www.bioworld.com/articles/450841
U.S. Public Offering Performance By Underwriter: January 1 - August 31, 2007*
Sep. 24, 2007
| Underwriter | Biotechnology Company | Date priced | Offering price per share** | 9/14/07 Share Price | Offering Gross (M)** | After-Market Performance (%) |
| AG Edwards Securities | BioMimetic Therapeutics Inc. (BMTI) | 2/9 | $17.15 | $13.60 | $43.2 | -21% |
| La Jolla Pharmaceutical Co. (LJPC) | 3/30 | $6 | $4.59 | $40.12 | -24% | |
| Molecular Insight Pharmaceuticals Inc. (MIPI) (IPO) | 2/2 | $14 | $7 | $70 | -50% | |
| Allen & Co. LLC | Javelin Pharmaceuticals Inc. (AMEX:JAV) | 5/11 | $6 | $5.29 | $42.6 | -12% |
| Bank of America Securities | Acadia Pharmaceuticals Inc. (ACAD) (co-lead) | 4/5 | $15.50 | $15.38 | $102.3 | -1% |
| Acorda Therapeutics Inc. (ACOR) (co-lead) | 6/8 | $18.50 | $17.30 | $77.48 | -6% | |
| Allos Therapeutics Inc. (ALTH) | 1/30 | $6 | $4.49 | $54 | -25% | |
| Array BioPharma Inc. (ARRY) (co-lead) | 5/2 | $13 | $12.76 | $91 | -2% | |
| Biodel Inc. (BIOD) (co-lead; IPO) | 5/11 | $15 | $18.95 | $86.25 | +26% | |
| Eurand International SpA (EURX) (IPO) | 5/17 | $16 | $14.55 | $112 | -9% | |
| Onyx Pharmaceuticals Inc. (ONXX) | 6/21 | $28 | $40.85 | $185 | +46% | |
| Pharmasset Inc. (VRUS) (co-lead; IPO) | 4/27 | $9 | $12.08 | $45 | +34% | |
| Pharmion Corp. (PHRM) (co-lead) | 5/11 | $30 | $42.26 | $138 | +41% | |
| Vanda Pharmaceuticals Inc. (VNDA) | 1/19 | $27.29 | $15.01 | $120.1 | -45% | |
| Bear, Stearns & Co. | AMAG Pharmaceuticals Inc.(AMAG) (co-lead) (formerly Advanced Magnetics Inc.) | 5/23 | $65.14 | $55.18 | $162.9 | -15% |
| Bruker BioSciences Corp. (BRKR) (co-lead) | 2/13 | $7.10 | $8.09 | $17.96 | +14% | |
| Cardiome Pharma Corp. (CRME) (co-lead) | 1/18 | $10.50 | $8.74 | $96.6 | -17% | |
| Clinical Data Inc. (CLDA) (lead) | 7/24 | $22 | $34.50 | $75.9 | +57% | |
| Synta Pharmaceuticals Corp. (SNTA) (co-lead; IPO) | 2/6 | $10 | $7.45 | $50 | -26% | |
| Canaccord Adams | Cardiome Pharma Corp. (CRME) | 1/18 | $10.50 | $8.74 | $96.6 | -17% |
| Pharmacopeia Inc. (PCOP) | 5/2 | $5 | $5.68 | $40 | +14% | |
| Caris & Co. | Response Genetics Inc.(RGDX) (IPO) | 6/5 | $7 | $4.51 | $21 | -36% |
| C.E. Unterberg, Towbin | Rosetta Genomics Ltd. (ROSG) (lead; IPO) | 2/27 | $7 | $5.65 | $30.2 | -19% |
| Sunesis Pharmaceuticals Inc. (SNSS) | 5/24 | $4.43 | $2.77 | $21 | -37% | |
| CIBC World Markets | 3SBIO Inc. (SSRX) (IPO) | 2/7 | $16 | $11.12 | $115.2 | -31% |
| CIBC World Markets | ArQule Inc. (ARQL) (co-lead) | 6/14 | $7.75 | $7.74 | $58.19 | -0.1% |
| Cardiome Pharma Corp. (CRME) (co-lead) | 1/18 | $10.50 | $8.74 | $96.6 | -17% | |
| Cypress Bioscience Inc. (CYPB) (co-lead) | 5/30 | $15.50 | $14.48 | $72.9 | -7% | |
| Pharmacopeia Inc. (PCOP) (lead) | 5/2 | $5 | $5.68 | $40 | +14% | |
| Poniard Pharmaceuticals Inc. (PARD) (co-lead) | 4/25 | $6.33 | $5.56 | $74.7 | -12% | |
| Repros Therapeutics Inc. (RPRX) (co-lead) | 1/31 | $13.75 | $10.28 | $35.9 | -25% | |
| Sirtris Pharmaceuticals Inc. (SIRT) (IPO) | 5/23 | $10 | $14.39 | $69 | +44% | |
| Sucampo Pharmaceuticals Inc. (SCMP)(IPO) | 8/3 | $11.50 | $13.25 | $35.94 | +15% | |
| Cowen & Co. | Altus Pharmaceuticals Inc. (ALTU) | 4/19 | $14.75 | $10.81 | $88.5 | -27% |
| Pharmion Corp. (PHRM) (co-lead) | 5/11 | $30 | $42.26 | $138 | +41% | |
| Sucampo Pharmaceuticals Inc. (SCMP) (lead; IPO) | 8/3 | $11.50 | $13.25 | $35.94 | +15% | |
| Sunesis Pharmaceuticals Inc. (SNSS) | 5/24 | $4.43 | $2.77 | $21 | -37% | |
| Credit Suisse Securities | Jazz Pharmaceuticals Inc. (JAZZ) (IPO) | 6/1 | $18 | $13.12 | $108 | -27% |
| Credit Suisse Securities | Rigel Pharmaceuticals v | 5/3 | $9.75 | $9.77 | $48.8 | +0.2% |
| Dawson James Securities | A.P. Pharma Inc. (APPA) | 6/14 | $1.65 | $2.35 | $40.24 | +42% |
| Deutsche Bank Securities | Acadia Pharmaceuticals Inc. (ACAD) (co-lead) | 4/5 | $15.50 | $15.38 | $102.3 | -1% |
| Acorda Therapeutics Inc. (ACOR) (co-lead) | 6/8 | $18.50 | $17.30 | $77.48 | -6% | |
| AMAG Pharmaceuticals Inc. (AMAG) (formerly Advanced Magnetics Inc.) | 5/23 | $65.14 | $55.18 | $162.9 | -15% | |
| BioMimetic Therapeutics Inc. (BMTI) (co-lead) | 2/9 | $17.15 | $13.60 | $43.2 | -21% | |
| Dyax Corp. (DYAX) | 7/13 | $3.67 | $3.97 | $44.4 | +8% | |
| Eurand International SpA (EURX) (co-lead; IPO) | 5/17 | $16 | $14.55 | $112 | -9% | |
| First Albany Capital | BioMimetic Therapeutics Inc. (BMTI) | 2/9 | $17.15 | $13.60 | $43.2 | -21% |
| Fortis Securities | Acorda Therapeutics Inc. (ACOR) | 6/8 | $18.50 | $17.30 | $77.48 | -6% |
| ArQule Inc. (ARQL) | 6/14 | $7.75 | $7.74 | $58.19 | -0.1% | |
| Javelin Pharmaceuticals Inc. (AMEX:JAV) | 5/11 | $6 | $5.29 | $42.6 | -12% | |
| Friedman, Billings, Ramsey | Pharmion Corp. (PHRM) | 5/11 | $30 | $42.26 | $120 | +41% |
| HSBC Securities (USA) Inc. | Pharmion Corp. (PHRM) | 5/11 | $30 | $42.26 | $120 | +41% |
| I-Bankers Securities | ImaRx Therapeutics Inc. (IMRX) (IPO) | 7/25 | $5 | $4.05 | $15 | -19% |
| Jefferies & Co. | AMAG Pharmaceuticals Inc. (AMAG) (formerly Advanced Magnetics Inc.) | 5/23 | $65.14 | $55.18 | $162.9 | -15% |
| Array BioPharma Inc. (ARRY) | 5/2 | $13 | $12.76 | $91 | -2% | |
| Cypress Bioscience Inc. (CYPB) (co-lead) | 5/30 | $15.50 | $14.48 | $72.9 | -7% | |
| Molecular Insight Pharmaceuticals Inc. (MIPI) (co-lead; IPO) | 2/2 | $14 | $7 | $70 | -50% | |
| Optimer Pharmaceuticals Inc. (OPTR) (co-lead; IPO) | 2/9 | $7 | $8.07 | $49 | +15% | |
| JMP Securities LLC | Acadia Pharmaceuticals Inc. (ACAD) | 4/5 | $15.50 | $15.38 | $102.3 | -1% |
| Allos Therapeutics Inc. (ALTH) | 1/30 | $6 | $4.49 | $54 | -25% | |
| Genomic Health Inc. (GHDX) | 5/22 | $15.50 | $20.14 | $46.5 | +30% | |
| Optimer Pharmaceuticals Inc. (OPTR) (IPO) | 2/9 | $7 | $8.07 | $49 | +15% | |
| Orexigen Therapeutics Inc. (OREX) (IPO) | 4/26 | $12 | $13.94 | $97 | +16% | |
| Pharmasset Inc. (VRUS) (IPO) | 4/27 | $9 | $12.08 | $45 | +34% | |
| JMP Securities LLC | Sirtris Pharmaceuticals Inc. (SIRT) (IPO) | 5/23 | $10 | $14.39 | $69 | +44% |
| JP Morgan Securities | Amicus Therapeutics Inc. (FOLD) (IPO) | 5/31 | $15 | $13.20 | $75 | -12% |
| Array BioPharma Inc. (ARRY) (co-lead) | 5/2 | $13 | $12.76 | $91 | -2% | |
| Dyax Corp. (DYAX) | 7/13 | $3.67 | $3.97 | $44.4 | +8% | |
| Genomic Health Inc. (GHDX) (co-lead) | 5/22 | $15.50 | $20.14 | $46.5 | +30% | |
| Helicos BioSciences Corp. (HLCS) (co-lead; IPO) | 5/24 | $9 | $8.47 | $48.6 | -6% | |
| Javelin Pharmaceuticals Inc. (AMEX:JAV) (lead) | 5/11 | $6 | $5.29 | $42.6 | -12% | |
| Myriad Genetics Inc. (MYGN) (lead) | 2/8 | $35.90 | $47.10 | $107.7 | +31% | |
| Onyx Pharmaceuticals Inc. (ONXX) | 6/21 | $28 | $40.85 | $185 | +46% | |
| Orexigen Therapeutics Inc. (OREX) (co-lead; IPO) | 4/26 | $12 | $13.94 | $97 | +16% | |
| Sirtris Pharmaceuticals Inc. (SIRT) (lead; IPO) | 5/23 | $10 | $14.39 | $69 | +44% | |
| Vanda Pharmaceuticals Inc. (VNDA) (co-lead) | 1/19 | $27.29 | $15.01 | $120.1 | -45% | |
| Lazard Capital Markets LLC | Acorda Therapeutics Inc. (ACOR) | 6/8 | $18.50 | $17.30 | $77.48 | -6% |
| Amicus Therapeutics Inc. (FOLD) (IPO) | 5/31 | $15 | $13.20 | $75 | -12% | |
| Clinical Data Inc. (CLDA) | 7/24 | $22 | $34.50 | $75.9 | +57% | |
| Dyax Corp. (DYAX) | 7/13 | $3.67 | $3.97 | $44.4 | +8% | |
| Eurand International SpA (EURX) (IPO) | 5/17 | $16 | $14.55 | $112 | -9% | |
| NeurogesX Inc. (NGSX) (IPO) | 5/2 | $11 | $9.41 | $44 | -14% | |
| Poniard Pharmaceuticals Inc. (PARD) (co-lead) | 4/25 | $6.33 | $5.56 | $74.7 | -12% | |
| Synta Pharmaceuticals Corp. (SNTA) (IPO) | 2/6 | $10 | $7.45 | $50 | -26% | |
| Leerink Swann & Co. | Altus Pharmaceuticals Inc. (ALTU) | 4/19 | $14.75 | $10.81 | $88.5 | -27% |
| ArQule Inc. (ARQL) | 6/14 | $7.75 | $7.74 | $58.19 | -0.1% | |
| Cardiome Pharma Corp. (CRME) | 1/18 | $10.50 | $8.74 | $96.6 | -17% | |
| Biodel Inc. (BIOD) (IPO) | 5/11 | $15 | $18.95 | $86.25 | +26% | |
| Helicos BioSciences Corp. (HLCS) (IPO) | 5/24 | $9 | $8.47 | $48.6 | -6% | |
| Javelin Pharmaceuticals Inc. (AMEX:JAV) | 5/11 | $6 | $5.29 | $42.6 | -12% | |
| Orexigen Therapeutics Inc. (OREX) (IPO) | 4/26 | $12 | $13.94 | $97 | +16% | |
| Leerink Swann & Co. | Poniard Pharmaceuticals Inc. (PARD) | 4/25 | $6.33 | $5.56 | $74.7 | -12% |
| Sucampo Pharmaceuticals Inc. (SCMP (IPO) | 8/3 | $11.50 | $13.25 | $35.94 | +15% | |
| Lehman Brothers | Acadia Pharmaceuticals Inc. (ACAD) (co-lead) | 4/5 | $15.50 | $15.38 | $102.3 | -1% |
| Eurand International SpA (EURX) (co-lead; IPO) | 5/17 | $16 | $14.55 | $112 | -9% | |
| Genomic Health Inc. (GHDX) (co-lead) | 5/22 | $15.50 | $20.14 | $46.5 | +30% | |
| Jazz Pharmaceuticals Inc. (JAZZ) (co-lead; IPO) | 6/1 | $18 | $13.12 | $108 | -27% | |
| Rigel Pharmaceuticals Inc. (RIGL) (co-lead) | 5/3 | $9.75 | $9.77 | $48.8 | +0.2% | |
| Sunesis Pharmaceuticals Inc. (SNSS) (lead) | 5/24 | $4.43 | $2.77 | $21 | -37% | |
| Synta Pharmaceuticals Corp. (SNTA) (co-lead; IPO) | 2/6 | $10 | $7.45 | $50 | -26% | |
| Maxim Group LLC | ImaRx Therapeutics Inc. (IMRX) (lead; IPO) | 7/25 | $5 | $4.05 | $15 | -19% |
| Response Genetics Inc. (RGDX) (lead; IPO) | 6/5 | $7 | $4.51 | $21 | -36% | |
| MDB Capital Group LLC | MediciNova Inc. (MNOV) (lead) | 1/29 | $12 | $6.79 | $12 | -43% |
| Mercer Capital Ltd. | NeoStem Inc. (AMEX:NBS) (lead) | 8/14 | $4.96 | $4.82 | $6.3 | -3% |
| Merrill Lynch & Co. | Alexza Pharmaceuticals Inc. (ALXA) (co-lead) | 4/27 | $10.25 | $7.88 | $70.73 | -23% |
| Amicus Therapeutics Inc. (FOLD) (co-lead; IPO) | 5/31 | $15 | $13.20 | $75 | -12% | |
| Allos Therapeutics Inc. (ALTH) (lead) | 1/30 | $6 | $4.49 | $54 | -25% | |
| Altus Pharmaceuticals Inc. (ALTU) (co-lead) | 4/19 | $14.75 | $10.81 | $88.5 | -27% | |
| Onyx Pharmaceuticals Inc. (ONXX) (co-lead) | 6/21 | $28 | $40.85 | $185 | +46% | |
| Orexigen Therapeutics Inc. (OREX) (co-lead; IPO) | 4/26 | $12 | $13.94 | $97 | +16% | |
| Merriman Curhan Ford & Co. | A.P. Pharma Inc. (APPA) (lead) | 6/14 | $1.65 | $2.35 | $40.24 | +42% |
| Aradigm Corp. (OTC BB:ARDM) | 1/25 | $0.95 | $1.35 | $36.1 | +42% | |
| Pharmacopeia Inc. (PCOP) | 5/2 | $5 | $5.68 | $40 | +14% | |
| Montgomery & Co. | Synta Pharmaceuticals Corp. (SNTA) (IPO) | 2/6 | $10 | $7.45 | $50 | -26% |
| Morgan Stanley | AMAG Pharmaceuticals Inc. (AMAG) (co-lead) (formerly Advanced Magnetics Inc.) | 5/23 | $65.14 | $55.18 | $162.9 | -15% |
| Alexza Pharmaceuticals Inc. (ALXA) (co-lead) | 4/27 | $10.25 | $7.88 | $70.73 | -23% | |
| Altus Pharmaceuticals Inc. (ALTU) (co-lead) | 4/19 | $14.75 | $10.81 | $88.5 | -27% | |
| Amicus Therapeutics Inc. (FOLD) (co-lead; IPO) | 5/31 | $15 | $13.20 | $75 | -12% | |
| Biodel Inc. (BIOD) (co-lead; IPO) | 5/11 | $15 | $18.95 | $86.25 | +26% | |
| Jazz Pharmaceuticals Inc. (JAZZ) (co-lead; IPO) | 6/1 | $18 | $13.12 | $108 | -27% | |
| NeurogesX Inc. (NGSX) (lead; IPO) | 5/2 | $11 | $9.41 | $44 | -14% | |
| Onyx Pharmaceuticals Inc. (ONXX) (co-lead) | 6/21 | $28 | $40.85 | $185 | +46% | |
| Vanda Pharmaceuticals Inc. (VNDA) (co-lead) | 1/19 | $27.29 | $15.01 | $120.1 | -45% | |
| Natexis Bleichroeder Inc. | Biodel Inc. (BIOD) (IPO) | 5/11 | $15 | $18.95 | $86.25 | +26% |
| Jazz Pharmaceuticals Inc. (JAZZ) (IPO) | 6/1 | $18 | $13.12 | $108 | -27% | |
| Vanda Pharmaceuticals Inc. (VNDA) | 1/19 | $27.29 | $15.01 | $120.1 | -45% | |
| Needham & Co. | La Jolla Pharmaceutical Co. (LJPC) (lead) | 3/30 | $6 | $4.59 | $40.12 | -24% |
| Oppenheimer & Co. | Molecular Insight Pharmaceuticals Inc. (MIPI) (IPO) | 2/2 | $14 | $7 | $70 | -50% |
| Rosetta Genomics Ltd. (ROSG) (IPO) | 2/27 | $7 | $5.65 | $30.2 | -19% | |
| Pacific Growth Equities | 3SBIO Inc. (SSRX) (IPO) | 2/7 | $16 | $11.12 | $115.2 | -31% |
| Alexza Pharmaceuticals Inc. (ALXA) | 4/27 | $10.25 | $7.88 | $70.73 | -23% | |
| Amicus Therapeutics Inc. (FOLD) (IPO) | 5/31 | $15 | $13.20 | $75 | -12% | |
| Avigen Inc. (AVGN) (co-lead) | 4/26 | $6.94 | $5.36 | $27.6 | -23% | |
| BioMimetic Therapeutics Inc. (BMTI) (co-lead) | 2/9 | $17.15 | $13.60 | $43.2 | -21% | |
| Helicos BioSciences Corp. (HLCS) (IPO) | 5/24 | $9 | $8.47 | $48.6 | -6% | |
| Javelin Pharmaceuticals Inc. (AMEX:JAV) | 5/11 | $6 | $5.29 | $42.6 | -12% | |
| NeurogesX Inc. (NGSX) (IPO) | 5/2 | $11 | $9.41 | $44 | -14% | |
| Palatin Technologies Inc. (AMEX:PTN) (lead) | 2/16 | $2 | $0.49 | $27.5 | -76% | |
| Pharmion Corp. (PHRM) | 5/11 | $30 | $42.26 | $138 | +41% | |
| Poniard Pharmaceuticals Inc. (PARD) | 4/25 | $6.33 | $5.56 | $74.7 | -12% | |
| Piper Jaffray & Co. | Acadia Pharmaceuticals Inc. (ACAD) | 4/5 | $15.50 | $15.38 | $102.3 | -1% |
| Acorda Therapeutics Inc. (ACOR) | 6/8 | $18.50 | $17.30 | $77.48 | -6% | |
| Array BioPharma Inc. (ARRY) | 5/2 | $13 | $12.76 | $91 | -2% | |
| Genomic Health Inc. (GHDX) | 5/22 | $15.50 | $20.14 | $46.5 | +30% | |
| Optimer Pharmaceuticals Inc. (OPTR) (co-lead; IPO) | 2/9 | $7 | $8.07 | $49 | +15% | |
| Sirtris Pharmaceuticals Inc. (SIRT) (IPO) | 5/23 | $10 | $14.39 | $69 | +44% | |
| Punk Ziegel & Co. | Aradigm Corp. (OTC BB:ARDM) (lead) | 1/25 | $0.95 | $1.35 | $36.1 | +42% |
| Genitope Corp. (GTOP) (lead) | 4/27 | $3.85 | $3.57 | $23.08 | -7% | |
| Javelin Pharmaceuticals Inc. (AMEX:JAV) | 5/11 | $6 | $5.29 | $42.6 | -12% | |
| Repros Therapeutics Inc. (RPRX) (co-lead) | 1/31 | $13.75 | $10.28 | $35.9 | -25% | |
| RBC Capital Markets | Alexza Pharmaceuticals Inc. (ALXA) | 4/27 | $10.25 | $7.88 | $70.73 | -23% |
| Molecular Insight Pharmaceuticals Inc. (MIPI) (co-lead; IPO) | 2/2 | $14 | $7 | $70 | -50% | |
| Rodman & Renshaw | Acadia Pharmaceuticals Inc. (ACAD) | 4/5 | $15.50 | $15.38 | $102.3 | -1% |
| Acorda Therapeutics Inc. (ACOR) | 6/8 | $18.50 | $17.30 | $77.48 | -6% | |
| ArQule Inc. (ARQL) | 6/14 | $7.75 | $7.74 | $58.19 | -0.1% | |
| Optimer Pharmaceuticals Inc. (OPTR) (IPO) | 2/9 | $7 | $8.07 | $49 | +15% | |
| Sirtris Pharmaceuticals Inc. (SIRT) (IPO) | 5/23 | $10 | $14.39 | $69 | +44% | |
| Susquehanna Financial | NeurogesX Inc. (NGSX) (IPO) | 5/2 | $11 | $9.41 | $44 | -14% |
| ThinkEquity Partners LLC | AMAG Pharmaceuticals Inc. (AMAG) (formerly Advanced Magnetics Inc.) | 5/23 | $65.14 | $55.18 | $162.9 | -15% |
| Repros Therapeutics Inc. (RPRX) | 1/31 | $13.75 | $10.28 | $35.9 | -25% | |
| Thomas Weisel Partners | Eurand International SpA (EURX) (IPO) | 5/17 | $16 | $14.55 | $112 | -9% |
| Rigel Pharmaceuticals Inc. (RIGL) | 5/3 | $9.75 | $9.77 | $48.8 | +0.2% | |
| UBS Investment Bank | 3SBIO Inc. (SSRX) (lead; IPO) | 2/7 | $16 | $11.12 | $115.2 | -31% |
| ArQule Inc. (ARQL) (co-lead) | 6/14 | $7.75 | $7.74 | $58.19 | -0.1% | |
| Avigen Inc. (AVGN) (co-lead) | 4/26 | $6.94 | $5.36 | $27.6 | -23% | |
| Bruker BioSciences Corp. (BRKR) (co-lead) | 2/13 | $7.10 | $8.09 | $17.96 | +14% | |
| Cypress Bioscience Inc. (CYPB) (co-lead) | 5/30 | $15.50 | $14.48 | $72.9 | -7% | |
| Dyax Corp. (DYAX) (lead) | 7/13 | $3.67 | $3.97 | $44.4 | +8% | |
| Helicos BioSciences Corp. (HLCS) (co-lead; IPO) | 5/24 | $9 | $8.47 | $48.6 | -6% | |
| UBS Investment Bank | ||||||
| Nastech Pharmaceutical Co. Inc. (NSTK) (lead) | 1/18 | $13.20 | $13.74 | $42.9 | +4% | |
| Pharmasset Inc. (VRUS) (co-lead; IPO) | 4/27 | $9 | $12.08 | $45 | +34% | |
| Notes: | ||||||
| * The financings in this chart are for public offerings in the U.S. only. The data were compiled primarily from BioWorld Financial Watch's monthly financing charts covering the period from Jan. 1 to Aug. 31, 2007. Those charts were published on Feb. 12, March 5, April 9, May 7, June 11, July 9, Aug. 6 and Sept. 10, 2007. The gross proceed totals listed reflect only those shares sold by companies. They include money raised through overallotment options, when disclosed. ** All prices in U.S. dollars. Offering price per share is adjusted to reflect any post-offering splits. Unless otherwise noted, shares are traded on the Nasdaq exchange. IPO = Initial Public OfferingAMEX = American Stock Exchange | ||||||