| 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. | ||||||||
