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Life Sciences on the TSX

Life Sciences on the TSX. Elaine Ellingham Regional Manager, B.C. Toronto Stock Exchange. TSX Group of Companies. TSX – TSX Venture Canada’s first National Exchange. Calgary Venture head office. Montreal. Vancouver. Toronto TSX head office. Winnipeg. Benefits of TSX-TSX Venture Deal.

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Life Sciences on the TSX

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  1. Life Sciences on the TSX Elaine Ellingham Regional Manager, B.C. Toronto Stock Exchange

  2. TSX Group of Companies

  3. TSX – TSX VentureCanada’s first National Exchange Calgary Venture head office Montreal Vancouver Toronto TSX head office Winnipeg

  4. Benefits of TSX-TSX Venture Deal • Strengthens international competitiveness with the formation of a “national” market • Synergies in trading systems and technologies • Junior and senior markets maintained separate and distinct to best serve two distinct markets • Rules will become more “similar” • Improves pipeline between junior “incubator” and senior market (linked exchanges) – more streamlined graduation process for junior companies • Provides regional infrastructure for TSX service

  5. What’s been happening to the Canadian Exchanges? • Realignment into one junior & one senior equities market • Demutualization – “for profit” • Separation of “Regulation Services Inc.” • Acquisition of CDNX by TSE • Rebranding to TSX and TSX Venture Exchange

  6. TSX - Life Sciences Sector • 73 listed Life Sciences companies • 13 or about 18% are B.C. based • $28.7 billion market capitalization as at end of Q1 2002 • B.C. based account for $3.8 billion mkt cap or about 13% Aggregate Market Capitalization $ Billions 62 cos 70 cos 72 cos 73 cos 1999 2000 2001 2002 Q1

  7. Life Sciences Sector on the TSX Distribution by Market Capitalization Number of Companies 5 2 4  B.C. based 2 0-50 >500 50-150 150-500 $ Millions

  8. Equity Raised for TSX Life Sciences Companies $ Millions 1997 1998 1999 2000 2001 • In the last 6 years, TSX life science companies completed 215 equity financings raising $5.4 billion • 8 of these were over $100 million • In the first month of 2002, twodeals worth a total of $49.9 million

  9. Index Changes • Elimination of TSE300, TSE200, TSE100 and TSE35 • Removal from real time May 1, 2002 • Discontinued May 1, 2003 • Updating to reflect today’s market standards • S&P/TSE Composite Index replaced TSE300 index • No longer fixed at 300 companies • Move to GICS (Global Industry Classification Standards) • S&P/TSX Canadian Health Care Index

  10. S&P/TSE Composite IndexCriteria for Inclusion • Must be listed on TSE for 12 months (some discretion by index committee) • Price and minimum weighting criteria (all must be met) • Float QMV must be at least 0.05% of total float capitalization of index • Minimum weighted average price must be at least $1 over past quarter • Close price at least $1 at previous month-end • Liquidity criteria (must meet all three over the preceding 12 months): • Trading volume, value and number of transactions must be at least 0.025% of sum of all eligible companies’ trading volume, value and transactions • No more than 25 non-trading days • Float turnover at least 0.25

  11. Visibility through Index Inclusion S&P/TSX Composite Index (277 companies) Health Care Index • 22 companies included • 6 are B.C. based • 43% of B.C. Life Sciences companies in the Index

  12. 48 life sciences analysts in Canada 100 analysts covered our TSX life sciences companies in 2001 resulting in 278 incidents of coverage Our covered companies had an average of five analysts per company Visibility through Analyst Coverage

  13. Number of Research Analysts Covering TSX Life Science Companies

  14. TSX Life Sciences CompaniesTrading & Equity Raised Life Sciences Total TSX Trading Value $19 b $713 b Trading Volume 1 b 37 b Equity Raised $ 1.6 b $ 21 b

  15. Growth of Biotech on the TSXTrading Volume in the TSE 300

  16. …and by Value

  17. Comparison of Biotech Sector Performance TSX vs Nasdaq

  18. Canadian Companies on Nasdaq • 16 life sciences companies are interlisted on Nasdaq Source: Nasdaq

  19. Canadian Companies Going Public in the U.S.

  20. TSX Venture ExchangeLife Sciences Sector • 80 Listed Life Sciences Companies • Aggregate market cap: $650 million Number of companies shown in ( )

  21. TSX Venture ExchangeBiotech Equity Financing 2001 Total TSX Venture Biotech financing: $102 million

  22. TSXInitiatives • Catalyst for a national securities regulatory solution • “Rule review” for ongoing transactions • Corporate Governance Joint Committee initiatives • Regional Managers enhance service to our listed companies and proactive approach to assisting prospective companies and their advisors in listing To enhance liquidity: • Introduction of broker anonymity • Iceberg orders • Review of Registered Trader program

  23. TSX and TSX Venture Exchange Canada’s National Market Elaine Ellingham Regional Manager, British Columbia Toronto Stock Exchange 604.643.6549 elaine.ellingham@tsx.ca

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