| I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $85.9M | ||||||||
| Company | Location | Date | Amt. (M) | Investors | ||||
| Axiom | San Diego | 5/21 | $3 | JAFCO Co. Ltd. bought $3M in Axiom | ||||
| Biotechnologies Inc. | equity | |||||||
| (other) | ||||||||
| 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) | ||||||||
| II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM CORPORATE PARTNERS: $39.2M | ||||||||
| 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) | ||||||||
| III. PIPE/REG. S FINANCINGS: $0M | ||||||||
| There were no PIPE/Reg.S financings in May. | ||||||||
