BioCentury
ARTICLE | Financial News

KineMed pulls IPO

July 24, 2014 12:58 AM UTC

Biomarker discovery company KineMed Inc. (Emeryville, Calif.) withdrew its IPO on NASDAQ, citing "market conditions." The company declined to comment on future financing plans. Last month, KineMed amended its IPO to sell 4.5 million shares at $6.50-$7.50. At the $7 midpoint, the company would have raised $31.5 million and been valued at $113.8 million. In January, the company filed to raise up to $50.9 million, with H.C. Wainwright; MKM Dillon; and Dawson James Securities as underwriters. KineMed replaced the underwriters with Feltl; MLV; and Laidlaw in June. In 1Q14, the company reported $1.4 million in revenues and had a three-month operating loss of $1.7 million. As of March 31, KineMed had $7.3 million in cash. ...