BARS (BancAmerica Robertson Stephens); BS (Bear, Stearns & Co. Inc.); CAZ (Cazenove & Co.); CC (Cowen & Co.); CRI (Cruttenden Roth Inc.); CSFBC (Credit Suisse First Boston Corp.); DKB (Dresdner Kleinwort Benson Ltd.); DLJ (Donaldson, Lufkin & Jenrette Securities Corp.); DMG (Deutsche Morgan Grenfell Inc.); ES (Everen Securities Inc.); FMS (First Marathon Securities Ltd.); FS (Furman Selz LLC); GMG (Genesis Merchant Group Securities); GRU (Gruntal & Co. LLC); GSP (Goepel Shields & Partners Inc.); HQ (Hambrecht & Quist LLC); LB (Lehman Brothers); LBG (Levesque Beaubien Geoffrion Inc.); ML (Merrill Lynch & Co.); MSDW (Morgan Stanley, Dean Witter Discover & Co.); MW (Midland Walwyn Capital Inc.); NBMS (NationsBanc Montgomery Securities Inc.); NS (National Securities Corp.); PGE (Pacific Growth Equities Inc.); PJI (Piper Jaffray Inc.); PW (PaineWebber Inc.); RBC (RBC Dominion Securities Inc.); SBA (Smith Barney Inc.); SBCW (SBC Warburg Dillon Read Inc.); SOL (Salomon Brothers Inc.); UBS (UBS Securities LLC); VBW (Volpe Brown Whelan & Co.); VSI (Vector Securities International Inc.); WAH (Wessels, Arnold & Henderson)

Company Type Of Number Of Amount Investors; Placement Agents;
(Symbol) Financing Shares, Units Raised (M) Details (Date)
Or Warrants (M)
Alpha-Beta Private 3.4S $9.7 The company sold 3.37M shares at $2.875
Technology Inc. placement each to Ross Financial Corp. (of which
(ABTI) Kenneth Dart is the principal, giving him
a 17.3% stake in Alpha-Beta) in a Regula-
tion D transaction (11/18)
Amgen Inc. (AMGN) Debt ND $100 Amgen filed a shelf registration on 11/18
securities to sell up to $500M in debt securities; the
company priced $100M of the notes via lead
manager Goldman Sachs & Co. on 12/2/97;
the 6.5% notes mature on 12/1/07 (12/2)
Cel-Sci Corp. (HIV) Private 0.01S $10 The company sold 10,000 shares of con-
placement vertible preferred stock to institutional
investors; for the 1st 9 months, the stock is
convertible into shares of common stock at
$8.28/share; after that time, the conversion
price is the lower of $8.28 or the market
price; the investors also got 1.1M 4-year
warrants to buy additional shares at $8.625
and $9.315; Cel-Sci will register the underlying
shares for resale; Shoreline Pacific Institution-
al Finance managed the offering (12/23)
Connetics Corp. Institutional 1.75S $5.3 Connetics sold 1.75M shares of registered
(CNCT) offering of stock at $3.00 each to institutional inves-
registered tors, including Amerindo Investment Ad-
stock visors and existing investors; Connetics
self-managed the offering (12/19)
Cytel Corp. (CYTL) Private 4.8S $8.4 Cytel sold 4.8M shares of common stock at
placement $1.75 each to a small number of institution-
al and other accredited investors (one of
which, International Biotechnology Trust
plc, bought 1.14M shares); Cytel will regis-
ter the stock for resale; BT Alex. Brown
Inc. served as the placement agent (12/5)
Cytogen Corp. Private ND $7.5 Cytogen completed the initial $7.5M of a
(CYTO) placement $20M financing with a small group of pri-
vate investors, who are buying 6% con-
vertible preferred stock; Cytogen has the
option to draw down the remaining $12.5M
from the same investors over the next year;
the stock can be converted to common
stock at either 120% of the market price or
at a 5% to 15% discount from market,
depending on the time of conversion (12/9)
Gensia Sicor Inc. Private 2.4U $14.4 Gensia Sicor sold 2.4M units for net pro-
(GNSA) placement ceeds of $14.4M; each unit consists of 1
share and 1 warrant to buy 0.5 share com-
mon stock at 125% of the unit purchase
price; the units in this self-managed offer-
ing were sold to accredited investors, inclu-
ding company chairman Donald Panoz,
Carlo Salvi, executive vice president, and
other members of senior management; this
placement includes the conversion into
units of $2M advanced by Fountainhead
Holdings Ltd. (a family trust established by
Panoz) and the conversion into units of
$2M advanced by Carlo Salvi (both of
which were announced 12/8/97); the com-
pany will register the stock for resale
Sale of land $2.6 The company sold a parcel of land adjacent
to its former corporate offices in San Diego
Hyal Pharma- Private $9.8 Hyal raised US$9.8M through the sale of
ceutical Corp. placement 3-year, 14.5% subordinated convertible
(HYALF; Canada) debentures to institutional investors; the
debenture and interest are convertible into
common stock based on an undisclosed
formula conversion price (11/27)
IGEN International Private ND $25 The company sold $25M in convertible
Inc. (IGEN) placement preferred stock to current as well as new
investors; Credit Suisse First Boston man-
aged the offering (12/22)
ImmunoGen Inc. Private ND $3 Biotechnology Value Fund LP and affili-
(IMGN) placement ates invested $3M in preferred stock and
warrants; the preferred stock will be con-
vertible into common at $1.0625/share after
2 years (12/11)
LXR Biotechnology Private 4.4S $7.8 LXR sold a total of 4.44M shares at $1.75
Inc. (LXR) placement each to a small number of institutional
investors, led by Grace Brothers Ltd., in
two tranches; the company will register the
shares for resale (12/15; 12/23)
MacroChem Corp. Exercise of ND $18 MacroChem received $18M during 4Q:97
(MCHM) warrants and from the exercise of its Class A and Class
unit purchase AA warrants and unit purchase options, all
options of which expired 12/15/97 (12/18)
NaPro Private 0.005S $5 The company sold $5M in Series C sen-
BioTherapeutics Inc. placement ior convertible preferred stock to Advantage
(NPRO) Fund II Ltd.; the shares were priced at
$1,000 each and are convertible into com-
mon stock at $10.00 each until 4/98, at
which time they will be convertible at a dis-
count of 5% from market; the company
also issued warrants to buy 0.175M shares
of common stock at $10.00 each; the company
will register the underlying shares for re-
sale (12/8)
PharmaKinetics Private 14.6S $5 PharmaKinetics sold 833,300 shares of
Laboratories Inc. placement Class A convertible preferred stock
(OTC Bulletin Board: (convertible into 8.33M shares common
PKLB) stock) plus 3-year purchase warrants for
6.25M shares of common stock (exercisable
at $1.20/share) to a group of investors led
by CAI Advisors & Co. and Aster.Cephac
SA (with which it also signed a technology
exchange agreement) (12/23)
Repligen Corp. Private 2S $2 Biotechnology Value Fund LP, its affil-
(RGEN) placement iates and Four Partners invested $2M in
Repligen through the purchase of 2M
shares of common stock and purchase
warrants for 0.75M shares at $1.50 each
Vion Private ND $4.5 Vion raised $4.53M through the private
Pharmaceuticals Inc. placement placement of an undisclosed amount of
(VION) Class B preferred stock (8/97)
Xoma Corp. (XOMA) Royalty $17 Xoma sold the rights to the future royalty
interest stream issuing from sales of Rituxan to
transaction Pharmaceutical Partners LLC for $17M;
Xoma had licensed its CD20 antibody
patent rights exclusively to Genentech Inc.,
which then sublicensed those to IDEC
Pharmaceuticals Corp. for use in the FDA-
approved anticancer product Rituxan
TOTAL: $231.0M
Several of the financings listed in this chart (Alpha-Beta Technology Inc., Hyal Pharmaceutical Corp. and Vion Pharmaceuticals Inc.) actually occurred earlier in 1997 but were not included in earlier listings. The amounts raised have been attributed to the appropriate months and are not included in December's total.
ND = Not disclosed, reported and/or available; S = Shares; TSE = Toronto Stock Exchange; 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.