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)