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.