Midtown Partners Ranked #3 Placement Agent in the Country
PlacementTracker Publishes PIPE Market League Tables
San Diego – October 5, 2009 - 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 Iroquois Capital, L.P., ranked as the number one most active institutional investor in the U.S. PIPE market during the first three quarters of 2009.
Sagient Research also announced that Sichenzia Ross Friedman Ference, LLP ranked as the number one most active issuer counsel, Schulte Roth & Zabel, LLP ranked as the number one most active investor counsel, and Weinstein Smith, LLP ranked as the number one most active placement agent counsel in the U.S. PIPE market during the first three quarters 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, “After a dismal first quarter, the past six months have seen a dramatic restoration of the active PIPE market. Through September 30th, a total of $31.3 billion was raised in 739 transactions (of this amount, 62 transactions totaling $1.01 billion have been announced but not yet closed as of 10/1/09). Most notably, more than 85% of the transaction activity this year has occurred in the past six months. Reflecting the return to business as usual, we’ve seen a reemergence of the traditionally active PIPE investors, agents, and legal counsel to the top of the league tables. On the structuring front, we continue to see an increase in registered direct activity, as the line between the private and public markets continued to be blurred. As always, we congratulate all of the active agents, investors, and legal counsel in the PIPE market, 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.”
The 2009 U.S. PIPE Market Investment Banking League Table
By Number of Transactions (through 9/30/09):
Placement Agent Name
Transaction Count
Total Amount Placed
Rodman & Renshaw, LLC
54
$834,985,789
Roth Capital Partners, LLC
18
$463,370,337
Midtown Partners & Co., LLC
14
$66,839,430
Lazard
13
$419,259,962
Piper Jaffray & Co.
11
$417,869,271
Canaccord Adams, Inc.
11
$376,144,409
Chardan Capital Markets
10
$38,232,989
Oppenheimer & Co., Inc.
8
$206,294,637
Merriman Curhan Ford & Co.
8
$155,969,383
Thomas Weisel Partners, LLC
7
$62,222,176
Leerink Swann & Co.
6
$289,841,099
Cowen and Company, LLC
6
$85,312,062
Garden State Securities, Inc.
6
$34,841,487
Deutsche Bank Securities, Inc.
5
$210,401,999
RBC Capital Markets, Inc.
5
$202,076,260
JMP Securities, LLC
5
$182,240,013
Wedbush PacGrow Life Sciences
5
$91,160,000
Needham & Company, Inc.
5
$86,253,536
Ladenburg Thalmann & Co., Inc.
4
$44,857,332
Wunderlich Securities, Inc.
3
$126,410,000
Jefferies & Company, Inc.
3
$84,475,001
Toll Cross Securities, Inc.
3
$36,169,903
Source Capital Group.
3
$30,262,749
Dundee Securities Corp.
3
$20,317,526
Dawson James Securities, Inc.
3
$16,512,274
Investment Banking rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, 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 transactions reported as of 10/2/09.
The 2008 PIPE Market Investment Banking League Table
By Number of Transactions (through 3/31/08):
Investor Name
Transaction Count
Total Amount Invested
Iroquois Capital, LP
20
$52,840,060
BAM Capital, LLC
19
$62,899,970
Downsview Capital, Inc.
19
$42,195,838
Hudson Bay Capital Management, LP
12
$37,216,458
Vicis Capital, LLC
8
$29,400,000
Rockmore Investment Master Fund, Ltd.
8
$6,709,973
Wellington Management Company, LLP
7
$97,557,193
Heights Capital Management, Inc.
7
$40,050,021
Empery Asset Management, LP
7
$16,060,000
Baker Brothers Advisors, LLC
6
$18,975,132
Ramius, LLC
6
$18,588,644
Gemini Strategies, LLC
6
$1,650,000
Deerfield Capital Management
5
$177,499,990
The Frost Group, LLC
5
$61,130,000
Bay City Capital, LLC
5
$17,256,586
MGP Advisors, LLC
5
$11,725,001
Vision Capital Advisors, LLC
5
$9,225,936
Atoll Asset Management, LLC
5
$5,935,005
LH Financial Services Corp.
5
$1,603,969
Midsummer Capital, LLC
5
$1,000,000
Federated Investment Management Co.
5
Not Disclosed
Venrock Associates
4
$19,433,624
Visium Asset Management, LLC
4
$17,010,462
New Enterprise Associates
4
$15,672,709
Jayhawk Capital Management, LLC
4
$4,304,140
Investor rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, 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 transactions reported as of 10/2/09.
The 2009 PIPE Market Issuer Counsel League Table
By Number of Transactions (through 9/30/09):
Legal Counsel
Transaction Count
Total Amount Advised
Sichenzia Ross Friedman Ference, LLP
19
$95,642,581
Cooley Godward Kronish, LLP
15
$301,999,979
Morgan, Lewis & Bockius, LLP
13
$337,132,997
DLA Piper
12
$147,460,685
Latham & Watkins, LLP
11
$328,530,995
Stradling, Yocca, Carlson & Rauth, PC
11
$203,660,952
K&L Gates, LLP
11
$163,632,867
Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC
11
$150,030,000
Morrison & Foerster, LLP
9
$94,718,752
Hogan & Hartson, LLP
8
$118,801,600
Wilson Sonsini Goodrich & Rosati
7
$228,096,931
Goodwin Procter, LLP
7
$77,506,169
O'Melveny & Myers, LLP
6
$226,436,500
Wilmer Cutler Pickering Hale & Dorr, LLP
6
$169,969,914
Cozen O'Connor
6
$9,607,226
Skadden, Arps, Slate, Meagher & Flom, LLP
5
$654,586,363
Troutman Sanders, LLP
5
$179,384,165
Dorsey & Whitney, LLP
5
$113,664,546
Greenberg Traurig, LLP
5
$90,912,500
Pillsbury, Winthrop, Shaw & Pittman, LLP
5
$79,241,412
Edwards Angell Palmer & Dodge, LLP
5
$38,534,400
Wachtell, Lipton, Rosen & Katz
4
$965,000,000
Jones Day
4
$164,895,563
Ropes & Gray
4
$43,350,003
Richardson & Patel, LLP
4
$20,800,000
Legal counsel rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, 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 transactions reported as of 10/2/09.
The 2009 PIPE Market Investor Counsel League Table
By Number of Transactions (through 9/30/09):
Legal Counsel
Transaction Count
Total Amount Advised
Schulte Roth & Zabel, LLP
23
$446,163,187
Greenberg Traurig, LLP
22
$341,277,914
Latham & Watkins, LLP
6
$749,999,992
Simpson Thacher Bartlett, LLP
5
$225,000,000
Feldman Weinstein & Smith, LLP
5
$21,700,000
Seward & Kissel LLP
4
$117,611,642
Goodwin Procter, LLP
4
$75,000,011
Ellenoff Grossman & Schole, LLP
4
$26,270,000
Cooley Godward Kronish, LLP
4
$22,060,848
Grushko & Mittman, PC
4
$5,782,500
Sullivan & Cromwell
3
$465,000,000
O'Melveny & Myers, LLP
3
$111,348,705
Kirkland & Ellis
3
$35,000,000
Bush Ross, PA
3
$19,000,000
Debevoise & Plimpton, LLP
2
$449,999,994
Weil, Gotshal & Manges, LLP
2
$273,000,000
Dechert, LLP
2
$155,000,024
Alston & Bird, LLP
2
$118,755,564
White & Case, LLP
2
$36,512,220
Katten Muchin Rosenman, LLP
2
$32,500,000
Proskauer Rose, LLP
2
$31,206,000
Dorsey & Whitney, LLP
2
$23,000,000
K&L Gates, LLP
2
$20,491,025
Chadbourne & Parke, LLP
2
$13,500,000
Quarles & Brady, LLP
2
$8,500,000
Legal counsel rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, 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 transactions reported as of 10/2/09.
The 2009 PIPE Market Placement Agent Counsel League Table
By Number of Transactions (through 9/30/09):
Legal Counsel
Transaction Count
Total Amount Advised
Weinstein Smith, LLP
26
$358,759,792
Proskauer Rose, LLP
16
$316,142,082
Feldman Weinstein & Smith, LLP
12
$121,182,350
Goodwin Procter, LLP
11
$298,385,272
Lowenstein Sandler, PC
8
$44,205,603
Latham & Watkins, LLP
6
$200,312,498
K&L Gates, LLP
4
$53,935,125
Ropes & Gray
3
$152,011,659
Choate, Hall & Stewart, LLP
3
$59,440,000
DLA Piper
2
$72,500,000
Sichenzia Ross Friedman Ference, LLP
2
$46,371,500
Dechert, LLP
2
$38,555,130
Morrison & Foerster, LLP
2
$28,499,562
Torys, LLP
1
$451,250,000
Skadden, Arps, Slate, Meagher & Flom, LLP
1
$300,000,000
Legal counsel rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, 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 transactions reported as of 10/2/09.
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, and 2009 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.
