Other Financings Of Public Biotechnology Companies: April 2004
Total: $718.97M | ||||
Company (Symbol)# | Type Of Financing | Number Of Shares, Units Or Warrants (M) | Amount Raised (M) | Investors; Placement Agents; Details (Date)@ |
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Aastrom Biosciences Inc. (ASTM) | Private placement of stock and warrants | 8S and 2.4W | $9.1 | Aastrom placed the shares with institutional investors at about $1.14 per share; the warrants are exercisable for five years at $1.65 per share; Jesup & Lamont Securities Corp. was placement agent (4/5) |
Acacia Research Corp. (CBMX) | Registered direct offering | 3S | $15 | Institutional investors purchased the Acacia Research-CombiMatrix Group stock that is covered under an effective registration statement; Thomas Weisel Partners LLC was lead placement agent and Brean Murray & Co. was co-placement agent (4/14) |
Adventrx Pharmaceuticals Inc. (OTC BB:AVRX) | Private placement of stock and warrants | 10S and 3W | $15 | Adventrx sold the shares at $1.50 each, and the five-year warrants are exercisable at $2.50 per share; Burnham Hill Partners was placement agent (4/5) |
Amylin Pharmaceuticals Inc. (AMLN) | Private placement of convertible notes | N/A | $25 | Purchasers of $175M of 2.5% convertible senior notes due 2011, initially convertible at $34.35 per share, exercised their option on another $25M in notes; the initial purchase was in March (4/5) |
Bioxel Pharma Inc. (Canada; TSE:BIP) | Loan | N/A | C$2.5 | Bioxel reached a preliminary agreement for the loan from Investissement Québec under the BioLevier program (4/6) |
Callisto Pharmaceuticals Inc. (OTC BB:CLSP) | Private placement of stock | 2.15S | $4.84 | Callisto sold the shares at $2.25 each in a placement managed by Punk Ziegel & Co. (4/19) |
Cytogen Corp. (CYTO) | Direct sale of registered shares | 2.57S | $26 | Cytogen sold the shares from a shelf registration at $11.10 each; CIBC World Markets Corp. was lead placement agent; JMP Securities LLC and ThinkEquity Partners LLC were co-placement agents (4/15) |
Cytomedix Inc. (OTC BB: CYME) | Private placement of securities | ND | $4.5 | Cytomedix raised $4.5M in a private placement, three days after it brought in $2.8M through the sale of preferred stock and warrants; details on this deal were not disclosed (4/1) |
DeCode Genetics Inc. (Iceland; DCGN) | Private placement of convertible notes | N/A | $150 | The senior convertible notes are due 2011 and carry an interest rate of 3.5%; they will be convertible into common shares at $14 per share, a 35% premium at the time of the deal; the totals include $25M in notes purchased as an overallotment option (4/7) |
DUSA Pharmaceuticals Inc. (DUSA) | Private placement of stock | 0.3375S | $3.71 | Investors in a financing in February exercised their option on another 337,500 shares; in total the financing raised about $28.5M (4/15) |
Epimmune Inc. (EPMN) | Private placement of stock and warrants | 2.47S and 1.23W | $5.5 | The shares and warrants were sold as a unit at $2.2125 per unit; the warrants are exercisable at $2.655 per share; Jefferies & Co. Inc. was financial adviser and placement agent (4/13) |
GeneMedix plc (UK; LSE:GMX) | Private placement of stock | 13.45S | £1.9 | GeneMedix placed the shares, which were priced at a 10% discount, mostly with Asian investors (4/15) |
GenVec Inc. (GNVC) | Private placement of | 4S | $12.6 | GenVec sold the shares from a shelf registration statement to institutional investors at $3.15 per share; Stonegate Securities Inc. was placement agent (4/16) |
Hybridon Inc. (AMEX:HBY) | Private placement of stock and warrants | 16.9S and 3W | $11.8 | The shares are being sold from a shelf registration statement; the warrants can be exercised at $1.14 per share between Oct. 21, 2004, and April 20, 2009; Thomas Weisel Partners LLC, Rodman & Renshaw LLC and Merriman Curhan Ford & Co. are placement agents (4/16) |
Imcor Pharmaceutical Co. (ICPHC; formerly Photogen Technologies Inc.) | Private placement of stock and warrants | 13.33S and 3.33W | $10 | Imcor got binding commitments for the sale, which entails shares sold at $0.75 each that include one-half a warrant; each whole warrant is exercisable for five years at $1 per share; the first tranche of the deal includes 2.65M shares; the remainder would come after shareholder approval (4/14) |
Incara Pharmaceuticals Corp. (OTC BB:ICRA) | Private placement of stock and warrants | 41.04S and 16.4W | $10.26 | The shares were sold at $0.25 each and the five-year warrants are exercisable at $0.40 per share; investors included Biotechnology Value Fund, Perceptive Life Sciences and Great Point Partners; SCO Securities LLC was placement agent (4/19) |
Integrated BioPharma Inc. (AMEX:INB) | Private placement of convertible preferred stock and warrants | 0.0085S and 0.425W | $8.5 | The Series B redeemable preferred stock, priced at $10,000 per share, is convertible into common stock at $10 per share; the shares pay a dividend of 7% per year and are redeemable after three years; the five-year warrants are exercisable at $14 per share; investors also got the right to purchase additional preferred stock and warrants, together convertible into 637,500 shares, with the same terms (4/21) |
Medarex Inc. (MEDX) | Private placement of convertible senior notes | N/A | $150 | The 2.25% notes due 2011 are convertible at about $13.72 per common share, a 30% premium to the April 27 price; investors have an option to purchase up to $50M more in notes (4/28) |
Miravant Medical Technologies Inc. (OTC BB:MRVT) | Private placement of stock | 4.564S | $10.27 | Miravant sold the stock to institutional investors; there were no placement fees associated with the deal (4/27) |
Nanogen Inc. | Private placement of stock | 0.9S | $7.7 | Nanogen sold the shares from a shelf registration (NGEN) statement to institutional investors at $8.60 per share; Seven Hills Partners LLC acted was placement agent (4/7) |
Northfield Laboratories Inc. (NFLD) | Registered direct offering | 0.409S | $2.3 | Investors in a financing in January exercised their option to purchase another 409,483 shares; the offering totaled about $18.7M (4/15) |
Prana Biotechnology Ltd. (Australia; PRAN) | Private placement of ADRs and warrants | 4S and 3W | $20 | Prana placed the American depository receipts with institutional investors; the five-year warrants are exercisable at $8 per ADR; investors included OrbiMed Advisors and Xmark Funds; Rodman & Renshaw LLC was placement agent (4/28) |
Pro-Pharmaceuticals Inc. (AMEX:PRW) | Private placement of stock and warrants | 1.25S and 0.625W | $4.5 | Terms of the sale to institutional investors were not disclosed; Rodman & Renshaw LLC was placement agent (4/7) |
Sirna Therapeutics Inc. (RNAI) | Private placement of stock | 5.538S | $18 | Sirna agreed to sell at least $18M in stock at $3.25 per share in a deal with institutional investors (4/30) |
SkyePharma plc (UK; SKYE) | Private placement of convertible notes | N/A | £20 | The 6% bonds have a first put after five years with a final maturity of 2024; they are convertible into stock at a premium of 65% to the April 29 share price (4/29) |
Spectrum Pharmaceuticals Inc. (SPPI) | Private placement of stock and warrants | 3.2S and 1.1W | $24.8 | Spectrum sold the shares at $7.75 each, and the warrants are exercisable at $10 per share starting in April 2005 (4/21) |
The Immune Response Corp. (IMNR) | Private placement of stock and warrants | 6.857S and 2.057W | $12 | Immune Response sold the shares to institutional investors at $1.75 each; the five-year warrants are convertible into common stock at $2.75 per share; Rodman & Renshaw LLC was placement agent (4/30) |
Transkaryotic Therapies Inc. (TKTX) | Private placement of convertible notes | N/A | $90 | underwriters have an overallotment option on another $10M in notes; co-lead managers were JP Morgan Securities Inc. and SG Cowen & Co. LLC; co-managers were Pacific Growth Equities LLC and RBC Capital Markets Corp. (4/28) |
Viragen Inc. (AMEX:VRA) | Private placement of notes and warrants | ND | $20 | Viragen entered agreements with institutional investors for the sale of $20M in convertible promissory notes and common stock purchase warrants; the deal is contingent on various approvals from stockholders (4/5) |
ViRexx Medical Corp. (Canada; TSE:VIR) | Offering of units | 11U | C$8.8 | ViRexx sold 11M units, each consisting of one share and half a warrant; each whole warrant entitles the holder to purchase one share at C$1 until Oct. 14, 2005; the totals include the exercise of the overallotment option by Canaccord Capital, the exclusive agent for the offering (4/15) |
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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; LSE = London Stock Exchange; OTC BB = Over-the-Counter Bulletin Board; TSE = Toronto Stock Exchange. | ||||