Biotech New Deal Calendar

WEEK OF FEB. 27

SOMANETICS CORP. (Nasdaq: SMTS): follow-on offering of 2 million shares of common stock; greenshoe of 315,000 shares available; Somanetics director Robert R. Henry is selling 100,000 shares in a secondary offering; Troy, Mich.-based Somanetics said proceeds, estimated at $51.4 million on a net basis and $59.5 million including the greenshoe, are earmarked to accelerate the expansion of sales and marketing activities, sponsor additional clinical trials; and expand research and development efforts; company's lead product is the Invos System, a non-invasive patient monitoring system that continuously measures changes in the blood oxygen levels in the brain; joint lead managers are Citigroup Global Markets Inc. (bookrunner) and SG Cowen & Co.; co-managers are SunTrust Robinson Humphrey and Rodman & Renshaw.

IPOs ON THE HORIZON

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.

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.

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

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.

UPCOMING BANK CLOSINGS

ANGIOTECH PHARMACEUTICALS INC.: Approximately $375 million credit facility; Credit Suisse and Merrill Lynch; $300 million term loan; $75 million revolver; help fund $785 million cash acquisition of American Medical Instruments Holdings Inc.; Vancouver-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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