Another VC-backed company failed to move into the public markets as Aderis Pharmaceuticals Inc. last Thursday pulled its planned $71.5 million IPO. The Hopkington, Mass.-based drug developer had filed the offering on Jan. 11 for $5.5 million shares at $12 to $14 per share, but ultimately decided that the market window was a bit too tight.
“This withdrawal request is being made because current market conditions do not support a public offering of the registrant’s common stock at this time,” explains Peter Savas, president and CEO of Aderis, in a letter to the SEC.
According to our VentureXpert database, Aderis had raised $58.6 million since being founded in 1994. Most recently, the company netted $15 million at a post-money valuation of $92 million in Aug. 2001.
The largest private investor in Aderis is the Sanderling Ventures, which owns approximately 18% of outstanding stock. Other investors include Alliance Technology Ventures, Schroder Ventures, Scharz Pharma AG, New York Life Venture Capital, MDS Life Sciences and the China Development Bank.
UBS Warburg and CIBC World Markets were co-managing the Aderis IPO.
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