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Q3 2013 PIPE Market League Tables

San Diego, Oct. 8, 2013 (GLOBE NEWSWIRE) -- During the first three quarters of this year a total of $17 billion was raised in 606 transactions in the U.S. PIPE market. Of this amount, 6 transactions totaling $336 million have been announced but not yet closed as of 10/04/13.

Commenting on the activity in the PIPE market, Robert Kyle, Sagient Research's Chief Executive Officer said, "After a slow summer, the market for PIPEs has really been gaining momentum going in to the fourth quarter. We saw a significant increase in both deal volume and dollars raised during the month of September; October is on track to surpass those totals once again".

Highlights Include:

The 2013 U.S. PIPE Market Investment Banking League Table
By Number of Transactions:

Placement Agent Name Transaction Count Total Amount Placed
Roth Capital Partners, LLC 38 $ 718,188,058
Ladenburg Thalmann & Co., Inc. 23 $ 547,072,835
Cowen and Company, LLC 19 $ 969,649,915
Dawson James Securities, Inc. 17 $ 90,487,970
Lazard 16 $ 591,722,613
Craig-Hallum Capital Group LLC 16 $ 279,086,612
Jefferies & Company, Inc. 13 $ 1,125,030,563
Canaccord Genuity Inc. (US) 13 $ 744,697,726
Piper Jaffray & Co. 13 $ 579,288,435
Maxim Group LLC 13 $ 198,639,353
JMP Securities LLC 12 $ 1,409,753,192
Stifel Nicolaus Weisel 12 $ 579,607,634
H.C. Wainwright & Co., LLC 11 $ 88,130,922
Robert W. Baird & Co. 10 $ 620,034,890
Aegis Capital Corporation 10 $ 52,011,353
William Blair & Company, LLC 9 $ 215,307,023
Brean Capital, LLC 9 $ 181,765,796
RS Platou Markets AS 8 $ 1,193,990,551
Needham & Company, LLC 8 $ 288,145,378
National Securities Corporation 8 $ 130,120,370
Leerink Swann, LLC 7 $ 625,422,575
Oppenheimer & Co. Inc. 7 $ 229,266,152
Wedbush PacGrow Life Sciences 6 $ 245,213,271
Lake Street Capital Markets, LLC 6 $ 78,111,775
Chardan Capital Markets 6 $ 71,231,497

Investment Banking rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. On transactions where an investment banking firm has acted solely as Financial Advisor, that transaction has been excluded from that firm's ranking. Co-agented transactions award full transaction credit to all agents participating (regardless of status of lead agent or co-agent). Data is for closed and definitive agreement transactions reported as of 10/04/13.

The 2013 U.S. Healthcare PIPE Market Investment Banking League Table
By Number of Transactions:

Placement Agent Name Transaction Count Total Amount Placed
Ladenburg Thalmann & Co., Inc. 17 $ 494,183,245
Cowen and Company, LLC 16 $ 901,024,815
Roth Capital Partners, LLC 14 $ 414,097,057
Jefferies & Company, Inc. 11 $ 1,077,127,264
Lazard 11 $ 479,527,622
Dawson James Securities, Inc. 11 $ 64,604,006
Piper Jaffray & Co. 10 $ 461,498,435
JMP Securities LLC 9 $ 458,303,204
Canaccord Genuity Inc. (US) 9 $ 421,094,851
Maxim Group LLC 8 $ 124,489,353
Leerink Swann, LLC 7 $ 625,422,575
Stifel Nicolaus Weisel 7 $ 237,253,068
Oppenheimer & Co. Inc. 7 $ 229,266,152
H.C. Wainwright & Co., LLC 7 $ 65,283,252
Wedbush PacGrow Life Sciences 6 $ 245,213,271
William Blair & Company, LLC 6 $ 128,417,029
Burrill & Company 5 $ 129,089,411
Brean Capital, LLC 5 $ 93,709,296
Craig-Hallum Capital Group LLC 5 $ 72,386,500
Aegis Capital Corporation 5 $ 32,565,758
Robert W. Baird & Co. 4 $ 194,668,390
MTS Health Partners 4 $ 38,901,232
Needham & Company, LLC 3 $ 195,317,566
SunTrust Robinson Humphrey, Inc. 3 $ 160,444,566
Cantor Fitzgerald & Company 3 $ 133,365,000

Investment Banking rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. On transactions where an investment banking firm has acted solely as Financial Advisor, that transaction has been excluded from that firm's ranking. Co-agented transactions award full transaction credit to all agents participating (regardless of status of lead agent or co-agent). Data is for closed and definitive agreement transactions reported as of 10/04/13.

The 2013 U.S. PIPE Market Investment Banking League Table
By Total Amount Placed:

Placement Agent Name Transaction Count Total Amount Placed
Goldman Sachs (Asia) LLC 1 $ 3,099,692,239
JMP Securities LLC 12 $ 1,409,753,192
RS Platou Markets AS 8 $ 1,193,990,551
Jefferies & Company, Inc. 13 $ 1,125,030,563
Cowen and Company, LLC 19 $ 969,649,915
RCS Capital 2 $ 899,999,988
Clarkson Capital Markets 4 $ 815,037,197
Evercore Partners Inc. 4 $ 800,037,220
DnB NOR Markets 3 $ 765,037,197
Canaccord Genuity Inc. (US) 13 $ 744,697,726
Roth Capital Partners, LLC 38 $ 718,188,058
Global Hunter Securities, LLC 5 $ 639,953,351
Leerink Swann, LLC 7 $ 625,422,575
Robert W. Baird & Co. 10 $ 620,034,890
RBC Capital Markets, Inc. 3 $ 603,574,778
Lazard 16 $ 591,722,613
Stifel Nicolaus Weisel 12 $ 579,607,634
Piper Jaffray & Co. 13 $ 579,288,435
Barclays Capital, Inc. 5 $ 572,935,203
Ladenburg Thalmann & Co., Inc. 23 $ 547,072,835
BMO Capital Markets Corp. 2 $ 546,071,903
UBS Securities LLC 2 $ 541,701,903
SEB Enskilda AS 2 $ 534,997,197
DVB Capital Markets 5 $ 510,453,351
J.P. Morgan Chase & Co. 3 $ 463,567,139

Investment Banking rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. On transactions where an investment banking firm has acted solely as Financial Advisor, that transaction has been excluded from that firm's ranking. Co-agented transactions award full transaction credit to all agents participating (regardless of status of lead agent or co-agent). Data is for closed and definitive agreement transactions reported as of 10/04/13.

The 2013 U.S. PIPE Market Institutional Investor League Table
By Number of Transactions:

Investor Name Transaction Count Total Amount Invested
Millennium Management, LLC 33 $ 7,550,000
Sabby Management, LLC 29 $ 38,412,000
Empery Asset Management LP 22 $ 36,389,970
Deerfield Management 19 $ 226,499,995
Fidelity Management & Research Corporation 19 $ 5,018,976
Heights Capital Management, Inc. 18 $ 36,720,000
UBS O'Connor LLC 16 Not Disclosed
AWM Investment Management (MGP Advisors, LLC) 15 $ 16,640,003
Wellington Management Company LLP 15 $ 2,537,343
Hudson Bay Capital Management L.P. 13 $ 22,743,654
DAFNA Capital Management, LLC 13 $ 2,900,051
Perceptive Advisors, LLC 13 $ 2,000,000
Broadfin Capital, LLC 13 $ 1,999,998
D.E. Shaw & Co., L.P. 13 Not Disclosed
Morgan Stanley 13 Not Disclosed
Perkins Capital Management, Inc. 13 Not Disclosed
Baker Brothers Advisors, LLC 12 $ 41,895,703
Citadel Advisors, LLC 12 $ 10,000
Bank of New York 12 Not Disclosed
Pine River Capital Management, LLC 11 $ 16,574,974
LH Financial Services Corporation 11 $ 9,160,003
Downsview Capital, Inc. 11 $ 5,017,986
Crede Capital Group, LLC (Socius Capital Group, LLC) 10 $ 72,313,111
RA Capital Management, LLC 10 $ 16,159,989
Jane Street Capital, LLC 10 Not Disclosed

By Number of Transactions: Investor rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. Investors classified as Corporate Investors and Insurance Companies have been excluded from this ranking. Data is for closed and definitive agreement transactions reported as of 10/04/13.

The 2013 PIPE Market Issuer Counsel League Table
By Number of Transactions

Legal Counsel Transaction Count Total Amount Advised
Cooley LLP 17 $ 619,514,793
Ropes & Gray 17 $ 390,400,328
Greenberg Traurig, LLP 9 $ 75,566,066
Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC 8 $ 395,097,037
DLA Piper 8 $ 298,316,979
Morgan, Lewis & Bockius, LLP 8 $ 149,705,238
O'Melveny & Myers, LLP 8 $ 102,485,256
Sichenzia Ross Friedman Ference, LLP 8 $ 80,917,591
Skadden, Arps, Slate, Meagher & Flom, LLP 7 $ 600,955,499
Goodwin Procter, LLP 7 $ 215,779,504
Ellenoff Grossman & Schole LLP 7 $ 57,042,791
Dorsey & Whitney, LLP 7 $ 51,219,002
Troutman Sanders, LLP 6 $ 116,686,222
K&L Gates LLP 6 $ 115,578,000
Proskauer Rose, LLP 5 $ 1,421,287,856
Seward & Kissel LLP 5 $ 727,646,381
Thompson & Hine, LLP 5 $ 212,001,255
Wyrick Robbins Yates & Ponton, LLP 5 $ 96,517,566
Baker, Donelson, Bearman, Caldwell & Berkowitz, PC 5 $ 92,592,021
Morrison & Foerster, LLP 5 $ 57,662,047
Reeder & Simpson P.C. 4 $ 183,110,436
Wilmer Cutler Pickering Hale & Dorr, LLP 4 $ 133,002,789
Wilson Sonsini Goodrich & Rosati 4 $ 56,436,816
Davis Graham & Stubbs, LLP 4 $ 51,065,145
Fenwick & West, LLP 4 $ 42,029,999

Legal counsel rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. Data is for closed and definitive agreement transactions reported as of 10/04/13.

The 2013 PIPE Market Investor Counsel League Table
By Number of Transactions:

Legal Counsel Transaction Count Total Amount Advised
Schulte Roth & Zabel, LLP 34 $ 1,698,349,306
Greenberg Traurig, LLP 13 $ 115,102,462
Lowenstein Sandler, PC 8 $ 67,861,061
Ellenoff Grossman & Schole LLP 8 $ 21,243,337
Vinson & Elkins, LLP 6 $ 217,837,706
Katten Muchin Rosenman, LLP 5 $ 234,076,000
Peter J. Weisman, PC 5 $ 18,225,000
Grushko & Mittman, PC 4 $ 20,767,670
Willkie, Farr & Gallagher 3 $ 248,242,399
Ropes & Gray 3 $ 235,761,009
Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC 3 $ 46,000,472
Proskauer Rose, LLP 2 $ 406,412,015
Kirkland & Ellis 2 $ 90,200,000
DLA Piper 2 $ 45,000,005
Matthew M. Guest, Esq. 2 $ 45,000,005
Wachtell, Lipton, Rosen & Katz 2 $ 45,000,005
Cooley LLP 2 $ 37,000,000
Olshan Frome Wolosky LLP 2 $ 32,104,500
Gallant Y.T. Ho & Company 2 $ 24,510,000
Akin, Gump, Strauss, Hauer & Feld, LLP 2 $ 21,394,000
O'Melveny & Myers, LLP 2 $ 20,995,500
Reed Smith, LLP 2 $ 7,574,588
David Kahan, P.A. 2 $ 4,000,000
Latham & Watkins, LLP 1 $ 364,999,970
Clifford Chance US, LLP 1 $ 209,440,000

Legal counsel rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. Data is for closed and definitive agreement transactions reported as of 10/04/13.

The 2013 PIPE Market Placement Agent Counsel League Table
By Number of Transactions:

Legal Counsel Transaction Count Total Amount Advised
Ellenoff Grossman & Schole LLP 38 $ 255,381,451
Goodwin Procter, LLP 23 $ 407,164,947
Proskauer Rose, LLP 14 $ 748,605,264
Lowenstein Sandler, PC 9 $ 127,269,187
Morrison & Foerster, LLP 6 $ 138,475,011
Latham & Watkins, LLP 5 $ 216,553,385
Cooley LLP 4 $ 137,308,335
Faegre Baker Daniels LLP 4 $ 65,692,566
Loeb & Loeb, LLP 4 $ 52,562,498
Sichenzia Ross Friedman Ference, LLP 4 $ 20,400,000
Covington & Burling 3 $ 203,227,361
Fried, Frank, Harris, Shriver & Jacobson 3 $ 160,001,255
Dechert, LLP 3 $ 117,667,566
DLA Piper 3 $ 96,877,500
K&L Gates LLP 3 $ 49,605,000
Morgan, Lewis & Bockius, LLP 3 $ 45,671,581
LeClairRyan, PC 3 $ 39,257,996
Pryor Cashman Sherman & Flynn, LLP 3 $ 22,766,501
McGuireWoods, LLP 2 $ 899,999,988
Choate, Hall & Stewart, LLP 2 $ 117,961,250
Ropes & Gray 2 $ 72,466,811
Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC 2 $ 55,250,000
Jones Day 2 $ 55,098,750
Patton Boggs, LLP 2 $ 45,000,005
Reed Smith, LLP 2 $ 22,508,750

Legal counsel rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. Data is for closed and definitive agreement transactions reported as of 10/04/13.

About PlacementTracker
PlacementTracker
, a flagship product of Sagient Research Systems, is well recognized as the leading provider of research, data, and analytics covering the PIPE market. PlacementTracker's dynamically updating League Tables are available online at: http://www.placementtracker.com/leaguetables.cfm.

About Sagient Research Systems
Sagient Research Systems is a publisher of specialized research and data. They develop and sell proprietary research products to global enterprises, including investment banks, mutual and hedge funds, pharmaceutical companies, academic institutions, and government agencies. In each of 2007, 2008, 2009, 2010, and 2012 Sagient Research was named to the Inc. 5000 list of fastest growing companies. For more information, please visit the Sagient Research Systems website at www.sagientresearch.com.

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CONTACT: Mike Kotecki 858-200-2370

Source: Sagient Research Systems