PlacementTracker Publishes PIPE Market League Tables


SAN DIEGO, April 2, 2009 (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 Downsview Capital, Inc. ranked as the number one most active institutional investor in the U.S. PIPE market during the first quarter of 2009.

Sagient Research also announced that Cooley Godward Kronish LLP ranked as the number one most active issuer counsel, Greenberg Traurig, LLP ranked as the number one most active investor counsel, and Lowenstein Sandler, PC ranked as the number one most active placement agent counsel in the U.S. PIPE market during the first quarter of 2009.

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 League Tables, Robert F. Kyle, executive vice president of Sagient Research said, "The significant slowdown in PIPE issuances that we first saw in the second half of 2008 continued into the first quarter of 2009. With only $3.9 billion raised in 180 transactions, the first quarter marked a very meager start to the new year. One of the most jarring changes was seen in the investor league table which was dominated by venture capital, private equity, and corporate buyers. Hedge funds, which have made up the bulk of the buying in the PIPE market for the past few years, were noticeably absent from the market in the first quarter. As always, we congratulate all of the active agents, investors, and legal counsel in the PIPE market for a good quarter, especially those leaders who topped the League Tables. Many of these firms are long-time clients of PlacementTracker, and we look forward to continuing to provide them with industry leading data, research, and analytics to help keep them on top of this market."

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



       The 2009 U.S. PIPE Market Investment Banking League Table
       ---------------------------------------------------------
             By Number of Transactions (through 3/31/09):
             --------------------------------------------

                                          Transaction    Total Amount
 Placement Agent Name                        Count          Placed
 --------------------                     -----------  ---------------
 Rodman & Renshaw, LLC                         6       $    54,434,142
 Piper Jaffray & Co.                           3       $    62,017,772
 Midtown Partners & Co., LLC                   3       $    19,000,000
 Lazard                                        2       $   124,300,000
 Roth Capital Partners, LLC                    2       $     9,845,000
 SunTrust Robinson Humphrey, Inc.              1       $   250,000,000
 Leerink Swann & Co.                           1       $    45,516,940
 Pritchard Capital Partners LLC                1       $    43,615,000
 RBC Capital Markets, Inc.                     1       $    40,000,000
 J.P. Morgan Chase & Co.                       1       $    27,500,000
 Apix International, Ltd.                      1       $    20,000,000
 Canaccord Adams, Inc.                         1       $    15,076,952
 Wunderlich Securities, Inc.                   1       $    10,125,000
 Ferghana Partners, Inc.                       1       $    10,000,000
 Philadelphia Brokerage Corporation            1       $     6,350,000

Investment Banking rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, and all PIPE transactions conducted by Canadian 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 transactions reported as of 4/1/09.



     The 2009 U.S. PIPE Market Institutional Investor League Table
     -------------------------------------------------------------
             By Number of Transactions (through 3/31/09):
             --------------------------------------------

                                          Transaction    Total Amount
 Investor Name                               Count         Invested
 -------------                            -----------  ---------------
 Downsview Capital, Inc.                       4       $     1,623,423
 Proquest Associates, LLC                      3       $    19,999,998
 Bay City Capital, LLC                         3       $    10,957,735
 Frost Group, LLC (The)                        2       $    21,255,000
 Gruber & McBaine Capital Management LLC       2       $     2,756,823
 Quercus Trust (The)                           2       $     1,578,223
 Iroquois Capital L.P.                         2       $       199,166
 Matlin Patterson Global Advisers LLC          1       $   300,000,000
 Olotoa Investments LLC                        1       $   300,000,000
 Warburg Pincus, LLC                           1       $   175,241,797
 Banco Inbursa                                 1       $   125,000,000
 Lion Capital LLC                              1       $    75,000,000
 RJK, L.L.C.                                   1       $    50,000,000
 Harris Bank                                   1       $    45,000,000
 Oak Investment Partners                       1       $    40,000,000

Investor rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, and all PIPE transactions conducted by Canadian 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 transactions reported as of 4/1/09.



           The 2009 PIPE Market Issuer Counsel League Table
           ------------------------------------------------
             By Number of Transactions (through 3/31/09):
             --------------------------------------------

                                          Transaction    Total Amount
 Legal Counsel                               Count         Advised
 -------------                            -----------  ---------------
 Cooley Godward Kronish LLP                    4       $   114,947,008
 Sichenzia Ross Friedman Ference, LLP          4       $    32,000,000
 DLA Piper                                     4       $    15,519,465
 Pepper Hamilton, LLP                          3       $    53,322,210
 Goodwin Procter, LLP                          3       $    41,750,000
 Morgan, Lewis & Bockius, LLP                  3       $    14,027,997
 Trombly Business Law                          3       $     4,694,353
 Kutak Rock, LLP                               2       $   305,320,000
 Stikeman Elliott LLP                          2       $   195,600,000
 Wilson Sonsini Goodrich & Rosati              2       $   183,491,797
 Troutman Sanders, LLP                         2       $   160,300,000
 Mintz, Levin, Cohn, Ferris, Glovsky &
  Popeo, PC                                    2       $    25,470,000
 Cooley Godward, LLP                           2       $    14,465,483
 Baker & McKenzie                              2       $    11,432,325
 Graubard Miller                               2       $     9,845,000

Legal counsel rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, and all PIPE transactions conducted by Canadian issuers that trade in the U.S. on the Pink Sheets. Data is for closed transactions reported as of 4/1/09.



          The 2009 PIPE Market Investor Counsel League Table
          --------------------------------------------------
             By Number of Transactions (through 3/31/09):
             --------------------------------------------

                                          Transaction    Total Amount
 Legal Counsel                               Count         Advised
 -------------                            -----------  ---------------
 Greenberg Traurig, LLP                        3       $    52,615,000
 Schulte Roth & Zabel, LLP                     2       $    15,521,208
 Bingham McCutchen, LLP                        2       $     7,170,000
 Lowenstein Sandler, PC                        2       $     3,500,000
 Feldman Weinstein, LLP                        2       $     3,300,000
 Sullivan & Cromwell                           1       $   300,000,000
 Willkie, Farr & Gallagher                     1       $   175,241,797
 Simpson Thacher Bartlett, LLP                 1       $    75,000,000
 Alston & Bird, LLP                            1       $    52,500,000
 Osler, Hoskin & Harcourt LLP                  1       $    45,600,000
 Seward & Kissel                               1       $    43,615,000
 Finn Dixon & Herling LLP                      1       $    40,000,000
 Goodwin Procter, LLP                          1       $    32,000,007
 Katten Muchin Rosenman, LLP                   1       $    27,500,000
 Cleary, Gottlieb, Steen & Hamilton            1       $    17,008,251

Legal counsel rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, and all PIPE transactions conducted by Canadian issuers that trade in the U.S. on the Pink Sheets. Data is for closed transactions reported as of 4/1/09.



       The 2009 PIPE Market Placement Agent Counsel League Table
       ---------------------------------------------------------
             By Number of Transactions (through 3/31/09):
             --------------------------------------------

                                          Transaction    Total Amount
 Legal Counsel                               Count         Advised
 -------------                            -----------  ---------------
 Lowenstein Sandler, PC                        5       $    14,539,353
 Feldman Weinstein, LLP                        4       $    36,934,068
 Latham & Watkins, LLP                         2       $    51,209,997
 Goodwin Procter, LLP                          2       $    14,485,772
 Skadden, Arps, Slate, Meagher & Flom, LLP     1       $   300,000,000
 Richardson & Patel, LLP                       1       $   300,000,000
 Proskauer Rose, LLP                           1       $    24,300,000

Legal counsel rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, and all PIPE transactions conducted by Canadian issuers that trade in the U.S. on the Pink Sheets. Data is for closed transactions reported as of 4/1/09.

About Sagient Research Systems

Sagient Research Systems is a publisher of independent research. We develop, produce, and sell proprietary research products to mutual funds, hedge funds, and investment banks. 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 to the financial services and institutional investment communities. In both 2007 and 2008 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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