Amedica Corp., a Salt Lake City-based maker of orthopedic implants, announced that it will withdraw its planned IPO, due to “market conditions.” The company had filed to price 4.65 million common shares being offered at between $13 and $15 per share, which could have given it a market cap of up to $230 million. Morgan Stanley wa serving as lead underwriter. Amedica has raised over $44 million in total funding since November 2003, including a $13.2 million Series D round earlier this month. Shareholders include Vestal Venture Capital and Creation Capital.
Amedica CEOAshok Khandkar said the following: “Given current market conditions, we do not believe it is a suitable time to continue with an IPO. We are currently making progress on our initiatives to finalize the build-out of our manufacturing facility as we prepare to commercialize our lead spinal products in 2008. Our current cash position provides us with adequate funding to continue with these initiatives as we determine an appropriate time in the future to pursue additional financing.”