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CardioDx Withdraws IPO

NEW YORK (GenomeWeb) – Calling current market conditions unattractive, cardiovascular disease molecular diagnostics firm CardioDx is withdrawing its planned initial public offering.

The company filed a request with the US Securities and Exchange Commission on Tuesday to withdraw its IPO, saying, "The terms currently obtainable in the public marketplace are not sufficiently attractive to the [company] to warrant proceeding with the public offering."

The Palo Alto, Calif.-based firm filed a registration statement with the SEC in October 2013 to go public with intentions of raising up to $86.3 million. That amount was increased to $92 million a month later.

Last week, CardioDx said that it raised $35 million in a round of private financing. The company develops molecular diagnostics with an initial focus on coronary artery diseases, arrhythmia, and heart failure. Its flagship product is Corus CAD, a gene expression-based test for assessing non-diabetic patients who display symptoms suggestive of obstructive CAD.