SALT LAKE CITY, Aug. 1 /PRNewswire/ -- Amedica Corporation, an orthopedic implants company focused on silicon nitride ceramic technologies, announced today that based on market conditions, it has chosen not to proceed with its planned initial public offering at this time and to withdraw its registration statement on Form S-1 as filed with the Securities and Exchange Commission.
Ashok C. Khandkar, Ph.D., Chief Executive Officer, stated, "Given current market conditions, we do not believe it is a suitable time to continue with an IPO. We are currently making progress on our initiatives to finalize the build-out of our manufacturing facility as we prepare to commercialize our lead spinal products in 2008. Our current cash position provides us with adequate funding to continue with these initiatives as we determine an appropriate time in the future to pursue additional financing."
This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of such common shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About Amedica Corporation
Amedica Corporation is an orthopedic implants company focused on using its silicon nitride ceramic technologies to develop, manufacture and commercialize a broad range of advanced, high-performance spine and joint implants.
Contact: Investor Relations:
Reyn E. Gallacher Nick Laudico / Zack Kubow
Chief Financial Officer The Ruth Group
(801) 583-5100 (646) 536-7030 / 7020
CONTACT: Reyn E. Gallacher, Chief Financial Officer, Amedica Corporation,+1-801-583-5100, email@example.com; or Investor Relations, Nick Laudico,+1-646-536-7030, firstname.lastname@example.org, or Zack Kubow, +1-646-536-7020,email@example.com, both of The Ruth Group, for Amedica