Devax Pulls IPO

Devax Inc., a Lake Forest, Calif.-based developer of drug-eluting stent systems, has withdrawn registration for an $85 million IPO. The company originally filed back in May, and did not give an explanation for the withdrawal. Bear Stearns and Thomas Weisel Partners had been serving as co-lead underwriters. Devax has raised around $48.5 million in total VC funding since 2001, from firms like HBM BioVentures (30.7% position), InterWest Partners (12.8%), U.S. Venture Partners (12.8%) and Rock Creek Partners (8.3%).