Two privately held biotech companies completed healthy financings last week. The Medicines Co. raised $36 million in a private placement, while Germany's MediGene carved out DM46.3 million ($25.7 million) (see B11). Indeed, the Medicines Co. round exceeded the average biotech IPO this year, while MediGene came close. The 19 IPOs in the class of 1998 have averaged $30.1 million.

The Medicines Co.'s take also ranks it first in the class of '98 financing rounds for privately held biotech companies, while MediGene's deal ranks fourth. Rounding out the top five are Lexicon Genetics' $31.8 million financing, Orchid's $27.5 million round, and Evotec's $25.4 million round.