Biotech New Deal Calendar

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.

ALTUS PHARMACEUTICALS INC. (Symbol: ALTU): $115 million initial public offering of common stock; Merrill Lynch & Co., Morgan Stanley (joint leads), SG Cowen & Co.; Cambridge, Mass.-based biopharmaceutical company focused on the development and commercialization of oral and injectable protein therapeutics for chronic gastrointestinal and metabolic disorders; proceeds for drug development and general corporate purposes.

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.

NUCRYST PHARMACEUTICALS CORP. (Symbol: Nasdaq, NCST; Toronto, NCS): initial public offering of 5.77 million shares; greenshoe for 865,500 shares; Wakefield, Mass.-based Nucryst, which develops wound care products, is a spinoff of Fort Saskatchewan, Alberta-based Westaim Corp., which would own roughly 64.9% of the outstanding stock post IPO, or 59.8% if the greenshoe is fully exercised; proposed at $12 to $14 per share; at mid-point of price talk, net proceeds would be $68 million, or $78.4 million with the greenshoe; Nucryst plans to use about $35 million of proceeds for new production facilities and equipment, clinical trials and other research and development activities and working capital, and $33 million to repay a portion of the company's $45.4 million debt owed to parent Westaim; Jefferies & Co. is the lead underwriter; co-managers are Adams Harkness, GMP Securities and Sun Trust Robinson Humphrey.

SGX PHARMACEUTICALS INC. (Symbol: SGXP): initial public offering; gross proceeds estimated at $80.5 million; no other estimates given; 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 developmental cancer drug company said most of the proceeds will be used for research and development; its primary drug candidate, Troxatyl, currently in a phase 2 and 3 clinical trial for the third-line treatment of acute myelogenous leukemia, a blood cancer; underwriters are CIBC World Markets, Piper Jaffray and JMP Securities.

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.

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: Pro rata bank meeting was June 23, term B likely launching in the fall; $5 billion senior credit facility; Bank of America and Deutsche Bank, with Bank of America left lead; $1 billion revolver at Libor plus 137.5 bps; $2 billion five-year term A at Libor plus 137.5 bps; $2 billion seven-year term B; 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.

PATHEON INC.: U.S. bank meeting was Nov. 10 (Canadian bank meeting was Nov. 4); $290 million credit facility; RBC Capital Markets lead arranger; $75 million revolver talked at Libor plus 225 bps; $65 million five-year term A talked at Libor plus 225 bps; $150 million six-year term B talked at Libor plus 225 to 250 bps; refinance existing bank debt, including the debt associated with the MOVA Pharmaceutical Corp. acquisition that was completed in late-2004; expected close in December; Mississauga, Ont., provider of drug development and manufacturing services to the pharmaceutical industry.

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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