Biotech financing reflected this situation – and by the end of 2009 the industry had done itself proud. Importantly, investors returned to already-public companies, filling their coffers with money from follow-on stock offerings, debt financings, and other types of placements. Indeed, there were 57 follow-on stock offerings alone, which together raised more than $5.1 billion in new funds. That’s a substantial improvement over 2008, when only 12 follow-on offerings priced the entire year, and even beat out 2007, when 35 follow-ons occurred.

Investors are still largely bypassing biotech and specialty pharma company IPOs. In 2009, only four companies debuted on U.S. markets, while an additional four went public ex-U.S. (including Russia).

As a service to its readers, Signals published this article in January 2009 to track U.S.-based financings for the year. Throughout the year we updated the lists on a continuous basis. We tracked the progress of each IPO and follow-on offering and also kept a log of those offerings that were postponed or withdrawn.

What follows is the complete list of all public offerings made on U.S. exchanges in 2009. If you’d like to track public financing in 2010, please refer to the Signals article, “Class Of 2010: New Year, New Hope.”

To make it easier for you to navigate this article, we’re providing some internal links. The section that covers IPOs that priced follows directly. To check out the follow-on offerings, click here. For withdrawals and postponements, click here.

Completed IPOs

§ Dec. 9, 2009: China Nuokang Bio-Pharmaceutical Inc. (NASDAQ:NKBP): Developing hematologic and cardiovascular therapies. Lead products include Baquting, a hemocoagulase that is derived from the venom of the pit viper; Aiduo, a cardiovascular stress imaging agent; and Aiwen, an anti-arrhythmic agent. On Dec. 9, priced 5M ADSs (1 ADS = 8 shares) at $9.00 per ADS. Of those the company sold 4,526,979 ADSs for gross proceeds of $40.7M. Selling shareholders sold the rest. Underwriters: Jefferies & Co.( sole book-running manager) and Oppenheimer & Co. (co-manager). First-day change: -4%.

§ Oct. 7, 2009: Omeros Corp.: (NASDAQ:OMER): Developing therapies derived from the PharmacoSurgery platform, in which low-dose drug combinations are delivered directly to the surgical site throughout the procedure to preemptively inhibit inflammation and other problems caused by surgical trauma as well as to provide clinical benefits. Four products are in clinical trials. On Oct. 7, priced 6.82M shares at $10.00 per share for gross proceeds of $68.2M. Underwriters: Deutsche Bank Securities (sole book-running manager); Wedbush PacGrow Life Sciences (co-lead manager); Canaccord Adams; Needham & Co.; Chicago Investment Group; and National Securities Corp. First-day change: -13%.

§ Sept. 30, 2009: Talecris Biotherapeutics Holdings Corp.: (NASDAQ:TLCR): The company, a spin-out of Bayer Healthcare’s plasma products business group, is developing plasma-derived protein therapeutics for immune deficiency disorders, alpha-1 antitrypsin deficiency, infectious diseases, hemophilia and severe burns. It already markets numerous products, including Gamunex IGIV, an intravenous immunoglobulin for treating primary immune deficiency and other conditions. On Sept. 30, priced 50.0M shares at $19.00 per share. Of those, the company sold 28,947,368 shares for gross proceeds to the company of $550M. A selling stockholder sold the remaining shares for gross proceeds to the stockholder of $400M. Underwriters: Morgan Stanley; Goldman Sachs & Co.; Citigroup Global Markets; and J.P.Morgan Securities (joint book-running managers); Wells Fargo Securities; Barclays Capital; and UBS Investment Bank. First-day change: +11%.

§ Aug. 10, 2009: Cumberland Pharmaceuticals Inc.: (NASDAQ:CPIX): A specialty pharma company that is developing branded drugs for the hospital acute care and gastroenterology markets. Two products are on the market -- Acetadote for acetaminophen poisoning and Kristalose for chronic and acute constipation -- and a third -- Caldolor for treating pain and fever -- received FDA approval in June 2009. On Aug. 10, priced 5M shares at $17.00 per share for gross proceeds of $85.0M. Underwriters: UBS Investment Bank (sole book-running manager); Jefferies & Co.; Wells Fargo Securities; and Morgan Joseph. First-day change: -1%.

Completed Follow-Ons

§ Dec. 10, 2009: Dendreon Corp. (NASDAQ:DNDN) priced a follow-on offering of 15.0M shares at $24.75 per share for gross proceeds of $371.2M. On Dec. 11, raised an additional $55.7M by selling the full overallotment (2.25M shares). Total gross proceeds: $426.9M. Underwriters: J.P. Morgan Securities and Deutsche Bank Securities (joint book-running managers); Citigroup Global Markets; Morgan Stanley & Co.; Lazard Capital Markets; Leerink Swann; and Needham & Co.

§ Dec. 4, 2009: Ziopharm Oncology Inc. (NASDAQ:ZIOP) priced a follow-on offering of 15,484,000 units (1 unit = 1 share + 1 warrant to purchase 0.5 share) at $3.10 per unit for gross proceeds of $48.0M. Underwriters: JMP Securities and Rodman & Renshaw (co-lead managers).

§ Dec. 2, 2009: Vertex Pharmaceuticals Inc. (NASDAQ:VRTX) priced a follow-on offering of 11.5M shares at $38.50 per share for gross proceeds of $442.8M. On Dec. 4, raised an additional $57.7M by selling the full overallotment (1.5M shares). Total gross proceeds: $500.5M. Underwriters: Goldman, Sachs & Co. (sole book-running manager); BofA Merrill Lynch; J.P. Morgan Securities; and Morgan Stanley & Co.

§ Dec. 2, 2009: Human Genome Sciences Inc. (NASDAQ:HGSI) priced a follow-on offering of 15.5M shares at $26.75 per share for gross proceeds of $414.6M. On Dec. 8, raised an additional $62.2M by selling the full overallotment (2.325M shares). Total gross proceeds: $476.8M. Underwriters: Goldman, Sachs & Co. and Citigroup Global Markets (joint book-running managers).

§ Nov. 20, 2009: Novavax Inc. (NASDAQ:NVAX) priced a follow-on offering of 6.8M shares at $3.30 per share for gross proceeds of $22.4M. Underwriters: Piper Jaffray & Co. and Lazard Capital Markets (joint book-running managers).

§ Nov. 19, 2009: BioCryst Pharmaceuticals Inc. (NASDAQ:BCRX) priced a follow-on offering of 5M shares at $9.75 per share for gross proceeds of $48.8M. Underwriters: Morgan Stanley (sole book-running manager); JMP Securities; and Oppenheimer & Co.

§ Nov. 19, 2009: Affymax Inc. (NASDAQ:AFFY) priced a follow-on offering of 4,109,589 shares at $18.25 per share for gross proceeds of $75.0M. On Nov. 24, raised an additional $11.2M by selling the full overallotment (616,438 shares). Total gross proceeds: $86.2M. Underwriters: Cowen & Co. and Lazard Capital Markets (joint book-running managers); RBC Capital Markets; and Robert W. Baird & Co.

§ Nov. 19, 2009: China Cord Blood Corp. (NYSE:CO) priced a follow-on offering of 3.3M shares at $6.05 per share for gross proceeds of $20.0M. On Dec. 31, raised an additional $1.9M by selling a partial overallotment (314,867 shares). Total gross proceeds: $21.9M. Underwriters: Rodman & Renshaw (lead book-running manager) and Macquarie Capital.

§ Nov. 18, 2009: Oncolytics Biotech Inc. (TSX:ONC; NASDAQ:ONCY) priced a follow-on offering of 4.25M units (1 unit = 1 share + 0.4 common share purchase warrant) at US$3.00 per unit for gross proceeds of US$12.8M. On Dec. 2, raised an additional US$1.9M by selling the full overallotment (637,500 shares). Total gross proceeds: US$14.7M. Underwriters:Oppenheimer & Co. (sole book-running manager); Canaccord Capital; and Bloom Burton & Co.

§ Nov. 18, 2009: Salix Pharmaceuticals Ltd. (NASDAQ:SLXP) priced a follow-on offering of 6.325M shares (which includes the full overallotment) at $21.00 per share for total gross proceeds of $132.8M. Underwriter: Jefferies & Co.

§ Nov. 11, 2009: Metabolix Inc. (NASDAQ:MBLX) priced a follow-on offering of 3M shares at $9.00 per share for gross proceeds of $27.0M. On Nov. 16, raised an additional $4.0M by selling the full overallotment (450,000 shares). Total gross proceeds: $31.0M. Underwriters: Jefferies & Co. and Thomas Weisel Partners (joint book-running managers).

§ Oct. 28, 2009: Clinical Data Inc. (NASDAQ:CLDA) priced a follow-on offering of 2.75M shares at $17.25 per share for gross proceeds of $47.4M. Underwriters: Piper, Jaffray & Co. (sole book-running manager); Wedbush PacGrow Life Sciences; Roth Capital Partners; and BMO Capital Markets.

§ Oct. 22, 2009:.Eurand N.V. (NASDAQ:EURX) priced a follow-on offering of 8.5M shares at $11.25 per share. Of those, the company sold 2M shares for gross proceeds to the company of $22.5M. Selling stockholders sold the rest. Underwriters: Deutsche Bank Securities and BofA Merrill Lynch (co-leads); Cowen and Co.; and Thomas Weisel Partners.

§ Oct. 16, 2009: Nanosphere Inc. (NASDAQ:NSPH) priced a follow-on offering of 4.7M shares at $7.00 per share for gross proceeds of $32.9M. On Oct. 21, raised an additional $4.9M by selling the full overallotment (705,000 shares). Total gross proceeds: $37.8M. Underwriter: Piper Jaffray & Co.

§ Oct. 8, 2009: Targacept Inc. (NASDAQ:TRGT) priced a follow-on offering of 2.2M shares at $21.00 per share for gross proceeds of $46.2M. Underwriter: Deutsche Bank Securities.

§ Oct. 8, 2009: Savient Pharmaceuticals Inc. (NASDAQ:SVNT) priced a follow-on offering of 4.3M shares at $13.29 per share for gross proceeds of $57.1M. On Oct. 15, raised an additional $8.6M by selling the full overallotment (645,000 shares). Total gross proceeds: $65.7M. Underwriters: J.P. Morgan Securities (sole book-running manager); Wedbush PacGrow Life Sciences; and Lazard Capital Markets.

§ Oct. 8, 2009: Lexicon Pharmaceuticals Inc. (NASDAQ:LXRX) priced a follow-on offering of 33,333,333 shares at $1.50 per share for gross proceeds of $50M. On Oct. 14, raised an additional $7.5M by selling the full overallotment (2,984,111 shares) to the underwriters plus another 2,015,888 shares to Invus L.P., Lexicon’s largest shareholder. Total gross proceeds: $57.5M. Underwriters: Morgan Stanley (sole book-running manager) and Thomas Weisel Partners.

§ Oct. 7, 2009: Allos Therapeutics Inc. (NASDAQ:ALTH) priced a follow-on offering of 14M shares at $7.10 per share for gross proceeds of $99.4M. Underwriters: J.P. Morgan Securities and Citigroup Global Markets (joint book-running managers); Leerink Swann (co-lead manager); JMP Securities; Needham & Co.; and RBC Capital Markets.

§ Oct. 7, 2009: Sangamo BioSciences Inc. (NASDAQ:SGMO) priced a follow-on offering of 3M shares at $7.20 per share for gross proceeds of $21.6M. Underwriter: Jefferies & Company.

§ Oct. 6, 2009: AspenBio Pharma Inc. (NASDAQ:APPY) priced a follow-on offering of 4,482,609 shares at $1.70 per share for gross proceeds of $7.6M. On Oct. 14, raised an additional $1.2M by selling the full overallotment (672,391 shares). Total gross proceeds: $8.8M. Underwriter: ThinkEquity LLC.

§ Oct. 6, 2009: Verenium Corp. (NASDAQ:VRNMD) priced a follow-on offering of 2.25M units (where 1 unit = 1 share + 1 warrant to buy 0.4 share) at $6.00 per unit for gross proceeds of $13.5M. Underwriter: Lazard Capital Markets.

§ Sept. 30, 2009: Dyax Corp. (NASDAQ:DYAX) priced a follow-on offering of 5.5M shares at $3.83 per share for gross proceeds of $21.1M. Underwriter: Jefferies & Company.

§ Sept. 25, 2009: Auxilium Pharmaceuticals Inc. (NASDAQ:AUXL) priced a follow-on offering of 3M shares at $34.50 per share for gross proceeds of $103.5M. On Sept. 29, raised an additional $15.5M by selling the full overallotment (450,000 shares). Total gross proceeds: $119M. Underwriter: Jefferies & Company.

§ Sept. 24, 2009: Incyte Corp. (NASDAQ:INCY) priced a follow-on offering of 18.0M shares at $6.75 per share for gross proceeds of $121.5M. On Sept. 30, raised an additional $18.2M by selling the full overallotment (2.7M shares). Total gross proceeds: $139.7M. Underwriters: Goldman, Sachs & Co. (sole book-running manager); Morgan Stanley & Co.; and J.P. Morgan Securities.

§ Sept. 24, 2009: Qiagen N.V. (NASDAQ:QGEN) priced a follow-on offering of 27.5M shares at $20.25 per share for gross proceeds of $556.9M. On Sept. 29, raised an additional $83.5M by selling the full overallotment (4.125M shares). Total gross proceeds: $640.4M. Underwriters: Deutsche Bank; Goldman Sachs International; and J.P. Morgan (joint global coordinators and joint book-runners).

§ Sept. 23, 2009: Momenta Pharmaceuticals Inc. (NASDAQ:MNTA) priced a follow-on offering of 4.0M shares at $10.75 per share for gross proceeds of $43.0M. On Sept. 28, raised an additional $6.5M by selling the full overallotment (600,000 shares). Total gross proceeds: $49.5M. Underwriter: Leerink Swann (sole book-running manager).

§ Sept. 17, 2009: Vivus Inc. (NASDAQ:VVUS) priced a follow-on offering of 9.0M shares at $10.50 per share for gross proceeds of $94.5M. On Sept. 23, raised an additional $14.2M by selling the full overallotment (1.35M shares). Total gross proceeds: $108.7M. Underwriters: J.P.Morgan Securities (sole book-running manager); JMP Securities; Lazard Capital Markets; and Merriman Curhan Ford.

§ Sept. 17, 2009: Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) priced a follow-on offering of 13.0M shares at $7.25 per share for gross proceeds of $94.3M. On Sept. 22, raised an additional $14.1M by selling the full overallotment (1.95M shares). Total gross proceeds: $108.4M. Underwriters: Credit Suisse Securities (sole book-running manager); Oppenheimer & Co.; and Thomas Weisel Partners.

§ Aug. 20, 2009: AVI BioPharma Inc. (NASDAQ:AVII) priced a follow-on offering of 21,126,761 units (where 1 unit = 1 share + 1 warrant to buy 0.4 share) at $1.42 per unit for gross proceeds of $30M. On Aug. 25, raised an additional $4.5M by selling the full overallotment (3,169,014 units). Total gross proceeds: $34.5M. Underwriters: Jefferies & Co. (sole book-running manager) and JMP Securities.

§ Aug. 11, 2009: Seattle Genetics Inc. (NASDAQ:SGEN) priced a follow-on offering of 11.0M shares at $10.75 per share for gross proceeds of $118.3M. On Aug. 13, raised an additional $17.7M by selling the full overallotment (1.65M shares). Total gross proceeds: $136.0M. Underwriters: J.P. Morgan Securities and Goldman, Sachs & Co. (joint book-running managers); Needham & Co.; Oppenheimer & Co.; RBC Capital Markets; and William Blair & Co.

§ Aug. 6, 2009: MAP Pharmaceuticals Inc. (NASDAQ:MAPP) priced a follow-on offering of 3.5M shares at $9.70 per share for gross proceeds of $34.0M. Underwriters: Deutsche Bank Securities (sole book-running manager); Leerink Swann (co-lead manager); and Wedbush PacGrow Life Sciences.

§ Aug. 6, 2009: Onyx Pharmaceuticals Inc. (NASDAQ:ONXX) priced a follow-on offering of 4M shares at $30.50 per share for gross proceeds of $122.0M. Underwriters: Goldman, Sachs & Co. (sole book-running manager); Barclays Capital; J.P. Morgan Securities; and Lazard Capital Markets.

§ Aug. 5, 2009: Inspire Pharmaceuticals Inc. (NASDAQ:ISPH) priced a follow-on offering of 22,222,223 shares at $4.50 per share for gross proceeds of $100M. On Aug. 10, raised an additional $15M by selling the full overallotment (3,333,332 shares). Total gross proceeds: $115M. Underwriter: Deutsche Bank Securities.

§ Aug. 5, 2009: MannKind Corp. (NASDAQ:MNKD) priced a follow-on offering of 7.4M shares. It sold 6.4M shares at $7.35 per share and 1M shares at $8.11 per share (the latter being sold to company CEO Alfred Mann) for total gross proceeds of $55.2M. On Aug. 10, raised an additional $7.0M by selling the full overallotment (960,000 shares). Total gross proceeds: $62.2M. Underwriters: Jefferies & Co. (sole book-running manager) and Rodman & Renshaw.

§ Aug. 5, 2009: Idenix Pharmaceuticals Inc. (NASDAQ:IDIX) priced a follow-on offering of 7,248,936 shares at $3.14 per share for gross proceeds of $22.8M. Underwriter: Leerink Swann.

§ Aug. 4, 2009: ARIAD Pharmaceuticals Inc. (NASDAQ:ARIA) priced a follow-on offering of 19.0M shares at $1.75 per share for gross proceeds of $33.2M. On Aug. 7, raised an additional $5.0M by selling the full overallotment (2.85M shares). Total gross proceeds: $38.2M. Underwriters: Oppenheimer & Co. (sole book-running manager) and Lazard Capital Markets.

§ July 30, 2009: Micromet Inc. (NASDAQ:MITI) priced a follow-on offering of 14.0M shares at $5.00 per share for gross proceeds of $70M. On Aug. 4, raised an additional $10.5M by selling the full overallotment (2.1M shares). Total gross proceeds: $80.5M. Underwriters: Piper Jaffray (sole book-running manager); RBC Capital Markets; and Merriman Curhan Ford.

§ July 28, 2009: Human Genome Sciences Inc. (NASDAQ:HGSI) priced a follow-on offering of 23,215,000 shares at $14.00 per share for gross proceeds of $325M. On Aug. 3, raised an additional $48.8M by selling the full overallotment (3,482,250 shares). Total gross proceeds: $373.8M. Underwriters: Goldman, Sachs & Co. and Citigroup Global Markets (joint book-running managers).

§ July 23, 2009: Cell Therapeutics Inc. (NASDAQ:CTIC) priced a follow-on offering of 29,332,107 shares at $1.30 per share for gross proceeds of $38.1M. On July 24, raised an additional $5.7M by selling the full overallotment (4,399,816 shares). Total gross proceeds: $43.8M. (This offering also included warrants to purchase up to 8,432,981 shares of stock for $1.70 per warrant share.) Underwriter: Rodman & Renshaw.

§ July 23, 2009: Orexigen Therapeutics Inc. (NASDAQ:OREX) priced a follow-on offering of 10M shares at $7.50 per share for gross proceeds of $75M. On July 24, raised an additional $11.3M by selling the full overallotment (1.5M shares). Total gross proceeds: $86.3M. Underwriters: Leerink Swann (sole book-running manager); Lazard Capital Markets; Canaccord Adams; JMP Securities; and Natixis Bleichroeder.

§ July 8, 2009: XenoPort Inc. (NASDAQ:XNPT) priced a follow-on offering of 2.5M shares at $19.00 per share for gross proceeds of $47.5M. Also in July, the company raised an additional $7.1M by selling the full overallotment (375,000 shares). Total gross proceeds: $54.6M. Underwriters: Morgan Stanley & Co. and Goldman, Sachs & Co.

§ July 8, 2009: Arena Pharmaceuticals Inc. (NASDAQ:ARNA) priced a follow-on offering of 12.5M shares at $4.17 per share for gross proceeds of $52.1M. Underwriter: Piper Jaffray & Co.

§ June 30, 2009: Skystar Bio-Pharmaceutical Company (NASDAQ:SKBI) priced a follow-on offering of 1.4M shares at $12.98 per share for gross proceeds of $18.2M. On July 1, raised an additional $2.7M by selling the full overallotment (210,000 shares). Total gross proceeds: $20.9M. Underwriters: Rodman & Renshaw (sole book-running manager) and I-Bankers Securities.

§ June 25, 2009: Dyax Corp. (NASDAQ:DYAX) priced a follow-on offering of 7,425,743 shares at $2.02 per share for gross proceeds of $15M. On June 30, raised an additional $2.3M by selling the full overallotment (1,113,862 shares). Total gross proceeds: $17.3M. Underwriter: Deutsche Bank Securities.

§ June 23, 2009: Halozyme Therapeutics Inc. (NASDAQ:HALO) priced a follow-on offering of 6.15M shares at $6.50 per share for gross proceeds of $40M. Underwriter: Jefferies & Co.

§ June 18, 2009: ImmunoGen Inc. (NASDAQ:IMGN) priced a follow-on offering of 5M shares at $7.00 per share for gross proceeds of $35M. On June 22, raised an additional $5.3M by selling the full overallotment (750,000 shares). Total gross proceeds: $40.3M. Underwriters: Oppenheimer & Co. (sole book-running manager) and Morgan Joseph & Co. (co-manager).

§ May 27, 2009: Medivation Inc. (NASDAQ:MDVN) priced a follow-on offering of 2.75M shares at $21.00 per share for gross proceeds of $57.8M. Underwriters: J.P. Morgan Securities (sole book-running manager) and Wedbush PacGrow Life Sciences.

§ May 21, 2009: Cephalon Inc. (NASDAQ:CEPH) priced a follow-on offering of 5M shares at $60.00 per share for gross proceeds of $300M. Underwriter: Deutsche Bank Securities.

§ May 8, 2009: Dendreon Corp. (NASDAQ:DNDN) priced a follow-on offering of 12M shares (including the full overallotment) at $19.20 per share for gross proceeds of $230M. Underwriter: Deutsche Bank Securities.

§ March 31, 2009: Allos Therapeutics Inc. (NASDAQ:ALTH) priced a follow-on offering of 7.75M shares at $6.30 per share for gross proceeds of $48.8M. Underwriter: UBS Investment Bank.

§ Feb. 18, 2009: Vertex Pharmaceuticals Inc. (NASDAQ:VRTX) priced a follow-on offering of 10M shares at $32.00 per share for gross proceeds of $320M. Underwriters: Merrill Lynch (sole book-running manager) and Cowen and Co.

§ Feb. 13, 2009: Geron Corp. (NASDAQ:GERN) priced a follow-on offering of 7.25M shares at $6.60 per share for gross proceeds of $47.9M. Underwriters: UBS Investment Bank (sole book-running manager) and Lazard Capital Markets.

§ Feb. 13, 2009: InterMune Inc. (NASDAQ:ITMN) priced a follow-on offering of 3.5M shares at $16.35 per share for gross proceeds of $57.2M. On Feb. 19, raised an additional $8.6M by selling the full overallotment (525,000 shares). Total gross proceeds: $65.8M. Underwriter: UBS Investment Bank.

§ Jan. 28, 2009: Seattle Genetics Inc. (NASDAQ:SGEN) priced a follow-on offering of 5.74M shares at $9.72 per share for gross proceeds of $55.8M. Underwriter: UBS Investment Bank.

Postponements And Withdrawals