Other Financings Of Public Biotechnology Companies: January 2004
Total: $452.95M | ||||
Company | Type Of Financing | Number Of Shares, Units Or Warrants (M) | Amount Raised (M) | Investors; |
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Aerogen Inc. (AEGN) | Convertible debt deal | N/A | $0.51 | The Carpenter Family Trust purchased the convertible debenture, which bears interest of 10% and is due March 1, 2004; the conversion price is $3.044 per share; the trust also got a four-year war- rant to buy another 82,129 shares at $3.044 (1/26) |
AspenBio Inc (OTC BB:APNB) | Private placement of stock | 1.08S | $1.08 | AspenBio sold about 1.08M shares at $1 each; Berry Shino Securities was placement agent (1/7) |
AVI BioPharma Inc. (AVII) | Warrants exercise | 1.62S 0.39W | $7.5 | Investors in a direct equity placement in December exercised their option to buy 1.62M more shares at $4.62 each; they got new warrants to buy 389,611 more shares at $5.50 each; Rodman & Renshaw was placement agent (1/27) |
Axonyx Inc. (AXYX) | Private placement of stock and warrants | 65S and 2.41W | $50 | Axonyx raised $50M through the sale of 9.65M shares at $5.15 per share and warrants to purchase 2.41M shares at $7.25 each; Rodman & Renshaw was the lead placement agent; Punk Ziegel & Co. was financial adviser and a placement agent (1/8) |
Callisto Pharmaceuticals Inc. (OTC BB:CLSP) | Private placement of stock | 3.9S | $5.86 | Details on the financing were not disclosed (1/21) |
Cellegy Pharmaceuticals Inc. (CLGY) | Equity financing agreement | 3.74S and 0.26W | $15 | Cellegy entered a deal under which Kingsbridge Capital Ltd. will buy 3.74M shares over two years; the stock will be sold at a discount of about 10%, s the value will be based on the price at the time of the sale; Kingsbridge also got warrants to purchase 260,000 shares at $5.27 per share (1/16) |
Corautus Genetics Inc. (AMEX:CAQ) | Private placement of stock and warrants | 1.2S and 0.24W | $5.26 | Corautus sold 1.2M shares at 90% of the average closing price over 20 days to Vertical Ventures LLC, four investment funds and an account managed by Ardsley Partners; investors also got warrants for the purchase of 240,000 shares at $6.72 each (1/21) |
Corautus Genetics Inc. (AMEX:CAQ) | Convertible debt facility | N/A | $2.5 | Corautus received a $2.5M loan facility from Boston Scientific Corp. under a loan agreement they entered in July 2003 (1/13) |
Corautus Genetics Inc. (AMEX:CAQ) | Private placement of stock and warrants | 0.542S and 0.108 | $2.15 | Corautus raised $2.15M through the sale of 541,690 shares at 90% of the share price at the time of the deal, and warrants for 108,338 shares exercisable $5.4375 per share; the private investor who helped arrange the deal also got a warrant for 22,067 shares exercisable at $1 each (1/12) |
Cortex Pharmaceuticals Inc. (AMEX:COR) | Private placement of stock and warrants | 6.9S and 4.49W | $19 | Cortex sold 6.9M shares at $2.75 each and 4.49M five-year warrants exercisable at $3.25 per share; Rodman & Renshaw Inc. was placement agent (1/9) |
Forbes Medi-Tech Inc. (Canada; FMTI) | Private placement of stock and warrants | 5.375S and 1.61W | $10.75 | Forbes sold 5.375 million Series A voting convert- ible preferred shares at $2 per share, each convertible into one common share, and 1.61M warrants convertible at $2.40 for three years; investors included Great Point Partners LLC and Biotechnology Development Fund IV LP (1/7) |
Genaera Corp. (GENR) | Direct equity placement | 4.95S and 0.990W | $20 | The stock was sold at $4.04 per share, a 10% discount, to four unnamed institutional investors; the warrants have an exercise price of $5.38 per share (1/22) |
Generex Biotechnology Corp. (GNBT) | Private placement of stock and warrants | 1.7S and 0.425W | $2.5 | Generex sold 1.7M shares of stock and warrants to purchase 425,170 shares at $1.86 each; the price was based on the Dec. 18 closing price, plus consideration of 4 cents for the warrants; institutional investors participated (1/6) |
GenoMed Inc. (OTC BB:GMED) | Private sale of stock | ND | $0.9 | GenoMed secured an equity investment of $900,000 from Advanced Optics Electronics Inc., which will get restricted common shares at a 25% discount (1/20) |
GlycoGenesys Inc. (GLGS) | Private placement of stock and warrants | 3.45S and 0.962W | $4.3 | GlycoGenesys issued 3.45M shares at $1.25 each and warrants to purchase 962,000 shares at $2.70 for five years; investors also got warrants for 1.38M and 340,000 shares at an exercise price of $1.25 and $1.47, respectively, exercisable for 60 days following the effectiveness of a registration statement (1/08) |
Immtech International Inc. (AMEX:IMM) | Private placement of equity | N/A | $5 | Immtech sold 200,000 shares of Series D convertible preferred at $25 per unit to private investors; terms of the deal were not disclosed (1/26) |
Immunomedics Inc. (IMMU) | Sale of convertible notes | N/A | $10 | Immunomedics sold $10M of two-year convertible senior notes with a 3.25% interest rate; the notes are convertible at the greater of 120% of the average price for the five business days after the trade date or $5.33 per share; the buyers have a six-month option on another $3M in notes (1/13) |
Inyx Inc. (OTC BB:IYXI) | Credit facility | N/A | $3.5 | Inyx secured a $3.5M credit facility from Laurus Master Fund Ltd.; Inyx issued a revolving three- year convertible note to Laurus that bears interest at the greater of prime, plus 3% or 7% (1/6) |
Lynx Therapeutics Inc. (LYNX) | Private placement of stock and warrants | 0.8S and 0.2W | $4 | Lynx sold 800,000 shares of common stock at $5 per share and issued warrants to purchase 200,000 shares at $6.25 per share; the sale was made to institutional investors and the price represented a 10-day average (1/2) |
Manhattan Pharmaceuticals Inc. (OTC BB:MHTT) | Private placement of stock | 3.37S | $3.7 | Manhattan raised $3.7M from the sale of about 3.37M shares; the financing was completed by Paramount Capital Inc. (1/13) |
Medical Discoveries Inc. (OTB BB:MLSC) | Private placement of restricted stock | ND | $1.1 | Medical Discoveries raised $1.1M through the sale of restricted stock; details were not disclosed (1/21) |
Northfield Laboratories Inc. (NFLD) | Registered direct offering | 2.6S | $15.08 | Northfield is selling the stock at $5.80 per share to accredited investors, who have a 90-day option to purchase another 600,000 shares at the same price; SG Cowen Securities Corp. was placement agent (1/26) |
NovaDel Pharma Inc. (OTC BB:NVDL) | Private placement of stock and warrants | 13.3S and 4W | $14 | NovaDel raised $14M through the sale of about 13.3M shares and warrants to purchase 4M shares under undisclosed terms; Paramount Capital Inc. was placement agent (1/12) |
OxiGene Inc. (OXGN) | Private placement of stock | 2.76S | $24.2 | OxiGene sold about 2.76M shares at $8.78 each in a private sale to institutional investors; Lehman Brothers was lead placement agent, and Rodman & Renshaw Inc. and Roth Capital Partners LLC were co-placement agents; Lazard Freres served as financial adviser; the shares were sold from a shelf registration (1/14) |
Palatin Technologies Inc. (AMEX:PTN) | Private placement of stock and warrants | 7S and 1.05W | $22.75 | Palatin raised $22.75M by selling shares at $3.25 each and warrants exercisable at $4.06 each; investors were Alexandra Investment Management, Lurie Investments Inc., Albert Fried & Co., Elliott Associates LP, Perry Partners Inter- national Inc., Deutsche Bank AG London, Clariden Biotechnology Equity Fund and Lombard Odier Darier Hentsch & Co.; CIBC World Markets Corp. was lead placement agent and Legg Mason Wood Walker was co-agent (1/30) |
Pharming Group NV (the Netherlands; OTC BB:PHGUF) | Private placement of stock and warrants | 18S and 2.7W | €25 (US$31.78) | Pharming reached agreements to sell shares at a 20-day average price of €1.40; investors got one-year warrants to purchase another 2.7M shares at €2 each; at the same time, debt of €5.8M is being converted to equity (1/19) |
Pharmos Corp. (PARS) | Firm- commitment underwritten deal | 1.575S | $4.33 | Underwriters of a financing in December exercised an option on another 1.575 shares at $2.75 per share; the deal totaled about 12.08M shares and $33.2M in gross proceeds; underwriters were C.E. Unterberg, Towbin and Harris Nesbitt Gerard (1/5) |
Pluristem Life Systems Inc. (Israel; OTC BB:PLRS) | Private placement of equity | ND | $1.5 | The deal was made with individual and institutional investors; details were not disclosed (1/21) |
Questcor Pharmaceuticals Inc. (AMEX:QSC) | Private stock deal | 4.88S | $2.4 | Questcor agreed to sell existing investors 4.88M shares in exchange for $2.4M and the retirement of warrants to purchase 3.88M shares; investors were Broadwood Capital, Craig Drill Capital, Promed Management LLC, SF Capital Partners, Defiante Farmaceutica Lda, Midsummer Capital and others (1/16) |
RegeneRx Biopharmaceuticals Inc. (OTC BB:RGRX) | Private placement of stock and warrants | 2.4S and 0.60W | $2.3 | RegenerRx sold the shares at 95 cents each to Defiante Farmaceutica Lda, with which the company has a licensing deal, and other investors; the 30-month warrants are exercisable at $1.50 per share (1/23) |
Sepracor Inc. (SEPR) | Private sale of convertible notes | N/A | $150 | Investors in a sale of $600M of notes in December exercised their option to buy another $150M in notes; the deal involved the sale of 0% convertible senior subordinated notes due in 2008 and 2010 (1/16) |
V.I. Technologies Inc. (VITX) | Private placement of stock and warrants | 2.96S and 1.92W | $3.4 | V.I. Technologies expanded a $6.6M financing through the sale of 2.96M shares at $1.15 each to institutional investors; the investors also get warrants for 739,000 shares exercisable at the same price and 1.18M warrants exercisable for four years at $1.75 each; SG Cowen Securities Corp. was exclusive placement agent (1/30) |
V.I. Technologies Inc. (VITX) | Private placement of stock and warrants | 7.33S and 2.93W | $6.6 | V.I. Technologies sold about 7.33M shares at 90 cents each; investors also got four-year warrants allowing them to purchase another 2.93M shares at $1.32 each; also, investors have a five-month option to purchase another 1.83M shares at 90 cents each; SG Cowen Securities Corp. was exclusive placement agent (1/14) |
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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. | ||||
N/A = Not available, applicable or reported; ND = Not disclosed. | ||||
AMEX = American Stock Exchange; OTC BB = Over-the-Counter Bulletin Board. | ||||