NEW YORK (GenomeWeb News) – Rules-Based Medicine is pulling its initial public offering citing adverse market conditions.
In a document filed with the US Securities and Exchange Commission on Tuesday, the Austin, Texas-based multiplex molecular diagnostics firm said it plans to withdraw its IPO due to market conditions, but it did not elaborate further. A company spokesman also declined to comment further on the withdrawal of the IPO.
No securities were sold in connection with the proposed IPO, RBM said. The company never put a share price on the offering nor said publicly how many shares it planned to offer.
RBM filed for the IPO in December, saying proceeds from the offering would be used to pay dividends associated with its outstanding Series A preferred stock, repay borrowings under its revolving line of credit and subordinated debt, and pay for the sales and marketing of a psychiatric diagnosis panel.
RBM's withdrawal suggests that for molecular diagnostics firms, the IPO market remains mixed. While Pacific Biosciences raised $200 million from its IPO two weeks ago and Complete Genomics is expected to go public this week, the consensus view is that outside of sequencing-based firms, the market still takes a chilly view of companies in the 'omics space.