IPOs/recent issues: Dendreon –

Seattle, Wash.

Went public 6/16/2000 at $10 apiece

Filing Range: 4.5 mil. shares @ $12 to $14

Shares Outstanding: 20.76 mil. shares

Underwriters: Prudential Vector Healthcare/Pacific Growth

Equities Inc./SG Cowen Securities Corp.

Company Counsel: Cooley Godward LLP

Manager Counsel: Skadden, Arps, Slate, Meagher & Flom

Auditor: Ernst & Young LLP

The Company:

Develops cell therapies for the treatment of cancer and viral infections. Its products feature the use of antigen pulsed dendritic cells as therapeutic agents. The company also develops immunotherapy for prostate cancer in order to stimulate the immune response and delay the progression of the disease.

Investors

Healthcare Ventures LLC

Vulcan Ventures Inc.

New York Life Venture Capital Group

Sanderling Ventures

Shaw Venture Partners

Corporate Advisors

Rho Management

Financing Rounds:

Number of Round Amt.

Round # Round Date Stage Investors ($ thousands)

1 01/01/1996 6 Early Stage 6232.0

2 08/12/1997 7 Early Stage 12000.0

3 07/31/1998 5 Expansion 4700.0

4 09/16/1999 5 Later Stage 13179.9

5 02/01/2000 1 Later Stage 4130.0 59

Financials:

(Data in $ millions)

Y/E

12/31/99

Total Revenues: $3.51

Net Loss: -12.96