Early-stage biotech Microlin Bio withdraws IPO
Microlin Bio, a diagnostic and therapeutics biotech focusing on microRNA and its role in oncology, withdrew its plans for an initial public offering on Friday citing unfavorable market conditions.
The recently-formed biotech had previously revised its terms four times, most recently adding warrants. It had planned to raise $28 million by offering 5.5 million units at a range of $4.50 to $5.50, and would have commanded a market cap of $51 million.
Microlin Bio has exclusive licensing agreements with Ohio State University on a portfolio of over 250 patents covering mircroRNA. Investors may wish to see more actionable results and a clearer path toward profitability than the company currently offers. An early-stage messenger RNA biotech, ProQR Therapeutics (PRQR), gained 13% on its Thursday debut and finished the week up 26%.
The New York, NY-based company was founded in 2013 and planned to list on the NASDAQ under the symbol MCLB. Brean Capital and Summer Street Research Partners were set to be the joint bookrunners on the deal.
The article Early-stage biotech Microlin Bio withdraws IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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