Public Financing Of Biotechnology: June 2006

I. COMMENCED TRADING IN JUNE

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

BioXell SpA
(Italy; SWX:BXLN)¹

6/9/06

6/21/06

1.313S

CHF44

5.25

Credit Suisse, Bank am Bellevue, Societe Generale, Pacific Growth Equities

CHF57.8 ($47)

CHF231.2

OncoMethylome
Sciences SA
(Belgium;
Eurolist:ONCOB)²

5/11/06

6/26/06

3.373S

€7.50

10.45

ING, Fortis (co-lead), Kempen & Co.

€25.3
($32.3)

€78.4

PuriCore plc
(LSE:PURI)³

N/A

6/27/06

45.45S

£0.66

151.8

Nomura Code Securities, Nomura International

£30
($54.7)

£100.2

Replidyne Inc.
(RDYN)⁴

4/6/06

6/28/06

4.5S

$10

26.43

Merrill Lynch & Co., Morgan Stanley & Co. (co- lead), Cowen & Co., Pacific Growth Equities

$45

$264.3

OVERALLOTMENT OPTIONS

Novacea Inc.
(NOVC)⁵

2/10/06

6/8/06

0.658S

$6.50

22.98

Bear, Stearns & Co., Cowen & Co. (co-lead), Pacific Growth Equities, HSBC Securities

$4.3

$149.4

Total: $183.3M

Number of IPOs in June: 4

Average value of June IPOs: $44.75M

Number of IPOs in 2006: 16

Total raised in IPOs in 2006: $792.28M

Average value of IPOs in 2006: $49.52M

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)^%

Indevus
Pharmaceuticals
Inc. (IDEV)⁶

2/3/06

6/28/06

8.05S

$4.65

55.66

UBS Investment Bank, CIBC World Markets, JMP Securities, Leerink Swann & Co.

$37.43

$258.8

Sangamo
BioSciences
Inc. (SGMO)⁷

5/26/06

6/15/06

3.1S

$6.50

33.94

Piper Jaffray & Co.

$20.15

$220.6

XenoPort Inc.
(XNPT)⁸

6/6/06

6/21/06

4.5S

$17

24.40

Morgan Stanley & Co., Deutsche Bank Securities, Pacific Growth Equities

$76.5

$414.8

Total: $134.08M

Number of follow-on offerings in June: 3

Average value of June follow-ons: $44.69M

Number of follow-on offerings in 2006: 25

Total raised in follow-ons in 2006: $2,318.4M

Average value of follow-ons in 2006: $92.74M

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 BioXell raised CHF57.8M in an IPO on the Swiss Stock Exchange. Underwriters have an option to purchase up to 196,965 additional shares to cover overallotments.

² OncoMethylome raised €25.3M in an IPO on the Eurolist exchange. Totals include the underwriters' purchase of 440,000 shares per their overallotment option.

³ PuriCore plc, the parent company of PuriCore Inc. (formerly named Sterilox Techologies), raised £30M in an IPO on the London Stock Exchange.

⁴ Replidyne raised $45M in an IPO. Underwriters have an option to purchase up to 675,000 additional shares to cover overallotments.

⁵ Underwriters of Novacea's IPO that priced in May exercised their option to purchase 657,500 additional shares. The IPO totaled about 6.91M shares and $44.9M in gross proceeds.

⁶ Indevus raised about $37.43M in a follow-on offering. Totals include the underwriters' purchase of 1.05M shares per their overallotment option.

⁷ Sangamo raised $20.15M in a follow-on offering. The underwriter has an option to purchase up to 465,000 additional shares to cover overallotments.

⁸ XenoPort raised $76.5M in a follow-on offering. Underwriters have an option to purchase up to 675,000 additional shares to cover overallotments.

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

Amicus
Therapeutics
Inc. (AMTX)²

5/17/06

N/A

N/A

N/A

Morgan Stanley, Goldman, Sachs & Co. (co-lead), Pacific Growth Equities

$86.25

BioVex
Group Inc.
(BVEX)³

6/20/06

N/A

N/A

N/A

Janney Montgomery Scott, Stifel Nicolaus

$45

Cleveland
BioLabs Inc.
(CBLI)⁴

2/17/06

N/A

N/A

N/A

Sunrise Securities

$13.8

ImaRx
Therapeutics
Inc. (IMRX)⁵

5/19/06

N/A

N/A

N/A

CIBC World Markets, Jefferies & Co., First Albany Capital

$75

Light Sciences
Oncology Inc.
(LSON)⁶

4/21/06

N/A

N/A

N/A

Cowen & Co., Wachovia Securities (co-lead), Jefferies & Co., Thomas Weisel Partners

$86.25

Molecular
Insight
Pharmaceuticals
Inc. (MIPI)⁷

11/8/05

N/A

N/A

N/A

Piper Jaffray & Co., Cowen & Co. (co-lead), Oppenheimer & Co., Roth Capital Partners

$57.5

Osiris
Therapeutics
Inc. (OSIR)⁸

5/12/06

N/A

N/A

N/A

Deutsche Bank Securities

$80

Perlegen
Sciences Inc.
(PERL)⁹

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)¹⁰

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)¹¹

3/31/06

N/A

N/A

N/A

Morgan Stanley & Co., JP Morgan Securities (co-lead), Pacific Growth Equities

$86.25

QuatRx
Pharmaceuticals
Co. (QTRX)¹²

2/3/06

6S

$11-$13

N/A

Banc of America Securities, Pacific Growth Equities, Cowen & Co. (co-lead), Lazard Capital Markets

$72

Sucampo
Pharmaceuticals
Inc. (SCMP)¹³

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)¹⁴

6/2/06

N/A

N/A

N/A

Morgan Stanley & Co., Banc of America (co-lead), Pacific Growth Equities, Lazard Capital Market

$86.25

WITHDRAWN AND POSTPONED

Company
(Symbol/
Proposed
Symbol)^#*

Date Filed/ Date Pulled

Shares/ Units (M)

Price
Range

Shares Out
(M)^@

Lead, Other Underwriters

Value
(M)

BioNumerik
Pharmaceuticals
Inc. (BNPI)¹⁵

6/9/04/6/9/06

5S

$14-$16

N/A

UBS Investment Bank, Needham & Co., Leerink Swann & Co., Punk, Ziegel & Co.

$75

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. ^@ 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 Amicus filed to raise up to $86.25M in an IPO.

³ BioVex filed to raise up to $45M in an IPO.

⁴ Cleveland BioLabs filed to raise up to $13.8M in an IPO.

⁵ ImaRx filed to raise up to $75M in an IPO.

⁶ Light Sciences Oncology filed to raise up to $86.25M in an IPO.

⁷ Molecular Insight filed to raise up to $57.5M in an IPO.

⁸ Osiris filed to raise up to $80M in an IPO.

⁹ Perlegen filed to raise up to $115M in an IPO.

¹⁰ Pharmasset filed to raise up to $75M in an IPO.

¹¹ PTC Therapeutics filed to raise up to $86.25M in an IPO.

¹² QuatRx filed to raise up to $86.25M in an IPO. Terms were proposed in April. The value is based on the midpoint of that estimate.

¹³ Sucampo filed to raise up to $86.25M in an IPO.

¹⁴ Trubion filed to raise up to $86.25M in an IPO.

¹⁵ BioNumerik withdrew its IPO plans, two years after the filing.