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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.

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