| In Biotechnology Companies: March 1998 | ||||||||
| I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $103.0M | ||||||||
| Company | Location | Date | Amt. (M) | Investors | ||||
| Cerebrus Ltd. | Wokingham, U.K. | 3/11 | $17.2 | Cerebrus raised US$17.21M (£10.5M) in this | ||||
| (2nd round) | financing round from all of its existing insti- | |||||||
| tutional shareholders as well as 3 new, U.K.- | ||||||||
| based institutional investors (ND) | ||||||||
| Eurogene Ltd. | London | 3/23 | $5 | Merlin Fund, the venture capital fund of | ||||
| (1st round) | Merlin Ventures Ltd., invested US$5M | |||||||
| (£3M) in Eurogene, which Merlin Ventures | ||||||||
| established in 6/97 through a collaboration | ||||||||
| with University College London and the | ||||||||
| University of Kuopio, Finland | ||||||||
| Evotec BioSystems | Hamburg, Germany | 3/27 | $25.4 | Evotec raised $25.4M in a private place- | ||||
| GmbH (other) | ment with institutional and private invest- | |||||||
| ors; the financing includes an option of | ||||||||
| $4M, which should be completed in 2H:98; | ||||||||
| participants in the financing included new | ||||||||
| investors Deutsche Bank AG, HSBC Private | ||||||||
| Equity; Hamburger Sparkasse and previous | ||||||||
| investors Techno Venture Management | ||||||||
| and co-founders Leidenberger and Schulte | ||||||||
| MethylGene Inc. | Montreal | 3/4 | $11.2 | MethylGene raised US$11.21M in this financ- | ||||
| (2nd round) | ing round; participating were founding | |||||||
| investors Le Fonds de Solidarit des Travailleurs | ||||||||
| du Quebec, Societe Innovatech du Grand | ||||||||
| Montreal and Investissement BioCapital Inc.; | ||||||||
| also participating were new investors Sofinov, | ||||||||
| GeneChem Technologies Venture Fund LP, | ||||||||
| Canadian Medical Discovery Fund Inc., Royal | ||||||||
| Bank Capital Corp. and Dacha Capital (prices | ||||||||
| converted at a rate of C$1.41/US$1) | ||||||||
| Microscience Ltd. | London | 3/23 | $4.2 | Merlin Fund, the venture capital fund of | ||||
| (1st round) | Merlin Ventures Ltd., invested US$4.17M | |||||||
| (£2.5M) in Microscience, which Merlin | ||||||||
| Ventures established in 5/97 through a col- | ||||||||
| laboration with The Royal Postgraduate | ||||||||
| Medical School | ||||||||
| NetGenics Inc. | Cleveland | 3/26 | $17.7 | The financing was led by International Bio- | ||||
| (2nd round) | technology Trust plc and a large, U.S.-based | |||||||
| institutional investor; also participating | ||||||||
| were WPG-Farber Present Fund LP, OrbiMed | ||||||||
| Advisors LLC, John Pappajohn, Edgewater | ||||||||
| Private Equity, Oxford Bioscience Partners, | ||||||||
| Incyte Pharmaceuticals Inc., Venrock Asso- | ||||||||
| ciates, Crystal Internet Venture Fund and | ||||||||
| Casdin Life Sciences Partners; Hambrecht & | ||||||||
| Quist LLC acted as the placement agent | ||||||||
| ReNeuron Ltd. | London | 3/23 | $8.3 | Merlin Fund, the venture capital fund of | ||||
| (1st round) | Merlin Ventures Ltd., invested US$8.3M | |||||||
| (£5M) in ReNeuron, which Merlin Ventures | ||||||||
| established in 7/97 through a collaboration | ||||||||
| with King's College London | ||||||||
| Structural | San Diego | 3/3 | $7.5 | The company raised $5.2M of a $6M equity | ||||
| Bioinformatics Inc. | financing on 2/27, with the remainder | |||||||
| (3rd round) | expected to close in 30 days; this round was | |||||||
| led by Dansk Kapitalanlaeg Aktieselskab | ||||||||
| and the Danish Development Finance Corp. | ||||||||
| and included Biotechnology Development | ||||||||
| Fund, New York Life, Veron International | ||||||||
| Ltd. and E.J. Financial, among others; the | ||||||||
| company also closed a $1.5M debt finan- | ||||||||
| cing for its office in Denmark | ||||||||
| Xenogen Corp. | Alameda, Calif. | 3/18 | $6.5 | Xenogen sold $6.5M of Series B preferred | ||||
| (2nd round) | stock to Harvard Private Capital, Delphi | |||||||
| Bioventures and Brentwood Associates | ||||||||
| Management Partners | ||||||||
| II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM CORPORATE PARTNERS: $11.5M | ||||||||
| Company | Partner | Amt. | Triggering | Details (Date) | ||||
| (Symbol) | (Symbol; Country) | (M) | Event | |||||
| Cadus Pharma- | SmithKline Beecham | $2 | Technol- | The companies signed a functional geno- | ||||
| ceutical Corp. (KDUS) | plc (NYSE:SBH; U.K.) | ogy devel- | mics collaboration in 2/97; Cadus got a | |||||
| opment | scheduled $2M technology development fee | |||||||
| fee | as part of that collaboration (3/2) | |||||||
| Geron Corp. (GERN) | Pharmacia & Upjohn | $4 | Stock | The companies signed a definitive agree- | ||||
| Inc. (NYSE:PNU; U.K.) | purchase | ment on anticancer drugs that inhibit telo- | ||||||
| merase in 3/97; as part of that agreement, | ||||||||
| Pharmacia & Upjohn bought $4M of Ger- | ||||||||
| on's common stock (premium to market) (3/30) | ||||||||
| Organogenesis Inc. | Novartis Pharma AG | $3.8 | Milestone | Organogenesis signed a licensing agreement | ||||
| (ORG) | (Switzerland) | payment | on Apligraf with Sandoz Ltd. (which is now | |||||
| Novartis) in 1/96; Novartis paid $0.75M in | ||||||||
| research support and bought $3M in new | ||||||||
| Organogenesis equity under the terms of | ||||||||
| that agreement (3/26) | ||||||||
| Xenova Group plc | Parke-Davis (division | $1.7 | Achieve- | The companies signed a drug discovery | ||||
| (LSE:XEN) | of Warner-Lambert | ment of | agreement in 10/96 that uses Xenova's | |||||
| Co.; NYSE:WLA) | pilot phase | natural product drug discovery technology | ||||||
| of R & D | QTC; the 1st QTC compounds were deliv- | |||||||
| collabora- | ered to Parke-Davis in late 1997 and a num- | |||||||
| tion | ber of them tested positive against targets; | |||||||
| Warner-Lambert paid US$1.66M for 0.46M | ||||||||
| new common shares of Xenova, raising its | ||||||||
| equity stake to 3% (prices converted at a | ||||||||
| rate of £0.6/US$1) (3/23) | ||||||||
| III. PIPE/REG. S FINANCINGS: $0M | ||||||||
| There were no PIPE/Reg. S financings in March. | ||||||||
