Fluidigm withdraws IPO.
New York, NY 9/22/08; South San Francisco, 9/26/08--Citing market instability, Fluidigm has withdrawn its registration statement for an IPO. Fluidigm, which develops microfluidic systems for drug development (see IBO 4/30/08), had originally planned to begin trading on September 19, but postponed the offering several times. Fluidigm had planned to raise $79.5 million in an offering of 5.3 million shares on the NASDAQ stock exchange at $14-$16 per share (see IBO 4/30/08). Underwriters included Morgan Stanley and UBS. Fluidigm President and CEO Gajus Worthington stated that, "we have decided to withdraw our S-1 statement rather than keep it pending. By doing so, we free ourselves of the communication restrictions that an active registration statement imposes."
Mr. Worthington told SFGate.com that the company was vend close to an offering and that the troubles at investors Lehman Brothers and Morgan Stanhnd did not affect the decision to withdraw the registration. (For Fluidigm's six-month results, see page 12.)
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|Title Annotation:||Executive Briefing: News & Views for Executives|
|Publication:||Instrument Business Outlook|
|Date:||Sep 30, 2008|
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