Cowen top agent for U.S. PIPEs in January

• Canaccord, Desjardins lead Canadian PIPE league tables

New York, Jan. 31 - Cowen & Co. was the top agent for U.S. PIPE sales in January, working on three deals that accounted for 15.8% of the market, according to data compiled by Prospect News.

The firm's volume of $77 million was made up of stock transactions for Regado Biosciences, Inc. and Alimera Sciences Inc. along with a sale of units of stock and warrants for Plug Power Inc. Cowen was joint agent with BMO on Regado and sole agent on the other two.

Issuance for January totaled $489 million in 53 deals, somewhat less volume but two more deals than the comparable $596 million in 51 deals for January 2013.

In U.S. direct placements, Maxim took the number one position, with two deals in January totaling $35 million. Those offerings gave the firm 7.4% of the market. H.C. Wainwright was second with three financings totaling $27 million.

In Canada, Canaccord and Desjardins tied for first place in private placements, each tallying one deal for C$25 million thanks to their work as joint agents on a C$50 million sale of subscription receipts for OneRoof Energy (Canada) ULC.

U.S. market, year to date

2013 Comparables

	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Cowen	0.077	3	15.84%
2	Accelerated Capital Group	0.010	1	2.04%
2	BMO	0.010	1	2.04%
4	T.R. Winston	0.009	2	1.83%
5	Lake Street	0.009	2	1.77%
6	Maxim	0.007	1	1.36%
7	Ladenburg Thalmann	0.003	1	0.64%
8	Palladium Capital Advisors	0.003	1	0.56%
9	Northland	0.002	1	0.44%
	Total	0.489	53	0.596	51
	Average size:	0.009	0.012
U.S. direct placements, year to date
					2013 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Maxim	0.035	2	7.37%
2	H.C. Wainwright	0.027	3	5.67%
3	Chardan	0.020	1	4.16%
4	Roth	0.020	1	4.15%
4	T.R. Winston	0.020	1	4.15%
6	Northland	0.002	1	0.39%
	Total	0.481	11	0.233	2
	Average size:	0.044	0.117
Canadian market, year to date
					2013 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Canaccord	0.025	1	7.95%	1	0.033	2	14.17%
1	Desjardins	0.025	1	7.95%
3	Clarus	0.010	1	3.18%
3	Macquarie	0.010	1	3.18%
5	Dundee	0.008	2	2.55%
6	MGI	0.007	2	2.38%	10	0.002	2	0.64%
7	Laurentian Bank	0.007	1	2.23%
8	Mackie Research	0.005	1	1.59%
9	Paradigm	0.003	1	1.06%
10	Beacon	0.003	1	1.06%
	Total	0.315	42	0.235	49
	Average size:	0.007	0.005
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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