PlacementTracker Publishes PIPE Market League Tables


SAN DIEGO, April 10, 2012 (GLOBE NEWSWIRE) -- Sagient Research Systems, a leading publisher of independent research for the financial services and institutional investment communities, today announced that Rodman & Renshaw, LLC ranked as the number one most active investment bank and Heights Capital Management, Inc., ranked as the number one most active institutional investor in the U.S. PIPE market during the first quarter of 2012.

Sagient Research also announced that Cooley LLP ranked as the number one most active issuer counsel, Schulte Roth & Zabel, LLP ranked as the number one most active investor counsel, and Ellenoff Grossman & Schole LLP ranked as the number one most active placement agent counsel in the U.S. PIPE market through the first quarter of 2012.

PlacementTracker, a flagship product of Sagient Research Systems, is well recognized as the leading provider of research, data, and analytics covering the PIPE market.

Commenting on the activity in the PIPE market, Robert Kyle, Sagient Research's Chief Executive Officer said, "During the first quarter of 2012, over $8.1 billion was raised in 229 transactions (of this amount, 16 transactions totaling $37 million have been announced but not yet closed as of 4/09/12). This compares with just $4.4 billion raised in only 183 transactions in the fourth quarter of 2011. After an abysmal finish for PIPEs in 2011, the market is bouncing back well in the beginning of 2012 as the performance of small to midcap stocks continues to improve.  While pent up cash demands didn't lead to the blockbuster quarter that some had hoped for, both deal volume and average deal size jumped decisively over last quarter (77% and 24% respectively).  We congratulate all of the active members of the PIPE community for continued success in 2012.  Most of these firms are long-time clients of PlacementTracker, and we are dedicated to providing them with access to data on our ever-changing industry."

PlacementTracker's dynamically updating League Tables are available online at: http://www.placementtracker.com/leaguetables.cfm.

The 2011 U.S. PIPE Market Investment Banking League Table
By Number of Transactions (through 4/09/12):
     
Placement Agent Name Transaction Count Total Amount Placed
Rodman & Renshaw, LLC 15  $ 311,831,772
Roth Capital Partners, LLC 14  $ 449,092,750
Leerink Swann, LLC 8  $ 593,393,577
Jefferies & Company, Inc. 8  $ 522,787,500
Lazard 8  $ 426,202,388
Stifel Nicolaus Weisel 8  $ 329,924,504
Cowen and Company, LLC 7  $ 541,283,304
JMP Securities LLC 6  $ 399,495,005
Piper Jaffray & Co. 5  $ 268,853,635
Ladenburg Thalmann & Co., Inc. 5  $ 111,652,917
Barclays Capital, Inc. 4  $ 920,000,624
Oppenheimer & Co. Inc. 4  $ 301,875,000
Canaccord Genuity Inc. (US) 4  $  132,038,750
Aegis Capital Corporation 4  $ 70,369,498
Wells Fargo Securities, LLC 3  $ 496,675,024
J.P. Morgan Chase & Co. 3  $ 187,594,903
Wedbush PacGrow Life Sciences 3  $ 151,488,918
William Blair & Company, LLC 3  $ 128,519,500
Craig-Hallum Capital Group LLC 3  $ 104,888,705
National Securities Corporation 3  $ 59,042,419
Credit Suisse Securities (USA) LLC 2  $ 2,050,000,003
Goldman, Sachs & Co. 2  $ 469,575,599
Collins Stewart Inc. 2  $ 133,094,885
Citigroup Global Markets, Inc. 2  $ 101,922,503
Sandler O'Neil & Partners, L.P. 2  $ 47,300,000
     
     
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 4/09/12.
 
 
The 2011 U.S. PIPE Market Investment Banking League Table
By Total Amount Placed (through 4/09/12):
     
Placement Agent Name Transaction Count Total Amount Placed
Credit Suisse Securities (USA) LLC 2  $ 2,050,000,003
Barclays Capital, Inc.  4   $ 920,000,624
Leerink Swann, LLC 8  $ 593,393,577
Cowen and Company, LLC 7  $ 541,283,304
Jefferies & Company, Inc. 8  $ 522,787,500
Wells Fargo Securities, LLC 3  $ 496,675,024
Goldman, Sachs & Co. 2  $ 469,575,599
Roth Capital Partners, LLC 14  $ 449,092,750
Lazard 8  $ 426,202,388
JMP Securities LLC 6  $ 399,495,005
Stifel Nicolaus Weisel 8  $ 329,924,504
Oppenheimer & Co. Inc. 4  $ 301,875,000
Rodman & Renshaw, LLC 15  $ 311,831,772
Piper Jaffray & Co. 5  $ 268,853,635
Raymond James & Associates Inc. 1  $ 200,000,000
J.P. Morgan Chase & Co. 3  $  187,594,903
Mizuho Securities Co., Limited 1  $ 166,175,000
Wedbush PacGrow Life Sciences 3  $ 151,488,918
Canaccord Genuity Inc. (US) 4  $ 132,038,750
William Blair & Company, LLC 3  $ 128,519,500
Collins Stewart Inc. 2  $ 133,094,885
Ladenburg Thalmann & Co., Inc. 5  $ 111,652,917
Craig-Hallum Capital Group LLC 3  $ 104,888,705
Citigroup Global Markets, Inc. 2  $ 101,922,503
Morgan Stanley 1  $ 90,000,018
     
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 4/09/12.
 
The 2011 U.S. PIPE Market Institutional Investor League Table
By Number of Transactions (through 4/09/12):
     
Investor Name Transaction Count Total Amount Invested
Heights Capital Management, Inc. 9   $ 38,427,499
Iroquois Capital L.P. 9   $ 4,637,001
Downsview Capital, Inc. 7   $ 1,544,991
Empery Asset Management LP 6   $ 15,482,060
Fidelity Management & Research Corporation 5   $ 101,196,825
Deerfield Management 5   $ 35,600,000
Hudson Bay Capital Management L.P. 5    $ 10,625,000
Frost Group, LLC (The) 5   $ 4,500,000
Kingsbrook Partners, LP 5   $ 1,362,800
Tang Capital Management, LLC 4   $ 22,435,190
Brio Capital Management LLC 3   $ 600,000
BDT Capital Partners LLC, Investment Arm 2   $ 680,000,037
Total Group (The) 2   $ 163,680,000
Baron Capital, Inc. 2   $ 85,080,318
Portfolio Services Limited 2   $ 46,501,000
Baker Brothers Advisors, LLC 2   $ 35,300,000
GE Capital 2   $ 20,000,000
Quaker BioVentures, Inc. 2   $ 19,999,989
Castle Creek Partners LLC 2   $ 18,000,000
Stadium Capital Management, LLC 2   $ 18,000,000
Senator Investment Group LP 2   $ 16,000,000
UBS O'Connor LLC 2   $  8,749,996
Ayer Capital Partners 2   $ 8,000,000
FCMI Financial Corporation 2   $ 6,404,000
AWM Investment Management (MGP Advisors, LLC) 2   $ 6,150,000
     
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 4/09/12.
 
The 2011 PIPE Market Issuer Counsel League Table
By Number of Transactions (through 4/09/12):
     
Legal Counsel Transaction Count  Total Amount Advised
Cooley LLP 13   $  691,210,824
Sichenzia Ross Friedman Ference, LLP 7  $  25,519,962
Jones Day 3  $  178,305,000
Dorsey & Whitney, LLP 3  $  128,477,000
Wilson Sonsini Goodrich & Rosati 3  $  51,823,210
Morrison & Foerster, LLP 3  $  45,166,844
Morgan, Lewis & Bockius, LLP 3  $   13,575,000
Anslow & Jaclin, LLP 3  $  5,882,500
Skadden, Arps, Slate, Meagher & Flom, LLP 2  $   805,000,055
Ropes & Gray 2  $  110,000,020
Fenwick & West, LLP 2  $  82,476,961
Goodwin Procter, LLP 2  $  54,951,000
Lowenstein Sandler, PC 2  $   52,488,750
Graham & Dunn PC 2  $  47,300,000
Blank Rome LLP 2  $  25,000,001
McDonald Carano Wilson LLP 2  $  25,000,001
DLA Piper 2  $  14,269,000
Blake, Cassels & Graydon LLP 2  $  6,984,362
Greenberg Traurig, LLP 2  $  5,271,497
K&L Gates LLP 2  $  4,700,001
Pryor Cashman Sherman & Flynn, LLP 2  $  2,700,002
McAfee & Taft 1  $  275,000,000
Vinson & Elkins, LLP 1  $  250,000,024
Stradling, Yocca, Carlson & Rauth, PC 1  $  225,000,001
Moss & Barnett 1  $  200,000,000
     
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 4/09/12.
 
The 2011 PIPE Market Investor Counsel League Table
By Number of Transactions (through 4/09/12):
     
Legal Counsel Transaction Count Total Amount Advised
Schulte Roth & Zabel, LLP 24  $ 1,328,434,662
Greenberg Traurig, LLP 5  $ 19,090,359
Ellenoff Grossman & Schole LLP 3  $ 22,260,000
Munger, Tolles & Olson, LLP 2  $ 805,000,055
Skadden, Arps, Slate, Meagher & Flom, LLP 2  $  79,848,903
Sullivan & Cromwell 2  $ 47,300,000
Katten Muchin Rosenman, LLP 2  $ 33,000,000
Grushko & Mittman, PC 2  $ 3,390,000
DLA Piper 1  $ 465,000,031
Thompson & Knight, LLP 1  $ 275,000,000
Wilson Sonsini Goodrich & Rosati 1  $ 163,680,000
Lakatos, Köves and Partners 1  $ 100,000,000
Liner Grode Stein LLP 1  $ 45,000,000
Vinson & Elkins, LLP 1  $ 40,001,000
Buchanan Ingersoll & Rooney, PC 1  $  34,848,903
Davis Graham & Stubbs, LLP 1  $ 30,000,000
Goodwin Procter, LLP 1  $ 24,999,961
Zang, Bergel & Viñes Abogados 1  $ 21,000,000
Patton Boggs, LLP 1  $ 20,000,000
Latham & Watkins, LLP 1  $  9,749,100
Borden, Ladner, Gervais, LLP 1  $ 7,499,940
Kirkland & Ellis 1  $ 5,000,000
McLane, Graf, Raulerson & Middleton 1  $ 5,000,000
Lowenstein Sandler, PC 1  $ 4,251,497
Ropes & Gray 1  $  1,750,000
     
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 4/09/12.
 
The 2011 PIPE Market Placement Agent Counsel League Table
By Number of Transactions (through 4/09/12):
     
Legal Counsel Transaction Count  Total Amount Advised
Ellenoff Grossman & Schole LLP 14  $ 75,134,269
Goodwin Procter, LLP 10  $ 362,060,286
Latham & Watkins, LLP 9  $ 620,396,138
Proskauer Rose, LLP 6  $ 158,955,503
Lowenstein Sandler, PC 5  $ 40,559,001
Sullivan & Cromwell 2  $ 136,418,750
Dewey & LeBoeuf LLP 2  $ 81,908,750
Andrews Kurth, LLP 1  $ 250,000,024
Morrison & Foerster, LLP 1  $ 200,000,000
Willkie, Farr & Gallagher 1  $ 90,000,018
Gibson, Dunn & Crutcher, LLP 1  $  41,944,500
Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC 1  $ 23,699,056
Goodmans, LLP 1  $ 17,274,495
Dickinson Wright, PLLC 1  $ 17,274,495
Jones Day 1  $ 17,250,001
Loeb & Loeb, LLP 1  $ 15,925,950
Ropes & Gray 1  $ 15,000,150
Littman Krooks, LLP 1  $ 13,722,608
Lewis, Rice & Fingersh, L.C. 1  $ 12,600,000
Schulte Roth & Zabel, LLP 1  $ 11,085,917
Duane Morris, LLP 1  $ 9,397,796
Zysman, Aharoni, Gayer & Company Law Offices 1  $ 7,475,000
Faegre & Benson, LLP 1  $ 5,216,205
Morgan, Lewis & Bockius, LLP 1  $ 4,251,497
Golenbock Eiseman Assor Bell & Peskoe 1  $ 3,000,001
     
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 4/09/12.

About Sagient Research Systems

Sagient Research Systems is a publisher of specialized research and data. We develop, produce, and sell proprietary research products to global enterprises, including investment banks, mutual and hedge funds, pharmaceutical companies, academic institutions, and government agencies. Our business strategy is to continue to leverage our development, technology, and marketing expertise to solidify our position as a leading provider of independent research.  In each of 2007, 2008, 2009, and 2010, 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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