www.bioworld.com/articles/457648

Public Financing Of Biotechnology: August 2006

Sep. 11, 2006

I. COMMENCED TRADING IN AUGUST
Company (Symbol)^#	Date Filed	Date Comm.	Shares/ Units (M)	Price	Shares Out (M)^@	Lead, Other Underwriters	Gross (M)	Post- Offering Market Cap (M)^%

INITIAL OFFERINGS
Osiris Therapeutics Inc. (OSIR)¹	5/12/06	8/4/06	3.5S	$11	27.14	Jefferies and Co., Lazard Capital Markets, Leerink Swann & Co.	$38.5	$298.5
OVERALLOTMENT OPTIONS
Replidyne Inc. (RDYN)²	4/6/06	8/2/06	0.5S	$10	26.93	Merrill Lynch & Co.,Morgan Stanley & Co. (co-lead) Cowen & Co., Pacific Growth Equities	$5	$269.3
Total: $43.5M
Number of IPOs in August: 1
Average value of August IPOs: $38.5M
Number of IPOs in 2006: 19
Total raised in IPOs in 2006: $867.98M
Average value of IPOs in 2006: $45.68M
FOLLOW-ON OFFERINGS
Company (Symbol)^#	Date Filed	Date Comm.	Shares/ Units (M)	Price	Shares Out (M)^@	Lead, Other Underwriters	Gross (M)	Post- Offering Market Cap (M)^%

CV Therapeutics Inc. (CVTX)³	4/18/06	8/16/06	10.35S	$9.50	56.66	Lehman Brothers, Merrill Lynch (co-lead)	$98.33	$538.3
Total: $98.33
Number of follow-on offerings in August: 1
Average value of August follow-ons: $98.33
Number of follow-on offerings in 2006: 26
Total raised in follow-ons in 2006: $2,416.73M
Average value of follow-ons in 2006: $92.95M

Notes:
# Unless otherwise indicated, shares are traded on the Nasdaq exchange.
@ This column reflects the shares outstanding following the offering, when disclosed.
% Market capitalization is calculated based on the offering price.
Currency conversions are based on exchange rates at the time of the deal.
1. Osiris raised $38.5M in an IPO. Underwriters have an option to purchase up to 525,000 additional shares to cover overallotments.
2. Underwriters of Replidyne's IPO that priced in June exercised their option to purchase about 500,000 additional shares. The IPO totaled about 5M shares and $50M in gross proceeds.
3. CV Therapeutics raised about $98.33M in a follow-on offering. Totals include the underwriters' purchase of 1.35M shares per their overallotment option.
II. FILED AND PENDING

Company (Symbol/ Proposed Symbol)^#*	Date Filed	Shares/ Units (M)	Price Range	Shares Out (M)^@	Lead, Other Underwriters	Value (M)

INITIAL OFFERINGS
Achillion Pharmaceuticals Inc. (ACHN)¹	4/3/06	N/A	N/A	N/A	Cowen & Co., CIBC World Markets (co-lead), JMP Securities	$75
ActivBiotics Inc. (ACTV)²	8/14/06	N/A	N/A	N/A	HSBC Securities, Needham & Co., BMO Capital Markets, Susquehanna Financial	$46
Affymax Inc. (AFFY)³	7/28/06	N/A	N/A	N/A	Morgan Stanley & Co., Cowen and Co. (co-lead), Thomas Weisel Partners (co-lead), RBC Capital Markets	$115
BioVex Group Inc. (BVEX)⁴	6/20/06	N/A	N/A	N/A	Janney Montgomery Scott, Stifel Nicolaus	$45
Cadence Pharmaceuticals Inc. (CADX)⁵	7/17/06	N/A	N/A	N/A	Merrill Lynch & Co., Deutsche Bank Securities (co-lead), Pacific Growth Equities, JMP Securities	$86.25
Catalyst Pharmaceutical Partners Inc. (CPRX)⁶	7/25/06	N/A	N/A	N/A	First Albany Capital, Stifel Nicolaus (co-lead)	$40.25
Emergent BioSolutions Inc. (EBSI)⁷	8/15/06	N/A	N/A	N/A	JP Morgan Securities, Cowen and Co. (co-lead), HSBC Securities	$86.25
ImaRx Therapeutics Inc. (IMRX)⁸	5/19/06	N/A	N/A	N/A	CIBC World Markets, Jefferies & Co., First Albany Capital	$75
Light Sciences Oncology Inc. (LSON)⁹	4/21/06	N/A	N/A	N/A	Cowen & Co., Wachovia Securities (co-lead), Jefferies & Co., Thomas Weisel Partners	$86.25
Metabolix Inc. (MBLX)¹⁰	7/14/06	N/A	N/A	N/A	Piper Jaffray & Co., Jefferies & Co., Thomas Weisel Partners, Ardour Capital Investments	$86.25
Molecular Insight Pharmaceuticals Inc. (MIPI)¹¹	11/8/05	N/A	N/A	N/A	Piper Jaffray & Co., Cowen & Co. (co-lead), Oppenheimer & Co., Roth Capital Partners	$57.5
Perlegen Sciences Inc. (PERL)¹²	4/10/06	N/A	N/A	N/A	Lehman Brothers, Deutsche Bank Securities (co-lead), Piper Jaffray & Co., Allen & Co.	$115
Pharmasset Inc. (VRUS)¹³	5/9/06	N/A	N/A	N/A	Banc of America Securities, UBS Investment Bank (co-lead), JMP Securities	$75
PTC Therapeutics Inc. (PTCT)¹⁴	3/31/06	N/A	N/A	N/A	Morgan Stanley & Co., JP Morgan Securities (co-lead), Pacific Growth Equities	$86.25
Sucampo Pharmaceuticals Inc. (SCMP)¹⁵	6/19/06	N/A	N/A	N/A	Banc of America Securities, Deutsche Bank Securities (co-lead), Leerink Swann & Co.	$86.25
Trubion Pharmaceuticals Inc. (TRBN)¹⁶	6/2/06	N/A	N/A	N/A	Morgan Stanley & Co., Banc of America Securities (co-lead), Pacific Growth Equities, Lazard Capital Market	$86.25
FOLLOW-ON OFFERINGS
Viragen Inc. (AMEX:VRA)¹⁷	7/31/06	77S and 77W	$0.279	N/A	Dawson James Securities	$21.5
WITHDRAWN AND POSTPONED
Company (Symbol/ Proposed Symbol)^#*	Date Filed/ Date Pulled	Shares/ Units (M)	Price Range	Shares Out (M)^@	Lead, Other Underwriters	Value (M)

Amicus Therapeutics Inc. (AMTX)¹⁸	5/17/06/ 8/2/06	N/A	N/A	N/A	Morgan Stanley & Co., Goldman, Sachs & Co. (co-lead), Pacific Growth Equities	$86.25

Notes:
^# Unless otherwise indicated, shares are traded on the Nasdaq exchange; general shelf registration statements are not included until action is taken on the filing.
^* Stock symbols for companies seeking to complete IPOs are proposed.
AMEX = American Stock Exchange.
^@This column reflects the shares outstanding following the offering, when disclosed.
N/A = Not available, applicable or reported.
1. Achillion filed to raise up to $75M in an IPO.
2. ActivBiotics filed to raise up to $46M in an IPO.
3. Affymax filed to raise up to $115M in an IPO.
4. BioVex filed to raise up to $45M in an IPO.
5. Cadence filed to raise up to $86.25M in an IPO.
6. Catalyst filed to raise up to $40.25M in an IPO.
7. Emergent filed to raise up to $86.25M in an IPO.
8. ImaRx filed to raise up to $75M in an IPO.
9. Light Sciences Oncology filed to raise up to $86.25M in an IPO.
10. Metabolix filed to raise up to $86.25M in an IPO.
11. Molecular Insight filed to raise up to $57.5M in an IPO.
12. Perlegen filed to raise up to $115M in an IPO.
13. Pharmasset filed to raise up to $75M in an IPO.
14. PTC Therapeutics filed to raise up to $86.25M in an IPO.
15. Sucampo filed to raise up to $86.25M in an IPO.
16. Trubion filed to raise up to $86.25M in an IPO.
17. Viragen filed to raise up to $21.5M in a follow-on offering of stock and warrants.
18. Amicus cited market conditions in withdrawing its proposed IPO.