BioCentury
ARTICLE | Financial News

Foundation Medicine withdraws follow-on

April 16, 2014 11:44 PM UTC

Pharmacogenetics company Foundation Medicine Inc. (NASDAQ:FMI) withdrew a proposed follow-on, citing market conditions. The company filed to raise $150 million in the offering last month, when its share price was $39.43. Goldman Sachs and JPMorgan were underwriters.

Foundation Medicine is the second biotech this month to withdraw a proposed follow-on citing market conditions. Earlier this month, Karyopharm Therapeutics Inc. (NASDAQ:KPTI) withdrew plans to to raise up to $115 million in an offering. ...