Biotech New Deal Calendar

WEEK OF JAN. 30

CARDICA INC. (Nasdaq: CRDC): initial public offering of 3.5 million shares of common stock; greenshoe of 525,000 shares; proposed $10 to $12 per share (lowered from $12 to $14 per share); net proceeds are estimated at $34 million at the midpoint of talk, or $39.4 million with the greenshoe fully exercised (reduced from $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 and Montgomery & Co.

GENITOPE CORP. (Nasdaq: GTOP): follow-on offering of 4.5 million shares; greenshoe of 675,000 shares; Redwood City, Calif.-based Genitope is focused on cancer treatments. Its lead product candidate, MyVax Personalized Immunotherapy, is a patient-specific active immunotherapy based on the unique genetic makeup of a patient's tumor and is designed to activate the patient's immune system to identify and attack cancer cells; via bookrunner WR Hambrecht & Co.; RBC Capital is joint lead manager; co-managers are Brean Murray, Carret & Co. LLC and Punk, Ziegel & Co.

VALERA PHARMACEUTICALS INC. (Nasdaq: VLRX): initial public offering of 3.75 million common shares; proposed at $10 to $12 per share; 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, for research and development, to expand manufacturing facilities and for general corporate purposes; underwriters are UBS Investment Bank (bookrunner), Banc of America Securities (joint lead), First Albany Capital and Fortis Securities.

IOMAI CORP. (Nasdaq: IOMI): initial public offering of 5 million shares (reduced from 6.25 million shares); greenshoe of 750,000 (reduced from 937,500) shares; proposed at $7 to $9 a share (reduced from $11 to $13 per share); proceeds estimated at $40 million at midpoint of latest price range, down from $75 million, excluding greenshoe; Gaithersburg, Md.-biopharmaceutical company concentrates on developing and commercializing vaccines and immunostimulants delivered to the skin; proceeds will be used to fund clinical trials, fund operations and for working capital; bookrunner is UBS Investment Bank; SG Cowen & Co. is joint lead manager; co-managers are First Albany Capital and Susquehanna Financial Group.

THERAVANCE INC. (Nasdaq: THRX): follow-on offering of 4.6 million shares of common stock; greenshoe of 600,000 shares; South San Francisco-based company, focused on respiratory disease, bacterial infections and gastrointestinal disorders, to use proceeds for clinical and preclinical development of existing product candidates, drug research activities and manufacture of pre-clinical, clinical and commercial drug supplies, capital expenditures and working capital; via joint bookrunners Merrill Lynch & Co., HSBC and Thomas Weisel Partners LLC.

WEEK OF FEB. 6

ACORDA THERAPEUTICS INC. (Nasdaq: 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.

IPOs ON THE HORIZON

ALEXZA PHARMACEUTICALS INC. (Nasdaq: 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 bookrunners are Piper Jaffray and Pacific Growth Equities LLC; co-managers are RBC Capital Markets and JMP Securities.

AMPHASTAR PHARMACEUTICALS INC. (Nasdaq: 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. (Nasdaq: 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.

MOLECULAR INSIGHT PHARMACEUTICALS INC. (Nasdaq: 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.

OMRIX PHARMACEUTICALS INC. (Nasdaq: OMRI): $80.5 million initial public offering; UBS Investment Bank is bookrunner, CIBC World Markets co-lead manager, Leerink Swann & Co. and Oppenheimer & Co. co-managers; New York company develops and markets biosurgical and passive immunotherapy products; proceeds to expand manufacturing capabilities, to fund a plan to penetrate the market for biosurgical products in Japan and other countries and for general corporate purposes.

TARGACEPT INC. (Nasdaq: TRGT): initial public offering of common stock; Winston-Salem, N.C.-based company is engaged in the design, discovery and development of a new class of drugs to treat multiple diseases and disorders of the central nervous system by selectively targeting neuronal nicotinic receptors; proceeds, estimated at $59.8 million, will be used to fund clinical trials, research and development and general corporate purposes; Deutsche Bank Securities is bookrunner; Pacific Growth Equities LLC, CIBC World Markets and Lazard Capital Markets will be co-managers.

VANDA PHARMACEUTICALS INC. (Nasdaq: 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. (Nasdaq: 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

ANGIOTECH PHARMACEUTICALS INC.: Approximately $375 million credit facility; Credit Suisse and Merrill Lynch; $300 million term loan; $75 million revolver; help fund $785 million cash acquisition of American Medical Instruments Holdings Inc.; Vancouver-based specialty pharmaceutical company.

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.

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