Biotech New Deal Calendar

JULY BUSINESS

AVALON PHARMACEUTICALS INC. (Symbol: AVRX): 4.5 million common shares; greenshoe of 675,000 shares; proposed at $10 to $12 per share; Germantown, Md.-based clinical stage biopharmaceutical company is focused on the discovery and development of small molecule therapeutics for the treatment of cancer; proceeds to be used to fund clinical trials, development and selection of additional drug candidates, licensing, acquisitions, working capital, capital expenditures and general corporate purposes; underwriters are Legg Mason Wood Walker, Jefferies & Co. and First Albany Capital; timing anticipated in late July.

UPCOMING BANK CLOSINGS

FRESENIUS MEDICAL CARE AG: Pro rata bank meetings held June 27 and 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 talked at Libor plus 150 bps; $1.5 billion five-year term A talked at Libor plus 150 bps; $2.5 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.

MYLAN LABORATORIES INC.: $475 million credit facility (Ba1/BBB-); Merrill Lynch; $275 million five-year senior secured term loan at Libor plus 150 bps; $200 million five-year revolver; term loan to help fund Dutch auction self-tender for up to 48.8 million shares - up to $1 billion - and a $250 million share repurchase program; revolver for general corporate purposes; Canonsburg, Pa., pharmaceutical company.

IPOs ON THE HORIZON

ACCENTIA BIOPHARMACEUTICALS INC. (Symbol: ABPI): 6.25 million shares, including 1 million by Pharmaceutical Product Development Inc.; greenshoe for 937,500 shares; proposed at $11 to $13 per share; Tampa-based company plans to use $6.1 million to repay in full an outstanding loan from McKesson Corp., $5.2 million to complete Phase III clinical trials for SinuNase, $22.9 million to complete a Phase III clinical trial for Biovaxid, $4.3 million to complete the design and prototype for our automated production and purification system for the manufacture of Biovaxid, $6.7 million to fund milestone payments due to partners with respect to products in the pipeline, and general corporate purposes, including working capital and capital expenditures; lead underwriter is Jefferies & Co. Inc.; co-managers are Robert W. Baird & Co., Ferris Baker Watts Inc. and Stifel Nicolaus & Co. Inc.

ADAMS RESPIRATORY THERAPEUTICS INC. (Symbol: ARXT): initial public offering of common stock; no number of shares or price range yet given; original registration filing on March 25 estimated proceeds at $125 million, however; Chester, N.J.-based company plans to use proceeds to build the Mucinex brand, fund the development of two additional OTC products and one new prescription product, develop its recently in-licensed product candidate erdosteine that is expected to require clinical trials prior to FDA approval and for potential acquisitions; underwriters are Merrill Lynch, Morgan Stanley, Deutsche Bank Securities and RBC Capital Markets.

ALGORX PHARMACEUTICALS INC. (Symbol: AGRX): 6.8 million shares; greenshoe of 1.02 million shares; price range of $7 to $8 per share; Secaucus, N.J.-based emerging biopharma company is focused on pain medications, with three product candidates in various stages of clinical programs; proceeds, together with our cash on hand, to be used for continuing development of product candidates, clinical trial programs and new drug applications, to fund operations, provide working capital and other general corporate purposes, which may include in-licensing or acquiring additional product candidates; underwriters are Credit Suisse First Boston, Citigroup, Piper Jaffray and Lazard.

AMPHASTAR PHARMACEUTICALS INC. (Symbol: AMPR): common stock; no estimates yet given; 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 of 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 and Deutsche Bank Securities.

ATRICURE INC. (Symbol: ATRC): founded in November 2000, West Chester, Ohio-based company, which makes devices used in cardiothoracic surgery, plans to use $6 million to $6.5 million of proceeds to fund the acquisition of Enable, which manufactures the handpieces of some AtriCure devices, with other remaining proceeds for working capital and to repay outstanding bank credit facilities; underwriters are UBS Investment Bank, Piper Jaffray (joint books), Thomas Weisel Partners and A.G. Edwards.

CELLDEX THERAPEUTICS (Symbol: CDEX): 4 million share IPO; greenshoe of 600,000 shares; proposed at $8 to $10 per share; spin-off from Medarex Inc., which on completion of the IPO will own approximately 70% of outstanding Celldex shares; company develops therapeutic vaccines, monoclonal antibodies and other products for the treatment of cancer, infectious diseases and immune system disorders; to use proceeds to continue the clinical development of products, advance preclinical products into clinical development, expand research programs, pay potential technology license and other fees to Medarex and others, in-license technology, pay a portion of the acquisition costs for Alteris and other potential acquisitions, fund working capital and general corporate purposes; underwriters are Janney Montgomery Scott and ThinkEquity Partners.

COLEY PHARMACEUTICAL GROUP INC. (Symbol: COLY): common stock; amounts and timing not yet determined; Pfizer Inc. has agreed to purchase up to $10 million of shares in a private placement concurrently at the offering price; Wellesley, Mass.-based company develops drugs for cancers, infectious diseases and respiratory disorders; proceeds will be used to fund growth and general corporate purposes, including clinical trials and drug development activities, expansion of our infectious disease program, prosecution and maintenance of patents, working capital and capital expenditures; underwriters are Merrill Lynch & Co., JPMorgan, Lazard Capital Markets and Leerink Swann & Co.

COMBINATORX INC. (Symbol: CRXX): 6 million shares; greenshoe of 900,000 shares; proposed at $10 to $12 per share; Boston-based company is focused on developing new medicines built from synergistic combinations of approved drug with clinical trials under way for seven product candidates targeting multiple immuno-inflammatory diseases and cancer; proceeds will be used to fund clinical trials, development of additional product candidates, working capital, capital expenditures and general corporate purposes such as possible acquisitions; underwriters are S.G. Cowen & Co., Pacific Growth Equities LLC, SunTrust Robinson Humphrey and A.G. Edwards & Sons Co.

CRYOCOR INC. (Symbol: CRYO): Dutch auction IPO for 3 million shares; greenshoe for 450,000 shares; proposed price range revised to $11 to $13 per share, bumped up from original plan of $10 to $14 per share; San Diego-based maker of catheters plans to use $11 million of proceeds to continue product development and complete ongoing clinical trials, $5 million to build sales and marketing capabilities, working capital and other general corporate purposes; company said investors William Blair Capital Partners, Healthcare Equity Partners LP, MPM Capital LP and OrbiMed Associates LLC are interested in buying $12 million worth of shares in the IPO; underwriters are WR Hambrecht & Co. (books), First Albany Capital Inc. and Roth Capital Partners.

ELECTRO-OPTICAL SCIENCES INC. (Symbol: MELA): estimated proceeds $33 million; Irvington, N.Y., based medical device company focuses on instruments used in the early diagnosis of melanoma plans to use proceeds to fund research and development, including clinical studies, build a sales and marketing force and for general corporate purposes, including working capital, facilities expansion and potential acquisitions; underwriters are Ladenburg Thalmann & Co. Inc. and Stanford Group Co.

INTARCIA THERAPEUTICS INC. (Symbol: ITCA): common shares; no estimates yet available; Emeryville, Calif.-based company focused on therapeutic products for the treatment of cancer and infectious diseases such as breast cancer and hepatitis C; proceeds earmarked to fund product development activities and general corporate purposes such as acquisitions; underwriters are Credit Suisse First Boston (bookrunner), Pacific Growth Equities and Lazard Capital Markets.

RELIANT PHARMACEUTICALS INC. (Symbol: RRX): estimated proceeds $300 million; Liberty Corner, N.J.-based company develops and markets branded cardiovascular drugs; plans to use proceeds to acquire rights to additional pharmaceutical products, increase promotional activities for existing product portfolio, fund clinical development projects and general corporate purposes; lead underwriter is Goldman Sachs & Co.; co-managers are Banc of America Securities, Deutsche Bank Securities, JPMorgan, William Blair & Co. and Lazard Capital Markets.

SKINMEDICA INC. (Symbol: SKMD): common shares; no estimates given yet; Carlsbad, Calif.-based dermatological company plans to use proceeds for working capital, licensing products, increase its sales force and general corporate purposes; underwriters are S.G. Cowen & Co. (bookrunner), Piper Jaffray, Thomas Weisel Partners and C.E. Unterberg Towbin.

SUNESIS PHARMACEUTICALS INC. (Symbol: SNSS): common shares; no estimates available yet; South San Francisco-based company develops small molecule therapeutics for oncology, inflammatory diseases and other conditions; proceeds will be used to fund clinical trials, repay debt, working capital, capital expenditures and general corporate purposes; underwriters are Lehman Brothers, S.G. Cowen & Co. (joint bookrunners) and Needham & Co.

VALERA PHARMACEUTICALS INC. (Symbol: VLRX): 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.

DEBT ON THE HORIZON

MEDICIS PHARMACEUTICAL CORP. (Symbol: MRX): $650 million seven-year senior secured credit facility; Deutsche Bank; help fund acquisition of Inamed Corp.; Scottsdale, Ariz., specialty pharmaceutical company.

MYLAN LABORATORIES INC. (Symbol: MYL): $500 million senior unsecured notes due 2015 (BB+); Merrill Lynch & Co.; also $475 million credit facility (BBB-); proceeds, along with on hand cash, to fund a $1.25 billion share repurchase program; Canonsburg, Pa., pharmaceutical company.

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