Dance Biopharm, a clinical stage biotech developing an inhaled insulin product for type 2 diabetes, withdrew its plans for an initial public offering on Thursday. The company originally filed for a $75 million IPO in April.
Dance’s lead product candidate delivers a misted liquid insulin formulation that reduces or eliminates the need for daily injections. In its last amended filing in May, the company disclosed that it had recently completed a Phase 2 trial for type 2 diabetes and planned to begin Phase 3 trials in early 2015.
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