9:48 PM
May 16, 2018
 |  BC Extra  |  Financial News

Abpro withdraws IPO

Antibody company Abpro Corp. (Woburn, Mass.) is withdrawing a planned IPO on NASDAQ, according to an SEC filing on May 16. Underwriters were to be UBS, Wells Fargo, Nomura and Oppenheimer.

Earlier this month, Abpro said it aimed to sell 4 million shares at $14-$16. At the $15 midpoint, a sale of that many shares would have raised $60 million and valued the company at $281.3 million.

Abpro develops antibodies designed to bind to two different sites on each of two targets using its TetraBi tetravalent antibody format. It hopes to begin clinical testing of its two lead products in 2019 (see BioCentury Extra, April 12).

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