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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.

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