Biotech New Deal Calendar

WEEK OF JAN. 9

BIOPURE CORP. (Symbol: BPUR): follow-on offering of 4.11 million shares of common stock and warrants to purchase another 4.11 million additional shares; Dawson James Securities, Inc. and Noble International Investments, Inc. are underwriters; Cambridge, Mass.-based company, which develops blood substitutes, plans to use proceeds for general corporate and working capital purposes.

WEEK OF JAN. 23

ALTUS PHARMACEUTICALS INC. (Symbol: ALTU): initial public offering of 6 million shares; proposed at $14 to $16 per share; Merrill Lynch & Co., Morgan Stanley (joint leads), SG Cowen & Co.; Cambridge, Mass.-based biopharmaceutical company, formerly a subsidiary of Vertex Pharmaceuticals Inc., is focused on the development and commercialization of oral and injectable protein therapeutics for chronic gastrointestinal and metabolic disorders; proceeds slated for drug development and general corporate purposes.

SGX PHARMACEUTICALS INC. (Symbol: SGXP): initial public offering of 4 million shares; proposed at $11 to $13 per share; net proceeds estimated at $42.6 million, or $49.3 million with the full greenshoe; largest shareholder, Atlas Venture Funds, holds 22.85% of pre-IPO stock with 3.74 million shares, and BA Venture Partners holds 22.61% with 3.71 million shares; San Diego-based company said most of the proceeds will be used for research and development; its primary drug candidate, Troxatyl, is currently in a phase 2 and 3 clinical trial for the third-line treatment of acute myelogenous leukemia, a blood cancer; joint bookrunners are CIBC World Markets and Piper Jaffray; co-manager is JMP Securities.

IPOs ON THE HORIZON

ACORDA THERAPEUTICS INC. (Symbol: ACOR): initial public offering; proceeds estimated at $86.25 but no price range or timing provided; Hawthorne, N.Y.-based company focuses on multiple sclerosis, spinal cord injury and other central nervous disorders; it has a marketed product, Zanaflex Capsules, approved for spasticity; lead product candidate, Fampridine-SR, is in a phase 3 clinical trials to improve walking ability in people with MS; Banc of America Securities is bookrunner; co-managers are Lazard Capital Markets, Piper Jaffray and SG Cowen & Co.

ALEXZA PHARMACEUTICALS INC. (Symbol: ALXA): initial public offering; proceeds estimated at $86.25 million, but otherwise no details are yet available; pre-IPO, Frazier Healthcare Ventures and Versant Ventures are the largest shareholders, each with 12 million shares; Palo Alto, Calif.-based company is focused on the development and commercialization of novel, proprietary products for the treatment of acute and intermittent conditions with one product candidate that has completed a phase 2a clinical trial, AZ-001 (Staccato prochlorperazine) to treat migraine headaches and other candidates in earlier trials; joint book runners are Piper Jaffray and Pacific Growth Equities LLC; co-managers are RBC Capital Markets and JMP Securities.

AMPHASTAR PHARMACEUTICALS INC. (Symbol: AMPR): initial public offering of common stock; proceeds estimated at $115 million, but no per-share price range yet; the company issued 675,676 shares in a private placement in February 2005 at $14.80 per share; Rancho Cucamonga, Calif.-based company has 66 generic and branded injectable and inhalation products in the market, such as Primatene Mist; proceeds are earmarked to fund continued development of product candidates, to upgrade, renovate and equip an additional manufacturing and development building and general corporate purposes such as potential acquisitions; underwriters are Lehman Brothers, UBS Investment Bank (joint books) and Citigroup Global Markets Inc.

BIONUMERIK PHARMACEUTICALS INC. (Symbol: BNPI): initial public offering of 5 million shares with 750,000 greenshoe; proposed at $14 to $16 per share; San Antonio-based company develops Tavocept as an investigational new drug to prevent or mitigate neuropathy and BNP 1350 as an anti-tumor chemotherapy drug; proceeds earmarked to complete Tavocept manufacturing and commercialization, advance phase 3 clinical trials for BNP 1350, working capital and other general corporate purposes; underwriters are UBS Investment Bank (books) with co-managers Needham & Co., Leerink Swann & Co., and Punk Ziegel & Co.

CARDICA INC. (Symbol: CRDC): initial public offering of 3.5 million shares of common stock; greenshoe of 525,000 shares available; proposed at $12 to $14 per share; net proceeds are estimated at $40.5 million to $46.8 million; Redwood City, Calif.-based firm, which designs and manufactures systems used by surgeons to perform coronary artery bypass, to use proceeds to fund clinical trials and research programs, build sales and marketing capabilities and for working capital and other general corporate purposes; underwriters are A.G. Edwards, Allen & Co. LLC.

GLYCOTEX INC. (Symbol: GLTX): initial public offering of 3.75 million common stock units; greenshoe of 562,500 units; proposed at $8 to $10 per unit; company is a spinoff from Novagen Ltd.; both Glycotex and Novagen are based in North Ryde, New South Wales, Australia; Glycotex is a clinical stage company focused on discovering and developing a novel class of drugs for human wound healing and tissue repair; net proceeds would be $30.07 million at the mid-point of the price range and $34.78 million with the greenshoe; Janney Montgomery Scott LLC is underwriter.

IOMAI CORP. (Symbol: IOMI): initial public offering; proceeds estimated at $86.25 million; no other estimates provided; Gaithersburg, Md.-biopharmaceutical company concentrates on developing and commercializing vaccines and immunostimulants delivered to the skin; proceeds will be used to fund clinical trials, to fund operations and to provide working capital; bookrunner is UBS Investment Bank; SG Cowen & Co. is joint lead manager; co-managers are First Albany Capital and Susquehanna Financial Group.

MOLECULAR INSIGHT PHARMACEUTICALS INC. (Symbol: MIPI): initial public offering; proceeds estimated at $57.5 million; Piper Jaffray and SG Cowen & Co. are joint bookrunners; Oppenheimer & Co. and Roth Capital Partners are in the syndicate; Cambridge, Mass.-based company concentrates on developing molecular imaging pharmaceuticals and targeted radiotherapeutics targeting cardiology, oncology and neurology.

PRESTWICK PHARMACEUTICALS INC. (Symbol: PWCK): initial public offering of common stock; Washington, D.C.-based specialty pharmaceutical company develops small molecule drugs that target chronic diseases of the central nervous system; proceeds slated to fund clinical trials, working capital and general corporate purposes, including capital expenditures; underwriters are UBS Investment Bank, Deutsche Bank Securities and CIBC World Markets.

VALERA PHARMACEUTICALS INC. (Symbol: VLRX): initial public offering of common shares; no estimates given; Cranbury, N.J.-based company focused on the treatment of urological and endocrine conditions; proceeds will be used to fund expansion of sales and marketing force, research and development activities, to expand manufacturing facilities and general corporate purposes; underwriters are UBS Investment Bank (bookrunner), Banc of America Securities (joint lead), First Albany Capital and Fortis Securities.

VANDA PHARMACEUTICALS INC. (Symbol: VNDA): initial public offering of common shares; proceeds estimated at $75 million; Rockville, Md.-based company focuses on product candidates for central nervous system disorders with a portfolio of drugs including Iloperidone for schizophrenia, VEC-162 for insomnia, VSF-173 for excessive daytime sleepiness; proceeds will be used for research, pre-clinical development and clinical trials; pre-IPO, Care Capital Investments II is the leading shareholder with 9.17 million shares, or 22.8%, following by Domain Partners with 8.13 million shares, or 20.2%; joint bookrunners are JP Morgan and Banc of America Securities LLC; Thomas Weisel Partners LLC is co-manager.

FOLLOW-ON OFFERINGS

DYAX CORP. (Symbol: DYAX): follow-on offering of 9 million shares; estimated proceeds of $52.8 million, based on Aug. 19 average price of $5.87; no underwriters or timing set; Boston-based firm, which is focused on advancing novel biotherapeutics with an emphasis on cancer and inflammatory indications, has two product candidates in or entering into phase 2 clinical trials for three indications; proceeds would be used for general corporate purposes, including financing its clinical development programs.

UPCOMING BANK CLOSINGS

FRESENIUS MEDICAL CARE AG: $2 billion seven-year term B launch; Bank of America and Deutsche Bank, with Bank of America left lead; $1 billion revolver at Libor plus 137.5 bps and $2 billion five-year term A at Libor plus 137.5 bps already launched June 23, 2005; finance acquisition of Renal Care Group Inc. for about $3.5 billion, plus the assumption of about $500 million of Renal debt, and refinance Fresenius credit facility; Bad Homburg, Germany, dialysis products and services provider.

BOND OFFERINGS - JANUARY BUSINESS

FRESENIUS FINANCE BV €1 billion senior notes in two parts (Ba2/BB+ amended to Ba2/BB on closing of Renal Care Group acquisition): seven-year notes, non-callable for life, and 10-year notes, non-callable for five years, tranche sizes to be determined; Credit Suisse First Boston (physical books), Morgan Stanley (joint books), Dresdner Kleinwort Wasserstein (joint lead); Rule 144A/Regulation S; to fund acquisition of Helios Kliniken GmbH, fund tender for Fresenius AG's €300 million 7¾% notes due 2009 and for general corporate purposes; Bad Homburg, Germany-based integrated provider of kidney dialysis products and services; roadshow starts Jan. 10; pricing expected Jan. 13.

DEBT ON THE HORIZON

ARTHROCARE CORP.: December/January timeframe; $100 million credit facility; Bank of America; fund the anticipated 2006 Opus Medical earn-out payments, the potential Applied Therapeutics earn-out payment and other strategic capital needs; Austin, Texas, soft-tissue surgery medical device company.

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