| I. COMMENCED TRADING IN JUNE | |||||||||||||||
| Company | Date | Date | Shares/ | Price | Gross | Net | Shares | Fully | Lead | ||||||
| (Symbol) | Filed | Comm. | Units | Per Share/ | (M) | (M) | Out | Dil. | Underwriters | ||||||
| (M) | Unit | (M) | (M) | ||||||||||||
| INITIAL OFFERINGS | |||||||||||||||
| Chemunex SA* | 2/27 | 6/15 | 4.5S | $2.48 | $11.2 | $9.9E | 30.1 | 31.3 | NI; MR | ||||||
| Ophidian | 8/8; | 5/7 | 1.75U | $6.10 | $10.7 | $8.9 | 9.0 | 10.0 | DC; SCT | ||||||
| Pharmaceuticals | 3/4 | ||||||||||||||
| Inc. (OPHD)** | |||||||||||||||
| TOTAL: $11.2M | |||||||||||||||
| NOTES: | |||||||||||||||
| * Chemunex SA came public on Le Nouveau Marche. There were 6.35M shares sold in the offering; of those, the company sold 4.5M and selling shareholders sold the remainder. Prices converted at an exchange rate of FFr6.04/US$1. | |||||||||||||||
| ** Ophidian Pharmaceuticals Inc. completed its IPO in May. The proceeds have been attributed to that month's total and are not included in the total listed above. The company originally filed its IPO prospectus on 8/8/97, but then withdrew it on 2/25/98, citing market conditions. However, it refiled almost immediately, on 3/4/98. The company sold 1.75M units, each consisting of 1 common share ($4.422) and 1 warrant to buy 1 common share at $7.32 between 5/7/99 and 5/7/03. The units split into shares (NASDAQ:OPHD) and warrants (NASDAQ:OPHDW) on 6/12/98 and no longer trade. | |||||||||||||||
| FOLLOW-ON OFFERINGS | |||||||||||||||
| Gliatech Inc.* | 5/15 | 6/19 | 1.725S | $12.00 | $20.7 | $19.7 | 9.3 | 10.5 | CC; FS; VSI | ||||||
| (GLIA) | |||||||||||||||
| TOTAL: $20.7M | |||||||||||||||
| NOTE: | |||||||||||||||
| * Gliatech Inc.'s offering came up short. The company had filed to sell 2M shares, but sold 1.5M instead. However, it consequently sold the full overallotment option. | |||||||||||||||
| II. FILED AND PENDING | |||||||||||||||
| Company | Date | Shares/ | Price | Shares | Lead, | Value@ | |||||||||
| (Symbol) | Filed | Units (M) | Range | Out (M) | Other UWs | ($M) | |||||||||
| INITIAL OFFERINGS | |||||||||||||||
| Abgenix Inc.+ | 4/6 | 3.0S | $10-$12 | 11.1 | BARS, LB | $30 | |||||||||
| Anthra Pharma- | 3/11; | 2.7S | $9.50- | 7.6 | AC; GRU | $25.7 | |||||||||
| ceuticals Inc.* | 5/21 | $11.50 | |||||||||||||
| Collateral | 4/24 | 3.33S | $8 | 11.6 | BS; RJA; VSI | $26.6 | |||||||||
| Therapeutics Inc.** | |||||||||||||||
| Dyax Corp. | 3/23 | 2.5S | ND | 9.8 | SSB; CIBCO; PGE | ND | |||||||||
| GenVec Inc.*** | 4/30 | 2.5S | $11-$13 | 9.9 | BARS; JPM; DLJ | $27.5 | |||||||||
| PRA International | 10/22 | 2.75S | $10-$12 | 7.8 | SSB; NBMS; WAH | $27.5 | |||||||||
| Inc. | |||||||||||||||
| Pharming Group NV# | 6/18 | 4.1S | ND | ND | MP | $55 | |||||||||
| Signal Pharma- | 5/15 | 2.5S | $11-$13 | 9.4 | HQ; BARS; LB | $27.5 | |||||||||
| ceuticals Inc.## | |||||||||||||||
| NOTES: | |||||||||||||||
| + Abgenix Inc. priced its initial public offering (IPO) on 7/2/98. The company sold 2.5M shares at $8 each for gross proceeds of $20M. | |||||||||||||||
| * Anthra Pharmaceuticals Inc. amended its initial public offering (IPO) prospectus on 5/21/98; the company is now planning to sell 2.7M shares (up from the original 2.4M shares) at $9.50-$11.50 per share. | |||||||||||||||
| ** Collateral Therapeutics Inc. amended its IPO prospectus on 6/26/98, to sell 3.33M shares at $8 each instead of the original range of $11- $13 per share. However, when the shares were actually priced, on 7/2/98, the company ended up selling 2.2M shares at $7.25 each, for gross proceeds of $15.95M. | |||||||||||||||
| *** GenVec Inc.'s corporate collaborator Warner-Lambert Co. has agreed to purchase $5M worth of shares in a private placement concurrent with the IPO, at 125% of the IPO share price. | |||||||||||||||
| # Pharming Group NV was seeking to raise $50-$60M through an IPO on Easdaq. The company priced the IPO on 7/2/98. It sold 4.1M shares at $15 each for gross proceeds of $61.5M. | |||||||||||||||
| ## Signal Pharmaceuticals Inc.'s corporate collaborator DuPont Merck Pharmaceutical Co. will purchase $2M worth of stock in a private placement concurrent with the IPO, at the IPO price-per-share. | |||||||||||||||
| FOLLOW-ON OFFERINGS | |||||||||||||||
| Cholestech Corp. | 4/29 | 3.0S | — | 11.3 | PS; VSI; ES | $20.3 | |||||||||
| (CTEC) | |||||||||||||||
| SkyePharma plc | 6/3 | 36.0S | — | ND | SSB; CC | $50 | |||||||||
| (LSE:SKP)* | |||||||||||||||
| NOTE: | |||||||||||||||
| * SkyePharma plc has registered for an offering of up to 36M common shares, in the form of American Depositary Shares (ADSs), on Nasdaq. | |||||||||||||||
| III. WITHDRAWN OR POSTPONED | |||||||||||||||
| Genzyme Molecular | 4/28 | 3.0S | $9-$11 | 13.2 | PW; CC; CSFBC | $27 | |||||||||
| Oncology* | |||||||||||||||
| NOTE: | |||||||||||||||
| * Genzyme Molecular Oncology announced 6/25/98 that it had postponed its initial public offering indefinately, due to market conditions. | |||||||||||||||
| OTHER NOTES: | |||||||||||||||
| E = estimated; LSE = London Stock Exchange; ND = not disclosed, reported and/or available; S = shares; U = units; W = warrants | |||||||||||||||
| "Date filed" indicates the date on which the company announced that it had filed a preliminary prospectus with the Securities and Exchange Commission for its offering. It is not necessarily the same date as that which is printed on the preliminary prospectus itself. | |||||||||||||||
| In completed offerings, the number of shares sold includes the overallotment (in full or in part) if that option has been exercised by the time this publication goes to press. | |||||||||||||||
| Shares outstanding refers to the number of shares outstanding after the public offering. In the case of those offerings which are still pending, it assumes that the number of shares sold in the offering will be equal to the number intended for sale as per the prospectus. | |||||||||||||||
| @ Values are estimated from the low-end range for IPOs or from the 6/30/98 closing price for follow-on offerings. | |||||||||||||||
Underwriters' Key:
AC (Allen & Co. Inc.); BARS (BancAmerica Robertson Stephens); BS (Bear, Stearns & Co. Inc.); CC (Cowen & Co.); CIBCO (CIBC Oppenheimer Corp.); CSFBC (Credit Suisse First Boston Corp.); DC (Dirks & Co. Inc.); DLJ (Donaldson, Lufkin & Jenrette Securities Corp.); ES (Everen Securities Inc.); FS (Furman Selz Inc.); GRU (Gruntal & Co. LLC); HQ (Hambrecht & Quist LLC); JPM (J.P. Morgan & Co.); LB (Lehman Brothers); MP (Mees Pierson); MR (Meexhaert-Roussell); NBMS (NationsBanc Montgomery Securities Inc.); NI (Nomura International plc); PGE (Pacific Growth Equities Inc.); PS (Prudential Securities Inc.); PW (PaineWebber Inc.); RJA (Raymond James & Associates Inc.); SCT (Security Capital Trading Inc.); SSB (Salomon Smith Barney Inc.); VSI (Vector Securities International Inc.); WAH (Wessels, Arnold & Henderson)