Other Financings Of Public Biotechnology Companies: February 2006
Total: $532.47M | ||||
Company | Type Of | Number Of Shares, | Amount | Investors; Placement Agents; |
Access | Private placement of convertible notes and warrants | N/A | $5 | The 7.5% notes, due March 31, 2007, are convertible into stock at $0.22 per share; six-year warrants are exercisable at $0.26 per share; SCO Capital Partners LLC was lead investor (2/17) |
Advanced | Private placement of stock and warrants | 10.2S and 5.1W | $36 | The shares were sold at $3.53 each, and the five- year warrants are exercisable at $3.81 per share; Lazard Capital Markets LLC was placement agent (2/28) |
Advaxis Inc. | Private placement of convertible notes and warrants | N/A and 4.5W | $3 | Cornell Capital Partners LP purchased the 6% notes; it can convert up to $300,000 of notes per month at the lesser of $0.287 per share or 95% of the lowest average 30-day price; the warrants are exercisable at $0.287 per share (2/6) |
AGI | Private placement of stock | 33.73S | €42.5 ($50.3) | AGI gained a listing on the Alternative Investment Market and the Irish Stock Exchange through the placement with new and existing investors; Davy was broker for the deal (2/27) |
Amphioxus | Private placement of securities | N/A | $3.8 | The financing was completed along with the merger between Amphioxus and Stem Cell Innovations Inc. (formerly Interferon Sciences Inc.); the financing included the sale of notes, convertible stock and warrants (2/15) |
Antares | Private placement of stock and warrants | 8.77S and 6.56W | $10.96 | The shares were sold at $1.25 each; the warrants are exercisable at $1.50 per share (2/28) |
Avalon | Private placement of stock | 1.667S | $7.25 | Biotechnology Value Fund LP and other investors purchased the shares at $4.35 each; W.R. Ham- brecht was financial adviser (2/27) |
Avanir | Warrants exercise | 0.697S | $4.87 | Class A warrants issued in December 2003 were exercised to purchase 697,096 shares at $7 per share (2/6) |
Bioxel Pharma | Private placement of stock and warrants | 13.82S and 0.25W | C$4.7 ($4.1) | The shares were sold at C$0.34 each; investor Fonds de solidarite des travailleurs du Quebec, which now owns 14.9% of Bioxel, got the two- year warrants exercisable at C$0.34 per share (2/16) |
Callisto | Private | 4.3S and | $5.14 | The shares were sold at $1.20 each; the 18-month warrants are exercisable at $1.60 per share (2/8) |
Cel-Sci Corp. | Private placement of stock and warrants | 2.5S and 0.75W | $1 | The stock was sold at $0.40 per share; the five- year warrants are exercisable at $0.56 per share; the deal was made with a single investor (2/10) |
Chelsea | Private placement of stock and warrants | 7.2S and 2.2W | $21.5 | Five-year warrants issued in the deal are exercisable at $4.20 per share; lead investor was Healthcor Management LP; others included RA Capital Management, Great Point Partners, GMT Capital and Vivo Ventures; Paramount BioCapital Inc. was placement agent (2/14) |
Chromos | Private placement of stock and warrants | 30.05S and 30.05W | C$6 ($5.2) | Units consisting of one share and one warrant were sold at C$0.20 each; warrants are exercisable at C$0.25 per share for two years (2/2) |
ConjuChem | Private placement of convertible notes | N/A | C$6.4 ($5.6) | The investment group 1211417 Alberta Inc. purchased the debt as part of a reorganization of the company (2/24) |
EntreMed Inc. | Private placement of stock and warrants | 13S and 6.5W | $30 | The shares were sold at about $2.31 each; the warrants are exercisable at $2.50 per share; investors included Celgene Corp.; SG Cowen & Co. LLC was lead placement agent; Rodman & Renshaw LLC was co-agent (2/3) |
EpiCept Corp.(EPCT) | Private | 4.1S and 1W | $11.6 | The shares were sold at $2.85 each; the five-year warrants are exercisable at $4 per share; Rodman & Renshaw LLC was placement agent (2/8) |
EQiTX Ltd. | Private placement of stock | 2.4S | A$0.48 ($0.35) | The shares were sold at A$0.20 each; Capital Investment Partners was placement agent (2/13) |
Generex | Warrants exercise | ND | $11 | Investors exercised previously issued warrants to purchase $11M in stock, at prices from $0.82 to $1.25 per share; investors got 4.77M new five-year warrants exercisable at $3 per share (2/28) |
GPC Biotech | Private placement of stock | 2.86S | €36.2 ($43.2) | Two investment companies owned by the family of SAP AG co-founder Dietmar Hopp purchased the shares at €12.67 each, gaining an 8.7% stake (2/23) |
Hollis-Eden | Private placement of stock and warrants | 4S and 0.8W | $26 | The shares were sold from a shelf registration at $6.50 each; the four-year warrants are exercisable at $8.75 per share; Rodman & Renshaw LLC was lead placement agent; Canaccord Adams Inc. was co-agent (2/2) |
MacroChem Corp. | Private convertible notes and warrants | N/A and 5.48W | $5.75 | The second closing of the financing brought the total to $8.25; $2.5M was raised in December; the six-year warrants are exercisable at $1.26 per share; SCO Capital Partners LLC was lead investor; others included Perceptive Life Sciences, DAC Fonds, Midsouth Investors Fund LP, Quogue Capital LLC and Iroquois Master Fund Ltd.; SCO Securities LLC was placement agent (2/13) |
Medistem | Private placement of convertible stock and warrants | 4.28S and 4.28W | $1.5 | The convertible shares were sold at $0.35 each; the warrants are exercisable at $0.50 and $0.75 per share (2/28) |
NeoRx Corp. | Private placement of stock and warrants | 92.9S and 25.4W | $65 | The deal includes a $3.5M bridge loan until the financing closes; shares were sold at $0.70 each, and the five-year warrants are exercisable at $0.77 per share; investors include MPM Capital, which would own 30% of NeoRx after closing, and Bay City Capital, Deerfield Management Co., Abingworth and T. Rowe Price (2/1) |
Neurochem | Warrants exercise | 1.2S | C$9.4 ($8.1) | Picchio Pharma Inc. exercised warrants to purchase 1.2M shares; the warrants were issued in a February 2003 financing; Picchio now owns 28.6% of Neurochem's outstanding shares (2/16) |
Novavax Inc. | Registered direct offering | 4.598S | $20 | The stock was sold to Kleiner Perkins Caufield & Byers ($12.5M) and Prospect Venture Partners ($7.5M) in a direct offering at $4.35 per share (2/27) |
Pro- | Private placement of convertible notes and warrants | N/A and 1.5W | $10 | The 7% notes will be redeemed in 18 monthly payments beginning in August, with cash or stock discounted 5%; they are convertible into stock at $3.35 per share; the five-year warrants are exercisable at $3.35 per share (2/15) |
Santarus Inc. | Committed | N/A | N/A | Kingsbridge Capital Ltd. committed to provide up to $75M of capital for three years through the purchase of shares at discounts of 6% to 10%; Santarus will determine the timing and amount of any draw-down (2/3) |
Tapestry | Private placement of stock and warrants | 12.75S and 12.75W | $25.5 | Shares were sold at $2 each on a post-split basis; the five-year warrants are exercisable at $2.40 per share; investors were led by Special Situations Funds, Tang Capital Partners LP and Baker Brothers Investments (2/2) |
Tripep AB | Private placement of stock | 2S | SEK26 ($3.1) | Shares were sold to a small group of investors at SEK13 each; Remium was adviser in the deal (2/10) |
VASTox plc | Private placement of stock | 5.9S | £10.45 ($18.3) | The shares were placed at 177 pence each; the deal was fully underwritten by Evolution Securities Ltd. (2/27) |
VaxGen Inc. | Private placement of stock and warrants | 3.5S and 0.7W | $26.95 | Five-year warrants issued in the deal are exercisable at $9.24 per share (2/9) |
ViRexx | Private placement of stock and warrants | 10.9S and 10.9W | C$12 ($10.4) | Units consisting of one share and one warrant were sold at C$1.10 each; the two-year warrants are exercisable at C$1.50 per share (2/16) |
XOMA Ltd. | Private placement of | N/A | $12 | $60M in existing notes were exchanged and $12M in new notes issued; the 6.5% notes are due in 2012; Piper Jaffray & Co. and Canaccord Adams Inc. managed the exchange and placement (2/9) |
YM | Registered direct offering | 9.436S | $40 | Great Point Partners LLC was lead investor; SG Cowen & Co. LLC was lead placement agent; Dundee Securities Corp. and Canaccord Capital Corp. were co-agents (2/14) |
Notes: | ||||
This chart does not include real estate or manufacturing plant financings, or debt deals done to replace existing debt. | ||||
# Unless otherwise indicated, shares are traded on the Nasdaq exchange. | ||||
Currency conversions are based on exchange rates at the time of the deal. | ||||
N/A = Not applicable; ND = Not disclosed. | ||||
AIM = Alternative Investment Market; AMEX = American Stock Exchange; ASX = Australian Stock Exchange; CDNX = Canadian Venture Exchange; ISE = Irish Stock Exchange; OTC BB = Over-the-Counter Bulletin Board; PK = Pink Sheets; SSE = Stockholm Stock Exchange; TSE = Toronto Stock Exchange. | ||||