I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $94.6M
Company Location Date Amt. (M) Investors
BioMarin Novato, Calif. 7/15 $11 BioMarin raised $11M in a series of pri-
Pharmaceutical Inc. vate placements; major investors included
(2nd round) BB BioVentures LP, BankInvest, Glyko
Biomedical Ltd. (which founded BioMarin
in 1996) and Grosvenor Capital
Esperion Ann Arbor, Mich., 7/10 $15.5 Esperion Therapeutics was founded by
Therapeutics Inc. and Stockholm, Scheer & Co. Inc. and Oak Investment
(start-up financing) Sweden Partners; the latter led the $15.5M venture
capital round, which also included TL Ven-
tures and HealthCap AB
Insmed Richmond, Va. 7/1 $14.5 Insmed raised $14.5M from major investors
Pharmaceuticals Inc. the Teknoinvest Funds and BioAsia Invest-
(2nd round) ments; also contributing were existing
shareholders and private individuals in the
U.S. and Europe; Prospektiva Investments
acted as the placement agent
Metabolex Inc. Hayward, Calif. 7/14 $8 The lead investor in this financing round
(4th round) was Lombard Odier & Cie; other partici-
pants included Banca della Svizzera
Italiana and investors from New York
Paradigm Genetics Research Triangle 7/1 $12 Paradigm Genetics received $6M in its 1st
Inc. (1st round) Park, N.C. round of venture financing from Intersouth
Partners, Polaris Venture Partners and Inno-
tech Investments Ltd. The company also
secured $6M in venture lease financing
with TransAmerica Business Credit and
Phoenixcor Financial Services
Vascular Mountain View, 7/15 $21.6 Vascular Therapeutics and its Canadian affil-
Therapeutics Inc. Calif. iate raised $12.55M in this financing round;
(3rd round) the financing was lead by BioAsia Investments;
other new investors included EGS Private
Healthcare Partnership, Royal Bank Capital Corp.
and AGF Management. Previous investors
participating in this round included MDS and
its associated funds, Canadian Medical Dis-
coveries Fund, Working Ventures Canadian
Fund and Medicus Venture Partners
Xcyte Therapies Inc. Seattle 7/28 $12 Xcyte raised $12M in a placement of prefer-
(2nd round) red stock with existing investors Alta Part-
ners, The Sprout Group, ARCH Venture Part-
ners and Sofinnova; new investors partici-
pating in this round included Tredegar Invest-
ments, Vulcan Northwest, Fluke Capital Man-
agement and Falcon Technology Partners
II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM CORPORATE PARTNERS: $7.0M
Company Partner Amt. Triggering Details (Date)
(Symbol) (Symbol; Country) (M) Event
Regeneron The Procter & Gamble $5 Preclinical The companies signed a broad-based dis-
Pharmaceuticals Co. (NYSE:PG) develop- covery collaboration in 5/97, and expanded
Inc. (REGN) ment of that agreement in 9/97 to include Regener-
Axokine on's Axokine (2nd generation ciliary neuro-
trophic factor) for treating obesity assoc-
iated with diabetes; Regeneron received a
$5M milestone for progress in the preclini-
cal development of Axokine (7/1)
Vertex Kissei Pharma- $2 Selection The companies signed an agreement in 9/97
Pharmaceuticals ceutical Co. Ltd. of lead to develop orally active inhibitors of Ver-
Inc. (VRTX) (Japan) drug devel- tex's p58 mitogen-activated protein kinase
opment for treating inflammatory and neurological
candidate disorders; the companies selected a lead
drug development candidate (VX-745),
triggering a $2M milestone payment (7/7)
III. PIPE/REG. S FINANCINGS: $0M
There were no PIPE/Reg. S financings in July.

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