NEW YORK (GenomeWeb News) – Agendia today said it is postponing its planned initial public offering, citing unfavorable market conditions.
In a statement, the molecular diagnostics firm said that its planned offering coincides with an "extraordinarily volatile period in global capital markets resulting in high levels of uncertainty and volatility that do not meet the existing shareholders' and the company's desire to achieve a successful IPO with an orderly aftermarket."
Agendia CEO Bernhard Sixt added, "We are pleased by the response we have received from investors but current volatile and uncertain market conditions do not allow us to launch the transaction and achieve a smooth transition into the public markets." He added that the firm will "continue to increase the pace of commercial growth as a private company supported by our existing shareholders who are committed to the successful future growth of the company."
Based in Amsterdam, Agendia said two weeks ago it had filed for an IPO to sell shares on the NYSE Euronext. The firm had expected to begin trading on June 21 and planned to sell up to 4,587,156 new shares at a price of between €16.35 and €19.15 per share. At the mid-point of the range, the offering would have raised about €81.4 million ($116.4 million) before the exercise of an over-allotment option of up to 688,073 shares.