In Biotechnology Companies: January 1998
I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $72.9M
Company Location Date Amt. (M) Investors
3-Dimensional Exton, Pa. 1/8 $10.4 The company raised $10.4M from BB Bio-
Pharmaceuticals Inc. tech in this self-managed financing
(4th round)
AvMax Inc. Berkeley, Calif. 1/21 $2.5 Investors in this round included Biotech-
(1st round) nology Value Fund LP and affiliates, Four
Partners LP and Charter Ventures LP;
under certain undisclosed terms, AvMax
could receive an additional $10M
Base4 Toronto 1/14 $3.1 Allelix Biopharmaceuticals Inc. formed
Bioinformatics Inc. Base4 as a subsidiary in 1996; in this round
(1st round) of financing, the company raised
US$3.14M from a group of investors
including BioCapital Investments LP, Tera
Capital LP and Working Ventures Canadian
Fund Inc.; Allelix's stake has been reduced
to less than 50% (prices converted at a rate
of C$1.43/US$1)
BioMarin Novato, Calif. 1/27 $10 BioMarin Pharmaceutical was formed in
Pharmaceutical Inc. 1996 by Glyko Biomedical Ltd.; it raised
(1st round) $10M in a series of private placements,
including $5M from BB BioVentures LP;
also participating were Glyko Biomedical
(which holds a 40% stake) and Grosvenor
Capital
Copernicus Gene Cleveland, Ohio 1/12 $4.6 This financing round was led by Biotech-
Systems Inc. nology Development Fund and included
(1st round) GeneChem Technologies Venture Fund (in
conjunction with A.M. Pappas & Assoc-
iates), Nina Kung Wang's Veron Interna-
tional and the Ariane Health LDC Invest-
ment Fund (in conjunction with Muzinich
& Co.)
Iconix Mountain View, 1/14 $12.5 Microcide Pharmaceuticals Inc. formed
Pharmaceuticals Calif. Iconix as a genomics/genetics company;
Inc. (start-up financing) Iconix raised $12.5M in equity financing
from Abingworth Management, Institution-
al Venture Partners and Kleiner Perkins
Caufield & Byers; Microcide has a 35%
stake in the new company and will provide
Iconix with additional $6.1M in R & D
funds over 3 years in a collaboration on
antiviral agents
IsoTis BV (formerly Bilthoven, 1/8 $2 The financing was led by existing share-
Matrix Medical BV) Netherlands holder Atlas Venture (which provided the
(2nd round) company with $0.5M in 6/97) and included
new investors GIMV and 3i
Physiome Sciences New York 1/12 $10 The company received $10M from a group
Inc. (2nd round) of institutional and private investors in a
self-managed financing; investors included
Oxford Bioscience Partners, S.R. One. Ltd.,
INVESCO Trust Co., Hambrecht & Quist
and Genesis Merchant Group
Sequenom San Diego and 1/12 $17.8 Sequenom raised $17.8M through a combi-
(2nd round) Hamburg, Germany nation of debt and equity funding; equity
participants include Lombard Odier Zur-
ich, Ltd., Golbal Life Sciences, Dresdner
Kleinwort Benson, S.R. One Ltd., Merifin
Capital and a German government-affil-
iated entity; also participating in this
round were previous investors Techno
Venture Management, Alpinvest Inter-
national and Star Ventures Management
II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM CORPORATE PARTNERS: $23.2M
Company Partner Amt. Triggering Details (Date)
(Symbol) (Symbol; Country) (M) Event
Antex Biologics Pasteur Merieux $0.15 Results of The companies signed a licensing agree-
(OTC Bulletin Board: Connaught (unit of Phase Ia ment in 12/94 on Antex's recombinant
ANTX) Rhone-Poulenc Group; clinical Haemophilus influenzae (nontypeable)
France) trial on vaccine for treating inner ear infections
vaccine for (otitis media) in infants and children and
ear infect- upper respiratory disorders in the elderly;
ions due to encouraging results of Phase Ia trial
in adults, Antex received its 2nd milestone
payment (1/21)
Gensia Sicor Inc. SangStat Medical Corp. $2.5 Commer- The companies signed a supply agreement
(GNSA) (SANG) supply in 4/97 for Gensia Sicor's commercial-
agreement scale production of bulk cyclosporine;
on bulk SangStat bought $2.5M in Gensia Sicor
cyclospo- stock in connection with the agreement
rine (1/6)
Genzyme SMI Genzyme Ltd. $2 Audit of SMI Genzyme was formed in 1990 to de-
Transgenics Corp. (joint venture between production velop recombinant human antithrombin III
(GZTC) Genzyme Transgenics facility for (rhATIII) in milk of transgenic goats; SMI
and Sumitomo Metals; rhATIII paid $2M as milestone on successful inde-
Japan) pendent audit of the commercial-scale pro-
duction facility (1/8)
Medarex Inc. Xenotech LP $7.5 Issuance GenPharm International Inc., which has
(MEDX) (joint venture between of Euro- since been acquired by Medarex, entered
Cell Genesys Inc., its pean patent into a cross-licensing agreement on human
subsidiary Abgenix Inc. on Meda- monoclonal antibody technology with
and Japan Tobacco Inc.) rex's Xenotech in 3/97; GenPharm (Medarex)
HuMAb- was due 2 milestones of $7.5M each as part
Mouse of the agreement, including when Gen-
technology Pharm's patent issued (1/12)
NeoRx Corp. Janssen Pharmaceutica $7 Janssen The companies formed a strategic alliance
(NERX) NV (Belgium; unit of decided to in 8/97 to develop NeoRx's Avicidin radio-
Johnson & Johnson; initiate immunotherapy product for cancer; Janssen
NYSE:JNJ) Phase II decided to take the product into Phase II
trials of trials in lung, colon and prostate cancer
Avicidin once FDA clearance obtained; NeoRx got
$7M for this milestone (1/22)
NovaDx Metra Biosystems Inc. $0.55 First com- The companies signed a licensing and dev-
International Inc. (MTRA) mercial elopment agreement in 1/96 on NovaDx's
(VSE:NVN) sales of Chondrex blood test for arthritis; Metra is
blood test now marketing the test and has completed
for arthritis beta testing; Metra bought 2.57M special
warrants of NovaDx at US$0.214 each for
total of US$0.55M; each special warrant is
convertible into 1 common share of
NovaDx (prices converted at rate of C$1.43/
US$1) (1/30)
Pharmacopeia Inc. Daiichi Pharmaceutical $3 Research The companies entered a research collabor-
(PCOP) Co. Ltd. (Japan) milestone ation on use of combinatorial chemistry and
high-throughput screening for drug discov-
ery in 4/96; Pharmacopeia achieved a key
preclinical milestone, for which Daiichi
invested $3M in Pharmacopeia equity (1/5)
Sugen Inc. ASTA Medica AG $0.5 Joint decis- The companies formed a strategic alliance
(SUGN) (Germany) ion to pro- in 12/95 to develop oncology products
ceed with based on cell signal transduction targets
clinical de- HER-2 and Raf; the joint decision to pro-
velopment ceed with clinical development triggered
of Pan- ASTA's purchase of $0.5M of Sugen's
HER can- stock (at $26.75/share) (1/14)
cer program
III. PIPE/REG. S FINANCINGS: $0M
There were no PIPE/Reg.S financings in January.

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