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SciClone Pharmaceuticals Inc. raised approximately $45 million in a public stock offering, its first trip to market in a decade. Howard Clowes, a partner at Gray Cary Ware & Freidenrich who represented SciClone in the transaction, said it is a sign the markets are recovering. “It’s a strong indication that we’re back to a more normal environment,” Clowes said. SciClone was also able to win the backing of institutional investors. Clowes said that until now individual investors had supported the company. The company went public in 1992 and issued a secondary offering two years later. SciClone began its current public offering of six million shares of common stock at $8 per share on Sept. 18. Jefferies & Co. Inc., Harris Nesbitt Gerard and RBC Capital Markets are the underwriters of the offering. They have the option to purchase an additional 900,000 shares from SciClone to cover any over-allotments. The company’s lead product, Zadaxin, is in Phase III clinical trials in the United States for the treatment of Hepatitis C. The product is sold in dozens of developing countries for the treatment of Hepatitis B and was also used for the treatment of severe acute respiratory syndrome (SARS) earlier this year. The Gray Cary team working on the transaction also included partner John Fogg and associates Josh Rosenfeld and Alexa Sullivan. Latham & Watkins represented the underwriters. Senior associate Laura Bushnell led the team, which also included partner Alan Mendelson and associates Jennifer Frolik and Gregory Kerber. INTRAWARE INC. Howard, Rice, Nemerovski, Canady, Falk & Rabkin partner Joseph Hershenson closed a pair of PIPE deals in September, as private investment in public equity continues to be a favored means for businesses to raise capital. Hershenson represented Apex Capital, the investor in a PIPE offering by Intraware Inc. Orinda-based Intraware issued 4 million shares of common stock, for gross proceeds of $6.2 million. Intraware was represented by Wilson Sonsini Goodrich & Rosati Palo Alto partner Adam Dolinko and associates Colin Morris and Ian Carter. Wilson Sonsini represented Intraware in its 1998 initial public offering, and has worked with the company since then. Hershenson was assisted by Howard Rice associate Julia Vax on the Intraware deal, as well as on another PIPE deal by San Diego biotech company Nanogen Inc. Howard Rice represented Seven Hills Partners, the placement agent in Nanogen’s sale of 2.1 million shares of common stock, which netted the company $7 million. Investors in the deal also received five-year warrants, 12-month warrants and six-month warrants to purchase additional shares in the company. Nanogen was represented by the Philadelphia office of Morgan, Lewis & Bockius.

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