I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $75.6M | ||||||||||||
Company | Location | Date | Amt. (M) | Investors | ||||||||
Argonex Inc. | Charlottesville, Va. | 6/2 | $7.5 | Argonex raised $7.5M from lead investor | ||||||||
(1st round) | Healthcare Ventures LLC and other (un- | |||||||||||
named) venture capital investors | ||||||||||||
Atugen Biotech- | Berlin | 6/16 | $7 | Atugen Biotechnology was formed by | ||||||||
nology GmbH | Ribozyme Pharmaceuticals Inc.; invest- | |||||||||||
(start-up funding) | ments of $50M over the next 5 years will | |||||||||||
come from the private sector, led by MPM | ||||||||||||
Asset Management, as well as the German | ||||||||||||
government; MPM Asset will lead the ini- | ||||||||||||
tial venture capital investment of $7M; | ||||||||||||
Ribozyme Pharmaceuticals will retain a | ||||||||||||
majority ownership in Atugen | ||||||||||||
Caliper | Palo Alto, Calif. | 6/22 | $7.4 | Investors in this financing round included | ||||||||
Technologies | current investors and partners Lombard | |||||||||||
Corp. (4th round) | Odier & Cie, Genesis Merchant Group | |||||||||||
Securities and Hewlett-Packard Co. | ||||||||||||
Ciblex Corp. | San Diego | 6/10 | $9 | Ciblex Corp. was spun out of Prizm | ||||||||
(1st round) | Pharmaceuticals Inc. (which has merged | |||||||||||
with Matrigen Inc. and is now called Selec- | ||||||||||||
tive Genetics Inc.); the 1st financing | ||||||||||||
round was led by Falcon Technologies Inc. | ||||||||||||
and included Domain Partners III, Biotech- | ||||||||||||
nology Investments Ltd. and Biotechvest LP | ||||||||||||
Cognetix Inc. | Salt Lake City | 6/22 | $6 | Zesiger Capital Group LLC sponsored this | ||||||||
(4th round) | financing round; Cognetix received $4M | |||||||||||
upfront and will get an additional $2M on | ||||||||||||
the achievement of near-term milestones | ||||||||||||
Ekos Corp. | Bothell, Wash. | 6/11 | $10 | This Series B financing round included new | ||||||||
(2nd round) | investors Bessemer Ventures (which led the | |||||||||||
round) and Prizm Venture Partners; it also | ||||||||||||
included current investors The Spray Ven- | ||||||||||||
ture Fund, Weiss, Peck and Greer Venture | ||||||||||||
Partners, MedVenture Associates, Tech- | ||||||||||||
nology Partners and Arch Venture Partners | ||||||||||||
OraTol Ltd. | London | 6/3 | $8.2 | OraTol was spun out of Cortecs plc; 3-year | ||||||||
(start-up funding) | financing of $8.2M was provided by Atlas | |||||||||||
Venture, JAFCO, Kokusai Finance Co. | ||||||||||||
Ltd., Saito, Ito & Partners Co. Ltd. and 1 | ||||||||||||
other (unnamed) investment fund; Cortecs | ||||||||||||
retains a 75% stake (prices converted at an | ||||||||||||
exchange rate of £0.61/US$1) | ||||||||||||
Pharming Group | Leiden, the | 4/27 | $24 | Investors participating in this round, which | ||||||||
NV (mezzanine) | Netherlands | occurred over the last 2 quarters, included | ||||||||||
ABN Amro Participants BV, which invest- | ||||||||||||
ed $6.5M and NPM Capital, which invested | ||||||||||||
$5.5M; existing shareholders, including | ||||||||||||
Abingworth, Advent, Atlas Venture, Bio- | ||||||||||||
tech Fund Flanders, Hambrecht & Quist | ||||||||||||
Capital Management, SED Ventures, SITRA | ||||||||||||
Finland and the University of Leiden, together | ||||||||||||
contributed $7M; also, the American Red | ||||||||||||
Cross invested $4.5M and smaller investors | ||||||||||||
(not named) contributed $0.5M (total $24M, | ||||||||||||
at exchange rate of NLG2/US$1)* | ||||||||||||
Phytera Inc. | Worcester, Mass. | 6/30 | $7.6 | This oversubscribed financing round inclu- | ||||||||
(4th round) | ded new institutional investors from Den- | |||||||||||
mark, Sweden and the U.S., as well as some | ||||||||||||
of Phytera's early venture capital investors | ||||||||||||
(none of which was named); Carnegie Bank | ||||||||||||
A/S acted as the placement agent | ||||||||||||
RTP Pharma Inc. | Montreal | 6/30 | $9.9 | Current investors Caisse de Depot et de | ||||||||
(4th round) | Placement du Quebec, Societe Generale de | |||||||||||
Financement du Quebec and Elan Pharma- | ||||||||||||
ceuticals (a corporate collaborator) were | ||||||||||||
joined by other (unnamed) investors in this | ||||||||||||
round (prices converted at an exchange | ||||||||||||
rate of C$1.47/US$1) | ||||||||||||
Vitagen Inc. | La Jolla, Calif. | 6/17 | $3 | Vitagen (formerly Hepatix) raised $3M in a | ||||||||
(formerly | Series B offering to lead shareholders Chase | |||||||||||
Hepatix Inc.) | Capital Partners LP, Alta Partners LP, | |||||||||||
(4th round) | Woodlands Essex, Venture Medical Hold- | |||||||||||
ings and Paragon Ventures | ||||||||||||
NOTE: | ||||||||||||
* Pharming Holding NV's financing was announced in April. The proceeds have been attributed to that month and are not included in the total listed above. | ||||||||||||
II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM CORPORATE PARTNERS: $52.8M | ||||||||||||
Company | Partner | Amt. | Triggering | Details (Date) | ||||||||
(Symbol) | (Symbol; Country) | (M) | Event | |||||||||
ArQule Inc. | Wyeth-Ayerst Pharma- | $2 | Equity | The companies signed a broad drug discov- | ||||||||
(ARQL) | ceuticals (division of | ery agreement in 7/97; the $2M equity in- | ||||||||||
American Home Pro- | vestment is in accordance with the terms of | |||||||||||
ducts Corp.; NYSE:AHP) | that agreement (6/11) | |||||||||||
Axiom | Cadus Pharmaceutical | $2 | Equity | The companies signed a licensing agreement | ||||||||
Biotechnologies | Corp. (KDUS) | on Axiom's high-throughput pharmacological | ||||||||||
Inc.* | screening system (HT-PS) in 5/97; Cadus | |||||||||||
received the 1st HT-PS system, triggering its | ||||||||||||
purchase of $2M in Axiom preferred stock | ||||||||||||
(giving Cadus a total of 30% ownership) (6/2) | ||||||||||||
Cor Therapeutics | Schering-Plough Corp. | $24 | FDA | The companies signed an agreement to de- | ||||||||
Inc. (CORR) | (NYSE:SGP) | approval | velop and market Integrilin (a small molecule | |||||||||
of Integ- | synthetic compound that inhibits the GPIIb/ | |||||||||||
rilin | IIIa receptor that mediates platelet aggrega- | |||||||||||
tion) in 4/95; the FDA approved the drug | ||||||||||||
5/19/98 for treating patients with acute coronary | ||||||||||||
syndromes and as an adjunct to percutaneous | ||||||||||||
coronary intervention; Cor received a $24M | ||||||||||||
milestone payment for the approval (6/9) | ||||||||||||
Corvas | Schering-Plough Corp. | $1 | Initiation | The companies signed an R & D agreement | ||||||||
International Inc. | (NYSE:SGP) | of Phase I | on oral anti-thrombotic drugs for treating | |||||||||
(CVAS) | clinical | chronic cardiovascular disorders in 12/94; | ||||||||||
trial | Schering-Plough started Phase I trials of a | |||||||||||
drug candidate, triggering the milestone | ||||||||||||
payment (6/10) | ||||||||||||
Cytogen Corp. | The DuPont Merck | $3.8 | Termi- | The companies signed a licensing and market- | ||||||||
(CYTO) | Pharmaceutical Co. | nation of | ing agreement on Quadramet (Samarium 153 | |||||||||
agreement | EDTMP) for treating bone pain from cancer that | |||||||||||
on Quadra- | has spread to the bone in 12/94; that agree- | |||||||||||
met | ment was terminated and Cytogen received | |||||||||||
a $3.8M payment from DuPont Merck (6/8) | ||||||||||||
MedImmune Inc. | Abbott Laboratories | $15 | FDA | The companies signed a worldwide market- | ||||||||
(MEDI) | (NYSE:ABT) | approval | ing agreement on Synagis in 12/97; the | |||||||||
of Synagis | FDA approved the product (a humanized | |||||||||||
monoclonal antibody to respiratory syncy- | ||||||||||||
tial virus; RSV) for preventing the disease | ||||||||||||
in high-risk infants and children on 6/19/98; | ||||||||||||
Abbott paid MedImmune a $15M milestone | ||||||||||||
on FDA approval (6/19) | ||||||||||||
Zonagen Inc. | Schering-Plough Corp. | $5 | Comple- | The companies signed a worldwide market- | ||||||||
(ZONA) | (NYSE:SGP) | tion of | ing agreement on Vasomax (immediate- | |||||||||
clinical | release oral formulation of phentolamine | |||||||||||
program on | mesylate) for treating male erectile dysfun- | |||||||||||
Vasomax | ction in 11/97; Zonagen received an accel- | |||||||||||
erated milestone payment of $5M, marking | ||||||||||||
the completion of the clinical program in | ||||||||||||
support of an NDA submission (6/11) | ||||||||||||
NOTE: | ||||||||||||
* Private companies are indicated with an asterisk. | ||||||||||||
III. PIPE/REG. S FINANCINGS: $19.0M | ||||||||||||
Company | Type | Amount | Number Of | Share/ | Discount | Placement Agent (Date) | ||||||
(M) | Shares/ | Unit Price | ||||||||||
Units (M) | ||||||||||||
Enzon Inc. (ENZN) | PIPE | $19 | 4S | $4.75 | 9% | The company sold 4M un- | ||||||
registered shares at $4.75 each | ||||||||||||
to a small group of current | ||||||||||||
and new institutional inves- | ||||||||||||
tors; SBC Warburg Dillon Read | ||||||||||||
Inc. led the financing (6/26) |