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| Praecis Pharmaceuticals Incorporated |
| One Hampshire Street, Cambridge, MA 02139 * (617) 494-8400 |
| Business Description | The company is a fully integrated drug discovery and development company with a lead product, abarelix-depot-M, for the treatment of hormonally responsive prostate cancer. To date, abarelix-depot-M has been tested in approximately 1,000 patients with prostate cancer at more than 100 clinical centers. |
| Offering Information Company has | |||
| Trading As | PRCS (NASNTL) | Industry | Pharmaceutical (SIC 2834) |
| Type of Stock Offered | Common Shares | Filing Date | 2/8/00 |
| Domestic Shares Offered | 8,000,000 | Offer Date | 4/26/00 |
| Foreign Shares Offered | 0 | Filing Range | $15.00 - $17.00 |
| Company Shares | 8,000,000 | Offer Price | $10.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.700 |
| Gross Proceeds | $80,000,000 | Selling | $0.420 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 39,970,000 | Employees | 71 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Salomon Smith Barney | Lead Manager | (212) 723-7300 |
| CIBC World Markets | Co-manager | (212) 667-7400 |
| CS First Boston | Co-manager | (212) 325-2000 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | - - Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/97 | 12/31/98 | 12/31/99 | ||||
| Revenues | - | - | 17.773 | 39.567 | 61.514 | - | - |
| Income from Oper. | - | - | -1.060 | 2.258 | 6.577 | - | - |
| Net Income | - | - | 0.204 | 5.674 | 9.250 | - | - |
| E.P.S | - | - | 0.050 | 0.990 | 1.510 | - | - |
| Revenue Growth (%) | - | - | 122.62 | 55.468 | - | ||
| Net Income Growth (%) | - | - | 2,681.37 | 63.02 | - | ||
| Oper. Profit Margin (%) | - | - | - | 5.71 | 10.69 | - | - |
| Net Profit Margin (%) | - | - | 1.15 | 14.34 | 15.04 | - | - |
| Cash Flow - Oper. | 12.88 | - | - | ||||
| Cash Flow - Inv. | -3.56 | - | - | ||||
| Cash Flow - Fin. | -0.10 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/99 | Financial Ratios | ||||
| Total Assets | 140.33 | Current Assets | 134.29 | Current Ratio | 2.79 |
| Total Liab. | 52.62 | Current Liab. | 48.07 | Debt Ratio | 37.49% |
| Total Equity | 87.72 | Working Cap. | 86.22 | Debt to Equity Ratio | 0.60 |
| Cash | 94.53 | Return on Assets | 6.59% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for the production of abrelix drug product, our new facility and related improvements, clinical trials, preclinical testing and other research and development activities, sales and marketing expenses, the acquisition of complementary businesses, products or technologies, working capital and general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Skadden, Arps, Slate, Meagher & Flom |
| Bank's Law Firm | Goodwin Procter & Hoar |
| Registrar/Transfer Agent | American Stock Transfer & Trust Co |
| Auditor | Ernst & Young |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Chase Venture Capital Associates, L.P. | 22.96 | |
| J.H. Whitney & Co. | 10.66 | |
| Quantum Industrial Partners LDC | 8.43 | |
| Sanofi-Synthelabo Inc. | 6.33 | |
| Sutter Hill Ventures | 6.15 | |
| Greylock Limited Partnership | 5.61 | |
| Vulcan Ventures, Inc. | 5.13 | |
| Note: represents ownership of 5% or more prior to the offering. | ||