IPOs/Recent Issues – ORAPHARMA –

Warminster, Pa.

Went public 3/9/2000 at $18 apiece

Filing Range:4 mil. shares @ $15 to $17

Shares Outstanding:12.6 mil. shares

Underwriters:Robertson Stephens

U.S. Bancorp Piper Jaffray/Gerard Klauer Mattison

FINANCIALS

(Data in $ millions)

Y/E Y/E

12/98 12/99

Total Revenue – –

Net Loss -8.77 -12.98

The Company:

Founded in August 1996, OraPharma is developing pharmaceutical products for the treatment of oral diseases and disorders. The comapny completed two Phase 3 clinical trials in October 1999, involving a total of 747 patients, for its first product candidate, Minocycline Periodontal Therapeutic System. MPTS is designed to treat adult periodontitis, a chronic infection caused by plaque buildup on teeth and the leading cause of adult tooth loss. According to published reports citing the American Dental Association, approximately 50 million Americans have periodontal disease and only 7.5 million Americans are currently receiving treatment. According to industry sources, more than $6.0 billion is spent annually on products and services to treat this condition. The company’s other research and development programs are directed at further establishing a presence in oral care pharmaceuticals and expanding the use of its drug formulation technology. OraPharma MPTS product candidate, uses its core technology – a patented system developed to both allow precise drug placement at the desired site and enable drug-release over several days or weeks – and a specially designed dispenser to place the antibiotic minocycline at the site of periodontal infection. The company intends to create a U.S. sales and marketing force of 50 to 75 persons and to begin hiring and training activities in late 2000. Assuming FDA approval, the company will target approximately 3,700 periodontists and approximately 25,000 general dentists.

Proceeds:

Net proceeds will be used for the development of, obtaining FDA approval for, and the commercialization of MPTS; including sales, marketing and manufacturing scale-up related expenses, expenditures for inventories and capital equipment, licensing payments and ongoing research and development activities.

Venture Backers:

Oak Investment Partners, Canaan Partners, TL Ventures, Frazier & Co., HealthKap KB, Domain Associates, Biotechnology Investments Ltd., Scheer & Co.

Board Members:

Michael Kishbauch

James Mauzey

Christopher Moller

Eileen More

Harry Rein

Seth Rudnick

David Scheer

Jesse Treu