Biotech New Deal Calendar

WEEK OF APRIL 24

ACADIA PHARMACEUTICALS INC. (Nasdaq: ACAD): follow-on offering of 4,947,229 shares; greenshoe of 742,084 shares; off the shelf; at an offering price of a $15.16, proceeds are estimated at $70.3 million, or $80.9 million with the greenshoe; San Diego-based biotech to use proceeds to fund ongoing and new clinical trials for ACP-103 for Parkinson's and ACP-104 for schizophrenia and other product candidates and general corporate purposes, including working capital; joint bookrunners are Banc of America Securities LLC and Lehman Brothers Inc.; Piper Jaffray, JPM Securities and Canaccord Adams are co-managers.

QUATRX PHARMACEUTICALS CO. (Nasdaq: QTRX): initial public offering of 6 million shares; greenshoe of 900,000 shares available; proposed at $11 to $13 per share; proceeds, estimated at $75.4 million at the midpoint of guidance including the full greenshoe, to be used for clinical trials and general corporate purposes; Ann Arbor, Mich.-based biotech focuses on compounds in the endocrine, metabolic and cardiovascular therapeutic areas; joint lead managers are Banc of America Securities (bookrunner) and Cowen & Co., co-managers are Lazard Capital Markets and Pacific Growth Equities, LLC.

IPOs ON THE HORIZON

ACHILLION PHARMACEUTICALS: (Nasdaq: ACHN): initial public offering; proceeds estimated at $75 million; no other estimates given; New Haven, Conn.-based biotech, focused on infectious diseases such as HIV and hepatitis C, to use proceeds to continue development of drug candidates; biggest pre-IPO investors are Atlas Venture Fund V, LP and affiliates with 22.11%, Schroder Ventures International Life Sciences Fund II with 19.30%, Advent International Corp. with 12.68% and Bear Stearns Health Innoventures, LP and affiliates with 12.30%; Cowen & Co. is bookrunner, CIBC World Markets is joint lead; JMP Securities is co-manager.

ALPHATEC HOLDINGS INC. (Nasdaq: ATEC): initial public offering; estimated proceeds of $149.5 million; Carlsbad, Calif.-based Alphatec, a medical device company concentrating on products for the surgical treatment of spine disorders, will retain up to $65 million of proceeds; otherwise, proceeds will be used to expand sales and marketing activities, support research and development, fund the clearance or approval and subsequent commercialization of its near-term product candidates, repay borrowings under its revolving credit facility with Bank of the West and to repay a loan from chief executive officer Shunshiro "Roy" Yoshimi; any proceeds from a greenshoe are required to be used to redeem the company's new redeemable preferred stock; bookrunner is First Albany Capital.

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.

BIOMIMETIC THERAPEUTICS INC. (Nasdaq: BMTI): initial public offering; $50 million of common stock; Franklin, Tenn.-based company has a pipeline of product candidates for the repair and regeneration of musculoskeletal tissues in periodontal bone defects, orthopedic applications and sports injuries to cartilage, ligament and tendon; company has licensed patents from ZymoGenetics Inc., an exclusive manufacturing agreement with Chiron Corp. and has partnered with Luitpold Pharmaceuticals, Inc. for the worldwide marketing and distribution of GEM 21S; proceeds slated for research and development, license additional molecules and matrix materials, commercialize GEM 21S, hire additional employees and general corporate purposes; biggest pre-IPO investors are Burrill Biotechnology Capital Fund, LP with 21.7%, Novo AS with 15.6% and Holden Capital, LLC with 13.6%; underwriters are Deutsche Bank Securities, Pacific Growth Equities, LLC, First Albany Capital and A.G. Edwards.

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 antitumor 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.

CLEVELAND BIOLABS INC. (Nasdaq: CBLI): initial public offering of common stock; gross proceeds estimated at $13.8 million; Cleveland-based firm is focused on developing a drug to protect humans from the effects of exposure to radiation, whether as a result of military or terrorist acts or as a result of a nuclear accident; proceeds will be used to commercialize CBLB502 - a series of Protectans that are modified proteins of microbes and tumors that protect cells from apoptosis - to continue other drug development and for general corporate purposes; Sunrise Securities Corp. is bookrunner.

LIGHT SCIENCES ONCOLOGY INC. (Nasdaq: LSON.): initial public offering of common stock; proceeds estimated at $86.25 million; no other estimates given; Snoqualmie, Wash.-based company to use proceeds to fund research and development, capital expenditures, working capital and general corporate purposes; company is developing Light Infusion Therapy to treat solid cancer tumors; pre-IPO, Craig M. Watjen is the largest shareholder with 43.6% of preferred stock, followed by Light Sciences Corp. with 36.7%; Cowen & Co. and Wachovia Securities are joint bookrunners; Jefferies & Co. and Thomas Weisel Partners LLC are co-managers.

LUNA INNOVATIONS INC. (Nasdaq: LUNA): initial public offering; proceeds estimated at $57.5 million; no other estimates given; Roanoke, Va.-based company is involved in research, development and commercialization of innovative technologies in molecular technology solutions and sensing solutions, such as magnetic resonance imaging, or MRIs; proceeds slated for working capital, capital expenditures, other corporate expenses and potential acquisitions; biggest pre-IPO investors are Carilion Health System with 35.5% and Luna founder, chief executive, treasurer and chairman Kent Murphy with 43.9%; bookrunner is ThinkEquity Partners LLC; co-managers are WR Hambrecht & Co. and Merriman Curhan Ford & 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.

NORTHSTAR NEUROSCIENCE INC. (Nasdaq: NSTR): initial public offering of 6 million shares; greenshoe of 900,000 shares available; proposed at $12 to $14 per share; Seattle-based medical device company, focused on neurological diseases and disorders, to use proceeds for clinical trials, to build sales and marketing capabilities, working capital and other general corporate purposes; joint bookrunners are Citigroup and Cowen & Co.; co-managers are First Albany Capital and Leerink Swann & Co.

NOVACEA INC. (Nasdaq: NOVC): initial public offering; proceeds estimated at $75 million; South San Francisco company in-licenses, develops and commercializes cancer therapies; proceeds to fund product development, pre-launch marketing preparation for product candidates, identify and license new product candidates, general corporate purposes and working capital; joint bookrunners are Bear, Stearns & Co. Inc. and Cowen & Co.; Pacific Growth Equities LLC and HSBC Securities Inc. are co-managers.

PERLEGEN SCIENCES INC. (Nasdaq: PERL): initial public offering of common stock; proceeds estimated at $115 million; no other estimates given; Mountain View, Calif., company, formed in late 2000 as a spinoff from Affymetrix Inc., develops genetically targeted medicines for therapeutic areas that include metabolic, cardiovascular, central nervous system and inflammatory diseases; current pipeline targets type 2 diabetes and dyslipidemia; pre-IPO majority owners are Affymetrix with 25.4%, Pfizer Overseas Pharmaceuticals with 13.3% and Maverick Capital with 8.1%; joint lead managers are Lehman Brothers (bookrunner) and Deutsche Bank Securities; co-managers are Piper Jaffray and Allen & Co. LLC.

REPLIDYNE INC. (Nasdaq: RDYN): initial public offering of common stock; estimated proceeds of $100 million; no other estimates given; Louisville, Colo., company is focused on anti-infective products; proceeds for clinical trials, research and development, future milestone payments to licensors and general corporate purposes; pre-IPO investors are HealthCare Ventures VI, LP and affiliates with 19.24%, TPG Biotechnology Partners, LP and affiliates with 12.46% and Morgenthaler Partners VII, LP with 10.48%; Merrill Lynch & Co. and Morgan Stanley are joint bookrunners; co-managers are Cowen & Co. and Pacific Growth Equities, LLC.

RESTORE MEDICAL INC. (Nasdaq: REST): initial public offering of 5 million shares of common stock; greenshoe of 750,000 shares; proposed at $11 to $13 per share; at midpoint, net proceeds estimated at $63.1 million if the greenshoe is fully exercised; St. Paul, Minn.-based medical device company makes the Pillar palatal implant system to treat sleep disordered breathing; proceeds earmarked for research and development; pre-IPO, the largest shareholder was MPM Capital with 3.98 million shares, or a 37.9% stake; joint lead managers are Deutsche Bank Securities (bookrunner) and First Albany Capital RBC Capital Markets is co-manager.

FOLLOW-ON OFFERINGS

ADVANCED RESEARCH TECH INC. (Toronto: ARA): follow-on offering; filed to sell stock in the United States; Saint-Laurent, Quebec-based Advanced Research intends to use proceeds for the sale and distribution of its products and for the development of new products, including biomarkers, with the balance for working capital and general corporate purpose; underwriters are Salman Partners Inc., Canaccord Capital Corporation and Westwind Partners Inc.

ICON PLC (Nasdaq: ICLR): follow-on offering of 1,096,054 of American Depositary Shares; also a secondary offering of 1.5 million ADS by director Ronan Lamb and Poplar Ltd., which is controlled by chairman John Climax; pre-offering, Lamb held 952,470 shares, or a 6.8% equity stake in Icon, and Poplar held 1,494,892 shares, or a 10.7% stake; Dublin, Ireland-based Icon is a contract research organization, or CRO, focusing on phase 1 through 4 clinical trials management, study design, laboratory services and drug development support; proceed, estimated at $52.8 million to company, will be used for general corporate purposes.

LABOPHARM INC. (Nasdaq: DDSS): a follow-on offering of 10 million shares of common stock in the United States with a request to list the shares on the Nasdaq; greenshoe of 1.5 million shares available; company shares already listed on Toronto Stock Exchange under ticker DDS; Laval, Quebec-based Labopharm plans to use proceeds to support the commercialization of its once-daily tramadol product, to advance development of existing and new product candidates within its product pipeline, and for working capital and other general corporate purposes; joint lead managing bookrunners of the offering are Merrill Lynch & Co. Inc. and Banc of America Securities LLC; Canaccord Capital Corp., Leerink Swann & Co., Orion Securities Inc., Dundee Securities Corp. and Westwind Partners Inc. are co-managers of the offering.

MINRAD INTERNATIONAL INC. (Amex: BUF): follow-on offering of 10 million shares; greenshoe of 1.5 million shares available Buffalo, N.Y.-based Minrad, which focuses on pain management products, plans to use proceeds to expand its Bethlehem facility and for capital investment in a new Orchard Park, N.Y., headquarters; bookrunner is Oppenheimer & Co.; KeyBanc Capital Markets and Maxim Group LLC are co-managers.

SPECTRANETICS CORP. (Nasdaq: SPNC): follow-on offering; estimated proceeds of $43 million, plus $6.5 million from a greenshoe; Colorado Springs, Colo.-based Spectranetics develops, manufactures and distributes single-use medical devices used in minimally invasive surgical procedures within the cardiovascular system for use with its proprietary excimer laser system; joint lead mangers of the deal are Jefferies & Co., Inc. (bookrunner) and First Albany Capital Inc. Montgomery & Co., LLC and Rodman & Renshaw, LLC are co-managers. Timing and a launch, however, have not been established.

DEBT OFFERINGS

MILLIPORE CORP.: (NYSE: MIL): approximately $900 million of debt; structure not determined yet; Billerica, Mass.-based bioprocess and bioscience products and services company to use proceeds to partly finance the $1.4 billion cash acquisition of Atlanta-based Serologicals Corp.; UBS Investment Bank has provided the debt commitment.

UPCOMING BANK CLOSINGS

SEROLOGICALS CORP. (Nasdaq: SERO): $50 million six-year term loan A; also has increased its revolving credit facility to $50 million from $45 million and extended the term so that it matures in six years; revolver contains a $50 million accordion feature; Norcross, Ga.-based provider of consumable biological products to use funds to help finance its acquisition of Linco for $64.5 million in cash; JPMorgan is the lead bank; launched to investors on March 20.

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