Concentric Cancels IPO

Concentric Medical Inc., a Mountain View Calif.-based developer of medical devices for restoring blood flow in people who have suffered ischemic strokes, has withdrawn registration for a $69 million IPO, due to “unfavorable market conditions.” It had filed last August, with plans to trade on the Nasdaq. Merrill Lynch and Lehman Brothers were serving as co-lead underwriters.


The company has raised around $53 million in VC funding since 1999, from firms like New Enterprise Associates (20.3% pre-IPO stake) H&Q Capital Management (16.2%), SV Life Sciences (9.5%), Oxford Bioscience Partners (9.5%) and ProQuest Investments (13.9%).