accredited and institutional investors in the 2nd closing of this private placement (the 1st closing, for $3.9M, occurred on 4/28/98; the total raised was $5.4M); the Series E convertible preferred stock was priced at $100/share (54,000 shares total in both tranches); the preferred shares can be converted at any time into common stock at $1.25/share; investors also receive 2 warrants for each preferred share; 1 warrant, exercisable for 18 months, can be used to buy 40 shares of common stock at $2.50 each; the 2nd warrant, exercisable for 36 months, can be exercised for 20 shares of common stock at $5.00 each; the company will register the underlying stock for resale (5/98)

Proteus International plc (LSE:PTI; U.K.)

Rights offering

18.5S

12.7

Proteus will issue up to 18.5M new shares to its existing shareholders, on a 1 for 3 basis, at $0.75 per share, for gross proceeds of $12.67M; Panmure Gordon & Co. Ltd. acted as the underwriter; prices converted at a rate of #0.6/US$1 (4/98)

Receptagen Ltd. (TSE:RCG)

Bridge financing


0.7

Receptagen issued a convertible debenture to Marbury Trading Corp. (a subsidiary of InterUnion Financial Corp.) in exchange for an advance of up to US$0.7M to meet expenses related to Receptagen¿s merger with Scitech Genetics; the debenture has an 11% interest rate, carries 3-year warrants to buy common shares of the merged company at C$7/share (US$4.93/share) and matures in 8/98 (2/98)

Ribi ImmunoChem Research Inc.

Private placement

0.082S

8.2

Ribi raised $8.24M by selling 8,240 shares of convertible preferred stock at $1,000 each to a single institutional investor; the preferred stock pays 5% annual interest and can be converted into common stock after 90 days but before 120 days at $6.04 per share; thereafter, the conversion rate is a floating price; Ribi will register the underlying stock for resale (7/98)

RiboGene Inc.

Equipment financing


2

Finova Capital Corp. will provide RiboGene with $2M in financing in the form of secured equipment loans over the next 12 months (10/98)

SciClone Pharmaceuticals Inc.

Private placement

0.66S

4

SciClone raised $4M from institutional investors; it issued 0.66M shares of preferred stock at $6.05 per share (57% premium to market); the preferred shares are convertible into common stock on a scheduled basis over 5 years, based on market price at the time of conversion; the investors also got 0.1M 5-year warrants to buy common stock at $5.67 per share; Reedland Capital Partners acted as the placement agent (4/98)

SciClone Pharmaceuticals Inc.

Equity line of credit


32

SciClone will get a $32M line of credit from an institutional investor; the fund is managed by the Palladin Group LP; SciClone can access up to $32M over a 2-year period (up to $4M per quarter) through the sale of its common stock, at a 3% discount to market; the investor received a 5-year warrant to buy 0.2M shares of Sci-Clone stock at $5.53 per share (7/98)

Scotia Holdings plc (U.K.)

Convertible bonds


83.3

Scotia raised $83.33M through the issue of convertible bonds due 2002 to qualified shareholders, who took up 20% of the bonds before the 3/18 deadline; the underwriters (Nomura International plc, Hoare Govett Corp. Finance Ltd. and Robert Fleming) took up the remaining 80%; the bonds bear 8.5% annual interest and have a conversion price of $5.66 per share; 1 bond of $1,666 principal amount represents 1,569 common shares (prices converted at a rate of #0.6/US$1) (3/98)

Sepracor Inc.

Convertible debentures


189.5

Sepracor sold $189.5M of convertible subordinated debentures due 2005 (including the full overallotment option) in this oversubscribed offering; the debentures have an annual coupon of 6.25%, are convertible into common stock at $47.3688 per share and will not be redeemable for 3 years (2/98)

Sepracor Inc.

Convertible debentures


300

Sepracor priced $300M of convertible subordinated debentures due 2005; the debentures have an annual interest rate of 7% and will be convertible 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 (12/98)

Shaman Pharmaceuticals Inc.

Equity financing facility

ND

7

A group of Shaman¿s existing investors will buy up to $7M of 5.5% convertible preferred stock over a 9 month period if Shaman elects to use this financing facility; the investors, led by Delta Opportunity Fund Ltd., will get warrants to buy shares at a 15% premium to market over the next 3 months; Diaz Altschul Capital LLC acted as the placement agent (6/98)

Shaman Pharmaceuticals Inc.

Product royalty-based offering of preferred stock

0.14S

14

Shaman sold 0.14M shares of registered, Series C convertible preferred stock at $100 per share in a public offering; the stock entitles the holders to the greater of a $10/year dividend, payable semi-annually in common stock, or a pro rata share of royalties on the company¿s net U.S. sales of Provir; Dakin Securities Corp. acted as the placement agent (8/98)

Shaman Pharmaceuticals Inc.

Private placement

4.8S

7.2

Shaman sold 4.8M shares at $1.50 each to institutional and individual investors, including Vulcan Ventures, Monte Vista Management Co., the Odyssey Fund at Rockefeller & Co. and Kathleen Scutchfield; in conjunction with the offering, Shaman has committed a royalty for charitable use within the HIV/AIDS community; the 3.6% royalty will be based on future U.S. net sales of its AIDS diarrhea investigative drug Provir (11/98)

SuperGen Inc.

Equity line


36

SuperGen secured a $36M common stock equity line with an international bank; the company will get cash in exchange for common stock at upward escalating threshold prices (determined by the quarterly average) over a period of 2 years (11/98)

Synsorb Biotech Inc. (Canada)

Financing facilities


7.2

Synsorb arranged 2 separate financing facilities; it arranged a US$3.3M agreement with the Canadian Bank of Commerce on 8/20/98; this financing has a 5-year term and Synsorb pays interest until 2000; in the 2nd agreement, reached on 8/25/98, the company secured a US$3.9M, 3-year financing agreement with Finova Capital Corp. (8/98)

Synsorb Biotech Inc. (Canada)

Loan


1.9

Synsorb received US$1.9M under a 4-year loan from GATX/MM Venture Finance Partnership (prices converted at a rate of C$1.55/US$1) (12/98)

T Cell Sciences Inc. 6

Private placement

2.1S

3.9

T Cell Sciences sold 2.05M shares of common stock at $1.90/each to several institutional investors, including Lombard Odier Immunology Fund and Capital Research Co.; the placement was managed by Anisfield Investments Ltd.; T Cell will register the shares for resale (3/98)

Targeted Genetics Corp.

Private placement

8.7S; 4.35W

13

The company sold $13M in common stock and warrants to a group of 4 institutional investors, led by GeneChem Technologies Venture Fund LP, and including The Equitable Life Assurance Co., Sofinov Societe Financiere du Innovation (all new investors) and existing investor International Biotechnology Trust plc (which now owns an 11.9% stake); the investors bought 8.7M shares at $1.50/each; for each 2 shares, the investors also got 1 warrant to buy 1 share of common stock at $2.00; Targeted Genetics managed the transaction (3/98)

Techniclone Corp.

Private placement

1.02S

1.1

Techniclone received interim funding commitments of $4.325M, of which it has received $1.08M in combined equity and debt financing in the 1st closing; it got $0.475M from the sale of 0.82M restricted shares of common stock at $0.58 each; it also issued warrants for 0.2M shares of common stock at $1.00 each; it also got $0.6M from the exercise of warrants to buy 600 shares of Class C preferred stock (4/98)

Techniclone Corp.

Line of credit

ND

20

Techniclone set up a $20M equity-based line of credit with 2 institutional investors; the company gets $3.5M immediately in exchange for 2.33M shares at $1.50 each (current market value); the remainder of the potential financing is available through 6/01 but Techniclone is not required to draw down those funds; future stock issued under the line of credit will be sold at a 15% discount to market price (6/98)

Techniclone Corp.

Exercise of warrants

3.76S

2.2

Holders of warrants issued in conjunction with Techniclone¿s Class C preferred stock financing exercised warrants for 3.76M shares, 3.42M of them for cash and the rest converted on a cashless basis (8/98)

Techniclone Corp.

Sale/ leaseback of facilities


6.1

Techniclone received $6.1M from the sale/ leaseback of its 2 corporate facilities; the company got $4.175M in cash and $1.925M in the form of a 7% interest-bearing note (12/98)

Therapeutic Antibodies Inc.

Interim financing

ND

3.2

Therapeutic Antibodies raised $3.15M in interim financing, which consisted of short-term interest-bearing notes with warrants; the notes carry a 15% coupon and are repayable in 180 days; the 5-year warrants can be used to buy 0.315M shares of common stock at market price; the company¿s chairman, Martin Brown, and CEO Andrew Heath both participated in the financing, contributing $0.375M in all (6/98)

Therapeutic Antibodies Inc.

Private placement; conversions of loan notes and preferred stock

28.7S

19.5

The company raised a total of $19.5M in a multi-part refinancing which involved the issue of 28.9M new shares altogether; the company sold 21.3M shares at $0.60 each to institutional investors (for $14.5M); it also converted $2.9M in loan notes and $2M of Series A preferred stock into a total of 7.4M shares; the placement was underwritten by Panmure Gordon & Co. Ltd. (prices converted at a rate of #0.59/US$1) (11/98)

Theratechnologies Inc. (MSE:TH; Canada)

Private placement

2.5U

7.8

Theratechnologies sold 2.5M units at US$3.10/each primarily to institutional investors; each unit consists of 1 common share and 0.5 purchase warrant; 1 warrant can be used to buy 1 share common stock for US$3.45 until 11/30/99; the company will register the underlying shares for resale; Levesque Beaubien Geoffrion was the lead underwriter (prices converted at a rate of C$1.45/US$1) (5/98)

Theratechnologies Inc. (MSE:TH; Canada)

Private placement

0.38U

1.2

Theratechnologies sold 0.375M units at US$3.10/each primarily to institutional investors; this was to satisfy the overallot-option from the company¿s private placement in 5/98; each unit consists of 1 common share and 0.5 purchase warrant; 1 warrant can be used to buy 1 share common stock for US$3.45 until 11/30/99; the company will register the underlying shares for resale; Levesque Beaubien Geoffrion was the lead underwriter (prices converted at a rate of C$1.45/US$1) (6/98)

Tm Bioscience Corp. (Canada)

Private placement

18.47W

10.1

Tm Bioscience sold 18.47M special warrants at US$0.55 each to 2 main investors; 13.1M of the warrants were placed privately by Yorkton Securities Inc.; the remainder were bought by the Canadian Medical Discoveries Fund; Tm Biosciences will register the underlying shares for resale; each warrant can be converted into 1 common share and 0.5 common share purchase warrant; each common share purchase warrant can be exercised at US$0.68 until 6/24/00; prices converted at a rate of C$1.47/US$1 (6/98)

Triangle Pharmaceuticals Inc.

Private placement

0.17S

17

Triangle sold 170,000 shares of preferred stock at $100 each to selected institutional investors; each preferred share 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 underlying shares for resale; Vector Securities International Inc. acted as the placement agent (12/98)

Unigene Laboratories Inc.

Private placement


4

Unigene received $4M of an $8M private placement of its stock with a worldwide equity fund (not disclosed); Unigene sold debentures with a 5% coupon that can be converted into common stock after 6 months; beginning 1/1/99, 15%-20% of the debentures are convertible into common stock each month at a conversion price that depends on market value; on conversion the holder also gets share purchase warrants (6/98)

Vion Pharmaceuticals Inc.

Private placement

ND

5

Vion placed $5M in convertible preferred stock with existing investors Elliott Associates LP and Westgate International LP (7/98)

Visible Genetics Inc. (Canada)

Debt financing


7

The company raised US$7M through a debt financing with a group of private and institutional investors; the loan bears 10% annual interest and is due in 12 months; the investors also got 0.42M 5-year warrants to buy 0.42M common shares at US$10/each (5/98)

Xenova Group plc (U.K.)

Rights offering and private placement

9.6U

18

Xenova sold 9.55M units at $1.88 each to investors; 1.2M units were bought by qualifying shareholders and the remainder by new institutional and other investors; each unit consists of 2 common shares and 1 warrant, which can be exercised at $1.20 until 12/31/99; Greig Middleton & Co. Ltd. acted as the placement agent (prices converted at a rate of #0.585/US$1) (9/98)

Xoma Corp.

Private placement


12.5

Xoma drew down the remaining $12.5M of a $25M financing arranged in 8/97; the company sold $12.5M in 5% convertible preferred stock to an affiliate of Credit Suisse First Boston, Southbrook International Investments Ltd. and HBK Investments LP; conversions to common stock will be based on market price of Xoma common stock at the time; there is no initial discount, but 2% will be added for each month the stock is held up to 12% maximum; the investors also get 3-year warrants to buy 0.55M shares of common stock at $7 each; Shipley Raidy Capital Partners LP acted as the placement agent (6/98)