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Woburn-based biotech BioTrove Inc. has elected to withdraw its registration for a $75 million initial public offering with the U.S. Securities and Exchange Commission (SEC).
The company had filed the S-1 application in April this past year. However, BioTrove president and CEO Albert Luderer confirmed that a requested withdrawal was “pending” as of Thursday morning, and had no further comment. According to the Dec. 18 letter to the SEC requesting the agency pull the S-1 form, BioTrove cited “unfavorable market conditions” as the cause. However, BioTrove notified the SEC that it may yet seek a subsequent “private offering.”
Additionally, BioTrove requested “its confidential treatment application” be withdrawn and any correspondence or notification relating to “the foregoing documents...be destroyed or returned to the registrant.”
BioTrove offers two technology platforms: the RapidFire system family and its OpenArray tools for genomic research. Last July, , the company secured a two-year National Institutes of Health (NIH) grant, along with Gene Express Inc. of Wilmington, N.C., for lung cancer research.
BioTrove made $4.8 million in revenue last year and posted a net loss of nearly $16 million.
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