Biotech New Deal Calendar

WEEK OF MARCH 6

ALEXZA PHARMACEUTICALS INC. (Nasdaq: ALXA): initial public offering of 5.5 million shares; greenshoe of 825,000 shares available; proposed at $10 to $12 per share; 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.

INSMED INC. (Nasdaq: INSM); follow-on offering of 20 million shares off the shelf; greenshoe of 3 million shares available; Glen Allen, Va.-based Insmed, focused on drug candidates for the treatment of metabolic diseases and endocrine disorders, estimated proceeds at $50.7 million if the greenshoe is fully exercised assuming a price of $2.37 per share; company's lead product, Iplex, is the only FDA-approved, once-daily IGF-1 (Insulin-like Growth Factor-1) replacement therapy; proceeds earmarked for working capital, commercial launch of Iplex, manufacturing of Iplex, pursuit of marketing authorization for Iplex in Europe and clinical studies; bookrunner is Lazard Capital Markets LLC; C.E. Unterberg, Towbin, LLC is co-manager; pricing is slated Thursday.

IPOs ON THE HORIZON

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.

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.

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.

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; estimated $85 million of proceeds; no other estimates given; 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 Credit Suisse Securities LLC; Pacific Growth Equities LLC and HSBC Securities Inc. are co-managers.

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.

QUATRX PHARMACEUTICALS CO. (Nasdaq: QTRX): initial public offering of common stock; proceeds, estimated at $86.25 million, 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; underwriters are Banc of America Securities, SG Cowen & Co., Lazard Capital Markets and Pacific Growth Equities.

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

CEPHEID INC. (Nasdaq: CPHD): follow-on offering of 10 million shares of common stock off the shelf; a greenshoe of 1.5 million shares is available; Sunnyvale, Calif.-based Cepheid is a molecular diagnostics company that develops, manufactures and markets fully integrated systems for genetic analysis in the clinical, industrial and biothreat markets; proceeds, estimated at $85 million at a price of $9.08 per share, without the greenshoe, will be used to fund future acquisitions of molecular markers and/or complementary products in the fields of oncology, infectious diseases and other fields appropriate for molecular diagnostics; via bookrunner UBS Investment Bank; co-managers are William Blair & Co. and Robert W. Baird & Co.

CERUS CORP. (Nasdaq: CERS): follow-on offering of 4.5 million shares of common stock off the shelf; greenshoe of 675,000 shares; net proceeds estimated at $55.9 million including the greenshoe, assuming a price of $11.56 per share; Concord, Calif.-based biotech, whose most advanced programs are focused on systems to enhance the safety of the world's blood supply, to be used to fund research, development and commercialization activities and continuing clinical trials, general administrative support, capital expenditures and working capital; and other general corporate purposes, including possible acquisitions; joint lead managers are Robert W. Baird & Co. Inc. (bookrunner) and JMP Securities LLC.

CORAUTUS GENETICS INC. (Nasdaq: VEGF): follow-on offering of 6.5 million shares of common stock off the shelf; greenshoe of 975,000 shares available; Atlanta-based biotech is focused on gene therapy products for the treatment of cardiovascular and peripheral vascular disease with its Vascular Endothelial Growth Factor-2 (VEGF-2) gene; proceeds, estimated at $35.9 million including the greenshoe at a price of $5.19 per share, earmarked for working capital, funding clinical trials and manufacturing costs; bookrunner Lazard Capital Markets LLC; co-lead manager is Jefferies & Co., Inc.

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.

BOND DEALS

ANGIOTECH PHARMACEUTICALS: $250 million eight-year senior subordinated notes (B2/B); Credit Suisse, Merrill Lynch & Co. (joint books); Rule 144A/Regulation S; non-callable for four years; Vancouver, B.C.-based specialty pharmaceuticals producer will use proceeds to help fund acquisition of American Medical Instruments Holdings Inc.; roadshow starts March 7.

UPCOMING BANK CLOSINGS

ANGIOTECH PHARMACEUTICALS INC.: $375 million credit facility (Ba3); Credit Suisse and Merrill Lynch; $300 million seven-year term loan talked at Libor plus 175 bps; $75 million five-year revolver talked at Libor plus 175 bps, 50 bps commitment fee; help fund acquisition of American Medical Instruments Holdings Inc.; Vancouver, B.C.-based specialty pharmaceutical company.

FRESENIUS MEDICAL CARE AG: Bank meeting Feb. 24; $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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