RainDance Technologies Inc, which makes genomic tools to detect cancer and inherited diseases, said on Monday it plans to withdraw its initial public offering, citing “market conditions.”
The move by RainDance, which had filed for an IPO of up to 60 million in February, comes on a day when all three major Wall Street indexes moved into correction territory.
The company joins others such as Expro Oilfield Services, S1 BioPharma and casual dining chain J Alexander’s LLC which have decided against going public so far this year.
It was not clear from RainDance’s filing with the U.S. Securities and Exchange Commission if the company would consider an IPO again.
The Massachusetts-based company’s revenue almost double to $30.6 million in 2014.
Bank of America Merrill Lynch, Evercore ISI and Cowen and Company were among the underwriters to the IPO.