IPO market cools

Two biotech IPOs were postponed, and a third was withdrawn on Thursday. Combinatorial biology play Rigel (South San Francisco, Calif.) withdrew its proposed offering due to market conditions. On Feb. 4, the company filed to raise up to $100 million in an IPO underwritten by Warburg Dillon Read; Robertson Stephens; and Prudential Vector. Rigel is discovering small molecule drugs based on its rapid drug target identification and validation technology.

Neurological play Adolor (Malvern, Penn.) and DrugAbuse Sciences (Menlo Park, Calif.), which is developing therapeutics to treat substance abuse, postponed their respective deals. On Feb. 3, DrugAbuse filed to raised up to $69 million, then refiled on March 7 to sell 4 million shares at $13-$15. On Feb. 8, Adolor filed to sell 6 million shares at $12-$14. ...