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Company (Symbol) Offer Number Price Gross Net Shares Fully Post- Lead Other
Date Shares/ Per ($M)* ($M) Out Diluted Offering Under- Under-
Units Share/ (M) (M) Market Writer Writers
(M) Unit ($) Cap
($M)
Coulter Pharma- 1/28 2.88S 12.00 34.5 31.4 10.4 11.8 125 HQ BTAB,
ceutical Inc. (CLTR) PGE
Epix Medical Inc. 1/30 2.3S 7.00 16.1 14.3 8.6 10.0 60 HQ WAH
(EPIX)
Biora AB 2/3 7.0S 8.25 57.8 53.7 21.2 21.8 175 MSDW BTAB
(BIORY) (1)
Aastrom 2/4 3.25S 7.00 22.8 21.2 13.3 14.4 93 CC JPM
Biosciences Inc.
(ASTM)(2)
ILEX Oncology 2/20 2.7S 12.00 32.4 30.1 11.9 13.7 143 SOL CC,
Inc. (ILXO) SBA
Cambridge Anti- 3/19 8.25S 8.20 67.7 62.3 21.8 24.8 179 DKB
body Technology
Group plc
(LSE:CAT) (3)
Cell Therapeutics 3/21 3.0S 10.00 30.0 27.1 13.0 14.3 130 UBS NBMS,
Inc. (CTIC) (4) RJA
AntiVirals Inc. 6/3 2.3U 9.00 20.7 19.0 11.1 12.8 72 PI MFG,
(AVII) (5) FCS
Aurora Biosciences 6/19 4.15S 10.00 41.5 38.6 17.1 19.3 171 BTAB HQ,
Corp. (ABSC) BARS
Transcend 7/2 1.8S 10.00 18.0 15.7 5.7 6.5 57 ES PFS
Therapeutics Inc.
(TSND) (6)
Bioreliance Corp. 7/28 2.42S 15.00 36.3 32.5 7.6 8.4 114 MSDW HQ
(BREL) (7)
Hyseq Inc. 8/7 3.45S 14.00 48.3 43.8 12.7 15.3 178 LB SBA,
(HYSQ) (8) FAH
Progenitor Inc. 8/7 2.88U 7.00 20.1 17.4 13.4 20.3 72 LB GMG
(PGEN) (9)
LeukoSite Inc. 8/15 2.88S 6.00 17.3 15.4 9.5 10.6 57 HQ UBS
(LKST)
SIGA 9/9 2.88S 5.00 14.4 12.3 6.3 7.3 31 SSC MHM
Pharmaceuticals
Inc. (SGPH)
Megabios Corp. 9/15 2.88S 12.00 34.5 31.5 12.6 14.1 151 NBMS HQ
(MBIO)
Corixa Corp. 10/2 3.45S 13.00 44.9 40.9 11.7 14.6 152 LB IA, VSI
(CRXA)
Trimeris Inc. 10/7 3.16S 12.00 38.0 34.5 10.5 11.1 126 UBS NBMS
(TRMS)
DepoMed Inc. 11/5 1.2U 6.10 7.3 5.8 5.5 6.0 33 NS
(DPMD) (10)
Progenics 11/19 2.3S 8.00 18.4 16.4 9.0 11.7 72 CIBCO BARS,
Pharmaceuticals VSI
Inc. (PGNX)
Gene Logic Inc. 11/21 3.35S 8.00 26.8 24.9 13.7 16.4 110 BARS HQ,
(GLGC) (11) UBS
Medical Science 11/26 1.8S 9.00 16.2 14.1 5.5 6.9 50 NUT MFG
Systems Inc. (MSSI)
Spiros Develop- 12/17 6.33U 16.00 101.2 94.0 6.3 6.3 101 ML DLJ
ment Corp. II Inc.
(SDCOZ) (12)
Angiotech 12/18 2.2S 6.99 15.4 14.2 11.4 11.9 80 FMS MW,
Pharmaceuticals GSP
Inc. (TSE:ANP) (13)
1997 IPO TOTAL: $780.6M
NOTES:
* Number of shares (or units) sold in the offering includes those sold to satisfy overallotment options, in full or in part, where applicable. Likewise, gross proceeds include revenues for the sale of shares (or units) to satisfy overallotment options, in full or in part, where applicable.
LSE = London Stock Exchange; TSE = Toronto Stock Exchange
(1) Biora AB's initial public offering (IPO) was an international offering of 6.5M shares (pre-overallotment), 2.6M in the U.S. and Canada and 3.9M elsewhere, including Sweden. In the U.S., the securities were sold as American Depositary Shares (ADS), each equal to 2 common shares and priced at $16.50 each.
(2) Aastrom Biosciences Inc.'s corporate collaborator, COBE Laboratories Inc., invested $5M (0.715M shares at the IPO price) in its IPO.
(3) Cambridge Antibody Technology Group plc made its public debut on the London Stock Exchange (LSE) through a private placement of shares with Oracle Partners, Peptech Ltd. and the Medical Research Center (U.K.). The prices quoted in the chart have been converted to dollars from pounds at an exchange rate of £0.61/US$1.
(4) Johnson & Johnson Development Corp., an affiliate of Cell Therapeutics Inc.'s corporate collaborator, Johnson & Johnson, invested $3M in Cell Therapeutics' shares (10% of those sold in the IPO, at the IPO price) in a private placement concurrent with the IPO. The proceeds from that placement are not included in the chart above.
(5) Each unit in AntiVirals Inc.'s IPO, which priced at $9.00 each, consisted of 1 common share (with a unit share IPO price of $6.50) and 1 5-year warrant to buy 1 share at $13.50. The units separate upon issuance and trade as separate securities. The post-offering market capitalization is calculated based on the IPO share price.
(6) Transcend Therapeutics Inc.'s corporate collaborator, Boehringer Ingelheim International GmbH, bought 0.5M shares in its IPO (for $5M).
(7) Bioreliance Corp. sold 2.1M shares in its IPO (pre-overallotment) and a selling shareholder sold 0.3M.
(8) Hyseq Inc.'s corporate collaborators, Chiron Corp. and The Perkin-Elmer Corp., bought $2.5M and $5.0M, respectively, in Hyseq common stock in a private placement concurrent with the IPO. The proceeds from that placement (total $7.5M) are not included in the chart above.
(9) Progenitor Inc.'s IPO consisted of 2.75M units (pre-overallotment), which separate immediately upon issuance. Each unit consists of 1 share (the unit share IPO price is $5.375) and 1 5-year warrant to buy 1 share at $10.50. Progenitor's majority shareholder, Interneuron Pharmaceuticals Inc., bought 0.5M units in the IPO at the IPO price (for a total of $3.5M), reducing its ownership to 37% from 76%. As well, SR One Ltd. (the venture capital affiliate of SmithKline Beecham plc) bought 0.214M units in the IPO at the IPO price (for a total of $1.5M). Corporate collaborator Amgen Inc. also bought 1.023M shares at $5.375 each directly from Progenitor for $4.5M in cash and a $1M promissory note. Concurrently with its IPO, Progenitor also completed its $22M acquisition of Mercator Genetics Inc. The post-offering market capitalization is calculated based on the unit share IPO price.
(10) Each unit in DepoMed Inc.'s IPO consisted of 1 share and 1 5-year warrant to buy 1 share at $7.625. The units (DPMDU) became permanently detached into shares and warrants on 12/1/97 and ceased trading on 12/8/97.
(11) Gene Logic Inc.'s corporate collaborator, Japan Tobacco Inc., bought $3M in stock at the IPO price (0.375M shares) in a private placement concurrent with the IPO. The proceeds from that placement are not included in the chart above.
(12) Spiros Development Corp. II Inc. is a special-purpose spin-off of Dura Pharmaceuticals Inc. Each unit in its IPO consisted of 1 share of callable common stock of the new company and 1 warrant to buy 0.25 shares of Dura Pharmaceuticals common stock. The securities will trade only as units until 12/31/99 or until Dura exercises its option to buy all the outstanding shares.
(13) Angiotech Pharmaceuticals Inc.'s IPO was sold in Canada. The prices in the chart have been converted to U.S. dollars from Canadian dollars at a ratio of C$1.43/US$1.

Underwriters' Key:

ABF (Alfred Berg Fondkommission AB); BARS (BancAmerica Robertson, Stephens); BS (Bear Stearns & Co. Inc.); BTAB (BT Alex. Brown Inc.); CAZ (Cazenove & Co.); CC (Cowen & Co.); CCC (Canaccord Capital Corp.); CIBCO (CIBC Oppenheimer Corp.); CL (Credit Lyonnais); CSFBC (Credit Suisse First Boston Corp.); DB (Dain Bosworth Inc.); DKB (Dresdner Kleinwort Benson Ltd.); DLJ (Donaldson, Lufkin & Jenrette Securities Corp.); ES (Everen Securities Inc.); FAH (Fahnestock & Co. Inc.); FCS (First Colonial Securities Group, Inc.); FMS (First Marathon Securities Ltd.); FS (Furman Selz Inc.); GCC (Gordon Capital Corp.); GMG (Genesis Merchant Group Securities); GRU (Gruntal & Co. LLC); GS (Goldman, Sachs & Co.); GSP (Goepel Shields & Partners Inc.); HQ (Hambrecht & Quist LLC); IA (Invemed Associates Inc.); JPM (J.P. Morgan & Co.); LB (Lehman Brothers); LC (Lowenbaum & Co. Inc.); LS (Leerick, Swann & Co.); MFG (Millennium Financial Group Inc.); MHM (M.H. Myerson & Co. Inc.); ML (Merrill Lynch & Co.); MSDW (Morgan Stanley, Dean Witter Discover & Co.); MW (Midland Walwyn Capital Inc.); NBMS (NationsBanc Montgomery Securities Inc.); NI (Nomura International); NS (National Securities Corp.); NUT (Nutmeg Securities Ltd.); PFS (Principal Financial Securities Inc.); PGE (Pacific Growth Equities Inc.); PI (Paulson Investment Co., Inc.); PS (Prudential Securities Inc.); PW (PaineWebber Inc.); RJA (Raymond James & Associates Inc.); RR (Rodman & Renshaw Inc.); SBA (Smith Barney Inc.); SBCW (SBC Warburg Dillon Read Inc.); SOL (Salomon Brothers Inc.); SSC (Sunrise Securities Corp.); UBS (UBS Securities LLC); VBW (Volpe Brown Whelan & Co. LLC); VSI (Vector Securities International Inc.); WAH (Wessels, Arnold & Henderson); WB (William Blair & Co.); YS (Yorkton Securities Inc.)

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