Biomarker biotech KineMed withdraws IPO

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KineMed, which develops biomarker tests that measure disease progression to improve commercial drugs, withdrew its plans for an initial public offering on Wednesday. The company had originally planned to raise $32 million on June 24 by offering 4.5 million shares at a price range of $6.50 to $7.50. At the midpoint of the proposed range, KineMed would have commanded a fully diluted market cap of $121 million.

About half of the 34 deals on the IPO calendar are biotechs. With so many trying to go public in a short time frame, Kinemed could be the first of several to withdraw or postpone IPO plans. Unlike many other upcoming IPOs, Kinemed did not list any major VC backers.

The Emeryville, CA-based company was founded in 2001 and booked $7 million in collaboration and grant revenue for the 12 months ended March 31, 2014. It had planned to list on the NASDAQ under the symbol KNMD. Feltl and Company was set to be the sole bookrunners on the deal.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.




This article appears in: News Headlines , IPOs

Referenced Stocks: KNMD

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