UPEK Cancels IPO

UPEK Inc., a Berkeley, Calif.-based developer of silicon-based fingerprint security solutions, has withdrawn registration for an $86.25 million IPO, “due to market conditions.” It had planned to trade on the Nasdaq under ticker symbol UPEK, with Deutsche Bank Securities serving as lead underwriter.

 

UPEK has raised over $38 million in VC funding since being spun out of STMicroelectronics NV (STM) in 2004. Shareholders include Sofinnova Ventures (17.6% pre-IPO position), Sofinnova Partners (17.6%), Diamondhead Ventures (16.6%), Earlybird Venture Capital (12.4%), Partners Group (10.4%) and EDBV Management (5.9%). www.upek.com