November
2007 issue
Health Care IPOs Surviving Stock Market
Jitters?--
So Far, Most IPOs Priced In 2007 Still Trading Above Initial Offering Prices
While the broader markets may be feeling a wintry draft right now, in health
care this fall, positive aftermarket performance is a warm glow for several
companies that priced IPOs so far this year.
...
Health Care VC
Funding In 2007 Set To Surpass 2006:
Venture Capital Keeps Flowing Into Health Care, Shows No Signs Of Slowing
Already this year $8.2 billion has been invested in 405 health care venture
capital deals, and at this point, both deal flow and dollar volume appear to
be keeping pace with the increasing activity this market has witnessed in
recent years.
...
Mergers & Acquisitions
During October, several acquirers made two deals apiece, five deals in
excess of a billion dollars each were announced and one deal features the
acquisition of a pharma by a brewing company.
...
Venture Capital Funds
Some rumblings from industry groups highlight recently proposed tax
treatments that could affect venture capital funds, but meanwhile, new
health care funds are being raised, closed and deployed.
...
Private Placements
The health care private placements announced
in October include two investments that were led by the chairman of the
board of the respective companies that announced deals.
...
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News Read the past
headlines.
Companies Mentioned in this issue:
November 2007
20/10 Perfect Vision p15
3SBio p2
5AM Ventures p12
A
Aastrom Biosciences p14
Abbott p16
Abbott Nutritionals p16
Abingworth Management p10
Ablynx p12
Acceleron Pharma p10
Acorn Acquisition p8
Adams Street Partners p11
Adeza BioMedical p12
Adnexus Therapeutics p2
Advanced Technology Ventures p10
Advaxis p14
Affymax p11
Agendia p12
Aisling Capital p9
Akela Pharmaceutical p4
Alcon p5
Alere Medical p7
ALIGN Pharmaceuticals p8
Allergan p8
Allozyne p11
Almost Family, Inc. p8
Alpharma p8
Amacore Group p8
American Academy of Physical Medicine and Rehabili p16
Anacor Pharmaceuticals p7
AngioScore p11
Apollo Light Systems p8
Applied NeuroSolutions p14
Apria Healthcare p8
APT Pharmaceuticals p9, p11
Archemix p4
Arteriocyte Medical Systems p11
Arura Pharma p14
ARYx p4
Aspreva p12
Aspreva Pharmaceuticals p8
AstraZeneca p7
athenahealth p1
ATS Health Services p7
ATS Medical p4
ATV Capital p3
Aurora Funds p9
AVANT Immunotherapeut. p8
Azimuth Opportunity, Ltd. p13
B
BA Venture Partners p11
Bain Capital p10
Banc of America Securities p5
Bank of America p11
Bankhaus Wolbern p11
Bay City Capital p3
Bear, Stearns p4
Bessemer Venture Partners p10
BG Medicine p12
Bio-Stat Healthcare Group p7
BioForm Medical p4
BioFund Ventures p10
Biogen Idec New Ventures p10
BioHeart p4
Biolipox p8
Bionovo p4
Biophan Technologies p4
BioVeda Fund p10
Blackmont Capital p5
BMO Capital p4, p14
Boehringer Ingelheim p8
Boston Life Science Ventures p9
Bracco Diagnostics p8
Bradley Pharmaceuticals p8
Brangold, Ltd. p8
Breen Murray p14
Bristol-Myers Squibb p2
Brook Venture Partners p11
Brookside Assisted Living p8
Brookside Capital p3
C
Canaccord p4
Canon Staar Co., Inc. p8
Canyon Creek Devel. p8
Capital Partners p10
Cardica p4
Carter Securities p14
Cartesian Medical Group p5
Celldex Therapeut. p8
Center for Venture Research at the University of N p9
CeraPedics p11
Cerexa p12
Certified Diabetic Services p14
Charter Life Sciences p9
CHDI, Inc. p14
China Shenghuo Pharmaceuticals p1
Chroma Therapeutics p12
CIBC p4
Clarus Ventures p9
CM Capital p9
CMEA Ventures p12
Computer Sciences Cp. p8
Conatus Pharmaceuticals p12
CORA Health Services p8
Coram p8
Cowen and Company p2
Crdentia p7
Crdentia Corporation p7
Credit Suisse p3
Critical HomeCare p4
Cross Creek Capital p11
Crucell p7
Cubist Pharmaceutic. p8
Cutlass Capital p3
Cyclacel Pharmaceut. p8
Cytokinetics p4, p13
Cytyc p12
D
D.A. Davidson. p4
Dawson James p5
Deerfield Capital Partners p10
Delphi Ventures p12
Dendreon Corporation p13
Desjardins Securities p5
Deutsche Bank p3
DFJ ePlanet p12
DFJ ePlanet Ventures p12
DFJ Frontier p12
DFJ Growth Fund p12
DFJ Mercury p9
Direct Flow Medical p11, p12
Direvo Biotech p11
Domain Associates p10
Dow Chemical p10
Draper Fisher Jurvetson p12
Dundee Securities p5
DUSA Pharmaceuticals p14
Duska Therapeutics p14
DW Healthcare Partners p11
E
E-Z-EM, Inc. p8
Eli Lilly and Company p5
ELITech Group p8
Employee Benefit Research Institute p16
Endosurgery, Apollo p11
Ensign Group p4
EnteroMedics p4
Equity Group Investments p11
Essex Woodlands Healthcare Ventures p11
Excel-Tech Ltd. p8
EyeTel Imaging p4
F
Family and Children’s Svcs. p8
First Consulting Group p8
Flagship Ventures p10, p11
Fletcher Spaght Ventures p11
FlowCardia p12
Forest Laboratories p12
ForSight Newco II p8
Foundation Medical p11
Frazier Healthcare Ventures p9, p10
G
Galenica Group p8
GE Healthcare Financial Services p10
Genetic Immunity p11
Genoptix p5
Georgia Venture Partners p10
Gilde Healthcare Partners p12
Glaxo-SmithKline p7
Glenmark Pharmaceutical p7
Global Insight p15
Goldman, Sachs p11
Great Point Partners p9, p11
Greatbatch, Inc. p8
Greenhouse Capital Partners p11
Growthink p9
H
H.I.G. Ventures p9
Haemonetics Corp. p8
HBM BioVentures p10
HealthCap p10
Helicos Biosciences p2
High Throughput Genomics p11
HistoRx p11
Horizon Technology Finance p10
I
IBG Beteiligungsgesellschaft p11
Ikonisys p11
Illumigen p8
Ilypsa p12
Insulet p2
InterMune, p5
Inverness Medical Innovations p7
IR Biosciences p2
Isis Pharmaceuticals p14
ISTA Pharmaceuticals p12
J
JAFCO Technology Partners III p12
JAFCO Ventures p12
Jefferies p4
Johnson & Johnson Development Corporation p10
Johnson & Johnson p8
Johnson & Johnson Development p12
Johnson & Johnson Development Corporation p10
JPMorgan p2
K
Kinetic Concepts p5
King Pharmaceuticals p8
Kingsbridge Capital p13
Kirin Brewery Co. p7
Kleiner Perkins Caufield & Byers p10
Kyowa Hakko Kyogo Co. p7
L
L.C. Williams & Associates Research Group p16
Laboratories Almirall p8
Laurentian Bank Securities p14
Lazard p4
Lazard Capital Markets p3
Leerink Swann p3
Lehman Brothers p2
Life Science Partners p10
Lifeguard Benefit Services p8
Linkage Biosciences p11
Living Cell Technologies p14
Lombard Odier Darier Hentsch & Cie p10
London Business Angels p11
London Seed Capital p11
Lumen Medical p8
M
MacroChem p8
MacroGenics p7
MannKind Corporation p13
MAP Pharmaceuticals p3
Marval Biosciences p9
Masimo p1
MB Venture Partners p11
McKesson Corp. p8
Meda AB p8
Medical People Health Services p7
Medicals Direct Group p8
MedImmune Ventures p9
Mediphase Venture Partners p12
Merck Capital Ventures p11
Mercy Outreach Surgical Team p16
Meritain Health p16
Merlin Nexus p11
Merrill Lynch p3
Merriman Curhan Ford p4
Merrion Pharmaceuticals p4
Metabasis p12
Metastatix p9, p10
Mexican Rotary Clubs p16
Michelson Diagnostics p11
Midtown Partners & Co. p14
MMC Ventures p11
Morgan Stanley p3, p4
Morton Grove Pharmaceut. p8
MPM BioEquities p10
MPM Capital p11
N
National Technology Enterprises Company p9
National Venture Capital Association p9
Natus Medical p8
Navigator Technology Ven. p11
NBGI Technology Fund II p15
NBGI Ventures p12
Neurobiological Technol. p4
New England Venture Network p15
New Enterprise Associates p1
New Gilde Healthcare II Fund p12
New Leaf Ventures II p11
NLV Partners p11
Nomura Phase4 Ventures p10
Nomura Phase4 Ventures p9
NovaBay Pharmaceuticals p5
Novartis BioVentures p9
NPS Pharmaceuticals p7
Nycomed SCA p8
O
Oak Investment Partners p10
Obagi Medical p4
Ocimum Biosolutions p8
Oncology Therapeutics p8
Optherion p10
Optimer Pharmaceuticals p13
OrbiMed Advisors p3, p10
Orchid Cellmark p8
Orexo p8
Orphan Europe p8
Orthovita p8
Outrider Investors p11
OVP Venture Partners p11
Oxford Bioscience Partners p11
Oxford Finance Corp. p10
Oxford Immunotec p9
P
Pappas Ventures p10
Paratek Pharmaceuticals p9
Partnership for Workplace Health p16
Patient Safety Technologies p14
Paul Capital Healthcare p13
Pearl Therapeutics p12
Pediatrix Medical p7
PerkinElmer p8
Perseus-Soros Biopharmaceutical p3
Pharmasset p2
Pharming Group p13
Phase Bioscience p11
Pieris p12
Piper Jaffray p2, p4
Polaris Ventures p10
Power Medical Inv p4
Prelude Trust p10
Prolacta Bioscience p12
Protalix p5
Providence Service p8
Psilos Group Management p11
PTV Sciences p11
Punk, Ziegel p4, p14
Purdue Pharmaceutical Products p10
Pure Bioscience p14
Q
QLT, Inc. p8
Quaker BioVentures p10
Quality of Life Home Hlth. p8
Quan Emerteq p8
Quest for Growth p10
Quester p10
QVT Financial p10
R
Radiation Therapy Services p7
Radius Ventures p3
Raytel Cardiac Services p8
Recip AB p8
Recordati SpA p8
Regentech p11
ReliaGene Technologies p8
Reliant Pharmaceuticals p4
Relypsa p12
Respironics p8
Reverse Medical Corporation p15
Rockefeller University p10
Rodman & Renshaw p11, p14
Rotary International p16
Royal Philips Electron. p8
Rules-Based Medicine p11
S
S.R. One p9
Sante Health Ventures p11
Sapient Capital p3
Scale Venture Partners p11
SCG Investments p10
Select Medical Corp. p8
SF Capital Partners p14
Shire p8
Simplex Diabetic Supply p1
Sirna Therapeutics p12
Sirtris Pharmaceuticals p1
Skyline Ventures p3
Solstice Capital p11
Spinal Restoration p11
Spring Medical Systems p9
Sprout Group p11
STAAR Surgical Co. p8
Stanford Group p4
Sutter Hill Ventures p10
Symphogen p12
Synta Pharmaceuticals p7
Syntaxin p10
SyntheMed p4
T
TA Associates p7
Targanta Therapeutics p3
Telegraph Hill Partners p11
Tengion p10
Texas True Choice p8
The Boston Globe p15
The Practice p1
Thomas Weisel Venture Partners p3
Three Arch Partners p11
TomoTherapy p4
Trans1 p2
Transcept Pharmaceuticals p12
Transoma Medical p4
Trevi Health Ventures p11
TriReme Medical p11
TVM Capital p11
U
U.S. House of Representatives Ways and Means Commi p15
UBS Investment Bank p2
University of Iowa p10
University of Minnesota p3
Urigen Pharmaceuticals p4
V
VantagePoint Venture Partners p10
VaxGen p4
Venrock p10
Versant Ventures p9
Vestar Capital p7
ViaCell p8
Viant Holdings p8
VirtualScopics p4
VisEn Medical p11
Vital Scientific N.V. p8
Vivo Ventures p9
Volcano Corp. p4
W
Wachovia Capital Markets p2
Water Street Healthcare Partners p11
Wellington Partners p9
William Blair & Co. p4
Wockhardt Limited p8
WuXi PharmTech p1
X
Xcellerex p10
XDx p4
Xencor p11
XTL Biopharmaceuticals p4, p14
Y
Yale University p10
Z
ZARS Pharma p2 |
Health Care IPOs Surviving Stock Market
Jitters?--
So Far, Most IPOs Priced In 2007 Still Trading
Above Initial Offering Prices
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Although in recent weeks
uncertainty has been spider-webbing through the credit markets, and the
stock market has seen a few shaky days, most of the health care companies
that have gone public this year are still performing fairly well. Since
the beginning of 2007, 35 health care companies have priced IPOs totaling
nearly $3.4 billion in gross proceeds. More than half of those that have
priced an IPO this year were priced within or above the anticipated
ranges, and 66% of them were still trading at or above their IPO prices on
October 31. Four companies are doing exceptionally well, with share prices
that more than doubled by the end of October. Another five posted share
price increases exceeding 50% since their IPOs. The two companies with the
greatest increase in share price, WuXi PharmTech (NYSE: WX) and
China Shenghuo Pharmaceuticals (AMEX: KUN), are both based in The
Peoples Republic of China. The top 10 health care IPOs priced so far in
2007 appear in the chart on page 2
of the November issue of Healthcare Corporate Finance News.
Among United States-based companies, athenahealth (NASDAQ: ATHN),
Masimo (NASDAQ: MASI), Sirtris Pharmaceuticals (NASDAQ: SIRT),
Trans1 (NASDAQ: TSON)—which just went public in October—and
Insulet (NASDAQ: PODD) posted impressive gains. The only underwriter
that led more than one of these top IPOs—namely, Sirtris and Insulet—was
JPMorgan; the firm was also involved in the WuXi and Helicos
Biosciences (NASDAQ: HLCS) offerings. Other underwriters that were
instrumental in the most successful health care IPOs so far this year are
Piper Jaffray, which led Masimo’s IPO and assisted with Trans1’s,
and also UBS Investment Bank, which led Helicos’ IPO and assisted
with Pharmasset’s. UBS Investment Bank also led the initial public
offering of 3SBio (NASDAQ: SSRX), another of the top ten most
impressive health care IPOs priced so far this year.
During October 2007, five health care companies priced initial public
offerings, three submitted new filings for IPOs and seven filed proposed
terms for their IPOs. In addition, five more health care companies
submitted amendments to the terms of their IPO filings. Two health care
companies withdrew IPO filings, including ZARS Pharma, which cited
current market conditions, and Adnexus Therapeutics, which cited
its merger with Bristol-Myers Squibb (NYSE: BMY). Ten health care
companies filed for secondary public offerings, while six others priced
secondary offerings. One, IR Biosciences (NASDAQ: IRBO), withdrew a
secondary offering, citing that it might instead pursue a private
offering. Also in October, Trans1, with underwriters led by joint
book-running managers Lehman Brothers and Piper Jaffray, priced
5,500,000 shares above range at $15.00 per share. Cowen and Company
and Wachovia Capital Markets acted as co-managers for the offering.
As we were going to press, TSON’s stock was trading at about $25 per
share. The proceeds from the IPO are intended to support the
commercialization of TSON’s existing and future products, to support its
research and development activities, clinical trials and regulatory
approvals, and for capital expenditures, working capital and other general
corporate purposes, including the expansion of its direct sales force.
Trans1 is focused on developing products that implement its proprietary,
minimally invasive surgical approach to treat degenerative disc disease
affecting the lower lumbar region of the spine. TSON produces
instrumentation that enables surgeons to access certain vertebrae in the
spine to perform lumbar surgery in a minimally invasive manner, while
adhering to standard-of-care fusion principles and mitigating the soft
tissue trauma associated with traditional lumbar fusion, which is done
through larger, open surgical incisions. TSON’s technology enables the
delivery, positioning and fixation of its devices to be completed by way
of a percutaneous, trans-sacral approach so that through an incision less
than one inch long, surgeons may remove diseased disc material,
re-establish normal disc height and stabilize the spine to enable lumbar
fusion, without disrupting the structure of the paraspinal soft tissue
around the surgery site. TSON is also developing a disc replacement
product and a prosthetic disc nucleus that are designed to preserve motion
in the lumbar spine. The company already has certain products on the
market, and anticipates others may be approved by the FDA during 2008.
Rick Randall is the president & CEO of Trans1 and a member of its board,
which also includes Michael Carusi of ATV Capital, Mitchell Dann of
Sapient Capital, Jon Osgood of Cutlass Capital and James
Shapiro of Thomas Weisel Venture Partners—as well as Andrew Cragg,
M.D., who is a clinical professor at the University of Minnesota
and the founder of Trans1. For the year ended December 31, 2006, Trans1
generated revenues of $5.8 million, and for the six months ended June 30,
2007, revenues of $4.1 million.
Among other health care companies that hit the public market in October,
MAP Pharmaceuticals (NASDAQ: MAPP) priced an initial public
offering of 5,750,000 shares, including the underwriters’ over-allotment
option, below range at $12.00 per share. Although initially MAPP’s stock
shot up to trade at about $20 per share, it began sliding down on its
second day on the market, and during the last few days of October MAPP’s
stock was trading in the range of $13-$15 per share. The offering was
underwritten by Merrill Lynch and Morgan Stanley, together
with Deutsche Bank. Headquartered in Mountain View, California, MAP
is using its proprietary inhalation technologies to enhance the
therapeutic benefits and commercial attractiveness of proven drugs while
minimizing risk by capitalizing on their known safety, efficacy and
commercialization history. Currently, MAP Pharmaceuticals has several
proprietary product candidates in clinical development to address large
market opportunities, including one for pediatric asthma and one for
migraine. The company has announced positive results from phase II
clinical studies of both drugs, and anticipates initiating phase III
clinical programs for both by early 2008. MAPP holds the worldwide
commercialization rights for each of its product candidates, and intends
to market them in the United States through its own focused sales force,
targeting pediatricians with the asthma product, and neurologists and
headache specialists with the migraine product. Including its Series D
financing, which was announced in March 2007, MAPP raised more than $105
million in venture funding since 2004, from investors including D.E.
Shaw Group, Perseus-Soros Biopharmaceu-tical, Bay City Capital and
Skyline Ventures.
MAPP is not yet profitable and does not expect to be profitable in the
foreseeable future; as of June 30, 2007, the company had accumulated a
deficit of approximately $77 million. MAP Pharmaceuticals believes that
the net proceeds from the IPO, along with existing cash, cash equivalents
and short-term investments, will be sufficient to fund its projected
operating requirements for at least 12 months. However, the company
declared in an SEC filing that it will need to raise substantial
additional capital in the future in order to actually complete the
development and commercialization of the two product candidates, and to
fund the development and commercialization of other product candidates.
MAPP expects to finance its future cash needs through public or private
equity offerings, debt financings or corporate collaboration and licensing
arrangements, until (if ever) it can generate a sufficient amount of
product revenue to support operations.
Targanta Therapeutics (NASDAQ: TARG) priced its IPO of 5,750,000
shares below range at $10.00 per share, with underwriters led by Credit
Suisse and including Cowen and Company, Lazard Capital Markets
and Leerink Swann. Targanta’s stock has been trading in a fairly
stable range so far, at about $8 to $9 per share. The proceeds from the
IPO are intended to support ongoing clinical development and
commercialization activities, and will also be used for repaying debt and
other corporate purposes, possibly including the acquisition of or
investment in complementary products, technologies or companies.
Originally founded in 1997, Targanta raised its most recent venture round
in February 2007, a $70 million financing provided by Brookside Capital,
Skyline Ventures, Radius Ventures, OrbiMed Advisors and other
investors.
Targanta, a biopharmaceutical company, is focused on developing and
commercializing antibiotics for serious infections that are typically
treated or acquired in hospitals and other institutional settings. TARG’s
lead product, oritavancin, an intravenous antibiotic, is currently being
developed as a treatment for serious gram-positive bacterial infections,
including complicated skin and skin structure infections (cSSSI), as well
as bacteremia, an infection caused by bacteria in the bloodstream. TARG
expects to file a new drug application with the FDA in the first quarter
of 2008, and hopes to begin commercializing oritavancin for the treatment
of cSSSI following regulatory approval, which it hopes will occur in late
2008. Once the product is approved in the United States, Targanta hopes to
also receive regulatory approval in Europe, among other countries, and may
out-license oritavancin to, or collaborate with, third parties. Eli
Lilly and Company (NYSE: LLY) originally discovered oritavancin, a
semi-synthetic glycopeptide antibiotic, and TARG acquired the worldwide
rights from InterMune, Inc. (NASDAQ: ITMN) in late 2005. Since
then, Targanta believes that it has greatly improved the commercial and
economic prospects of oritavancin, through the resolution of several
FDA-related matters and a reduction of the royalty rate that may be
payable to LLY. Targanta also has another antibiotic in preclinical
development, for the treatment of the bacterial infection that causes
osteomyelitis (an inflammation in the bone).
NovaBay Pharmaceuticals (AMEX: NBY), a biopharma based in
Emeryville, California, priced its IPO of 5,750,000 shares, including the
over-allotment option, at $4.00 per share. NBY debuted on both the
American Stock Exchange and the Toronto Stock Exchange, with underwriters
led by Dundee Securities and Desjardins Securities, and
including Blackmont Capital and Dawson James. NovaBay is
focused on the research and development of a specific class of
antimicrobial compounds that are expected to result in a variety of
products for use in the treatment and prevention of bacterial infections,
initially targeting infections of the eye, ear and nose. Eventually, NBY’s
product candidates could have applications for use against infections
found in hospital and non-hospital environments—but the compounds still
need to be taken through phase I, II and III clinical trials, which could
take up to five years and cost up to $30 million per indication. In
addition, NBY is developing a solution containing hypochlorous acid, for
use in wounds, that has already been through human safety studies and
phase II studies under an FDA-approved investigational new drug
application.
Currently, NovaBay has a collaboration and licensing agreement in effect
with Alcon, Inc. (NYSE: ACL), and another with Kinetic Concepts
(NYSE: KCI), through which NBY is generating some revenues. NBY has
also been funding its operations through private investments, and as of
June 30, 2007, had accumulated losses of approximately $15.5 million. The
proceeds from the IPO will be used primarily to fund preclinical, phase I
and phase II trials, and may also fund acquisitions of or investments in
complementary businesses, services or technologies. NBY may also use a
portion of the funding to support the establishment of strategic marketing
relationships with third parties.
Lehman Brothers was the sole book-running manager in the initial public
offering of Genoptix (NASDAQ: GXDX), which was priced above range
at $17.00 per share, and also included underwriters Banc of America
Securities and Cowen and Company. The IPO consisted of 5,750,000
shares, including 71,286 shares offered by the selling stockholders and
750,000 shares for the underwriter’s over-allotment option. Genoptix’s
revenues increased 165% from $9.3 million for the six months ended June
30, 2006 to $24.6 million for the six months ended June 30, 2007. Its net
loss for the year ended December 31, 2006 was $3.8 million.
Carlsbad, California-based Genoptix is a laboratory service provider that
concentrates on marketing its specialized diagnostic services to
community-based hematologists and oncologists, for use in the treatment of
malignancies of the blood and bone marrow, as well as other forms of
cancer. Genoptix has contracted with Cartesian Medical Group, Inc.,
which provides hematopathology and other pathology services to aid
physicians in making treatment decisions. GXDX believes that its
customer-centric service model enables the delivery of diagnostic services
that are superior to those of its competitors. Genoptix arranges the
transportation of samples, reviews all documents and materials relating to
each patient case to determine the levels of acuity and urgency, and also
confirms that the appropriate tests are ordered and conducted. Each
patient case is assigned to a single hematopathologist for interpretation
and integration, as well as to identify any further diagnostic tests that
should be performed, and to synthesize and summarize all the results and
information into one report for the client.
One secondary that was priced in October stands out: a $50 million
offering by Israel-based Protalix (AMEX: PLX), which is focused on
developing and commercializing recombinant therapeutic proteins based on
its proprietary cell expression system. We are very curious to know why
the shares in the offering were priced at more than an 86% discount to the
stock’s prior-day trading price.
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