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NetGenics Withdraws Application for IPO

NEW YORK, Sept. 20 – Cleveland-based bioinformatics company NetGenics has withdrawn its proposed $60 to $70 million initial public offering in a filing with the Securities and Exchange Commission Thursday.

NetGenics said it was canceling the IPO due to market conditions, but reserved the right to sell shares in a private offering. The company had initially filed its S-1 statement in March 2000.

In January, NetGenics, which develops software for integrating and annotating biological data using a web-based interface, cut its staff by 30 percent, or 29 people, citing delays in carrying out its IPO. At that time, CEO Manuel Glynias said the company had enough money to continue operations for another year, and did not intend to raise money privately. 

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