I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $112.3M | ||||||
Company | Location | Date | Amt. (M) | Investors | ||
Acadia | San Diego | 2/4 | $1.4 | The company received $1.4M from the | ||
Pharmaceuticals | exercise of certain warrants held by the | |||||
(other) | group of institutional investors that parti- | |||||
cipated in its 1st financing round (2/97); | ||||||
these included BankInvest, Dansk Kapitalan- | ||||||
laeg, LD Pension Fund and Municipal Employee | ||||||
Life Insurance Co. (note: the company | ||||||
completed a 2nd financing round in 8/97) | ||||||
Cellomics Inc. | Pittsburgh | 2/4 | $10.5 | This financing round was led by InterWest | ||
(formerly BioDx Inc.) | Partners and Axiom Venture Partners and | |||||
(1st round) | included Delphi Ventures and Oxford Bio- | |||||
science Partners | ||||||
CytoMed Inc. | Cambridge, Mass. | 2/18 | $17.1 | The company placed $17.1M in convertible | ||
(mezzanine-plus) | preferred stock with new investors Schroder | |||||
Ventures Life Sciences, Oracle Strategic | ||||||
Partners, BioAsia Investments and WPG | ||||||
Farber, as well as previous investors | ||||||
Stiefel Laboratories, Atlas Venture, Health- | ||||||
care Ventures, CIP Capital and Gateway | ||||||
Partners; Punk Ziegel managed the transaction | ||||||
Diversa Corp. | San Diego | 2/12 | $20 | This round of financing included new | ||
(formerly Recombinant | investors New York Life Insurance Co., | |||||
Biocatalysis Inc.; | the State of Michigan Retirement Fund, | |||||
3rd round) | Benefit Capital Management Corp. and | |||||
CSK Venture Capital Co. Ltd. Existing | ||||||
investors, who contributed $10M (half the | ||||||
total), included HealthCare Ventures LLC, | ||||||
Patricof & Co. Ventures Inc., The CIT | ||||||
Group/Venture Capital, Rho Management | ||||||
and Hudson Trust | ||||||
EpiGenesis | Durham, N.C. | 2/17 | $2.5 | Muzinich & Co. Inc. arranged a private | ||
Pharmaceuticals | placement of $2.5M of EpiGenesis' stock, | |||||
Inc. (1st round) | mostly with European institutional | |||||
investors; the financing could expand to | ||||||
$5M within 2 years | ||||||
Genome | Munich, Germany | 2/27 | $5.7 | The company raised US$5.7M (DM10M) | ||
Pharmaceuticals | in state and government support as part of | |||||
Corp. GmbH | its seed financing (it raised US$3.5M in | |||||
(seed round) | 10/97, also); in the current tranche, the | |||||
Bavarian state funding agency Bayern | ||||||
Kapital GmbH and the federal funding | ||||||
agency Technologie-Beteiligungs-Gesell- | ||||||
schaft mbH der Deutschen Ausgleichsbank | ||||||
each invested US$2.85M (DM5M) | ||||||
Neuralab Ltd. | Dublin, Ireland | 2/5 | $50 | Neuralab and its parent, Elan Corp., raised | ||
(formed by Elan Corp. | $50M through a private placement of | |||||
plc) (start-up funding) | 1.25M units; each unit consists of 1 share | |||||
of Neuralab, 1 warrant to purchase 1 | ||||||
common share (equal to 1 American Deposi- | ||||||
tary Share [ADS]) of Elan at an exercise | ||||||
price of $65.01 and 1 additional warrant to | ||||||
buy 1 ADS at a price to be determined; the | ||||||
warrants cannot be exercised for 2 years; | ||||||
Donaldson, Lufkin & Jenrette acted as the | ||||||
placement agent | ||||||
Reprogen Inc. | Irvine, Calif. | 2/13 | $5.1 | Reprogen's current investors, Oxford Ven- | ||
(1st round) | tures and GIMV, were joined in this round | |||||
by new investors UBS and GeneChem | ||||||
II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM CORPORATE PARTNERS: $24.8M | ||||||
Company | Partner | Amt. | Triggering | Details (Date) | ||
(Symbol) | (Symbol; Country) | (M) | Event | |||
Cor Therapeutics | Schering-Plough | $8 | Acceptance | The companies signed a collaboration on | ||
Inc. (CORR) | Corp. (NYSE:SGP) | for review | Integrilin in 4/95; the European Medicines | |||
by European | Evaluation Agency accepted for review | |||||
Union of | the marketing application on Integrilin, | |||||
marketing | triggering the $8M milestone payment | |||||
application | (2/19) | |||||
on Integrilin | ||||||
Corvas | Pfizer Inc. | $1 | Initiation | In 2/97, Pfizer exercised its option under a | ||
International Inc. | (NYSE:PFE) | of clinical | 10/95 agreement between the 2 companies | |||
(CVAS) | trial | to license and develop neutrophil inhibitor | ||||
factor as a stroke therapy; Pfizer has started | ||||||
a Phase I trial, triggering the milestone pay- | ||||||
ment (2/26) | ||||||
GeneMedicine Inc. | Corange | $5.3 | Scheduled | The companies signed a collaboration on | ||
(GMED) | International Ltd. | payments | gene medicines for treating various cancers | |||
(Bermuda) | (equity; | in 7/95; Corange bought $4M in GeneMed- | ||||
R&D) | icine stock (0.53M shares at $7.50 each) | |||||
per terms | and paid a $1.25M quarterly R&D pay- | |||||
of alliance | ment (2/10) | |||||
Protein Design Labs | Toagosei Co. Ltd. | $2 | Equity | The companies entered an agreement in | ||
Inc. (PDLI) | (Japan) | investment | 9/96 for Protein Design Labs to humanize | |||
one of Toagosei's antibodies; Toagosei | ||||||
bought $2M in Protein Design Labs' equity | ||||||
(0.045M shares at $44.875 each) in 4Q:97 | ||||||
(2/2) | ||||||
Trega Biosciences | Parke-Davis | $1.5 | Identifi- | The companies entered a collaboration in | ||
Inc. (TRGA) | (division of Warner- | cation of | 5/97 to use Trega's combinatorial chemis- | |||
Lambert Co.; | series of | try libraries to identify compounds active | ||||
NYSE:WLA) | lead com- | against a Parke-Davis biological target; a | ||||
pounds | series of lead compounds has been identi- | |||||
fied; Warner-Lambert will buy $1.5M in | ||||||
Trega common stock, the timing and pric- | ||||||
ing of which will be determined by Trega | ||||||
over the next 2 years (2/12) | ||||||
Unigene | Parke-Davis | $2 | Develop- | The companies signed a licensing agree- | ||
Laboratories Inc. | (division of Warner- | mental | ment on Unigene's oral calcitonin for | |||
(UGNE) | Lambert Co.; | bench- | treating osteoporosis in 7/97; Unigene got | |||
NYSE:WLA) | mark | a $2M milestone payment for achieving a | ||||
developmental benchmark for this product | ||||||
(2/23) | ||||||
U.S. Bioscience Inc. | Alza Corp. (AZA) | $5 | Clinical | The companies entered a U.S. marketing | ||
(UBS) | develop- | and distribution agreement for Ethyol in | ||||
ment mile- | 12/95; U.S. Bioscience received $5M for | |||||
stone | achieving a clinical development milestone | |||||
in connection with its Phase III trial of | ||||||
Ethyol in head and neck cancer (2/3) | ||||||
III. PIPE/REG. S FINANCINGS: $0M | ||||||
There were no PIPE/Reg. S financings in February. |