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 | ||||
| (12/30) | ||||
| Sale of land | — | $2.6 | The company sold a parcel of land adjacent | |
| to its former corporate offices in San Diego | ||||
| (12/30) | ||||
| 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 | ||||
| (12/31) | ||||
| 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 | ||||
| (12/30) | ||||
| TOTAL: $231.0M | ||||
| NOTES: | ||||
| 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. | ||||