Company | Type Of | Number Of | Amount | Investors; Placement Agents; |
(Symbol) | Financing | Shares, Units | Raised (M) | Details (Date) |
Or Warrants (M) | ||||
Affymetrix Inc. | Private | 1.63S | $50 | Affymetrix sold 1.63M shares of Series AA |
(AFFX) | placement | preferred stock for $50M total to Glaxo | ||
Wellcome Americas Inc.; the Series AA | ||||
stock is convertible into common stock at | ||||
$40 per share; Affymetrix will pay a 6.25% | ||||
dividend on the Series AA stock until the | ||||
time of conversion; Glaxo now owns 37% | ||||
of Affymetrix's outstanding shares (4/15) | ||||
Avax Technologies | Loan | — | $0.2 | Avax received authorization from Phila- |
Inc. (AVXT) | delphia's Economic Development Corp. | |||
for a $0.15M loan (at 3%) to assist in the build- | ||||
ing of its GMP manufacturing facility (4/14) | ||||
ChemTrak Inc. | Private | ND | $1 | ChemTrak raised $1M in the 1st of 2 tranches |
(CMTR) | placement | in this private placement of redeemable | ||
convertible preferred B stock; the shares | ||||
are convertible into common stock, 90 days | ||||
after closing, at a price equal to market on | ||||
the closing date or 75% of market at the time | ||||
of conversion, whichever is lower (4/30) | ||||
Connetics Corp. | Private | 2.16S | $10 | The company self-managed this placement |
(CNCT) | placement | of 2.16M shares of unregistered common | ||
stock (at $4.625 each) to Alta BioPharma | ||||
Partners LLC (4/14) | ||||
GelTex | Private | ND | $4.1 | The company sold $4.1M in common stock |
Pharmaceuticals Inc. | placement | to International Biotechnology Trust, which | ||
(GELX) | had a 4% stake in GelTex before the place- | |||
ment (4/9) | ||||
Genetronics | Exercise of | 0.2W | $0.5 | Genetronics received US$0.46M from the ex- |
Biomedical Ltd. | warrants | ercise of 0.2M special warrants at US$2.31 per | ||
(TSE:GEB) | share by Canaccord Capital Corp. and Index | |||
Securities; the warrants were issued as part of | ||||
a 5/97 private placement; prices converted | ||||
at a rate of C$1.43/US$1 (4/16) | ||||
Ibex Technologies | Private | 4.14W | $8.4 | Ibex sold 4.14M special warrants (including |
Inc. (TSE:IBT; Canada) | placement | overallotments) for US$2.02 each; each | ||
warrant can be exercised for 1 unit at no | ||||
extra cost; each unit entitles the holder to | ||||
1 common share and 0.5 warrant, which can | ||||
be used to acquire an additional share of | ||||
common stock at US$2.15 for 18 months; | ||||
Nesbitt Burns Inc., Sprott Securities Ltd. | ||||
and Eagle & Partners Inc. served as the | ||||
underwriters; prices converted at a rate of | ||||
C$1.44/US$1 (3/17; 4/29) | ||||
Igene Biotechnology | Rights | 50U | $5 | The company sold 50M units to its share- |
Inc. (OTC Bulletin | offering | holders in this rights offering for gross pro- | ||
Board:IGNE) | ceeds of $5M; each unit consists of $0.10 | |||
principal amount of 8% notes due 2003 and | ||||
one 10-year warrant to buy 1 common | ||||
share at $0.10 per share; holders of Igene's | ||||
common stock got 1 right for each share (4/15) | ||||
The Immune | Private | ND | $10 | The company sold $10M in Series F con- |
Response Corp. | placement | vertible preferred stock to unnamed invest- | ||
(IMNR) | ors; the holders have the option of convert- | |||
ing the shares into common stock at $14.07 | ||||
each for the 1st year (a 20% premium to | ||||
market at the time of the transaction); the | ||||
Series F shares mature in 4/01 and bear an | ||||
annual dividend of 7.5%; the company will | ||||
register the underlying shares for resale; Pru- | ||||
dential Securities Inc. acted as advisor (4/30) | ||||
Martek Biosciences | Private | 0.66S; | $20.5 | Martek sold 0.66M shares of common stock |
Corp. (MATK) | placement | 0.2W | and warrants to buy 0.2M shares (for a total | |
of $10.25M) to accredited investors, led by | ||||
Vector Fund Management; the investors | ||||
also agreed to a 2-year funding commitment | ||||
to provide up to $10.25M in additional | ||||
funds in the form of common stock and | ||||
warrants; the 3-year warrants are exercis- | ||||
able at $18.76 per share (a 20% premium | ||||
to market at the time of the transaction); | ||||
Hambrecht & Quist LLC served as advisor (4/27) | ||||
Matrix | Sale and | — | $14 | Matrix agreed with Alexandria Real |
Pharmaceutical Inc. | lease-back of | Estate Equities Inc. to sell and lease back | ||
(MATX) | real estate | its office/laboratory, manufacturing facility | ||
and an adjacent piece of land; the transac- | ||||
tion was structured as an $18.6M purchase | ||||
and a $6M convertible loan; net cash | ||||
totals $14M (4/1) | ||||
NeoTherapeutics | Line of | — | $15 | The company secured an equity-based |
Inc. (NEOT) | credit | $15M line of credit from a single institu- | ||
tional investor; NeoTherapeutics has the | ||||
right to draw up to $15M in cash in ex- | ||||
change for its common stock for 30 months; | ||||
when exchanged, the shares will be issued | ||||
at a 12% discount to market; NeoTherapeu- | ||||
tics will register the shares for resale (4/1) | ||||
Procept Inc. | Private | 19.2S | $9.6 | The company raised a total of $9.6M from |
(PRCTC) | placement | the sale of 96 units at $0.1M each to | ||
institutional investors; each unit consists of | ||||
0.2M shares of common stock and 5-year | ||||
warrants to buy 0.2M shares of common | ||||
stock at $0.50 each; Paramount Capital Inc. | ||||
acted as the placement agent (4/14) | ||||
Protein Polymer | Private | 0.039S | $3.9 | The company raised $3.9M from a small |
Technologies Inc. | placement | group of accredited and institutional invest- | ||
(PPTI) | ors in the 1st closing of this private place- | |||
ment; the Series E convertible preferred | ||||
stock was priced at $100/share (39,213 | ||||
shares); the preferred shares can be con- | ||||
verted at any time into common stock at | ||||
$1.25/share; investors also receive 2 war- | ||||
rants for each preferred share; 1 warrant, | ||||
exercisable for 18 months, can be used to | ||||
buy 40 shares of common stock at $2.50 | ||||
each; the 2nd warrant, exercisable for 36 | ||||
months, can be exercised for 20 shares of | ||||
common stock at $5.00 each; the company | ||||
will register the underlying stock for | ||||
resale (4/28) | ||||
Proteus International | Rights | 18.5S | $12.7 | Proteus will issue up to 18.5M new shares |
plc (LSE:PTI; U.K.) | offering | to its existing shareholders on a 1 for 3 | ||
basis, at $0.75 per share, for gross proceeds | ||||
of $12.67M; Panmure Gordon & Co. Ltd. | ||||
acted as the underwriter; prices converted | ||||
at a rate of £0.6/US$1 (4/22) | ||||
SciClone | Private | 0.66S | $4 | SciClone raised $4M from institutional |
Pharmaceuticals Inc. | placement | investors; it issued 0.66M shares of pre- | ||
(SCLN) | ferred stock at $6.05 per share (57% pre- | |||
mium to market); the preferred shares are | ||||
convertible into common stock on a sched- | ||||
uled basis over 5 years, based on market | ||||
price at the time of conversion; the invest- | ||||
ors also got 0.1M 5-year warrants to buy | ||||
common stock at $5.67 per share; Reedland | ||||
Capital Partners acted as the placement | ||||
agent (4/2) | ||||
Techniclone Corp. | Private | 1.02S | $1.1 | Techniclone received interim funding com- |
(TCLN) | placement | mitments of $4.325M, of which it has | ||
received $1.08M in combined equity and | ||||
debt financing in the 1st closing; it got | ||||
$0.475M from the sale of 0.82M restricted | ||||
shares of common stock at $0.58 each; it | ||||
issued warrants for 0.2M shares of common | ||||
stock at $1.00 each; it also got $0.6M from | ||||
the exercise of warrants to buy 600 shares | ||||
of Class C preferred stock (4/22) | ||||
TOTAL: $170.0M | ||||
NOTES: | ||||
ND = Not disclosed, reported and/or available; LSE = London Stock Exchange; S = Shares; TSE = Toronto Stock Exchange; U = Units; | ||||
W = Warrants | ||||
The financings in this chart include loans, bridge financings and other interim measures as well as sales of business units, debt offerings, rights offerings, exercises of warrants, institutional offerings of registered stock and standard private placements. |
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