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Broncus Tech Cancels IPO

Broncus Technologies Inc., a Mountain View, Calif.-based developer of medical devices for emphysema and other lung diseases, has withdrawn registration for an $86.25 million IPO, due to “currrent public market conditions.” Lehman Brothers and Bear Stearns had been serving as co-lead underwriters.


Broncus has raised around $73 million in total VC funding since 1997, from firms like HBM Partners (26.2% pre-IPO stake), Abingworth Management (15.3%), Menlo Ventures (12.7%), Boston Scientific Corp. (7.9%) and SightLine Partners (7.6%), Bio*One, Charter Ventures, JAIC America, Oakwood Medical Investors, Pac-Link Management, Pequot Ventures and Saratoga Ventures.