Press Release

MoFo San Diego Assists in Raising Over $200 Million in Life Sciences Venture Capital in First Three Quarters of 2003

San Diego - November 24, 2003 - During the first three quarters of 2003, the San Diego office of Morrison & Foerster has helped life sciences companies raise over $200 million, including over $60 million raised in the third quarter. Those third quarter deals include:
CancerVax Corporation - Just prior to their going public in October, 2003, we represented Forward Ventures in a $41,000,000 Series C Preferred Stock offering for CancerVax Corporation. CancerVax is a San Diego-based biotechnology company focused on the research, development and commercialization of biological products for the treatment and control of cancer. In addition to Forward Ventures, other investors who participated in the round included, Amerindo, Athenian Venture Partners, AVP Technology, Dow, J.P. Morgan and Vector.

Kemia, Inc. - We represented Kemia, Inc. in a $10,100,000 third tranche of financing which completed a $19,000,000 Series A Preferred Stock offering. Kemia is a San Diego-based drug discovery company developing new classes of medicine for clinically validated disease targets. Investors included Alta Partners, Forward Ventures, Novartis BioVentures and Texas Pacific Group.

BBB Biotechnologies, Inc. - We represented Forward Ventures in a $3,700,000 Series A Preferred Stock offering for BBB Biotechnologies, Inc., which was formerly called Quantum Bioscience, Inc. BBB Biotechnologies, Inc. has developed a proprietary platform for delivering therapeutics and other compounds across the blood brain barrier, selectively to brain tumors and brain disorders, such as stroke, head injury and central nervous system infection. Other investors included Domain Associates and RCT BioVentures. We currently represent BBB Biotechnologies as corporate counsel.

AnalgesiX, Inc. - We represented AnalgesiX, Inc. in a $375,000 financing. AnalgesiX is part of the University of California, San Diego Translational Medicine (UCSD TransMed) program, a novel framework for facilitating private investment in early stage life sciences technology. AnalgesiX is focused on the development of a potent new drug for pain management and inflammation. Forward Ventures, the first investor to successfully complete an arrangement through the UCSD TransMed program, will provide funding to AnalgesiX for up to three years.

These third quarter financings are in addition to over $150 million raised earlier in the year for Santaurus, Inc. ($55,100,000 private placement of Series D Preferred Stock), Acorda Therapeutics, Inc. ($55,400,000 Series J Preferred Stock financing) and Hypnion, Inc. ($48,500,000 Series B Preferred Stock financing). The Santarus, Acorda and Hypnion financings are three of the ten largest U.S. biotech financings of the year.



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