VC-backed Trevena postpones IPO

Trevena has shelved its IPO due to unfavorable market conditions, according to a statement released by the firm. The company was to begin trading its stock today on the NASDAQ under the ticker symbol “TRVN,” with Barclays Capital and Jefferies serving as lead underwriters. Based in King of Prussia, Penn., Trevena is a clinical stage biopharmaceutical company that develops therapeutics that target G protein coupled receptors. It is backed by Alta Partners, New Enterprise Associates, Polaris Partners, Forest Labs and HealthCare Ventures.