Other Financings Of Public Biotechnology Companies: May 2004

Company
(Symbol)#

Type Of Financing

Number Of Shares, Units Or Warrants (M)

Amount Raised (M)

Investors; Placement Agents;
Details (Date)@

Aerogen Inc. (AEGN)

Private sale of convertible stock and warrants

0.642S and 6.25W

$17.7

Aerogen completed the second closing of a $32.7M sale of Series A convertible preferred stock; it raised $15M in March; the warrants in the first closing were exercisable at $3.25 per share (5/13)

Alfacell Corp. (OTC BB:ACEL)

Private placement of stock and warrants

1.2S and 1.2W

$10

Alfacell sold the shares at $8.26 each, and the five- year warrants are exercisable at $12.39 per share; Alfacell paid a 5% placement fee to an agent as part of the deal (5/12)

Avanir Pharmaceuticals Inc. (AMEX:AVN)

Underwritten stock sale

19.685S

$25

Avanir sold the shares from a shelf registration at $1.27 each to the sole bookrunner, Lazard Freres & Co. LLC, which has an option to purchase another 2.95M shares to cover overallotments (5/26)

AVAX Technologies Inc. (OTC BB:AVXT)

Private placement of stock and warrants

10S and 3W

$3

Avax sold the shares at $0.30 each; half the warrants are exercisable at $0.35 and half at $0.39; investors were Credit Suisse Equity Global Biotech Fund, Matignon Technologies Fund and Fortis Equity Biotechnology Fund; Praveteq Advisors acted as adviser in the deal (5/19)

Axonyx Inc. (AXYX)

Private placement of stock and warrants

3.077S and 0.923W

$20

The shares were sold at $6.50 each and the five- year warrants are convertible at $8.50 per share; UBS Securities LLC was exclusive placement agent; Punk Ziegel & Co. was a financial adviser (5/4)

Bioenvision Inc. (AMEX:BIV)

Private placement of stock and warrants

ND

$3.5

Investors in a $12.8M financing in March exercised their option on another $3.5M of stock and warrants on the same terms; investors included Perseus-Soros Biopharmaceutical Fund, OrbiMed Advisors, DWS Investments and Scudder Global Biotechnology Fund; SCO Securities LLC was placement agent (5/14)

BioSante Pharmaceuticals Inc. (AMEX:BPA)

Private placement of stock and warrants

2.949S and 0.442W

$17.69

BioSante sold the shares at $6 each to institutional and other accredited investors; the warrants are exercisable at $7 per share; Leerink Swann & Co. was placement agent (5/12)

Cel-Sci Corp. (AMEX:CVM)

Registered direct offering

6.4S

$5.25

The shares were sold from a registration statement at $0.82 each to an institutional investor; Wachovia Capital Markets LLC was placement agent (5/4)

Ceptor Corp. (subsidiary of Xechem International Inc.; XKEM)

Bridge loan

N/A

$1.1

Investors in the six-month bridge debt financing are getting 6.4% of the subsidiary that is 52% owned by Xechem (5/18)

Columbia Laboratories Inc. (CBRX)

Private placement of stock

2S

$6.4

SJ Strategic Investments LLC purchased the shares at $3.20 each; SJ Strategic is owned and managed by John Gregory, the founder and former chairman and CEO of King Pharmaceuticals (5/20)

Commonwealth Biotechnologies Inc. (CBTE)

Private placement of stock and warrants

0.4S and 0.1W

$2.5

The shares were sold at $6.25 each and the warrants are exercisable at 110% of the closing price on the date of the deal; Jesup & Lamont Securities Corp. was placement agent (5/28)

CV Therapeutics Inc. (CVTX)

Private placement of convertible notes

N/A

$125

The 2.75% senior subordinated convertible notes due 2012 initially are convertible into common stock at $17.68 per share; purchasers have an option on another $25M of the notes (5/13)

Genetronics Biomedical Corp. (AMEX:GEB)

Private placement of convertible stock

N/A

$10.9

The Series C cumulative convertible preferred stock is convertible into common stock at $1.70 per share, and pays a 6% dividend, in shares or cash; holders get warrants to buy shares equal to 35% of the initial shares at $2.20 per share; investors were SDS Capital Partners, Baystar Capital, Xmark Funds and QFinance Inc.; SCO Securities LLC led the deal, which included Rodman & Renshaw LLC (5/21)

Helix BioMedix Inc. (OTC BB: HXBM)

Private placement of stock and warrants

0.634S and 0.221W

$1.27

The shares were sold at $2 each in the deal, which was the second tranche in a financing that totaled $2.37M in gross procceds; $1.1M was raised in the first tranche in March (5/4)

Illumina Inc. (ILMN)

Direct registered offering

4.56S

$30.7

Illumina sold the shares from a shelf registration at $6.75 per share to institutional investors; SG Cowen & Co. LLC was exclusive placement agent (5/11)

ImClone Systems Inc. (IMCL)

Private placement of convertible notes

N/A

$500

The 1.3755 convertible senior notes due 2024 are convertible into common shares under certain circumstances at an initial price of $94.69 per share, a 42% premium to the price at the time of the deal; purchasers have an option on another $100M of the notes on the same terms (5/4)

Integrated BioPharma Inc. (AMEX:INB)

Private placement of stock and warrants

0.5S and 0.05W

$5

The investment was made by Damon DeSantis, the former CEO of Rexall Sundown; the deal included a warrant exercisable into 50,000 shares at $14 per share; the financing is in addition to $8.5M the company raised April 21 (5/3)

Neose Technologies Inc. (NTEC)

Direct registered offering

4.7S

$31.8

The shares were sold from a shelf registration at the closing bid price the prior day; existing and new shareholders were joined by company executives in the round; JP Morgan Securities Inc. and UBS Securities LLC were lead and co-placement agents, respectively (5/21)

Northfield Laboratories Inc. (NFLD)

Direct registered offering

1.95S

$23.4

The shares were sold at $12 each to a group of institutional investors; SG Cowen & Co. LLC was placement agent (5/13)

Nova BioGenetics Inc. (OTC BB:NVBG)

Escrow funding

N/A

$1.5

Nova set up a biopharmaceuticals division subsidiary, which raised $1.5M in escrow for its work in antibiotics (5/3)

Oscient Pharmaceuticals Corp. (GENE)

Private placement of convertible notes

N/A

$143.75

The 3.5% senior convertible notes due April 15, 2011, initially will be convertible into common stock at $6.64 per share, a premium of 35% to the previous day's close; the totals include the purchase of $18.75M as per the investors' option; Oscient previously was named Genome Therapeutics Corp. (5/5)

Pharmexa A/S (Denmark; CSE:PHARMX)

Rights issue

16.4S

DKK164 (US$26.7)

ING Investment Bank and Gudme Raaschou were joint lead managers in the rights issue, in which shares were sold at DKK10 each (5/18)

Sonus Pharmaceuticals Inc. (SNUS)

Private placement of stock

2.9S

$15.23

Sonus sold the shares at $5.25 each to institutional investors; Granite Financial Group Inc. was the placement agent (5/11)

Synthetic Blood International Inc. (OTC BB:SYBD)

Private placement of units

10U

$3

Each A Unit consists of one common share and one five- year Series A warrant to purchase a common share at $0.47; the company also raised $30,000 from the sale of B Units; the deal was made with international investors (5/26)

Notes:

This chart does not include real estate or manufacturing plant financings.

^# Unless otherwise indicated, shares are traded on the Nasdaq exchange.

^@ Dates refer to the date of the press release.

Currency conversions are based on exchange rates at the time of the deal.

N/A = Not applicable; ND = Not disclosed.

AMEX = American Stock Exchange; CSE = Copenhagen Stock Exchange; OTC BB = Over-the-Counter Bulletin Board.