UPDATE: NetGenics Withdraws Application for IPO Citing Market Conditions | GenomeWeb

NEW YORK, Sept. 20 – Cleveland-based bioinformatics company NetGenics has withdrawn its proposed $60 to $70 million initial public offering in a filing with the Securities and Exchange Commission Thursday.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 Director of Operations and Controller Victor Peroni told GenomeWeb that the company was canceling the IPO due to market conditions, and because the pre-IPO quiet period had prevented the company from making positive public statements. 

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