Triangle Business Journal -- Aldagen Inc. has withdrawn its long-awaited $80.5 million IPO.
The Durham-based drug developer filed the withdrawal request with regulators on Tuesday, citing “market conditions and its determination that registration of the company’s securities is not in the best interest of the company at this time.”
Aldagen had filed an S-1 to go public in October 2009 for a maximum offering price of $80.5 million.
This was the second time the company attempted an IPO. In 2008, Aldagen filed an S-1 in May and withdrew it in October.
Most recently, the investigational new drug application for Aldagen’s regenerative cell therapy for stroke patients was accepted by the U.S. Food and Drug Administration in January for phase II trials.
Life science companies have seen a tough IPO market this year. Tranzyme Pharma (Nasdaq: TZYM), a clinical-stage biopharmaceutical company in Durham that went public on Monday, had to slash its offering price from the $11-$13 range to $4 a share to attract investors.