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In Biotechnology Companies: December 1997
I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $127.7M
Company Location Date Amt. (M) Investors
Abgenix Inc. Fremont, Calif. 12/23 $20 Abgenix sold 3.1M shares of Series B con-
(other) vertible preferred stock at $6.50/share to
a group of new investors led by the Omega
funds and including Mehta and Isaly, Lom-
bard Odier, New York Life, Forward Ven-
tures and SE Banken; BancAmerica Rob-
ertson Stephens lead the placement and
Lehman Brothers acted as the comanager
Biopure Corp. Cambridge, Mass. 12/2 $50 This private placement was underwritten in
(other) 2 parts; in the 1st, Shoreline Pacific Insti-
tutional Finance managed the placement of
$29M in Series C convertible preferred
stock with Oaktree Capital Management
and New England Partners; in the 2nd,
Biopure placed $22.6M in Series B con-
vertible preferred stock with the assistance
of Auerbach, Pollak & Richardson Inc.;
investors included Zesiger Capital Group,
Fanueil Hall Associates, Aspen Venture
Partners and Schooner Capital Corp.
Calydon Inc. Menlo Park, Calif. 12/11 $11.9 Previous investor Sequoia Capital partici-
(2nd round) pated in this round, along with Genesis
Merchant Group, Perseus Capital and a
large group of private individuals
IntroGene BV Leiden, Netherlands 12/15 $14.4 Existing shareholders were joined in this
(3rd round) round by new investors BFV (Flanders
Biotech Fund), Kleinwort Benson Ltd. and
Merifin Capital BV, as well as IntroGene
employees; previous investors included
Atlas Venture, Advent International Inc.,
Alta Partners, GIMV and 3i
Synt:em Nimes, France 12/17 $3.4 Apax Partners and Banexi Ventures invest-
(2nd round) ed in this round of financing; also partici-
pating were previous investors Soridec,
Sofimac, Sofilaro and Mistral Investissement
Ventana Genetics Salt Lake City 12/3 $6 The lead investor in this financing was
Inc. (1st round) Warburg, Pincus Ventures LP
Versicor Inc. Fremont, Calif. 12/10 $22 The lead underwriters for this placement
(1st round) were HealthCare Ventures and New Enter-
prise Associates; investors included Abing-
worth Management Ltd., Hambrecht &
Quist Capital Management, SR One and
Rho Management
II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM CORPORATE PARTNERS: $31.0M
Company Partner Amt. Triggering Details (Date)
(Symbol) (Symbol; Country) (M) Event
Allelix Astra AB (Sweden) US$12 Decision The companies agreed in 6/96 to develop
Biopharmaceuticals to proceed ALX1-11 (recombinant human parathyroid
Inc. (TSE:AXB; Canada) with Phase hormone) for treating postmenopausal
III trials of osteoporosis; Astra decided in 9/97 to move
ALX1-11 the drug into Phase III trials, triggering the
US$12M (C$17.1M) payment to Allelix
(12/5)
Cell Genesys Inc. Hoechst Marion $1 License Cell Genesys licensed gene-activated EPO
(CEGE) Roussel Inc. agreement (erythropoietin) and a 2nd undisclosed pro-
(subsidiary of on gene- tein to Hoechst Marion Roussel in 3/97;
Hoechst AG; activated Hoechst Marion and Transkaryotic Thera-
Germany) EPO pies Inc., who are collaborating on gene-
activated EPO, initiated Phase II clinical
trials, triggering a milestone payment to
Cell Genesys (12/16)
Corvas International Schering-Plough Corp. $3 Payment The companies agreed in 12/94 to develop
Inc. (CVAS) (NYSE:SGP) due under oral drugs for preventing and treating
terms of chronic cardiovascular disorders, including
alliance oral Factor Xa inhibitors (12/18)
NPS Pharmaceuticals Kirin Pharmaceutical $2 Initiation The companies agreed in 7/95 to develop
Inc. (NPSP) (division of Kirin of Phase II calcium receptor agonists and other com-
Brewery Co. Ltd.; trial on pounds for treating hyperparathyroidism;
Japan) R-568 Kirin initiated Phase II trials in Japan with
drug candidate R-568 (KRN-568; a calci-
mimetic compound) (12/11)
Vertex Hoechst Marion $3 Progress The companies agreed in 9/93 to collabo-
Pharmaceuticals Roussel Inc. in preclin- rate on developing orally active interleukin-
Inc. (VRTX) (subsidiary of ical devel- 1 beta converting enzyme (ICE) inhibitors
Hoechst AG; opment of (for treating inflammation), one of which
Germany) VX-740 is VX-740; Vertex has shown that VX-740
is orally active in several animal models of
inflammatory disease (12/22)
Xoma Corp. (XOMA) Genentech Inc. (GNE) $10 Funding The companies entered an agreement in
for 1998 4/96 to jointly develop Genentech's anti-
develop- CD11a humanized monoclonal antibody
ment for treating psoriasis and organ transplant
expenses rejection; Genentech advanced $10M to
on anti- Xoma to fund 1998 product development
CD11a expenses (12/30)
III. PIPE/REG. S FINANCINGS: $0M
There were no PIPE/Reg. S financings in December.

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