The Durham, North Carolina-based company said in a Tuesday filing with the Securities and Exchange Commission that it is withdrawing its IPO plans “due to market conditions.” The company in 2009 filed a registration statement seeking to raise more than $80 million to take its compounds into mid-stage clinical trials.
It’s the second time the company has withdrawn plans for a public offering. The company previously pulled its IPO plans in 2008. The withdrawal comes a day after another Durham company, Tranzyme Pharma (NASDAQ: TZYM), began trading as a public company. Tranzyme pulled off its IPO only after cutting its stock price and increasing the number of shares in its offering.
Aldagen develops regenerative cell therapies for cardiovascular conditions. The company’s proprietary technology isolates specific adult stem cells that express high levels of the enzyme ALDH, which plays an important role in controlling the developmental state of stem cells and progenitor cells. The company believes that these cell populations have the potential for a medical breakthrough in regenerative medicine in promoting regeneration of multiple types of cells and tissue, including blood vessels.
Aldagen’s lead stem cell therapy candidates include a treatment for critical limb ischemia, a severe obstruction of the arteries that decreases blood flow to the extremities of the body. The company is also developing a treatment for ischemic heart failure, a condition in which the heart suffers from decreased blood flow and oxygen due to narrowing of the arteries. The company in January also received U.S. Food and Drug Administration clearance to begin a phase 2 study of a regenerative cell therapy for stroke patients.
Venture-capital backed Aldagen has raised more than $60 million from a syndicate of investors that includes the Aurora Funds, Intersouth Partners, Harbert Venture Partners, CNF Investments and Tullis-Dickerson.
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