| I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $130.0M | ||||||||||
| Company | Location | Date | Amt. (M) | Investors | ||||||
| Acadia Pharma- | San Diego | 8/31 | $10.7 | The company raised $10.7M through a | ||||||
| ceuticals | placement of Series D preferred stock with | |||||||||
| (3rd round) | European investors, led by ABN AMRO | |||||||||
| Ventures BV; previous investors included | ||||||||||
| Dansk Kapitalanlaeg A/S, Municipal | ||||||||||
| Employees Life Insurance Co. and LD | ||||||||||
| Pensions; Handelsbanken Markets Corpor- | ||||||||||
| ate Finance served as the placement agent* | ||||||||||
| AeroGen Inc. | Sunnyvale, Calif. | 9/17 | $18 | J.P. Morgan Investment Management led | ||||||
| (4th round) | this Series D financing; also participating | |||||||||
| were existing investors U.S. Venture Part- | ||||||||||
| ners and InterWest Partners, institutional | ||||||||||
| clients of J.P.Morgan Investment Manage- | ||||||||||
| ment and other new investors MF Private | ||||||||||
| Capital Inc., INVESCO Funds Group Inc., | ||||||||||
| Wheatley Associates and Viridian Capital | ||||||||||
| Artemis Pharma- | Cologne, Germany | 9/16 | $8.8 | New investors in this financing included | ||||||
| ceuticals GmbH | FEI Biomedicine Private Equity Holding, | |||||||||
| (1st round) | Atlas Venture, Life Science Ventures, | |||||||||
| Oxford Bioscience Partners, Max Planck | ||||||||||
| Gesellschaft, Advent and Forward Ventures | ||||||||||
| Chromagen Inc. | San Diego | 9/2 | $5 | Principal investors in this Series E preferred | ||||||
| (4th round) | stock offering included JAFCO Co. Ltd., | |||||||||
| Scope Industries, Goldenpacific Equities | ||||||||||
| Ltd., Biocare Corp. and Smart Technology | ||||||||||
| Ventures I | ||||||||||
| Coulter Cellular | Boston | 9/11 | $16 | The company raised $16M through the | ||||||
| Therapies Inc. | placement of preferred shares with new | |||||||||
| (2nd round) | investors Advanced Technology Ventures, | |||||||||
| Crown Advisors and the WHC Trust; they | ||||||||||
| were joined by previous investors InterWest | ||||||||||
| Partners, Brinson Partners and MedVenture | ||||||||||
| Associates | ||||||||||
| Delsys Pharma- | Princeton, N.J. | 9/14 | $14.5 | Delsys raised $14.5M in an oversubscribed | ||||||
| ceutical Corp. | placement of preferred stock to original | |||||||||
| (2nd round) | investors HealthCare Ventures, Rho Man- | |||||||||
| agement and Hudson Trust, as well as new | ||||||||||
| institutional investors, including Center- | ||||||||||
| Point Ventures and Prism Venture Partners | ||||||||||
| Deltagen Inc. | San Carlos, Calif. | 9/29 | $11.5 | This financing round was led by the Sprout | ||||||
| (2nd round) | Group and included investments by Bacch- | |||||||||
| aris Capital and Tularik Inc. | ||||||||||
| GeneScape Inc. | Mississauga, | 9/14 | $0.7 | GeneScape raised US$0.66M through a | ||||||
| (1st round) | Ontario | sale of equity to Royal Bank Capital Corp. | ||||||||
| and the Business Development Bank of | ||||||||||
| Canada (prices converted at a rate of | ||||||||||
| C$1.51/US$1) | ||||||||||
| Immuno-Designed | Paris | 9/7 | $15 | The company raised $15M from a group of | ||||||
| Molecules | existing and new shareholders, including | |||||||||
| (3rd round) | Apax Partners, Atlas Venture Fund III, | |||||||||
| Banexi Ventures and CDC Innovation, as | ||||||||||
| well as Paribas | ||||||||||
| IsoTis BV | Bilthoven, the | 9/1 | $5 | Existing shareholders Atlas Ventures, | ||||||
| (3rd round) | Netherlands | GIMV and 3i plc participated in this | ||||||||
| financing round | ||||||||||
| MediGene AG | Munich-Martinsreid, | 9/7 | $25.7 | Participants in this financing included new | ||||||
| (3rd round) | Germany | investors Deutsche Bank, Dresdner Bank, | ||||||||
| Bankhaus Vontobel, Atlas Venture, Dieck- | ||||||||||
| ell GmbH, Merifin Capital and TBG Tech- | ||||||||||
| nologiebeteiligungsgesellschaft der Deuts- | ||||||||||
| chen Ausgleichsbank; they were joined by | ||||||||||
| existing shareholders TVM Techno Ven- | ||||||||||
| ture Management, Star Ventures, Alpinvest | ||||||||||
| and a private investor group; the financing | ||||||||||
| includes options for convertible loans of | ||||||||||
| $2.3M and a long-term loan of $6.6M | ||||||||||
| Message Pharma- | Malvern, Pa. | 9/28 | $6.3 | Investors in this financing round included | ||||||
| ceuticals Inc. | GeneChem Technologies Venture Fund LP, | |||||||||
| (1st round) | Euclid Partners IV, S.R. One Ltd., Anthem | |||||||||
| Capital LP and Oxford Bioscience Partners | ||||||||||
| ReGen Thera- | London | 9/1 | $3.5 | The company raised $3.5M from institu- | ||||||
| peutics plc | tional and private investors just prior to the | |||||||||
| (mezzanine round) | trading of its shares on OFEX (an unregulated | |||||||||
| trading facility) | ||||||||||
| NOTE: | ||||||||||
| * Acadia Pharmaceuticals' financing occurred in 8/98. The sum has been attributed to that month and is not included in the totals above. | ||||||||||
| II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM CORPORATE PARTNERS: $26.3M | ||||||||||
| Company | Partner | Amt. | Triggering | Details/Date | ||||||
| (Symbol) | (Symbol; Country) | (M) | Event | |||||||
| Atrix Laboratories | Block Drug Corp. | $5 | FDA approval | The companies entered an agreement in | ||||||
| Inc. (ATRX) | (NASDAQ:BLOCA) | of Atridox | 12/96 for Block Drug to market Atridox in | |||||||
| North America; the FDA approved the pro- | ||||||||||
| duct on 9/8 for treating periodontal disease, | ||||||||||
| triggering the milestone payment (9/8) | ||||||||||
| Cell Genesys Inc. | Hoechst Marion | $2 | Initiation | The companies signed a licensing agree- | ||||||
| (CEGE) | Roussel Inc. | of Phase III | ment in 2/97 on Cell Genesys' gene-activa- | |||||||
| (subsidiary of | trial of | ted erythropoietin (EPO) and a 2nd undis- | ||||||||
| Hoechst AG; Germany) | gene-acti- | closed protein; Hoechst Marion Roussel | ||||||||
| vated EPO | initiated a Phase III clinical trial on the pro- | |||||||||
| duct (which it is developing with Trans- | ||||||||||
| karyotic Therapies Inc.), triggering the | ||||||||||
| milestone payment (9/30) | ||||||||||
| Diatide Inc. (DITI) | Nycomed Amersham | $2 | FDA | The companies signed a marketing agree- | ||||||
| plc (U.K.) | approval | ment in 8/95 that covers Diatide's Tech- | ||||||||
| of | Tides (peptide-based imaging agents); FDA | |||||||||
| AcuTect | approved AcuTect on 9/15 for imaging | |||||||||
| venous thrombosis, triggering the payment | ||||||||||
| (9/30) | ||||||||||
| Guilford Pharma- | Amgen Inc. (AMGN) | $1 | Initiation | The companies signed a major collaboration | ||||||
| ceuticals Inc. (GLFD) | of toxi- | in 8/97 to develop Guilford's FKBP-neuro- | ||||||||
| cology | immunophilin ligands; a toxicology study | |||||||||
| study on | of the lead compound NIL-A (for treating | |||||||||
| NIL-A | Parkinson's disease) was initiated, trigger- | |||||||||
| ing the milestone payment (9/28) | ||||||||||
| Isis Pharma- | Ciba Vision Corp. | $7.5 | FDA | The companies entered an agreement in | ||||||
| ceuticals Inc. (ISIP) | (division of Novartis | approval | 7/97 for Ciba Vision to market Vitravene | |||||||
| AG; Switzerland) | of Vitra- | worldwide; FDA approved the product on | ||||||||
| vene | 8/27 for treating cytomegalovirus retinitis | |||||||||
| in AIDS patients, triggering the milestone | ||||||||||
| payment (9/16) | ||||||||||
| Medarex Inc. (MEDX) | Eisai Co. Ltd. | $0.8 | Manufac- | The companies signed an agreement in | ||||||
| (Japan) | turing and | 10/97 to develop fully human monoclonal | ||||||||
| develop- | antibodies via Medarex's HuMAb-mouse | |||||||||
| ment pro- | technology; the $0.75M milestone was | |||||||||
| gress on | achieved for progress on the 1st antibody, | |||||||||
| MDX-CD4 | MDX-CD4, for treating rheumatoid arthritis | |||||||||
| and other autoimmune diseases (9/3) | ||||||||||
| Unigene Labor- | Parke-Davis (division | $3 | Achieve- | The companies signed a licensing agree- | ||||||
| atories Inc. (UGNE) | of Warner-Lambert Co.; | ment of | ment on Unigene's oral calcitonin for | |||||||
| NYSE:WLA) | develop- | treating osteoporosis in 7/97; Unigene got a | ||||||||
| mental | $3M milestone for achieving a develop- | |||||||||
| benchmark | mental benchmark; it expects to initiate a | |||||||||
| on calci- | pilot human study in the U.K. this year | |||||||||
| tonin | (9/21) | |||||||||
| Zonagen Inc. (ZONA) | Schering-Plough Corp. | $5 | FDA | The companies signed a worldwide market- | ||||||
| (NYSE:SGP) | accepted | ing agreement on Vasomax (immediate- | ||||||||
| Vasomax | release oral formulation of phentolamine | |||||||||
| NDA for | mesylate) for treating male erectile dysfun- | |||||||||
| filing | ction in 11/97; the FDA accepted for filing | |||||||||
| the NDA on Vasomax, triggering the | ||||||||||
| milestone (9/24) | ||||||||||
| III. PIPE/REG. S FINANCINGS: $13.7M | ||||||||||
| Company | Type | Amount | Number Of | Share/ | Discount | Placement | ||||
| (M) | Shares/ | Unit Price | Agent (Date) | |||||||
| Units (M) | ||||||||||
| Cubist Pharma- | PIPE | $13.7 | 6.1S | $2.25 | 0% | Cubist issued 6.1M shares of | ||||
| ceuticals Inc. (CBST) | common stock (priced at mar- | |||||||||
| ket), plus warrants for an addi- | ||||||||||
| tion 3M shares (also at $2.25 | ||||||||||
| each) to new and current | ||||||||||
| shareholders; Pacific Growth | ||||||||||
| Equities acted as the place- | ||||||||||
| ment agent (9/14) | ||||||||||
