Quark Pharmaceuticals this week pulled its planned initial public offering on the Nasdaq, marking the second false start the company has had in attempting to float shares in the US.
The life science firm hopes to raise up to $30 million in its IPO to help pay for its recent Scienion acquisition and for further development and commercialization of its tests and platforms.
The company recently raised more than $40 million, bringing the total since its founding to more than $100 million. Its CEO said, however, that neither an IPO nor an acquisition is in CardioDx's immediate future.
The company reported a 36 percent increase in fourth-quarter revenues and 32 percent increase in yearly revenues; and CEO Gajus Worthington provided an update regarding the uptake of Fludigm's newest instruments and the company's fledgling diagnostics play.
In a document filed with the SEC, the company said "it does not believe that it is practicable to pursue the contemplated public offering at this time."
Fluidigm first disclosed its renewed IPO effort in early December, reviving plans for a public offering that the company put on hiatus in September 2008 amid the economic downturn.
