Company Location Date Amt. (M) Investors
Axiom San Diego 5/21 $3 JAFCO Co. Ltd. bought $3M in Axiom
Biotechnologies Inc. equity
Cell Pathways Inc. Horsham, Pa. 5/14 $18 Cell Pathways had registered for an initial
(6th round) public offering in 10/97, but withdrew the
offering in 4/98, citing market conditions;
instead, it raised $18M from existing quali-
fied institutional investors as well as new
institutional investors; new investors included
Canaan Partners, CEO Ventures, PEC Israel
Economic Corp., Susquehanna Financial Group
and Discount Bank and Trust Co.; existing
investors included New York Life, Goldman
Sachs Partners Fund, Gem Capital Manage-
ment and Jackson Boulevard Partners
Gamera Bioscience Medford, Mass. 5/12 $7 The company raised $7M in two tranches
Corp. (1st round) through a Series A preferred stock finan-
cing; new investors Oak Investment Part-
ners and BancBoston Ventures joined existing
investors The Spray Venture Fund, Advent
International and Bessemer Venture Partners
GlycoDesign Inc. Toronto 5/6 $11.4 Nine Canadian venture capital organizations
(3rd round) participated in this financing round; new
investors included Bank of Montreal Capi-
tal Corp., BioCapital Investments Limited
Partnership, Ventures West VI Limited
Partnership and Triax Growth Fund; exist-
ing investors included the Canadian Medi-
cal Discovery Fund, MDS Health Ventures
Inc., Working Ventures Canadian Fund,
Royal Bank Capital Corp. and the Business
Development Bank of Canada (prices con-
verted at a rate of C$1.43/US$1)
Lexicon Genetics Inc. The Woodlands, 5/19 $31.8 Lexicon raised $31.8M through a Series A
(1st round) Texas convertible preferred stock financing; the
placement was managed by Punk, Ziegel &
Co. and co-led by Patricof & Co. Ventures
Inc. and Apax Partners & Co. Ventures
Ltd.; new investors included Sofinov, Bay
City Capital, the Walden Group, Gene-
Chem, S.R. One Ltd. and WPG-Farber,
Present Fund; current stockholders Gordon
Cain (Lexicon's chairman), BCM Tech-
nologies and others also participated
NitroMed Inc. Bedford, Mass. 5/4 $12 Rho Management led this financing round,
(mezzanine) which included new investors Goldman
Sachs, Boston University's Community
Technology Fund, Curran Partners and
Senmed Medical Ventures as well as exist-
ing investors HealthCare Ventures LLC and
Johnson & Johnson Development Corp.
Theralipids Inc. Montreal 5/6 $2.7 BioCapital Investment led this financing;
(1st round) Sofinov also participated (prices converted
at a rate of C$1.44/US$1)
Company Partner Amt. Triggering Details (Date)
(Symbol) (Symbol; Country) (M) Event
Cadus SmithKline Beecham $5 Equity Cadus exercised its option to issue and sell
Pharmaceutical Corp. plc (NYSE:SBH; U.K.) $5M in common stock (0.66M shares at $7.56/
(KDUS) each) to SmithKline Beecham; Cadus acquired
the option as part of its 2/97 collaboration
with SmithKline on functional genomics (5/18)
Immunex Corp. Wyeth-Ayerst Labora- $20 Submission The companies signed a broad marketing
(IMNX) tories (division of Amer- of BLA for agreement on Enbrel in 9/97; Immunex
ican Home Products Enbrel completed its submission of the BLA on
Corp.; NYSE:AHP) Enbrel (soluble tumor necrosis factor) for
treating active rheumatoid arthritis, trigger-
ing a $20M milestone payment (5/7)
Organogenesis Inc. Novartis Pharma AG $7.7 FDA Organogenesis signed a licensing agree-
(ORG) (Switzerland) approval ment for Apligraf with Sandoz Ltd. (which
of Apligraf is now Novartis) in 1/96; upon FDA approval
of Apligraf, Novartis bought $6M in Organo-
genesis equity and paid an additional $1.7M in
research/milestones (together with the $3.75M
that Organogenesis got in 3/98, total payments
related to product approval equal $11.5M) (5/26)
RiboGene Inc. (RBO) Abbott Laboratories $4 IPO The companies entered a collaboration on
(NYSE:ABT) antifungal drugs in 4/96; as part of that
agreement, Abbott agreed to buy stock in
RiboGene concurrently with its IPO at the
same price/share in a private placement;
although Abbott terminated the collabora-
tion effective 4/8/98, it still bought $4M con-
current with RiboGene's IPO (0.57M shares
at $7/each), giving it a 12.72% stake (5/28)
Ribozyme Schering AG $2.5 Complet- The companies entered a collaboration on use
Pharmaceuticals Inc. (Germany) ion of 1st of ribozymes to validate a broad range of thera-
(RZYM) phase of peutic targets in 4/97; Ribozyme has successfully
collabora- completed the 1st phase of the collaboration,
tion triggering a $2.5M equity investment from
Schering Berlin Venture Corp. (an affiliate of
Schering AG) (5/19)
There were no PIPE/Reg.S financings in May.