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Emphasys Med Pulls IPO

Emphasys Medical Inc., a Redwood City, Calif.-based medical device company focused on emphysema, has withdrawn its IPO registration due to “public market conditions.” It had planned to raise $86.25 million, with Morgan Stanley serving as lead underwriter.

The company has raised around $80 million in VC funding since 2000, from firms like Advanced Technology Ventures (17.8%), Morgenthaler Ventures (13.8%), St. Paul Venture Capital (11.5%) OrbiMed Advisors (13.7%), ABS Ventures (10%), Morgan Stanley Venture Partners (7.4%), Cargill Ventures (6.1%) and Neww Enterprise Associates.