NEW YORK, July 19 - Population genetics company DNA Sciences has withdrawn its initial public offering for $125 million in common stock, according to a filing Thursday with the Securities and Exchange Commission.
The company first filed for an IPO on January 5, saying at the time that it planned to use the money to expand its studies on the role genes play in diseases such as cancer, asthma, and diabetes, bolster its genetic database, and to commercialize diagnostic tests for common diseases. In addition, the company said it planned to subscribe to genetic databases and fund corporate expenses.
Today, however, a company spokeswoman said that with the public financial markets' uncertain reaction to an IPO, the company had turned its attention to seeking longer-term financing, through collaborations and alliances with other businesses.
"There's no advantage to keeping the filing open," the spokeswoman said.
Since its founding in 1998, DNA Sciences, based in Fremont, Calif., has raised about $120 million in venture funding. The company currently has a partnership with Amersham Pharmacia Biotech to develop new technology for DNA sequencing, and provides genotyping and pharmacogenetic services to 18 pharmaceutical companies through its PPGx subsidiary, which the company acquired in December 2000.
In May, Celera announced that DNA Science had subscribed to its databases through the Celera Discovery System.