Reedland Capital Partners top U.S. market PIPE agent for year to date

• Cormark, GMP top Canadian market PIPE agents for year to date

• U.S., Canadian PIPE issuance falls behind 2010 levels

By Stephanie N. Rotondo

Portland, Ore., Nov. 30 - PIPE issuance in the U.S. market began to fall behind a bit in November, after outpacing year-ago levels for several consecutive months, according to data compiled by Prospect News.

For the year thus far, issuers have raised $20.15 billion via 803 transactions. In 2010, $20.87 billion had been raised in 854 deals.

For November, deals were also lagging. A total of 57 transactions were done, bringing in $1.07 billion. That compared to 83 deals for $2.57 billion in the same month of 2010.

Reedland Capital Partners again won the top agent spot for the year to date through November. The firm generated proceeds of $235 million in five PIPE offerings. Reedland also won the top position for the month of November, bringing in $50 million via a sale of common stock for Arena Pharmaceuticals Inc.

Also holding on to its spot was Rodman & Renshaw. The company has facilitated 16 direct placements this year, raising $192 million.

In the Canadian PIPE market, year-to-date levels were also behind year-ago comparables. The market saw 1,211 deals take place, generating proceeds of C$8.17 billion. By this time in 2010, 1,235 deals had been done for total proceeds of C$10.09 billion.

For the month, a total of C$565 million had been raised via 129 PIPE sales. Last year, C$2.07 billion had been raised in 209 deals.

Cormark and GMP stole the top agent spot for the year from Canaccord. Both firms raised C$321 million. Cormark did it in 20 deals, while GMP did it in 22.

And, RBC Capital Markets took the number one position for the month with its C$34 million sale of common-share units for Aurcana Corp.

Year to date, U.S. market

2010 Comparables

	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Reedland	0.235	5	1.17%	21	0.035	1	0.17%
2	Rodman & Renshaw	0.159	30	0.79%	10	0.117	14	0.56%
3	Lazard	0.107	5	0.53%	11	0.112	4	0.54%
4	Canaccord	0.088	5	0.44%	16	0.064	4	0.30%
5	Piper Jaffray	0.076	4	0.38%	22	0.032	1	0.15%
6	William Blair	0.060	4	0.30%	69	0.008	1	0.04%
7	Dawson James	0.052	2	0.26%	107	0.001	1	0.00%
8	Northland	0.046	3	0.23%
9	Roth	0.045	7	0.22%	13	0.088	9	0.42%
10	Summer Street	0.040	1	0.20%
	Total	20.147	803	20.865	854
	Average size:	0.025	0.024
Year to date, U.S. direct placements
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.192	16	21.24%	2	0.426	39	19.10%
2	Roth	0.114	6	12.62%	5	0.079	12	3.55%
3	Ladenburg Thalmann	0.055	1	6.09%	27	0.009	2	0.40%
4	Cowen	0.030	1	3.33%	30	0.008	2	0.35%
5	Lazard	0.024	2	2.66%	7	0.055	3	2.44%
6	Chardan	0.023	5	2.50%	14	0.047	6	2.09%
7	FT Global	0.020	1	2.21%
8	B. Riley	0.019	2	2.11%
9	Religare	0.018	1	1.94%
10	MDB	0.016	2	1.73%
	Total	0.904	69	2.230	130
	Average size:	0.013	0.017
Year to date, Canadian market
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Cormark	0.321	20	3.93%	10	0.197	17	1.95%
1	GMP	0.321	22	3.93%	3	0.784	17	7.77%
3	Canaccord	0.362	48	4.42%	6	0.332	54	3.29%
4	Dundee	0.267	35	3.27%	9	0.206	30	2.04%
5	TD	0.199	7	2.43%	17	0.081	4	0.81%
6	Mackie	0.142	6	1.73%	13	0.101	18	1.00%
7	CITI Canada	0.101	1	1.24%
8	BMO	0.092	4	1.12%	11	0.170	3	1.68%
9	Stifel	0.074	4	0.91%
10	Paradigm	0.069	12	0.84%	31	0.034	4	0.33%
	Total	8.171	1211	10.093	1235
	Average size:	0.007	0.008
November, U.S. market
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Reedland	0.050	1	4.69%
2	DS Apex Mergers	0.015	1	1.41%
3	Ascendiant	0.010	1	0.94%
4	Midtown	0.005	1	0.47%
5	Leerink	0.005	1	0.47%
6	Rodman & Renshaw	0.005	2	0.44%	5	0.009	2	0.32%
7	John Carris	0.004	1	0.41%
8	Ladenburg Thalmann	0.008	2	0.82%
9	Cowen	0.003	1	0.25%
10	Palladium	0.001	1	0.09%
	Total	1.066	57	2.755	83
	Average size:	0.019	0.033
November, Canadian market
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	0.034	1	6.08%	1	0.395	4	19.14%
2	Raymond	0.031	2	5.54%
3	Stonecap	0.027	1	4.85%
4	GMP	0.025	3	4.39%	9	0.047	3	2.28%
5	Dundee	0.023	4	4.11%	11	0.035	5	1.69%
6	Canaccord	0.019	4	3.29%	35	0.004	1	0.18%
7	MLV	0.017	1	3.09%
8	Industrial	0.013	5	2.32%
9	Haywood	0.012	1	2.04%	16	0.020	2	0.95%
10	Macquarie	0.011	4	2.00%	15	0.020	1	0.97%
	Total	0.565	129	2.066	209
	Average size:	0.004	0.010
Prospect News PIPE Agent Rankings

Criteria

• The tables include all dollar-denominated offerings (or Canadian dollar-denominated offerings for the Canadian tables) sold as private placements, excluding Rule 144A deals, or direct placements.

• Stock must be listed on a U.S. exchange or trade on the Bulletin Board or Pink Sheets (U.S. issues).

• Offerings are included in the time period in which they price, if known, otherwise by settlement date or announcement date.

• Amounts are based on the total sales price (face amount or number of shares multiplied by the offering price).

• Each tranche is counted as a separate deal.

• Includes stock, securities convertible into stock, units of these securities and equity lines of credit.

• Minimum issue size $1 million (all tranches combined) or C$1 million.

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