Medical device group Belluscura has reportedly pulled plans for a British initial public offering due to market condition issues, according to a report from the UK’s ProactiveInvestors.
The announcement was reportedly made by backer Tekcapital, who said that the withdrawal was due to “current market conditions and certain other enterprise investment scheme/venture capital trust requirements having not been met in the expected timeframe,” according to the report.
The company is currently considering other options, according to the ProactiveInvestors report.
TekCapital reportedly noted that Bellscura would be unable to proceed with its acquisition of licenses to manufacture and sell the Stic handheld pressure monitor designed for measuring compartment pressure from Stryker (NYSE:SYK).
In Mid-November, Belluscura said it was planning a U.K.-based IPO that could have been worth up to $13.2 million after picking up rights to make and cell certain Stryker devices, including the Stic product line.
The company was created by Tekcapital in 2015 to pick up and commercialize rights to medical devices. The company acquired licenses to manufacture and sell four medical device product lines from Stryker, including the Snap II, Passport, Slyde and Wire Caddy devices.
Belluscura is already a contract manufacturer for the Passport, Slyde and Wire Caddy from Stryker, and said it intended to add the Snap II and Stic to its roster, replacing existing manufacturers of the products.