SAN DIEGO, July 7, 2011 (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 Iroquois Capital L.P., ranked as the number one most active institutional investor in the U.S. PIPE market during the first half of 2011.
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 half of 2011.
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 activity in the PIPE market, Robert Kyle, Sagient Research's Chief Executive Officer said, "During the first half of 2011, a total of $15.1 billion was raised in 594 transactions (of this amount, 27 transactions totaling $192 million have been announced but not yet closed as of 07/06/11). This compares to $23.3B raised in 632 transactions in the first half of 2010. Although these figures represent a slight decrease compared with the first half of 2010, the PIPE market along with its related hybrid offerings continue to be a vibrant market in which small and mid cap companies raise capital. One encouraging sign we have seen in 2011 is a growth in the number of straight unregistered common stock transactions. These transactions picked up by 5% in the first half of 2011 while all other transaction types slipped 15%. This could indicate that investors are more willing to take a longer term risk oriented investment in companies they believe in. We congratulate all of the active members of the PIPE community for continued success in 2011. Most of these firms are long-time clients of PlacementTracker, and we are dedicated to providing them with access to data on our ever-changing industry."
PlacementTracker's dynamically updating League Tables are available online at: http://www.placementtracker.com/pt/leaguetables.cfm.
| The 2011 U.S. PIPE Market Investment Banking League Table | ||
| By Number of Transactions (through 06/30/11): | ||
| Placement Agent Name | Transaction Count | Total Amount Placed |
| Rodman & Renshaw, LLC | *47 | $ 762,379,905 |
| Roth Capital Partners, LLC | 34 | $ 554,103,539 |
| Jefferies & Company, Inc. | 13 | $ 869,297,925 |
| Ladenburg Thalmann & Co., Inc. | 13 | $ 334,505,500 |
| Lazard | 13 | $ 301,431,204 |
| JMP Securities LLC | 10 | $ 334,751,873 |
| Maxim Group LLC | 10 | $ 205,386,477 |
| Chardan Capital Markets | 10 | $ 70,730,607 |
| Piper Jaffray & Co. | 8 | $ 494,378,278 |
| Oppenheimer & Co. Inc. | 8 | $ 352,004,349 |
| Stifel Nicolaus Weisel | 8 | $ 300,437,965 |
| William Blair & Company, LLC | 8 | $ 199,533,942 |
| J.P. Morgan Chase & Co. | 7 | $ 792,702,782 |
| Canaccord Genuity Inc. | 7 | $ 418,717,059 |
| Sandler O'Neill & Partners, L.P. | 6 | $ 1,174,999,999 |
| Leerink Swann, LLC | 6 | $ 287,137,207 |
| Wedbush PacGrow Life Sciences | 5 | $ 199,435,000 |
| Northland Securities, Inc. | 5 | $ 80,304,294 |
| Euro Pacific Capital, Inc. | 5 | $ 60,696,143 |
| Global Hunter Securities, LLC | 4 | $ 237,500,000 |
| Needham & Company, LLC | 4 | $ 122,084,000 |
| Cowen and Company, LLC | 4 | $ 116,057,469 |
| Noble Financial Group | 4 | $ 92,899,747 |
| Merriman Capital, Inc | 4 | $ 51,294,128 |
| Stonegate Securities, Inc. | 4 | $ 14,352,337 |
Investment Banking rankings exclude all 144-A Offerings, 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 07/06/11.
| The 2011 U.S. PIPE Market Investment Banking League Table | ||
| By Total Amount Placed (through 6/30/11): | ||
| Placement Agent Name | Transaction Count | Total Amount Placed |
| Sandler O'Neill & Partners, L.P. | 6 | $ 1,174,999,999 |
| Jefferies & Company, Inc. | 13 | $ 869,297,925 |
| J.P. Morgan Chase & Co. | 7 | $ 792,702,782 |
| Rodman & Renshaw, LLC | *47 | $ 762,379,905 |
| Roth Capital Partners, LLC | 34 | $ 554,103,539 |
| Piper Jaffray & Co. | 8 | $ 494,378,278 |
| Barclays Capital, Inc. | 2 | $ 450,001,390 |
| Canaccord Genuity Inc. | 7 | $ 418,717,059 |
| Oppenheimer & Co. Inc. | 9 | $ 352,004,349 |
| JMP Securities LLC | 10 | $ 334,751,873 |
| Ladenburg Thalmann & Co., Inc. | 13 | $ 334,505,500 |
| Howe Barnes Hoefer & Arnett, Inc. | 1 | $ 310,000,000 |
| Lazard | 13 | $ 301,431,204 |
| Stifel Nicolaus Weisel | 8 | $ 300,437,965 |
| Leerink Swann, LLC | 6 | $ 287,137,207 |
| Keefe, Bruyette & Woods, Inc. | 3 | $ 251,784,941 |
| Global Hunter Securities, LLC | 4 | $ 237,500,000 |
| Goldman, Sachs & Co. | 1 | $ 231,599,431 |
| Burke Capital Group, LLC | 1 | $ 231,599,431 |
| Morgan Keegan & Company, Inc. | 3 | $ 228,151,250 |
| Macquarie Capital (USA) Inc. | 2 | $ 226,460,216 |
| Maxim Group LLC | 10 | $ 205,386,477 |
| William Blair & Company, LLC | 8 | $ 199,533,942 |
| Wedbush PacGrow Life Sciences | 5 | $ 199,435,000 |
| Janney Montgomery Scott, Inc. | 3 | $ 182,841,250 |
Investment Banking rankings exclude all 144-A Offerings, 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 07/06/11.
| The 2011 U.S. PIPE Market Institutional Investor League Table | ||
| By Number of Transactions (through 6/30/11): | ||
| Investor Name | Transaction Count | Total Amount Invested |
| Iroquois Capital L.P. | 29 | $ 17,212,883 |
| Downsview Capital, Inc. | 22 | $ 12,090,514 |
| Heights Capital Management, Inc. | 21 | $ 29,942,020 |
| Hudson Bay Capital Management L.P. | 19 | $ 20,639,151 |
| AQR Capital Management, LLC | 18 | $ 13,075,003 |
| Kingsbrook Partners, LP | 15 | $ 9,943,820 |
| DAFNA Capital Management, LLC | 15 | $ 3,366,309 |
| LH Financial Services Corporation | 14 | $ 19,293,703 |
| Deerfield Management | 13 | $ 106,317,346 |
| Teachers Insurance and Annuity Association | 12 | Not Disclosed |
| Empery Asset Management LP | 10 | $ 11,117,045 |
| Fidelity Management & Research Corporation | 9 | $ 92,465,017 |
| Great Point Partners, LLC | 9 | $ 19,781,815 |
| UBS O'Connor LLC | 9 | $ 3,497,498 |
| Marshall Wace LLP | 9 | Not Disclosed |
| Columbia Management Investment Advisers, LLC | 8 | $ 7,265,700 |
| Brio Capital Management | 8 | $ 946,103 |
| Anson Capital, LP | 7 | $ 4,527,532 |
| Lyrical Opportunity Partners, L.P. | 7 | $ 2,162,766 |
| Wellington Management Company LLP | 6 | $ 42,856,390 |
| AWM Investment Management (MGP Advisors, LLC) | 6 | $ 12,250,000 |
| T. Rowe Price Associates, Inc. | 6 | $ 11,000,000 |
| Highbridge International, LLC | 6 | $ 6,224,026 |
| Gemini Strategies, LLC | 6 | $ 2,936,104 |
| Midsummer Capital, LLC | 6 | $ 1,745,001 |
Investor rankings exclude all 144-A Offerings, 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 07/06/11.
| The 2011 PIPE Market Issuer Counsel League Table | ||
| By Number of Transactions (through 6/30/11): | ||
| Legal Counsel | Transaction Count | Total Amount Advised |
| Sichenzia Ross Friedman Ference, LLP | 19 | $ 62,102,349 |
| Cooley LLP | 14 | $ 397,598,995 |
| Greenberg Traurig, LLP | 9 | $ 78,218,657 |
| K&L Gates LLP | 6 | $ 630,449,961 |
| Latham & Watkins, LLP | 6 | $ 516,189,996 |
| Skadden, Arps, Slate, Meagher & Flom, LLP | 6 | $ 317,018,561 |
| O'Melveny & Myers, LLP | 6 | $ 98,702,469 |
| Anslow & Jaclin, LLP | 6 | $ 29,963,754 |
| Akerman Senterfitt | 5 | $ 355,730,001 |
| Wilson Sonsini Goodrich & Rosati | 5 | $ 249,296,618 |
| Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC | 5 | $ 148,657,769 |
| Katten Muchin Rosenman, LLP | 5 | $ 123,340,147 |
| Ropes & Gray | 5 | $ 65,100,000 |
| Vinson & Elkins, LLP | 4 | $ 1,098,141,390 |
| Paul, Hastings, Janofsky & Walker, LLP | 4 | $ 133,470,127 |
| Morrison & Foerster, LLP | 4 | $ 85,607,470 |
| Seyfarth Shaw, LLP | 4 | $ 58,603,476 |
| Wilmer Cutler Pickering Hale & Dorr, LLP | 3 | $ 175,120,282 |
| Goodwin Procter, LLP | 3 | $ 123,718,738 |
| Loeb & Loeb, LLP | 3 | $ 73,500,000 |
| Weintraub Genshlea Chediak Law Corporation | 3 | $ 37,436,656 |
| Pryor Cashman Sherman & Flynn, LLP | 3 | $ 34,018,735 |
| Pillsbury, Winthrop, Shaw & Pittman, LLP | 3 | $ 29,418,131 |
| DLA Piper | 3 | $ 27,107,529 |
| Baker, Donelson, Bearman, Caldwell & Berkowitz, PC | 3 | $ 24,511,657 |
Legal counsel rankings exclude all 144-A Offerings, 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 07/06/11.
| The 2011 PIPE Market Investor Counsel League Table | ||
| By Number of Transactions (through 6/30/11): | ||
| Legal Counsel | Transaction Count | Total Amount Advised |
| Schulte Roth & Zabel, LLP | 36 | $ 1,618,523,289 |
| Greenberg Traurig, LLP | 24 | $ 750,580,057 |
| Lowenstein Sandler, PC | 9 | $ 109,791,201 |
| Baker Botts, LLP | 5 | $ 1,383,447,234 |
| Grushko & Mittman, PC | 5 | $ 22,588,405 |
| Skadden, Arps, Slate, Meagher & Flom, LLP | 4 | $ 853,160,216 |
| Wachtell, Lipton, Rosen & Katz | 4 | $ 767,578,563 |
| Kirkland & Ellis | 4 | $ 665,840,001 |
| Katten Muchin Rosenman, LLP | 4 | $ 55,533,000 |
| Weinstein Smith LLP | 4 | $ 30,107,529 |
| Davis Polk & Wardwell | 3 | $ 615,000,000 |
| Davis Polk & Wardwell LLP | 3 | $ 341,783,835 |
| Ropes & Gray | 3 | $ 319,500,000 |
| Seward & Kissel LLP | 3 | $ 56,979,197 |
| Simpson Thacher Bartlett, LLP | 2 | $ 410,000,000 |
| Paul, Weiss, Rifkind, Wharton & Garrison | 2 | $ 300,000,000 |
| Wilson Sonsini Goodrich & Rosati | 2 | $ 149,425,190 |
| Latham & Watkins, LLP | 2 | $ 95,000,000 |
| Cooley LLP | 2 | $ 61,645,928 |
| Sidley Austin LLP | 2 | $ 32,936,656 |
| Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC | 2 | $ 32,500,000 |
| Kramer Levin Naftalis & Frankel, LLP | 2 | $ 23,570,000 |
| Foley Hoag, LLP | 2 | $ 13,999,998 |
| Proskauer Rose, LLP | 2 | $ 12,112,499 |
| Anslow & Jaclin, LLP | 2 | $ 10,265,849 |
Legal counsel rankings exclude all 144-A Offerings, 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 07/06/11.
| The 2011 PIPE Market Placement Agent Counsel League Table | ||
| By Number of Transactions (through 6/30/11): | ||
| Legal Counsel | Transaction Count | Total Amount Advised |
| Weinstein Smith LLP | 33 | $ 255,263,291 |
| Goodwin Procter, LLP | 22 | $ 566,023,058 |
| Ellenoff Grossman & Schole LLP | 19 | $ 176,400,406 |
| Lowenstein Sandler, PC | 15 | $ 166,565,076 |
| Proskauer Rose, LLP | 13 | $ 360,923,710 |
| Latham & Watkins, LLP | 5 | $ 203,412,505 |
| Cooley LLP | 3 | $ 186,990,000 |
| Graubard Miller | 3 | $ 121,145,000 |
| Pillsbury, Winthrop, Shaw & Pittman, LLP | 3 | $ 45,356,000 |
| Simpson Thacher Bartlett, LLP | 2 | $ 78,943,144 |
| Davis Polk & Wardwell | 2 | $ 64,068,967 |
| Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC | 2 | $ 47,612,501 |
| DLA Piper | 2 | $ 41,746,777 |
| Sichenzia Ross Friedman Ference, LLP | 2 | $ 23,000,000 |
| Cravath, Swaine & Moore | 1 | $ 155,250,000 |
| Wilson Sonsini Goodrich & Rosati | 1 | $ 130,400,000 |
| Ropes & Gray | 1 | $ 111,162,083 |
| Hogan Lovells US LLP | 1 | $ 100,000,000 |
| Sidley Austin LLP | 1 | $ 96,542,500 |
| K&L Gates LLP | 1 | $ 92,460,000 |
| White & Case, LLP | 1 | $ 64,759,375 |
| Edwards Angell Palmer & Dodge, LLP | 1 | $ 49,507,500 |
| Weil, Gotshal & Manges, LLP | 1 | $ 48,300,000 |
| Day Pitney LLP | 1 | $ 38,640,000 |
| Dewey & LeBoeuf LLP | 1 | $ 31,500,000 |
Legal counsel rankings exclude all 144-A Offerings, 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 07/06/11.
*Includes transactions completed by Rodman & Renshaw, LLC and entities it acquired during 2011.
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, 2009, and 2010, 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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