NEW YORK (GenomeWeb) – RainDance Technologies today pulled its planned initial public offering citing market conditions.
In a document filed with the US Securities and Exchange Commission, the Billerica, Massachusetts-based digital PCR and targeted sequence enrichment firm said that it "has determined at this time not to proceed with the offering due to market conditions." It did not provide further details, but RainDance's decision follows a sharp sell-off in the public markets amid concerns about macroeconomic conditions.
In early morning trading today, blue chip stocks continued to free-fall as the Dow Jones Industrial Average was down nearly 5 percent, while the Nasdaq declined more than 4 percent, and the Nasdaq Biotechnology Index fell more than 6 percent.
A month ago, AutoGenomics pulled its planned IPO after the firm was told it would have to take a deep discount on its valuation.
RainDance filed a preliminary prospectus in March to go public with an offering of its stock for up to $60 million. It had planned to trade on the Nasdaq under ticker symbol "RAIN." Merrill Lynch, Cowen and Company, and Evercore ISI Group were listed as the offering's underwriters.