Bryan, Garnier & Co & ING announce the successful completion of BioAlliance Pharma (Eurolist Paris : FR0010095596) EUR 30 m Initial Public Offering

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Bryan, Garnier & Co (, the European investment bank for growth companies, acting as Joint Lead Manager and Bookrunner with ING Securities Bank (France), announced today the successful completion of a EUR 30 million initial public offering in the form of ordinary shares for BioAlliance Pharma (Eurolist Paris : FR0010095596, BIO). This is the first IPO of an emerging biopharmaceutical since 1999 on the main market in France and one of the largest public equity transactions of the year in France in the biopharmaceutical sector.

Details of the Offering

– The offering consisted in the issuing of 2,255,640 new ordinary shares placed at EUR 13.30 corresponding to gross proceeds for the company of EUR 30 million

– All existing and newly created shares will be trading on Euronext compartment C under the symbol BIO from December 8th

– A total of 8,266,051 ordinary shares will be admitted for trading giving the company a market capitalization of approximately EUR 110 million.

– The IPO attracted a good geographic spread of institutional interest from France, Benelux, Switzerland, the UK and Spain.

– In connection with the offering, the underwriters have been granted an option by the company to subscribe for up to an additional 338,346 new shares representing EUR 4.5 million or 15% of the IPO initial gross proceeds. This over-allotment option is exercisable at any time until 6 January 2006.

The company intends to use the net proceeds from the offering for (i) the commercial launch of its lead product, miconazole Lauriad®, currently in registration in Europe with approval expected in late 2006; (ii) the funding and advancement of products in its clinical and preclinical pipeline; and, (iii) general corporate purposes, including the maintenance and development of the company’s patent portfolio.

Following the announcement, Benoît Bouche, Managing Director in charge of Bryan, Garnier & Co Healthcare practice stated: “ This IPO follows a long period of doubt on the feasibility of such a transaction in France for biopharmaceutical ventures.  BioAlliance success is based on a limited-risk specialty pharma business model with a unique track record of expediting drug development at limited cost. This major transaction along with recent closings announced by Byran, Garnier & Co healthcare practice, such as the recent Transgene EUR 35 million follow-on offering confirms our growing position as a leading European investment bank in Healthcare. ”

« We are delighted with the success of the capital increase and the listing on Euronext. These funds will enable BioAlliance to launch its lead product in Europe and to commercialise other products through further development and partnering arrangements. We are now looking forward to continuing BioAlliance’s rapid growth and taking advantage of the many opportunities ahead to build shareholder value.», added Dominique Costantini, CEO of BioAlliance Pharma.

Olivier Garnier, Managing Director at Bryan, Garnier & Co added: “BioAlliance Pharma has been considered as a very attractive investment opportunity by a number of first tier growth investors. The book has been filled by a large number of quality investors throughout France, Benelux, Switzerland, the UK, and Spain. The company now has a diversified shareholder basis bringing broad support for the Company’s long-term development. Our investors have strongly confirmed their renewed interest and confidence in the biopharmaceutical sector, through the BioAlliance Pharma IPO.”

In addition to Bryan, Garnier & co’s Paris and London sales teams, the corporate finance individuals who worked on the transaction on Bryan Garnier’s side included Michel Birnbaum, Benoît Bouche, Olivier Garnier, Sophie de Nanteuil and Annabelle Peltre.

Gregoire Revenu, Managing Director in charge of corporate finance activities at Bryan Garnier added: “Bryan Garnier successfully completed several significant public offerings this last quarter as a result of our strategic decision to further expand our capital market activities. Raising public funds for high growth companies is a key component of our development and we believe to really have there a unique capacity to satisfy our clients”.

About BioAlliance Pharma

BioAlliance Pharma is a privately-held biopharmaceutical company specialised in the development of innovative therapeutics targeting drug resistance in cancer, HIV, and severe and opportunistic infections. The company is developing three broad product ranges based on the Lauriad® adhesive technology which allows an early and prolonged release of therapeutic agents at the site of the disease, the Transdrug® nanoparticle technology designed specifically for intracellular targeting, and a New Chemical Entities programme focused on development of new drugs in oncology and HIV.

The company’s most advanced product, the miconazole Lauriad® 50 mg Bioadhesive Buccal Tablet, has just completed Phase III clinical trials in Europe for treatment of oropharyngeal candidiasis (OPC) in cancer and HIV patients. In September 2005, this product was the subject of a request for Marketing Authorisation for Europe and a pivotal Phase III trial is expected to initiate in the US in 2006 for the same indication. A second product, acyclovir Lauriad ®, for the treatment of oral herpes, has recently completed a Phase I clinical trial in Europe. A Phase I/II trial in primary liver cancer (hepatocellular carcinoma or HCC) utilizing the company’s doxorubicin Transdrug® nanoparticle delivery technology is ongoing in Europe, and has been granted orphan drug status by the EMEA and the FDA.

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