Biotech New Deal Calendar

WEEK OF MAY 15

SIRNA THERAPEUTICS INC. (Nasdaq: RNAI): follow-on offering of 8 million shares plus secondary offering for another 2 million shares by Oxford Bioscience Partners, The Sprout Group and Venrock Associates; total greenshoe for another 1.5 million shares; San Francisco-based Sirna, which develops therapeutics based on the science of RNA interference, to use proceeds to fund research and development, clinical trial expenses and potential in-licensing of intellectual property and technology; UBS Investment Bank and J.P. Morgan Securities Inc. are joint bookrunners. CIBC World Markets Corp., Leerink Swann & Co. and Brean Murray, Carret & Co. are co-managers.

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.

ALSIUS CORP. (Nasdaq: ICEY); initial public offering; proceeds estimated at $40.25 million; no other estimates given; Irvine, Calif., maker of devices to precisely control patient temperature in hospital critical care settings plans to use proceeds for sales and marketing, manufacturing, research and development and general corporate purposes; joint lead managers are RBC Capital Markets (bookrunner) and Harris Nesbitt; Leerink Swann & Co. is co-manager.

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.

ARTES MEDICAL INC. (Nasdaq: ARTE): $75 million initial public offering of stock; Cowen & Co., Lazard Capital Markets (joint bookrunners), Stifel Nicolaus (co-manager); San Diego-based medical technology company develops and manufactures injectable aesthetic products for dermatology and plastic surgery markets; proceeds for sales and marketing for ArteFill, growth of manufacturing capabilities and clinical studies.

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.

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.

PHARMASSET INC. (Nasdaq: VRUS): $75 million initial public offering of common stock; Banc of America Securities LLC and UBS Investment Bank (books), JMP Securities (co-manager); Princeton, N.J., clinical-stage pharmaceutical company working on novel drugs to treat viral infections; proceeds for clinical development programs.

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.

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 Corp. and Westwind Partners Inc.

ANGIODYNAMICS INC. (Nasdaq: ANGO): follow-on offering of 2.4 million shares; RBC Capital Markets (lead), Canaccord Adams, First Albany Capital, KeyBanc Capital Markets (co-managers); proceeds for possible acquisitions, working capital and general corporate purposes; Queensbury, N.Y., maker of therapeutic and diagnostic medical devices to treat peripheral vascular disease and other non-coronary diseases.

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.

ILLUMINA INC. (Nasdaq: ILMN): 3.5 million shares in an off-the shelf follow-on offering; 525,000 shares for greenshoe; via Goldman, Sachs & Co., Merrill Lynch & Co. (joint books), Cowen & Co., Robert W. Baird & Co. (co-managers); a San Diego-based developer, manufacturer and marketer of next-generation life science tools and integrated systems for the large scale analysis of genetic variation and biological function, will use proceeds to fund research and development, to continue expanding its manufacturing capacity and for working capital.

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.

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

MILLIPORE CORP.: new credit facility; part of approximately $900 million of debt; overall 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 Loan Finance LLC.

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