PlacementTracker Publishes PIPE Market League Tables


SAN DIEGO, July 17, 2008 (PRIME 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 Downsview Capital, Inc. ranked as the number one most active institutional investor in the PIPE market during the first half of 2008.

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 Feldman Weinstein, LLP ranked as the number one most active placement agent counsel in the PIPE market during the first half of 2008.

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, "While the market for core PIPE issuances remained slow in the second quarter of 2008, there was a marked improvement over the first quarter. The ongoing volatility and the generally negative sentiment in the marketplace continued to keep some issuers on the sidelines and more investors seeking appropriate pricing levels. The silver lining is that core PIPE issuances (which we define as transactions of less than $100M in gross proceeds) totaled $3.38 Billion in the second quarter, an increase of 35% over the first quarter. In terms of dollars raised, the first half continued the record breaking pace initiated last year. With $64.63 Billion raised in 653 closed transactions, the dollars raised in the first half of 2008 is the largest amount raised in the PIPE market in any six month period. A small group of Mega-PIPE transactions in the financial services and natural resources continued to dominate the deal roster. Still, regular market participants remained active in the first half of the year and, as always, we congratulate all of the agents, investors, and legal counsel in the PIPE market for a strong first half, 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 2008 PIPE Market Investment Banking League Table
          ----------------------------------------------------
             By Number of Transactions (through 6/30/08):         
             --------------------------------------------
                                                                  
                                       Transaction   Total Amount   
 Placement Agent Name                     Count         Placed    
 --------------------                  ----------- ---------------- 
 Rodman & Renshaw, LLC                    25       $    404,234,930 
 Roth Capital Partners, LLC               11       $    209,580,852 
 Lazard                                   10       $  1,122,814,900 
 Canaccord Adams, Inc.                     8       $    268,336,027 
 Midtown Partners & Co., LLC               8       $     24,259,088 
 Merriman Curhan Ford & Co.                7       $    192,336,774 
 Lehman Brothers, Inc.                     6       $  7,339,967,043 
 Palladium Capital Advisors, LLC           6       $     16,636,400 
 Maxim Group, LLC                          5       $     26,691,179 
 Oppenheimer & Co., Inc.                   4       $     81,920,216 
 Emerging Growth Equities, Ltd.            4       $     21,332,493 
 T.R. Winston & Company, Inc.              4       $     12,677,831 
 Goldman, Sachs & Co.                      3       $  7,549,949,993 
 Deutsche Bank Securities, Inc.            3       $     90,270,903 
 Westminster Securities Corporation        3       $     21,353,000 
 Collins Stewart Inc.                      3       $     16,622,291 
 Empire Asset Management Company           3       $     13,060,000 
 Empire Financial Group, Inc.              3       $     10,500,390 
 Security Research Associates, Inc.        3       $      6,810,275 
 UBS Investment Bank                       2       $  2,820,875,719 
 J.P. Morgan Chase & Co.                   2       $    760,000,000 
 Keefe, Bruyette & Woods, Inc.             2       $    561,418,000 
 Banc of America Securities, LLC           2       $    275,093,538 
 Dahlman Rose & Company, LLC               2       $    249,703,942 
 Credit Suisse Securities (USA) LLC        2       $    125,000,000 

Investment Banking rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, and all PIPE transactions conducted by Canadian issuers that trade in the U.S. on the OTC-BB or 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 fulltransaction credit to all agents participating (regardless of status of lead agent or co-agent). Data is as reported as of 7/16/08.



        The 2008 PIPE Market Investment Banking League Table
        ---------------------------------------------------- 
             By Total Amount Placed (through 6/30/08):               
             -----------------------------------------  
                                                                   
                                     Transaction       Total Amount  
 Placement Agent Name                   Count             Placed     
 --------------------                -----------    -----------------
 Goldman, Sachs & Co.                     3         $  8,670,825,712 
 Lehman Brothers, Inc.                    6         $  7,339,967,043 
 UBS Investment Bank                      2         $  2,820,875,719 
 CIBC World Markets                       1         $  1,470,875,719 
 Friedman, Billings, Ramsey & Co.         1         $  1,350,000,000 
 Lazard                                  10         $  1,122,814,900 
 J.P. Morgan Chase & Co.                  2         $    760,000,000 
 Keefe, Bruyette & Woods, Inc.            2         $    561,418,000 
 Rodman & Renshaw, LLC                   25         $    404,234,930 
 Morgan Stanley                           1         $    305,340,000 
 Banc of America Securities, LLC          2         $    275,093,538 
 Canaccord Adams, Inc.                    8         $    268,336,027 
 Sandler O'Neill & Partners, L.P.         1         $    250,000,000 
 Dahlman Rose & Company, LLC              2         $    249,703,942 
 Fearnley Fonds ASA                       1         $    209,703,942 
 Carnegie ASA                             1         $    209,703,942 
 DnB NOR Markets                          1         $    209,703,942 
 Roth Capital Partners, LLC              11         $    209,580,852 
 Merriman Curhan Ford & Co.               7         $    192,336,774 
 Credit Suisse Securities (USA), LLC      2         $    125,000,000 
 BMO Capital Markets Corp.                2         $    118,909,000 
 Jefferies & Company, Inc.                2         $    108,715,788 
 Morgan Joseph and Co., Inc.              1         $    100,000,000 
 Cohen & Steers Capital Advisors          1         $     99,999,991 
 Deutsche Bank Securities, Inc.           3         $     90,270,903 

Investment Banking rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, and all PIPE transactions conducted by Canadian issuers that trade in the U.S. on the OTC-BB or 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 as reported as of 7/16/08.



      The 2008 PIPE Market Institutional Investor League Table  
      --------------------------------------------------------     
            By Number of Transactions (through 6/30/08):         
            --------------------------------------------    
                                                                     
                                       Transaction     Total Amount  
Investor Name                             Count          Invested   
-------------                          -----------   ----------------
Downsview Capital, Inc.                     17       $   20,034,282.0
Highbridge International, LLC               14       $  213,307,988.0
Enable Capital Management                   14       $   27,348,899.0
Hudson Bay Capital Management L.P.          13       $   48,107,045.0
Iroquois Capital L.P.                       13       $   25,404,811.0
Ramius LLC                                  12       $  133,412,824.0
UBS Capital Americas, LLC                   11       $   47,519,110.0
Whalehaven Capital Management Ltd.          11       $    3,318,086.0
Yorkville Advisors, LLC                     10       $   36,961,017.0
Midsummer Capital, LLC                      10       $   12,017,140.0
Guerilla Partners LP                        9        $   15,035,713.0
Heller Capital Partners                     9        $    5,914,997.0
Wellington Management Company LLP           8        $  214,084,222.0
Whitebox Advisors, LLC                      8        $   58,503,577.0
Atoll Asset Management, LLC                 8        $    5,546,108.0
LH Financial Services Corporation           8        $    4,712,976.0
Chestnut Ridge Partners, L.P.               8        $    1,948,367.0
Octagon Capital Partners                    8        $      661,149.0
Credit Suisse Asset Management, LLC         7        $  456,212,366.0
Heights Capital Management, Inc.            7        $  106,700,000.0
BAM Opportunity Fund LP                     7        $  106,332,694.0
Goldman Sachs & Co.                         7        $   55,968,750.0
Pope Asset Management LLC                   7        $   40,700,002.0
Vision Capital Advisors LLC                 7        $   35,560,000.0
Ardsley Partners, L.P.                      7        $   23,830,148.0

Investor rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, and all PIPE transactions conducted by Canadian issuers that trade in the U.S. on the OTC-BB or Pink Sheets. Investors classified as Corporate Investors and Insurance Companies have been excluded from this ranking. Data is as reported as of 7/16/08.



             The 2008 PIPE Market Issuer Counsel League Table  
             ------------------------------------------------       
               By Number of Transactions (through 6/30/08):           
               --------------------------------------------
                                                                      
                                         Transaction   Total Amount  
 Legal Counsel                              Count        Advised     
 -------------                           ----------  ----------------  
 Sichenzia Ross Friedman Ference, LLP        16      $   79,550,788.0 
 Richardson & Patel, LLP                     13      $   99,247,116.0 
 Latham & Watkins, LLP                        9      $  170,167,881.0 
 Hodgson Russ, LLP                            8      $   86,300,000.0 
 Heller Ehrman, LLP                           7      $1,508,485,695.0 
 Haynes and Boone, LLP                        7      $  142,328,000.0 
 Greenberg Traurig, LLP                       7      $   82,804,994.0 
 Morgan, Lewis & Bockius, LLP                 7      $   41,710,000.0 
 Jones Day                                    6      $7,937,360,000.0 
 Loeb & Loeb, LLP                             6      $  156,455,656.0 
 Cooley Godward Kronish LLP                   6      $  107,648,588.0 
 Kirkpatrick & Lockhart Preston Gates 
  Ellis LLP                                   6      $   44,041,017.0 
 Clark Wilson, LLP                            6      $   21,953,500.0 
 Fulbright & Jaworski, LLP                    5      $  654,796,632.0 
 Skadden, Arps, Slate, Meagher & Flom, LLP    5      $  209,126,750.0 
 Wilmer Cutler Pickering Hale & Dorr, LLP     5      $  205,502,628.0 
 Lowenstein Sandler, PC                       5      $  182,000,001.0 
 Guzov Ofsink, LLC                            5      $   48,491,598.0 
 Paul, Hastings, Janofsky & Walker, LLP       4      $  148,234,549.0 
 Rutan & Tucker, LLP                          4      $   76,749,999.0 
 DLA Piper Rudnick Gray Cary US, LLP          4      $   68,669,255.0 
 Buchanan Ingersoll, PC                       4      $   38,200,026.0 
 Ellenoff Grossman & Schole LLP               4      $   24,100,043.0 
 Bingham McCutchen, LLP                       4      $    9,535,275.0 
 Gottbetter & Partners, LLP                   4      $    9,200,000.0 

Legal counsel rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, and all PIPE transactions conducted by Canadian issuers that trade in the U.S. on the OTC-BB or Pink Sheets. Data is as reported as of 7/16/08.



         The 2008 PIPE Market Investor Counsel League Table           
         -------------------------------------------------- 
           By Number of Transactions (through 6/30/08):
           --------------------------------------------

                                          Transaction   Total Amount  
 Legal Counsel                               Count        Advised    
 -------------                            ---------- ---------------- 
 Schulte Roth & Zabel, LLP                     34    $  3,165,934,548  
 Feldman Weinstein, LLP                        18    $    116,278,789  
 Greenberg Traurig, LLP                         9    $    232,713,176  
 Proskauer Rose, LLP                            7    $    362,975,000  
 Loeb & Loeb, LLP                               4    $     51,000,000  
 McDermott, Will & Emery                        4    $     30,959,925  
 Grushko & Mittman, PC                          4    $      6,640,100  
 Wells, Moore, Simmons & Hubbard, PLLC          3    $     67,532,000  
 Ropes & Gray                                   3    $     57,772,863  
 Cooley Godward Kronish LLP                     3    $     46,022,863  
 Anslow & Jaclin, LLP                           3    $     11,025,000  
 James G. Dodrill II, P.A.                      3    $      5,491,667  
 Cleary, Gottlieb, Steen & Hamilton             2    $  7,199,949,993  
 Simpson Thacher Bartlett, LLP                  2    $  7,000,000,000  
 Torys, LLP                                     2    $    367,351,298  
 Willkie, Farr & Gallagher                      2    $    350,462,563  
 Powell, Goldstein, Frazer & Murphy, LLP        2    $    324,796,632  
 Wilmer Cutler Pickering Hale & Dorr, LLP       2    $    306,815,000  
 Fried, Frank, Harris, Shriver & Jacobson       2    $    290,000,000  
 O'Melveny & Myers, LLP                         2    $    140,000,000  
 Olshan Grundman Frome Rosenzweig & Wolosky     2    $    110,891,500  
 DLA Piper Rudnick Gray Cary US, LLP            2    $     55,000,000  
 Greenberg, Glusker, Fields, Claman,                                  
  Macktinger & Kinsella, LLP                    2    $     53,640,001  
 Winston & Strawn                               2    $     52,998,727  
 Foley Hoag, LLP                                2    $     44,685,300  

Legal counsel rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, and all PIPE transactions conducted by Canadian issuers that trade in the U.S. on the OTC-BB or Pink Sheets. Data is as reported as of 7/16/08



     The 2008 PIPE Market Placement Agent Counsel League Table 
     ---------------------------------------------------------
             By Number of Transactions (through 6/30/08):             
             --------------------------------------------
                                                                  
                                       Transaction   Total Amount 
 Legal Counsel                            Count         Advised   
 -------------                         -----------  --------------
 Feldman Weinstein, LLP                     20      $  232,528,035
 Lowenstein Sandler, PC                      8      $  118,271,384
 Proskauer Rose, LLP                         7      $  564,725,788
 Winston & Strawn                            4      $   66,759,597
 Pillsbury, Winthrop, Shaw & Pittman, LLP    2      $   50,179,993
 O'Melveny & Myers, LLP                      1      $   60,000,000
 Goodwin Procter, LLP                        1      $   15,651,750
 Morrison & Foerster, LLP                    1      $   14,304,293
 Morse Zelnick Rose & Lander                 1      $    6,000,000
 Keesal, Young & Logan                       1      $    5,650,000
 Grushko & Mittman, PC                       1      $    4,850,000
 Thelen Reid Brown Raysman & Steiner LLC     1      $    3,000,000
 Cozen O'Connor                              1      $    2,000,000
 Meyner and Landis, LLP                      1      $    1,500,000

Legal counsel rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, and all PIPE transactions conducted by Canadian issuers that trade in the U.S. on the OTC-BB or Pink Sheets. Data is as reported as of 7/16/08.

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 banks. 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. In September 2007, Sagient Research was named to the inaugural 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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