Malvern, Pa.

Went public 11/14/00 at $15 per share

Filing Range:6.0 million shares @ $15 to $17

Shares Outstanding:26.849 million shares

Underwriters: Merrill Lynch & Co./Lehman Brothers/Pacific Growth Equities Inc.

Company Counsel: Dechert Price & Rhoads

Manager Counsel: Brobeck Phleger & Harrison LLP

Auditor: KPMG LLP

The Company:

Develops biopharmaceuticals, including novel analgesics and products for pain management. The company develops next-generation centrally and peripherally-acting, non-addictive analgesics for the treatment of hyperalgesia (inflammatory pain), pruritis (itch), mild-moderate and moderate-severe pain. The company is also developing products that are designed to greatly diminish most of the prevalent and dose-limiting side effects of current narcotic therapy.

Venture Backers

Lightspeed Venture Partners

ARCH Venture Partners

Sprout Group

MPM Capital

OrbiMed Advisors LLC

Alta Partners

TL Ventures

EuclidSR Partners

OneLiberty Ventures

HarbourVest Partners LLC.

Tredegar Investments

Burr Egan Deleage & Co.

Financing Rounds:

Number of Round Amt.

Round # Round Date Stage Investors ($ thousands)

1 11/01/1994 3 Early Stage 1500.0

2 06/01/1996 6 Early Stage 7547.0

3 05/02/1997 9 Expansion 9670.0

4 12/08/1998 9 Later Stage 8525.0

5 01/28/2000 12 Expansion 12300.0

6 07/10/2000 10 Later Stage 35883.0


(Data in $ millions)



Total Revenues: 0.0

Net Income: -10.1