Company Type Of Number Of Amount Investors; Placement Agents;
(Symbol) Financing Shares, Units Raised (M) Details (Date)
Or Warrants (M)
Alfacell Corp. Private 1.2U $4.7 Alfacell sold 1.2M units at $4.00 each to
(ACEL) placement institutional investors for $4.7M; each
unit consists of 2 shares of common stock
and one 3-year warrant to buy 1 share at
$2.50; Harris, Webb & Garrison Inc. acted
as placement agent and received purchase
warrants for 0.117M units (2/23)
Alkermes Inc. (ALKS) Private 2.0S $100 Alkermes sold 2M shares of convertible
placement exchangeable preferred stock at $50 per
share to certain institutional investors; the
buyers have a 30-day option to purchase an
additional 0.3M shares to cover overallot-
ments; the preferred stock will pay divi-
dends annually at $3.25/share; the preferred
stock will be convertible into common
stock at $29.625 per share; it will also be
exchangeable into 6.5% convertible deben-
tures (also convertible into common stock);
the preferred stock and debentures will be
redeemable at declining prices starting in
March 2001 (2/27)
Aquila Private 0.77S $3.6 Aquila sold 769,000 newly issued shares of
Biopharmaceuticals placement common stock at $4.681 each to a group of
Inc. (AQLA) current investors, led by OrbiMed Advisors
LLC; Aquila will register the shares for
resale (2/10)
Centocor Inc. (CNTO) Convertible $460 Centocor sold $460M of convertible subor-
debentures dinated debentures (including the full over-
allotment) due 2005; the debentures have an
annual coupon rate of 4.75%, are converti-
ble into common stock at $49.261 per share
and are not redeemable for 3 years (2/20)
ChemTrak Inc. Private ND $1.3 The company raised net proceeds of $1.3M
(CMTR) placement through the placement of convertible pre-
ferred stock to 7 private investors; this is
the 1st of 2 tranches, expected to raise a
total of $4M; the preferred stock is converti-
ble into common stock 60 days after clos-
ing at 75% of market and bears 6% annual
dividends (2/2)
Cygnus Inc. (CYGN) Debt and $56.8 Cygnus completed two public offerings (of
equity subordinated convertible notes and common
offerings stock) for total gross proceeds of $56.8M;
the securities were registered in 11/97 under
a universal shelf offering (for up to $90M);
Cygnus sold $43M of 4% senior subordi-
nated convertible notes due 2005 to certain
institutional investors; the notes will be
sold at par and bear 4% annual interest; the
notes are convertible into common stock
according to a fixed formula; Delta Oppor-
tunity Fund Ltd. was the lead investor in
the debt offering; Diaz & Altschul Capital
LLC acted as advisor; Cygnus also sold
$13.8M of its common stock (at a discount
to market) directly to unnamed investors (2/5)
DepoMed Inc. Private ND $8 The company sold $8M in common stock
(DPMD) placement to investors who agreed to a lock-up pro-
vision until 11/6/98; Evolution Capital Inc.
managed the placement (2/24)
Diacrin Inc. Private 1.03S $9.5 The company sold 1.027M new shares of
(DCRN) placement common stock at $9.25 each to a group of
existing shareholders in a self-managed pri-
vate placement; Diacrin will register the
shares for resale (2/26)
Pharmos Corp. Private ND $5 Pharmos sold $5M of convertible preferred
(PARS) placement stock and warrants to a single institutional
investor; Gemini Capital acted as the place-
ment agent (2/4)
Receptagen Ltd. Bridge $0.7 Receptagen issued a convertible debenture
(TSE:RCG) financing to Marbury Trading Corp. (a subsidiary of
InterUnion Financial Corp.) in exchange
for an advance of up to US$0.7M to meet
expenses related to Receptagen's merger
with Scitech Genetics; the debenture has an
11% interest rate, carries 3-year warrants
to buy common shares of the merged com-
pany at C$7/share (US$4.93/share) and
matures in 8/98 (2/2)
Sepracor Inc. (SEPR) Convertible $189.5 Sepracor sold $189.5M of convertible sub-
debentures ordinated debentures due 2005 (including
the full overallotment option) in this over-
subscribed offering; the debentures have
an annual coupon of 6.25%, are convertible
into common stock at $47.3688 per share
and will not be redeemable for 3 years (2/6)
TOTAL: $839.1M
ND = Not disclosed, reported and/or available; 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.