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Company Type Of Number Of Amount Investors; Placement Agents;
(Symbol) Financing Shares, Units Raised (M) Details (Date)
Or Warrants (M)
AccuMed Inter- Private 8.7S; $6.5 AccuMed sold a total of 8.69M common
national Inc. placement 8.7W shares and the same number of 7-year
(NASDAQ SmallCap warrants (to buy shares at $0.75/each) in 2
Market:ACMIC) tranches; Sakura Fineteck USA Inc. partici-
pated in the financing (3/20; 3/24)
Alexion Pharma- Private 0.67S $8.8 Alexion sold 670,000 shares of common
ceuticals Inc. (ALXN) placement stock at $13.13/each to institutional
investor BB Biotech for $8.827M; BB
Biotech now owns a 16.5% stake; Alexion
registered the shares for resale (3/18)
Aviron Inc. (AVIR) Convertible — $100 Aviron sold $100M in convertible subordi-
subordinated nated notes due 2005; the notes have an
notes annual coupon of 5.75%, will be convert-
ible into common stock at $30.904/share
and will not be redeemable for 3 years (3/30)
Genzyme Trans- Private 0.02S; $20 The company sold $20M of Series A con-
genics Corp. (GZTC) placement 0.4W vertible preferred stock (0.02M shares) to 3
undisclosed institutional investors; for the
1st 9 months, the stock is convertible at
$14.55/share; afterwards, it is convertible at
market (but not more than $14.55/share);
the investors also got 0.4M warrants to buy
common stock at $15.16/share; the com-
pany can call the warrants when the stock
reaches $21.22/share (3/26)
Geron Corp. (GERN) Private ND $15 Geron sold $15M of Series A convertible
placement preferred stock to funds managed by the
institutional investors Rose Glen Capital
Management LP and The Citidel Group; the
convertible stock yields 6% annual interest
and is convertible for the 1st 9 months only
if Geron's common stock equals or exceeds
$15/share; thereafter, the stock is convert-
ible based on market price (up to
$16.88/share); Geron maintains the option
to call the stock if the price of its shares
exceeds or falls below certain thresholds;
the company will register the underlying
shares for resale (3/30)
Nabi (NABI) Revolving — $50 Nabi amended its bank credit agreement to
credit facility; provide for a $45M revolving credit facil-
loan ity due 9/02 and a $5M term loan due 3/99;
the lenders both waived non-compliance
with prior financial covenants and prospect-
ively modified the covenants (3/30)
OncorMed Inc. Private ND $3 OncorMed sold $3M in convertible preferred
(ONM) placement stock to certain (unnamed) investors; the
stock is convertible into common stock at
market price at the time of conversion; Oncor-
Med also issued an undisclosed number of war-
rants to the same investors; the company will
register the underlying shares for resale (3/4)
Organogenesis Inc. Private ND $20 The company sold $20M in convertible pre-
(ORG) placement ferred stock to 2 undisclosed institutional
investors; the shares pay no dividends and
are convertible into common stock over
2 years based on market price (but not to
exceed $36/share); the investors also got
0.16M 3-year warrants to buy stock at $39
per share; Reedland Capital Partners acted
as the placement agent (3/26)
Scotia Holdings plc Convertible — $83.3 Scotia raised $83.33M through the issue of
(LSE:SOH) bonds convertible bonds due 2002 to qualified share-
holders, who took up 20% of the bonds
before the 3/18 deadline; the underwriters
(Nomura International plc, Hoare Govett Corp.
Finance Ltd. and Robert Fleming) took up the
remaining 80%; the bonds bear 8.5% annual
interest and have a conversion price of $5.66
per share; 1 bond of $1,666 principal amount
represents 1,569 common shares (prices
converted at a rate of £0.6/US$1) (3/20)
T Cell Sciences Inc. Private 2.1S $3.9 T Cell Sciences sold 2.05M shares of com-
(TCEL) placement mon stock at $1.90/each to several institu-
tional investors, including Lombard Odier
Immunology Fund and Capital Research
Co.; the placement was managed by
Anisfield Investments Ltd.; T Cell will
register the shares for resale (3/24)
Targeted Genetics Private 8.7S; $13 The company sold $13M in common stock
Corp. (TGEN) placement 4.35W and warrants to a group of 4 institutional
investors, led by GeneChem Technologies
Venture Fund LP, and including The
Equitable Life Assurance Co., Sofinov Soc-
iete Financiere du Innovation (all new
investors) and existing investor Internation-
al Biotechnology Trust plc (which now
owns an 11.9% stake); the investors bought
8.7M shares at $1.50/each; for each 2 shares,
the investors also got 1 warrant to buy 1 share
of common stock at $2.00; Targeted Genetics
managed the transaction (3/27)
TOTAL: $323.5M
NOTES:
ND = Not disclosed, reported and/or available; LSE = London Stock Exchange; S = Shares; U = Units; W = Warrants
The financings in this chart include loans, bridge financings and other interim measures as well as sale of business units, debt offerings, rights offerings, exercise of warrants, institutional offerings of registered stock and standard private placements.