Infraredx, a US-based cardiovascular imaging technology developer backed by medical equipment manufacturer Nipro and shipping company Intrepid Maritime, has withdrawn a $69m initial public offering (IPO).
The company, which filed for the IPO on Nasdaq in December 2014, cited poor market conditions for its decision. It had initially filed to raise $55m but subsequently adjusted the target upward to $69, according to a previous filing.
Infraredx had planned to use proceeds from the flotation to boost sales and marketing efforts, advance clinical trials and pay off interest accrued on 6% convertible promissory notes.
Established in 1998, the company has raised approximately $152m in debt and equity according to regulatory filings. Nipro invested $25m in 2013 and holds a 13.6% stake, while Intrepid Maritime owns 14.3%.
Investment firm Sanderling Ventures owns a 22.3% share and private equity firm Eastwood Capital 14%. Investment vehicle Seahawk Investment Trust is also an investor in the company.