NEW YORK, Feb 26 – Genometrix on Monday withdrew its application for an initial public offering, citing poor market conditions.
“The markets are so volatile, we decided not to proceed with it [the offering] at this time,” said Bobbie Ireland, senior manager of marketing communications at Genometrix of The Woodlands, Texas.
Ireland said the company, which filed for the IPO with the US Securities and Exchange Commission last March, has recently started working with banks in an effort to secure private financing.
According to the company’s original S-1 filing, Genometrix had $6.5 million cash and cash equivalents at the end of December 1999. Ireland said that Genometrix had not raised any money since the filing.
She declined to say what if any measures the company of 100 employees had taken to pump up its cash reserves or to discuss revenues.
“We won’t discuss the finances,” she said.
Genometrix, a developer of custom-design and prefabricated microarrays as well as software tools used to analyze gene expression data, originally planned to offer seven million shares at $10 - $12 a share.
Several companies have delayed IPOs over the past several months due to concerns over market conditions. Third Wave Technologies, which recently jumped into the market waters, succeeded in selling its shares, but has since watched the share price sink.
Motorola holds a 16.4 percent stake in Genometrix, according to the most recent SEC filing.