January 1998
Company Type Of Number Of Amount Investors; Placement Agents;
(Symbol) Financing Shares, Units Raised (M) Details (Date)
Or Warrants (M)
Agritope Inc. Private 1.56S $10.9 Agritope, a recent spin-off of Epitope Inc.,
(AGTO) placements raised $10.9M in private placements of
1.34M shares of common stock and 0.21M
shares of preferred stock, all at $7/share; the
shares were issued to certain foreign
investors in connection with the spin-off of
Agritope as a public company (1/8)
ChemTrak Inc. Line of -- $1 ChemTrak established a $1M fixed asset
(CMTR) credit lease line of credit with Pentech Financial
Services Inc.; ChemTrak has already drawn
down 50% of the lease line, which is
secured by the company's assets (1/7)
Human Genome Construction -- $40 The Maryland Economic Development Corp.
Sciences Inc. (HGSI) financing (MEDCO) provided bond financing for the
construction of Human Genome Sciences'
process development and production
facility; key elements of the financing were
also provided by First National Bank of Mary-
land, the State of Maryland and Montgomery
County; MEDCO is building the facility and
will lease it to Human Genome Sciences (1/13)
LXR Biotechnology Private 1.28S $2.2 This represents the final closing of LXR's
Inc. (LXR) placement $10M private placement (the 1st 2 closings
occurred in 12/97); in this closing, LXR sold
1.28M shares at $1.75 each to a group of in-
vestors led by Grace Brothers Ltd.; the company
will register the shares for resale (12/31; 1/5)
MedImmune Inc. Private 1.7S $66.3 MedImmune sold 1.7M new shares of com-
(MEDI) placement mon stock at $39 each to institutional
investors BB Biotech, Investor AB and
INVESCO Trust Co. in a self-managed pri-
vate placement (1/13)
Novavax Inc. Private ND $6.5 The company sold $6.5M in custom conver-
(NOX) placement tible preferred stock, which is convertible
into common stock at 100% of market for
the 1st 90 days and at 94% thereafter; the com-
pany has the option to call any unconverted
stock at the end of 2 years and 3 years at
certain set prices; the holders have option to
put the preferred stock back to the company
under certain conditions; Novavax will register
the underlying shares for resale; Delta Oppor-
tunity Fund Ltd. was the lead investor in this
transaction; Diaz & Altschul Capital LLC acted
as the placement agent (1/30)
Oncor Inc. Private ND $5 Oncor sold $5M in preferred stock to undis-
(ONC) placement closed investors; the company will also
issue warrants to buy 0.125M shares at
$5.16 each (1/9)
Onyx Private 1.4S $10 Onyx sold 1.4M shares of common stock at
Pharmaceuticals placement $7.125/share to International Biotechnology
Inc. (ONXX) Trust plc and Lombard Odier & Cie; the com-
pany will register the shares for resale (1/13)
OraVax Inc. Private ND $6.8 The company raised $6.75M by selling
(ORVX) placement newly issued shares of 6% convertible pre-
ferred stock to a small group of investors;
Cappello Capital Corp. acted as the place-
ment agent (1/21)
Ortec International Exercise of 1.08W $10.8 1.08M of Ortec's Class A warrants, which
Inc. (ORTC) warrants were issued as part of the company's 1/96
IPO unit offering, were exercised at a price
of $10 each (1/8)
Penederm Inc. Line of -- $10 Penederm entered an agreement with an
(DERM) credit unnamed investment group for an equity
line of credit for up to $10M through sales
of its common stock over 2 years (at a dis-
count to market) (1/21)
Procept Inc. Private 2.4U $1.2 Procept raised $1.2M in the 1st closing of
(PRCT) placement its common stock unit offering, which is
intended to raise as much as $10M in
1Q:98; each unit consists of 1 common
share and 1 5-year warrant to buy 1 share
at $0.50; the company sold 2.4M units at
$0.50 each to a combination of institutional
and private investors; Procept will register
the underlying shares for resale (1/30)
TOTAL: $170.7M
ND = Not disclosed, reported and/or available; S = Shares; 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.