Bayhill Therapeutics Cancels IPO

Bayhill Therapeutics Inc., a Palo Alto, Calif.-based drug company focused on autoimmune diseases like multiple sclerosis, has withdrawn registration for an $86.25 million IPO, citing unfavorable market conditions. It had planned to trade on the Nasdaq, with Pacific Growth Equities and Lazard Capital Markets serving as co-lead underwriters.

 

The company has raised $62.75 million in VC funding, from firms like U.S. Venture Partners (21.38% pre-IPO stake), Morgenthaler Ventures (11.38%), De Novo Ventures (11%), CMEA Ventures (10.46%), Lilly Ventures (9.17%), Latterell Venture Partners (7.32%), Montreux Equity Partners (5.5%), A.M. Pappas Life Science Ventures, Boston Life Science Venture Corp., Grand Cathay Venture Capital Co., PAC-LINK Bio Management Corp., Prudence Venture Investment and Vertical Group. www.bayhilltx.com