Other Financings Of Public Biotechnology Companies:March 2005
Total: $717.04M | ||||
Company | Type Of | Number | Amount | Investors; Placement |
| | ||||
ALDA | Private placement of stock and warrants | 2.205S and 2.205W | C$0.22 (US$0.18) | Units were sold at C$0.10 each; the 18-month warrants are exercisable at C$0.20 per share; placement agent Canaccord Capital Corp. was paid a 10% fee and received 220,500 warrants (3/16) |
Allos | Private placement of convertible stock | N/A | $52 | Allos sold the exchangeable preferred stock from a shelf registration to Warburg Pincus Private Equity VIII LP at a 7% discount to a 20-day average; the stock will accrue dividends of 10% if it remains out- standing after 15 months; the total includes a $2M follow-on investment; Needham & Co. Inc. was placement agent (3/3) |
Altachem | Private placement of convertible notes | N/A | C$1 (US$0.82) | AltaChem issued 8% notes with a one-year maturity that are convertible into common shares at C$0.45 per share (3/23) |
Altachem | Private placement of stock and warrants | 1.772S and 0.861W | C$0.44 (US$0.36) | AltaChem closed the first tranche of the non-brokered placement; the shares sold at C$0.25 each, and the one-year warrants are exercisable at $0.45 per share (3/7) |
Amazon | Private placement of stock and warrants | 0.7S and 1.1W | $0.35 | Amazon closed two deals in which it sold units at $0.50 each; warrants are exercisable at $0.58, $0.72 and $1.13 per share; Parker Financial Corp. got a finder's fee of $25,000 and a warrant to purchase 125,000 shares at $1.13 per share (3/14) |
BioMS Medical | Private placement of stock and warrants | 11.5S and 11.5W | C$41.4 (US$34) | Units consisting of one share and a four-year warrant exercisable at C$5 were sold at C$3.60 each; the underwriting syndicate was led by Fraser Mackenzie Ltd. and included Pacific International Securities Inc. and Dlouhy Merchant Group Inc. (3/23) |
Boston Life | Private placement of stock | 2S | $5 | Shares in the deal were sold at $2.50 each (3/9) |
BrainStorm Cell | Private placement of securities | ND | $1.5 | The company said it completed the final closing in a $1.5M seed private placement; details were not disclosed (3/1) |
Callisto | Private placement of stock | 1.99S | $3.02 | The shares were sold at $1.52 each in a financing led by current institutional shareholders and including certain members of the company's management (3/10) |
Connetics | Private placement of convertible notes | N/A | $200 | The 2% notes due in March 2015 are convertible into cash and, under certain circumstances, shares of stock at an initial price of $35.46 per share; the total includes $50M in notes purchased per the lead investor's option (3/17) |
Cytos | Private placement of stock | 0.46S | CHF21.4 (US$18.5) | Swissfirst Bank AG purchased the shares, and placed them with institutional investors (3/11) |
Encysive | Private placement of convertible notes | N/A | $130 | The 2.5% notes due 2012 initially are convertible into common stock at about $13.95 per share; the total includes the purchase of $15M in notes per an investor option (3/11) |
Evolutec | Private placement of stock | 7.143S | £9.5 (US$17.9) | The shares were placed at 140 pence each in a deal fully underwritten by Collins Stewart; the shares were placed at a discount of 21.6% (3/23) |
Evotec OAI | Private placement of stock | 10S | €27.2 (US$36.6) | Investors committed to purchase 10M share at €2.72 at the same time that Evotec disclosed its all-stock reacquisition of Evotec Neurosciences (3/7) |
GlycoGenesys | Private sale of convertible stock and warrants | 2S and 2W | $2 | The company sold 2,000 shares of convertible, redeemable Series D preferred stock, currently convertible into 2M shares of common stock, and warrants to purchase 2M shares at $1.23 each; a second closing of $4.5M already has been agreed to (3/4) |
Helix | Private placement of stock and warrants | 1.665S and 0.125W | $2.5 | Helix completed a two-part private financing that brought in a total of $2.5M; the five-year warrants are exercisable at $1.50 per share (3/2) |
Hemosol | Private placement of convertible stock, stock and warrants | N/A and 10.95S and 10.95W | C$13.4 (US$11.1) | Laurus Master Fund Ltd. purchased a three-year, 2%, $5M note convertible into stock at $0.69 per share; it also got a five-year warrant for the purchase of 2.73M shares at $0.86 and $1.04 per share; separately, Hemosol sold 10.95M special warrants at C$0.67 each; each consists of one share and a five-year warrant to purchase one share at C$1; Life Science Group Inc. and Loewen, Ondaatje, McCutcheon Ltd. were placement agents (3/31) |
Insmed Inc. | Private placement of convertible notes and warrants | N/A and 14.9W | $35 | The five-year, 5.5% notes are convertible into stock at $1.295 per share; the deal also included five-year warrants exercisable for 14.9M shares at an initial price of $1.36 per share; Wells Fargo Securities was lead placement agent; C.E. Unterberg, Towbin and Trout Capital LLC were co-agents (3/15) |
Life Medical | Warrants exercise | 6.6S | $0.8 | The warrants, issued in a private placement in Europe in March 2003, were exercised at $0.12 each (3/31) |
Medical | Private placement of securities | ND | $3 | M.A.G. Capital LLC provided MDI with $3M for the acquisition of the German firm Savetherapeutics AG; financing terms were not disclosed (3/16) |
MorphoSys | Private placement of stock | 0.49S | €17.4 (US$23.1) | Shares were sold at €35.50 each; WestLB AG was the sole manager for the deal (3/16) |
NeoRx Corp. | Private placement of stock and warrants | 3.32S and 1.328W | $4.1 | The shares were sold at $1.25 each, and the five- year warrants are exercisable at $2 per share; Rodman & Renshaw LLC was placement agent (3/4) |
Neurologix | Private placement of stock and warrants | 0.539S and 0.135W | $0.7 | The shares were sold at $1.30 each and the five- year warrants are exercisable at $1.625 per share; it was a follow-on deal to $2.46M in financings in January under the same terms (3/4) |
OxiGene Inc. | Private placement of stock | 3.336S | $15 | The shares were sold from a shelf registration to institutional investors at $4.50 each; Legg Mason Wood Walker Inc. was lead placement, with Lazard Freres & Co. LLC co-placement agent (3/4) |
Plethora | Stock sale | 7.4S | £10 (US$18.7) | The company, formerly named MedPharma plc, raised £10 as it gained a listing on the Alternative Investment Market, selling shares at 135 pence each and giving it a £30M market cap (3/24) |
Pluristem | Private placement of stock and warrants | ND | $2.44 | Pluristem completed a $3.2M interim financing; $0.76M of the total was disclosed in January; details on the financing were not disclosed (3/7) |
Point | Private placement of stock | 3.65S | $16.43 | The shares were sold from a shelf registration at $4.50 each in a direct offering; SG Cowen & Co. LLC was lead agent and RBC Capital Markets was co- agent for the offering (3/1) |
Proximagen | Private placement of stock | 9.12S | £13.5 (US$25.4) | Proximagen gained a listing on the AIM with the financing, and has a market capitalization of £29.7; KBC Peel Hunt Ltd. was adviser and broker in the deal (3/31) |
Sinovac | Warrants exercise | ND | $3.4 | Investors in a February 2004 financing exercised warrants at $1.70 per share; the company extended the exercise period until April 30 (3/1) |
VaxGen Inc. | Private placement of convertible notes | N/A | $31.5 | The 5.5% notes due 2010 initially are convertible into stock at $14.76 per share (3/31) |
V.I. | Private placement of stock and warrants | 100S and 45W | $20 | The deal was made concurrent with the closing of the merger with Panacos Pharmaceuticals Inc.; the five-year warrants are exercisable at $0.24 per share; SG Cowen & Co. LLC was lead placement agent and Legg Mason Wood Walker was co-agent (2/11) |
Viventia | Bridge loans | N/A | C$2 (US$1.64) | Viventia Chairman Leslie Dan provided loans of C$0.5M and C$1.5M that carry a 4.5% annual interest rate; the board also authorized an additional bridge loan of C$42.6M from Dan (3/23) |
Notes: | ||||
This chart does not include real estate or manufacturing plant financings. | ||||
# 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; CDNX = Canadian Venture Exchange; FSE = Frankfurt Stock Exchange; OTC BB = Over-the-Counter Bulletin Board; SWX = Swiss Stock Exchange; TSE = Toronto Stock Exchange. | ||||