NEW YORK, Oct. 16 - Orchid Biosciences has withdrawn a proposed follow-on public offering of over 21/2 million shares of new stock, the Princeton, N.J. company announced Monday.
The manufacturer of SNP scoring technology filed the follow-on public offering with the Securities and Exchange Commission September 22. The total offering was valued at $126,143,500, according to the filing, and included a total of 4,025,000 shares of common stock: the 2 1/2 million new shares, one million existing shares, and additional " green shoe" shares.
Orchid’s withdrawal of its follow-on public offering does not appear to be related to its anticipated third quarter earnings.
“The decision is solely due to market conditions,” said Barbara Lindheim, Orchid’s vice president of strategic communications. “At the time we filed with the SEC, our sector was stronger and our stock was stronger.”
Since September 1, Orchid's stock has plunged from 43 7/16 down to 19 7/16, where it was trading Monday at midday. The NASDAQ, on which the company’s shares are traded, was down 18.5 percent for the year at the close of trading Friday.