Print
Email
Print Edition StoriesFriday, February 8, 2008
Archemix cancels IPO plans
Archemix Corp. has withdrawn its request for an initial public offering, according to documents filed with the U.S. Securities and Exchange Commission.
The Cambridge-based biotech filed for an IPO on July 25, 2007, hoping to raise $69 million and had planned to sell 4.5 million shares at $12 to $14 each. Archemix cited "unfavorable market conditions" for withdrawing its IPO, in the filing.
Archemix said in its IPO filing that it planned to use the proceeds to move its aptamer drug called ARC1779 into Phase 2a clinical trials as a treatment for acute coronary syndrome, as well as into Phase 1b trials to treat a rare blood-clotting disorder known as thrombotic thrombocytopenic purpura, or TTP.
Late last month, Archemix landed a $1 million milestone payment from Nuvelo Inc. The milestone payment was triggered by California-based Nuvelo's Phase 1 study of another aptamer, NU172, developed by Archemix.
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
RSS Feeds
