NEW YORK (GenomeWeb) – Citing unattractive terms, molecular diagnostics firm AltheaDx has withdrawn its planned initial public offering.
The San Diego-based firm said in a document filed with the US Securities and Exchange Commission on Monday that it chose not to pursue its IPO at this time as the "terms currently obtainable in the public marketplace are not sufficiently attractive to [the company] to warrant proceeding with the public offering."
AltheaDx filed a prospectus to go public in December to raise up to $69 million. The following month it raised its target to $74.3 million.
The company offers a portfolio of tests for use by clinicians to tailor treatments, such as cardiovascular disease, neuropsychiatric disorders, and pain. AltheaDx acquired the tests when it bought IDgenetix in May 2013.
The tests analyze genes involved in the metabolism and pharmacological activity of drugs and provide clinicians information about the functionality of metabolic enzymes and biological drug targets for each patient, the company said in its prospectus. AltheaDx added that its algorithm screens for unfavorable metabolic interactions that result from multiple prescription drugs, over-the-counter drugs, and herbal supplements, as well as environmental and dietary factors that may change the metabolism of certain drugs.
Additionally, AltheaDx offers R&D services, primarily in the cancer space, to biopharmaceutical partners, using its expertise in next-generation sequencing, computational biology, and information technology to analyze patient samples from preclinical through clinical development.