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BG Medicine Pulls IPO

BG Medicine Inc., a Waltham, Mass.-based developer of molecular diagnostics based on biomarkers, has withdrawn its IPO registration, citing “unfavorable market conditions.” The company originally planned to raise up to $72 million, but later lowered its high mark to $45 million. Cowen & Co. was serving as lead underwriter.

 

BG Medicine has raised around $37 million in VC funding since 2000, from firms like Flagship Ventures (57.5% pre-IPO stake), Gilde Investment Management (17.4%) and Koniklijke Philips Electronics (8%). www.beyondgenomics.com