Shave and a haircut...

The market's weakness is taking its toll on some offerings. DrugAbuse Sciences withdrew its beleaguered 4 million share IPO and most of the new paper is getting out at lower valuations than targeted.

DrugAbuse may be suffering from withdrawal after its bouts with the market. The company, which develops drugs to treat alcohol and drug abuse, had postponed its original IPO in April, but refiled in August to sell 5 million shares at $12-$14. The company dropped the price range to $9-$11 last week, then on Wednesday cut the price again to $8-$9. DrugAbuse had $17.1 million in cash at June 30, which it said is enough to get it through mid-2001. It lost $9 million on revenues of $981,828 in the first six months...