ZARS Inc., a Salt Lake City-based developer of non-invasive drug delivery technologies, has withdrawn its IPO filing, citing market conditions. The company had planned to sell five million common shares at between $14 and $16 per share, and trade on the Nasdaq under ticker symbol ZARS. It was scheduled to price late last month, but then formally delayed. Cowan & Co. and CIBC World Markets were serving as co-led underwriters.
ZARS has raised around $33 million in total VC funding since 2000, from firms like Draper Fisher Jurvetson (23.1% pre-IPO stake), Wasatch Ventures (7.6%), vSpring (5.4%), ePlanet Ventures, CDIB BioScience Venture Management and Tenex. www.zars.com