For more information on how
ROTH can help you, please contact:

Newport Beach, CA
Byron Roth
CEO & Chairman
(949) 720-5721

Ted Roth
(949) 720-5753

Equity Capital Markets
Aaron Gurewitz
Managing Director
Head of Equity Capital Markets
(949) 720-5703

ROTH Healthcare
Investment Banking Team

New York
John Chambers
Managing Director
Head of Healthcare
Investment Banking
(646) 358-1901

Michael Margolis, R.Ph.
Managing Director
(646) 358-1902

San Diego
Lisa Walters-Hoffert
Managing Director
(858) 509-2501

Los Angeles
John Dalfonsi
Managing Director
(310) 445-5866

Christopher Jennings
Managing Director
(310) 445-5865


ROTH Capital Partners

Upcoming Events
ROTH 23rd Annual OC Growth Stock Conference

March 13-16, 2011

Click here for more information



Healthcare Market Update
The healthcare capital and strategic markets have remained active through the end of the third quarter of 2010. The Life Sciences sector has continued to gain momentum largely fueled by positive clinical results from many small and mid-cap companies. Investors have also focused on the sector as strategic transactions and merger and acquisition volume have begun to rise.  We have witnessed a rise in consolidation activity in both the number of transactions and dollar volume since last year - culminating in the $18.5 billion unsolicited offer from Sanofi-Aventis to acquire Genzyme. We have also seen a rise in Pharmaceutical transactions with small and mid-cap companies through licensing and other innovative deal structures in order to gain access to early and later stage technologies. This strategic activity has been fueled by the specter of Healthcare Reform through which 32 million people may gain access to healthcare insurance for the first time. It is anticipated that many companies in biotechnology, specialty pharmaceuticals and generics as well as medical device sectors will benefit in the next three to five years as the early stages of reform will likely focus  concurrently on treating a much larger population while reducing the length and cost of hospital stays through managed care initiatives. This focus will enable innovative drugs and technologies as well as lower priced generics to mitigate pricing pressure they may confront during that period. We therefore expect to see the growth and momentum in the Life Sciences capital markets to continue as the Healthcare Reform debate continues beyond the mid-term elections.

ROTH Healthcare Transaction Activity
ROTH Healthcare has experienced an active nine-month period ending September 30th with the completion of 29 transactions raising approximately $600 million for our clients.  Of particular note, in February our team raised $24.5 million in an Underwritten Offering for Achillion Pharmaceuticals to a group of fundamental healthcare investors.  Additionally, in August we acted as Financial Advisor to Achillion in its $51 million PIPE placed with a small number of highly focused healthcare investors. We also served as Financial Advisor and rendered a fairness opinion to the Special Committee of Hana Biosciences in a PIPE transaction in which Warburg Pincus and Deerfield Management committed to invest up to $100 million.  Most recently, our team served as a Placement Agent for Cyclacel raising up to $22 million in a PIPE transaction.  This is the third transaction in which we acted as a Placement Agent for Cyclacel since the beginning of the year.  In January we executed two Registered Direct Offerings for Cyclacel totaling approximately $13 million ($5.8 and $7 million, respectively). These examples provide evidence that many options to raise capital exist and will enable companies and their boards to prioritize their financing goals and objectives.

Equity Research and Capital Markets Update

ROTH has assembled a highly talented Healthcare research team of five senior analysts covering over 90 companies in the Biotechnology, Medical Devices and Specialty Pharmaceuticals sectors with plans to continually enhance coverage. The median market capitalization of ROTH's Healthcare Universe is $172 million with a range between $20 million to $30 billion (as of 9/30/2010).

Three ROTH research analysts were recognized for outperforming their peers in the 2010 Wall Street Journal “Best on the Street Survey,” which reviewed 2009 performance. Three ROTH research analysts also scored top rankings for their 2009 performances in the annual Financial Times/StarMine survey. For this rankings report, StarMine looked at 70,000 stock recommendations from 3,200 analysts and measured those analysts on the performance of their recommendations and the accuracy of their earnings estimates. Two of ROTH’s top performing analysts were named for their coverage of companies in the Biotechnology and Pharmaceuticals sectors.

Scott Henry, CFA, Senior Research Analyst and Head of Healthcare Research, was ranked #2 in Wall Street Journal’s “Best on the Street” stock picking survey in 2010 and #3 ranking in Forbes/Zacks Investment Research “Best Analysts” performance survey for the Drugs category in 2010.

Andrew Vaino, Ph.D., Senior Research Analyst, was ranked #1 for his coverage of the Pharmaceuticals sector in the Wall Street Journal's "Best on the Street" stock picking survey in 2010 and in the Financial Times/StarMine Survey received the #2 ranking in the Biotechnology sector, where he was recognized as a top “stock picker”.

Some of the highlights of our corporate access activity so far in 2010 include our 2010 Annual Growth Stock Conference in March. The conference, our largest ever, was attended by over 350 public companies, including  over 100  healthcare companies. We have also seen a significant increase in road show activity in 2010. Year-to-date we have hosted 267 non-deal road shows for our clients of which 91 were for healthcare related companies.

We are excited to share these updates with you and look forward to continue working with you to make the rest of 2010 a successful year for all.

Raised Approximately $600 Million in 29 Transactions - YTD 2010

As of 10/08/2010

ROTH Capital Partners

Roth Capital Partners, LLC (ROTH), is a relationship-driven investment bank focused on identifying opportunities for institutional investors in U.S.-listed equity securities of companies based in the U.S. and China. Headquartered in Newport Beach, CA, with offices throughout the U.S. and a Shanghai Representative Office, the employee-owned firm provides analytical research, trading, capital raising, and business combination advisory services. ROTH seeks to implement innovative financing strategies to efficiently meet the liquidity and valuation requirements of both its corporate and institutional investor clients .


The material, information and facts discussed in this announcement other than the information regarding ROTH Capital Partners, LLC ("ROTH") and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This announcement should not be used as a complete analysis of any companies, securities or topics discussed herein. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this announcement are subject to change without notice. An investment in any security based on this announcement may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, such investments may involve a high degree of risk and may not be suitable for all investors. No part of this announcement may be reproduced in any form without the express written permission of ROTH. Copyright 2010.