Rodman & Renshaw top U.S. market PIPE agent for 2010 year to date

• U.S. PIPE issuance totals $2 billion year to date

• Reedland Capital top U.S. PIPE agent in February

• GMP top Canadian market PIPE agent for 2010 year to date

By Stephanie N. Rotondo

Portland, Ore., Feb. 26 - Reedland Capital was the top agent in the U.S. PIPE market in February, taking over the number one spot from Rodman & Renshaw, the previous month's leader, according to data compiled by Prospect News.

Reedland helped Poniard Pharmaceuticals Inc. secure a $20 million committed equity facility.

However, Rodman maintained its position as the top bringer of private placements and direct placements in the U.S. market for the year to date. The investment bank has been the agent on $40 million of U.S. market private placements for the year to date and has raised $9.3 million in 10 direct placements since the year began.

Monthly PIPE issuance levels show the U.S. and Canada still lagging behind year-ago levels but ahead of year-to-date comparisons, according to data compiled by Prospect News.

For the month, total U.S. private placements came to $1.03 billion in 48 deals. That compared to $1.08 billion in 79 deals in February 2009.

But, for the year thus far, U.S. deals surpassed 2009 levels, with a total of $2 billion being raised in 116 deals. In 2009, $1.92 billion had been raised by the end of February, in 127 deals.

U.S. direct placements meantime nearly doubled in 2010, with $298 million raised in 30 deals. Last year, $193 million was raised in just nine deals.

In Canada, RBC had the highest level of funds raised in February with its C$80 million deal with Stella-Jones Inc.

But GMP remained Canada's biggest agent for the year. The agent has raised C$290 million in two deals.

Total Canadian issuance for the year came to C$1.47 billion in 149 deals, versus C$1.04 billion raised in 83 deals in 2009.

Year to date, U.S. market

2009 Comparables

	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.040	3	1.98%
2	Reedland Capital	0.020	1	1.00%
3	Morgan Keegan	0.017	1	0.83%
4	SICG SA	0.015	1	0.75%
5	Euro Pacific Capital	0.012	1	0.60%
6	Roth	0.012	1	0.60%
7	FT Global	0.010	1	0.50%
8	Ladenburg Thalmann	0.009	1	0.44%
9	Thomas Weisel	0.007	1	0.37%
10	Madison Williams	0.007	1	0.35%
	Total	2.000	116	1.927	127
	Average size:	0.017	0.015
Year to date, U.S. direct placements
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.093	10	31.15%	3	0.017	1	8.54%
2	Leerink Swann	0.037	2	12.32%	2	0.046	1	23.56%
3	Lazard	0.032	1	10.73%
4	Roth	0.029	4	9.74%	4	0.010	2	5.10%
5	Newbridge	0.026	1	8.82%
6	RBC	0.016	1	5.45%
7	Merriman Curhan Ford	0.014	1	4.70%
8	Canaccord	0.010	2	3.47%
9	Chardan	0.008	3	2.69%
10	Wharton Capital	0.005	2	1.68%
	Total	0.298	30	0.193	9
	Average size:	0.010	0.021
Year to date, Canadian market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	GMP	0.290	2	19.70%	4	0.075	2	7.21%
2	Macquarie	0.141	3	9.60%	3	0.086	2	8.25%
3	BMO	0.086	1	5.84%
4	RBC	0.080	1	5.43%	6	0.027	1	2.59%
5	Wellington West	0.055	1	3.73%
6	Dundee	0.036	5	2.42%	17	0.004	2	0.43%
7	Casimir	0.029	3	1.95%
8	NatBank Financial	0.025	1	1.70%
9	Canaccord	0.025	4	1.67%	9	$0.02	4	1.73%
10	Genuity	0.020	1	1.36%
	Total	1.473	149	1.040	83
	Average size:	0.010	0.013
February, U.S. market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Reedland Capital	0.020	1	1.93%
2	SICG SA	0.015	1	1.45%
3	Roth	0.012	1	1.15%
4	Rodman & Renshaw	0.010	2	0.93%
5	Madison Williams	0.007	1	0.68%
6	Primary Capital	0.006	2	0.61%
7	Canaccord	0.004	1	0.40%	7	0.015	1	1.39%
8	Garden State	0.002	1	0.23%
9	Boenning & Scattergood	0.001	1	0.10%
10	Burnham Hill	0.001	1	0.10%
	Total	1.035	48	1.083	79
	Average size:	0.022	0.014
February, Canadian market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	0.080	1	11.57%	3	0.027	1	3.54%
2	Wellington West	0.055	1	7.95%
3	Dundee	0.032	4	4.67%	13	0.004	2	0.58%
4	Casimir	0.025	2	3.61%
5	NatBank Financial	0.025	1	3.61%
6	Canaccord	0.025	4	3.55%	8	0.015	3	1.97%
7	Genuity	0.020	1	2.89%
8	GMP	0.015	1	2.20%
9	Summer Street	0.014	2	2.08%
10	Raymond James	0.010	1	1.52%
	Total	0.692	73	0.761	53
	Average size:	0.009	0.014
Prospect News PIPE Agent Rankings

Criteria

• The tables include all dollar-denominated offerings (or Canadian dollar-denominated offerings for the Canadian tables) sold as private placements, excluding Rule 144A deals, or direct placements.

• Stock must be listed on a U.S. exchange or trade on the Bulletin Board or Pink Sheets (U.S. issues).

• Offerings are included in the time period in which they price, if known, otherwise by settlement date or announcement date.

• Amounts are based on the total sales price (face amount or number of shares multiplied by the offering price).

• Each tranche is counted as a separate deal.

• Includes stock, securities convertible into stock, units of these securities and equity lines of credit.

• Minimum issue size $1 million (all tranches combined) or C$1 million.

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