| 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. | ||||||