California molecular diagnostics company CardioDx spiked its initial public offering, citing "unfavorable market conditions," according to news reports.
The 5.8-million-share offering by Palo Alto-based CardioDx was slated to raise $92 million at a share price of $14-$16 apiece. The IPO, originally scheduled for yesterday, would have seen CardioDx shares trade under the "CDX" symbol.
News that the IPO is off 1st surfaced on the NASDAQ exchange’s website yesterday afternoon, credited to Renaissance Capital.
CardioDx had planned to use some of the funds to expand its commercial efforts, including its sales and marketing workforce; to fund operations as the company pursues more insurance coverage and reimbursement; to "conduct additional clinical and marketing activities" for the company’s Corus CAD blood-based gene expression test; to fund R&D activity; and for "general corporate purposes." CardioDx will later specify just the how much it plans to put toward each of those activities.
Investors in the company include V-Sciences Investments, Longitude Venture Partners, Artiman Ventures, Kleiner Perkins Caufield & Byers, JP Morgan and Mohr Davidow Ventures.