Proceeds raised in U.S. PIPE deals overwhelm 2010 levels

• Canaccord top agent for U.S. PIPE placements year to date

• Rodman & Renshaw top U.S. market direct placement agent year to date

• GMP takes reigns as top agent for Canadian market PIPEs for year

By Stephanie N. Rotondo

Portland, Ore., March 31 - Total dollars raised in U.S. PIPE deals continued to overtake 2010 levels, even though the number of deals getting done was lagging, according to data compiled by Prospect News.

For the first three months of 2011, U.S. PIPE issuers have raised $4.24 billion in 214 transactions. By this time in 2010, $3.43 billion had been raised in 229 deals.

Registered direct offerings, however, remained behind year-ago comparables, with $457 million being generated via 37 offerings. That compared to $732 million raised in 49 deals the year before.

Canaccord remained the top U.S. PIPE facilitator, bringing two deals for a total of $56 million in proceeds. Rodman & Renshaw was also secure in its spot as the top agent for registered directs, raising $131 million in 11 transactions.

For March, the trend of more dollars versus number of deals continued, as $1.78 billion in proceeds was brought in through 75 offerings. In 2010, $1.38 billion was raised during the month, in 102 deals.

Piper Jaffray won the month's top agent position, with its $31 million private placement of common stock for Tengion Inc.

In the Canadian market, the trend was opposite to that of the U.S. market, as more deals came, bringing less funding versus a year ago. The market saw 352 deals getting done, for proceeds of C$2.91 billion. The year before, 261 deals had been done, raising C$3.25 billion.

GMP was the reigning Canadian agent, both for the month and for the year. The firm has facilitated 13 financings for proceeds of C$242 million for the year to date. Of that amount, C$135 million was raised in six transactions during March.

Year to date, U.S. market

2010 Comparables

	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Canaccord	0.056	2	1.31%	28	0.005	1	0.14%
2	Summer Street	0.040	1	0.95%
3	Dawson James	0.040	1	0.95%
4	Jefferies	0.032	1	0.76%	8	0.024	1	0.71%
5	Piper Jaffray	0.031	1	0.74%
6	Lazard	0.028	2	0.67%
7	Pritchard	0.025	1	0.59%
8	Northland	0.024	2	0.58%
9	Rodman & Renshaw	0.024	5	0.56%	4	0.040	3	1.15%
10	RBC	0.020	1	0.47%	32	0.002	1	0.06%
	Total	4.236	214	3.431	229
	Average size:	0.020	0.015
Year to date, U.S. direct placements
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.131	11	28.69%	1	0.224	19	30.60%
2	Roth	0.094	2	20.63%	4	0.050	6	6.88%
3	Cowen	0.030	1	6.58%
4	FT Global	0.020	1	4.38%
5	Chardan	0.019	4	4.17%	5	0.045	5	6.08%
6	Lazard	0.019	1	4.16%	8	0.032	1	4.37%
7	Religare	0.018	1	3.83%
8	MDB	0.013	1	2.92%
9	William Blair	0.007	1	1.43%
10	First Analysis	0.007	1	1.43%
	Total	0.457	37	0.732	49
	Average size:	0.012	0.015
Year to date, Canadian market
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	GMP	0.242	13	8.32%	3	0.290	2	8.94%
2	Canaccord	0.206	21	7.07%	6	0.116	9	3.58%
3	Dundee	0.161	17	5.52%	7	0.095	14	2.92%
4	TD	0.157	4	5.41%
5	CITI Canada	0.101	1	3.46%
6	Mackie Research	0.078	2	2.69%
7	Cormark	0.058	5	2.00%	13	0.032	5	0.98%
8	Scotia	0.055	5	1.88%
9	Raymond James	0.051	6	1.75%	23	0.010	1	0.32%
10	Jennings	0.049	5	1.67%	18	0.020	2	0.61%
	Total	2.913	352	3.247	261
	Average size:	0.008	0.012
March, U.S. market
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Piper Jaffray	0.031	1	1.76%
2	RBC	0.020	1	1.12%	20	0.002	1	0.16%
3	William Blair	0.015	1	0.84%
4	Chardan	0.011	1	0.60%	25	0.002	1	0.11%
5	Religare Capital	0.006	1	0.32%
6	Canaccord	0.006	1	0.32%
7	Maxim Group	0.005	1	0.28%	13	0.007	1	0.54%
8	Hudson Securities	0.005	2	0.25%
9	Hunter Wise	0.001	1	0.08%	8	0.013	3	0.95%
10	Corinthian Partners	0.001	1	0.06%
	Total	1.783	75	1.382	102
	Average size:	0.024	0.014
March, Canadian market
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	GMP	0.135	6	14.46%
2	CITI Canada	0.101	1	10.83%
3	Dundee	0.039	7	4.16%	6	0.071	10	4.04%
4	Canaccord	0.053	7	5.69%	4	0.092	5	5.24%
5	BMO	0.018	1	1.88%
6	Versant	0.016	2	1.77%
7	Stifel Nicolaus	0.015	1	1.61%
8	Fraser Mackenzie	0.014	2	1.50%	16	0.013	2	0.72%
9	Macquarie	0.013	5	1.42%	12	0.017	1	1.00%
10	Jennings	0.013	2	1.36%	14	0.015	1	0.86%
	Total	0.931	113	1.747	106
	Average size:	0.008	0.016
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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