Biotech New Deal Calendar

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.

BIOMIMETIC THERAPEUTICS INC. (Nasdaq: BMTI): initial public offering; $50 million of common stock; Franklin, Tenn.-based company has a pipeline of product candidates for the repair and regeneration of musculoskeletal tissues in periodontal bone defects, orthopedic applications and sports injuries to cartilage, ligament and tendon; company has licensed patents from ZymoGenetics Inc., an exclusive manufacturing agreement with Chiron Corp. and has partnered with Luitpold Pharmaceuticals, Inc. for the worldwide marketing and distribution of GEM 21S; proceeds slated for research and development, license additional molecules and matrix materials, commercialize GEM 21S, hire additional employees and general corporate purposes; biggest pre-IPO investors are Burrill Biotechnology Capital Fund, LP with 21.7%, Novo AS with 15.6% and Holden Capital, LLC with 13.6%; underwriters are Deutsche Bank Securities, Pacific Growth Equities, LLC, First Albany Capital and A.G. Edwards.

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.

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.

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.

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.

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.

UPCOMING BANK CLOSINGS

ANGIOTECH PHARMACEUTICALS INC.: $375 million credit facility (Ba3/BB-); 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: $1.75 billion seven-year term B at Libor plus 137.5 bps; Bank of America and Deutsche Bank, with Bank of America left lead; $1 billion revolver at Libor plus 137.5 bps and $1.85 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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