RainDance Withdraws IPO, Citing Market Conditions
August 24 2015 - 10:10AM
Dow Jones News
Genomics-reseach tool maker RainDance Technologies Inc. on
Monday withdrew its initial public offering, citing market
conditions.
The Massachusetts company is the latest to withdraw IPO plans
this month, amid sharp selloffs in global equities spurred by
concerns over Chinese growth. Others to recently drop plans to go
public on U.S. exchanges include financial-software firm SunGard,
ship company Poseidon Containers Holdings Corp. and oil and gas
firm Expro Oilfield Services PLC.
In a regulatory filing, RainDance said it may pursue a
subsequent private offering.
GE Ventures and Northgate Capital joined previous venture
investors last year when RainDance raised $36.5 million ahead of
plans to roll out a new offering designed to enable biopsies to be
taken using blood or other fluids as opposed to tissue.
In March, the biotechnology company filed to raise up to $60
million in its IPO.
The news comes as U.S. markets are on track to open 4% lower
Monday morning, on the heels of an 8.5% decline in Chinese
stocks.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 24, 2015 09:55 ET (13:55 GMT)
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