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XDx Drops IPO Plans

NEW YORK (GenomeWeb News) – Molecular diagnostics firm XDx has informed the US Securities and Exchange Commission that it is withdrawing its registration statement for an initial public offering.
The Brisbane, Calif.-based firm filed for the IPO in October 2007. At the time, the company did not say how many shares it would offer or how much money it expected to raise in the offering. It had expected to use the funds generated by the offering to expand infrastructure, propel R&D to support current and future tests, increase sales, marketing, and research staff, and expand facilities, as well as potential acquisitions.
XDx cited “current public market conditions” as the reason for its decision to withdraw the IPO.