PlacementTracker Publishes PIPE Market League Tables

San Diego – April 24, 2007- Sagient Research Systems, a leading publisher of independent research for the and institutional investment communities, today announced that Rodman & Renshaw, LLC ranked as the number one most active investment and Iroquois Capital, L.P. ranked as the number one most active institutional investor in the PIPE market during the first quarter of 2007.

PlacementTracker also announced that Sichenzia Ross Friedman Ference, LLP ranked as the number one most active issuer counsel and Schulte Roth & Zabel, LLP ranked as the number one most active investor counsel in the PIPE market during the first quarter of 2007.

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, “The first quarter of 2007 was one of the most active periods in the twelve years that we’ve been analyzing this market. During the first quarter, we recorded 302 PIPE transactions totaling $10.92 billion in equity and equity-linked capital raised (excluding Structured Equity Lines and Canadian issuers). This represented an astounding 48% increase over the total amount raised in the market during the first quarter of 2006 and puts the market on track for yet another record year. As always, we congratulate all of the active agents, investors, and legal counsel in the PIPE market for a tremendous first quarter, 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.”

PlacementTracker’s dynamically updating League Tables are available online at: http://www.sagientresearch.com/pt/leaguetables.cfm.

The 2007 PIPE Market League Table By Number of Transactions (through 3/31/07):

Transaction Placement Agent Name Count Total Amount Placed Rodman & Renshaw, LLC 12 $ 232,128,723.00 Roth Capital Partners, LLC 7 $ 69,869,030.00 UBS Investment Bank 5 $ 899,096,823.00 Piper Jaffray & Co. 5 $ 117,271,028.00 Oppenheimer & Co., Inc. 5 $ 88,669,988.00 Banc of America Securities, LLC 4 $ 229,558,200.00 Sanders Morris Harris, Inc. 4 $ 52,500,796.00 First Montauk Securities, Inc. 4 $ 14,430,000.00 ThinkEquity Partners, LLC 3 $ 187,931,180.00 National Securities Corp. 3 $ 75,750,269.00 First Albany Capital 3 $ 60,287,109.00 3 $ 56,759,278.00 Maxim Group, LLC 3 $ 37,547,000.00 Westminster Securities Corp. 3 $ 20,062,739.00 Midtown Partners & Co., LLC 3 $ 13,255,444.00 Securities, Inc. 2 $ 339,300,795.00 Global Markets, Inc. 2 $ 328,959,880.00 BMO Capital Markets Corp. 2 $ 165,152,076.00 A.G. Edwards, Inc. 2 $ 115,240,000.00 Cowen and Company, LLC 2 $ 77,383,838.00 Leerink Swann & Co. 2 $ 58,000,000.00 Lynch & Co. 2 $ 50,759,278.00 Coker, Palmer, Phillips & Mullen, Inc. 2 $ 50,195,000.00 Lane Capital Markets, LLC 2 $ 42,990,000.00 Brean Murray, Carret & Co. 2 $ 40,008,449.00

Investment Banking rankings exclude all Equity Line of Credit transactions and all PIPE transactions conducted by Canadian issuers. 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 as reported as of 4/23/07.

The 2007 PIPE Market Institutional Investor League Table By Number of Transactions (through 3/31/07):

Transaction Investor Name Count Total Amount Invested Iroquois Capital, L.P. 19 $ 16,442,384.00 Heights Capital Management, Inc. 17 $ 81,113,503.00 Enable Capital Management 16 $ 49,744,567.00 UBS Capital Americas, LLC 12 $ 38,571,301.00 Highbridge International, LLC 11 $ 68,682,578.00 SF Capital Partners, Inc. 11 $ 33,454,418.00 Cornell Capital Partners, L.P. 9 $ 31,433,651.00 Hudson Bay Capital Management, L.P. 9 $ 15,244,391.00 Atoll Asset Management, LLC 9 $ 7,890,023.00 Downsview Capital, Inc. 9 $ 6,138,355.00 Lehman Brothers, Inc. 8 $ 60,320,718.00 Roswell Capital Partners, LLC 8 $ 12,510,263.00 First Boston Corp. 7 $ 14,517,252.00 Vision Capital Advisors, LLC 7 $ 13,788,481.00 Cantara (Switzerland) S.A. 7 $ 4,793,679.00 Heller Capital Partners 7 $ 4,658,056.00 Nite Capital Management, LLC 7 $ 2,399,998.00 Paramount BioSciences, LLC 7 $ 1,554,385.00 Ramius Capital Group, LLC 6 $ 14,064,754.00 Fort Mason Capital 6 $ 13,545,426.00 Crestview Capital Partners, LLC 6 $ 9,492,002.00 GLG Partners, L.P. 5 $ 20,618,150.00 MGP Advisors, LLC 5 $ 14,166,889.00 Millennium Management, LLC 5 $ 10,534,000.00 Whitebox Advisors, LLC 5 $ 10,126,085.00

Investor rankings exclude all Equity Line of Credit transactions and all PIPE transactions conducted by Canadian issuers. Investors classified as Corporate Investors and Insurance Companies have been excluded from this ranking. Data is as reported as of 4/23/07.

The 2007 PIPE Market Issuer Counsel League Table By Number of Transactions (through 3/31/07):

Transaction Legal Counsel Count Total Amount Advised Sichenzia Ross Friedman Ference, LLP 11 $ 47,760,546.00 Haynes and Boone, LLP 7 $ 169,890,366.00 Morgan, Lewis & Bockius, LLP 5 $ 212,773,743.00 Greenberg Traurig, LLP 5 $ 54,587,750.00 Kirkpatrick & Lockhart Preston Gates Ellis 4 $ 41,191,643.00 Richardson & Patel, LLP 4 $ 37,900,000.00 Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC 4 $ 22,000,000.00 Wilson Sonsini Goodrich & Rosati 3 $ 720,000,000.00 DLA Piper Rudnick Gray Cary US, LLP 3 $ 144,616,006.00 Cooley Godward Kronish, LLP 3 $ 45,438,721.00 Thelen Reid Brown Raysman & Steiner, LLC 3 $ 39,200,002.00 Ropes & Gray 3 $ 39,146,194.00 Troutman Sanders, LLP 3 $ 33,970,000.00 Rutan & Tucker, LLP 3 $ 10,950,000.00 Orrick, Herrington & Sutcliffe, LLP 2 $ 308,719,877.00 Perkins Coie, LLP 2 $ 236,200,085.00 Wilmer Cutler Pickering Hale & Dorr, LLP 2 $ 50,603,877.00 Hogan & Hartson, LLP 2 $ 50,195,000.00 Bull, Housser & Tupper, LLP 2 $ 50,195,000.00 Heller Ehrman, LLP 2 $ 41,500,002.00 Maslon Edelman Borman & Brand, LLP 2 $ 39,389,161.00 Foley & Lardner 2 $ 33,175,363.00 Morrison & Foerster, LLP 2 $ 29,249,999.00 Skadden, Arps, Slate, Meagher & Flom, LLP 2 $ 27,499,980.00 Stradling, Yocca, Carlson & Rauth, PC 2 $ 20,624,016.00

Legal counsel rankings exclude all Equity Line of Credit transactions and all PIPE transactions conducted by Canadian issuers. Data is as reported as of 4/23/07.

The 2007 PIPE Market Investor Counsel League Table By Number of Transactions (through 3/31/07):

Transaction Legal Counsel Count Total Amount Advised Schulte Roth & Zabel, LLP 34 $ 3,576,805,839.00 Feldman Weinstein, LLP 6 $ 46,994,363.00 Grushko & Mittman, PC 6 $ 14,455,000.00 Peter J. Weisman, PC 5 $ 27,998,453.00 Simpson Thacher Bartlett, LLP 3 $ 776,458,987.00 Pillsbury, Winthrop, Shaw & Pittman, LLP 2 $ 248,152,077.00 Shearman & Sterling, LLP 2 $ 104,048,500.00 Latham & Watkins, LLP 2 $ 83,888,500.00 Proskauer Rose, LLP 2 $ 51,200,000.00 Barack, Ferrazzano, Kirschbaum, Perlman, & Nagelberg, LLP 2 $ 27,900,001.00 Kramer Levin Naftalis & Frankel, LLP 2 $ 26,040,000.00 Lowenstein Sandler, PC 2 $ 10,500,000.00 Krieger & Prager, LLP 2 $ 8,196,250.00 Olshan Grundman Frome Rosenzweig & Wolosky 2 $ 7,353,000.00 O’Melveny & Myers, LLP 1 $ 355,000,000.00 Vinson & Elkins, LLP 1 $ 100,000,048.00 McCarthy Tretrault, LLP 1 $ 94,812,500.00 Baker & McKenzie 1 $ 76,458,987.00 Law Offices of Brian Pusch 1 $ 47,480,180.00 Cravath, Swaine & Moore 1 $ 45,000,000.00 Drinker Biddle & Reath, LLP 1 $ 25,750,000.00 Katten Muchin Rosenman, LLP 1 $ 25,750,000.00 Thelen Reid Brown Raysman & Steiner LLC 1 $ 17,500,000.00 Richards Kibbe & Orbe LLP 1 $ 15,714,000.00 Cooley Godward Kronish LLP 1 $ 15,000,018.00

Legal counsel rankings exclude all Equity Line of Credit transactions and all PIPE transactions conducted by Canadian issuers. Data is as reported as of 4/23/07.

About Sagient Research Systems Sagient Research Systems is a publisher of independent research. We develop, produce, and sell proprietary research products to mutual funds, hedge funds, and investment . 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 to the financial services and institutional investment communities. For more information, please visit the Sagient Research Systems website at www.sagientresearch.com.

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