JMP, Euro Pacific Capital tie as top U.S. PIPE agent in January

• GMP top agent for Canadian PIPEs in January

• January 2011 PIPE issuance drops below January 2010 level

By Stephanie N. Rotondo

Portland, Ore., Jan. 31 - The 2011 U.S. PIPE market started off more sluggish than it did in 2010, but levels were not all that far behind, according to data compiled by Prospect News.

Total U.S. PIPE issuance came to $899 million in 50 transactions for January. That was down from $967 million in 69 deals in January 2010.

The registered direct market, however, continued to thrive, with $181 million being raised in the first month of 2011 in 16 deals. In 2010, $168 million was raised during the month, in 17 deals.

JMP and Euro Pacific Capital tied for January's top private placement agent in the U.S. market, with both agents' raising $15 million in one deal. JMP facilitated a unit sale for Acadia Pharmaceuticals Inc., while Euro Pacific brokered a unit deal for U.S. China Mining Group Inc.

In the direct placement market, Rodman & Renshaw continued to dominate, bringing five deals for a total of $71 million.

The Canadian PIPE market was also falling behind 2010 comparables, but as with the U.S. market, not by much. Total dollars raised came to C$635 million, from 82 transactions. During the previous year, C$797 million was raised in 77 deals.

GMP was the top Canadian agent in January, raising C$62 million in four placements.

Year to date, U.S. market

2010 Comparables

	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	JMP	0.015	1	1.67%
1	Euro Pacific Capital	0.015	1	1.67%	4	0.012	1	1.24%
3	Lazard	0.012	1	1.37%
4	Ladenburg Thalmann	0.012	1	1.33%	6	0.009	1	0.92%
5	Southridge	0.010	1	1.11%
6	Rodman & Renshaw	0.009	1	0.95%	2	0.030	1	3.10%
7	Odeon	0.005	1	0.56%
8	WestPark	0.005	1	0.51%
9	Maxim	0.002	1	0.22%
10	Hudson Securities	0.001	1	0.14%
	Total	0.899	50	0.967	69
	Average size:	0.018	0.014
Year to date, U.S. direct placements
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.071	5	39.04%	1	0.059	6	35.28%
2	Roth	0.024	1	13.46%	2	0.027	3	16.08%
3	FT Global	0.020	1	11.07%
4	Lazard	0.019	1	10.52%
5	Chardan	0.017	3	9.46%	7	0.006	2	3.77%
6	William Blair	0.007	1	3.63%
7	First Analysis Securities	0.007	1	3.63%
8	Seahawk Capital	0.006	1	3.32%
9	Dominick & Dominick	0.005	1	2.77%
	Total	0.181	16	0.168	17
	Average size:	0.011	0.010
Year to date, Canadian market
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	GMP	0.062	4	9.82%	1	0.275	1	34.51%
2	Dundee	0.061	6	9.66%	16	0.003	1	0.41%
3	Canaccord	0.061	4	9.61%
4	Scotia	0.030	3	4.74%
5	Jennings	0.022	2	3.40%
6	Haywood	0.018	2	2.87%
7	Raymond James	0.015	2	2.40%
8	NCP Northland	0.010	1	1.57%
9	Toll Cross	0.005	1	0.87%
9	PowerOne Capital	0.005	1	0.87%	11	0.004	1	0.49%
	Total	0.635	82	0.797	77
	Average size:	0.008	0.010
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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