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. |