Perlegen Scienes withdraws $115M IPO
Perlegen Sciences, a Mountain View, Calf. company that develops drugs based on genetic response, withdrew its plans to raise up to $115 million in an initial public offering.
The company cited market conditions, and also problems with a $1.3 million government contract.
A spin-out from public company Affymetrix, Perlegen has raised about $256 million from a list of investors including BioOne Capital, Biofrontier Partners, Brookside Capital, BSI industries, Cape Securities, CMEA Ventures, CSK Venture Capital, Eli Lilly, Glynn Capital Management, Lombard Odier Darier Hentsch, Maverick Capital, Mizuho Securities, MPM BioEquities, Pfizer, Sano Ventures, SB Life Sciences, Unilever Technology Ventures, Vulcan Capita and Zesiger Capital.
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About the Author, Matt Marshall
Matt launched VentureBeat in September of 2006, with the realization that no one else was covering the entrepreneurial and tech innovation scene with the velocity or depth that he was. Prior to founding VentureBeat, he covered venture capital for the San Jose Mercury News from 2001 to 2006. In 2002, Matt was awarded "Journalist of the Year" by the Northern California Society of Professional Journalists. Prior to working at the Merc, he was a correspondent for the Wall Street Journal in Bonn, Germany from 1995 to 1998, and a writer for the Washington Post in 1994. Matt holds a PhD in Government and an MA in German and European Studies from Georgetown University. In addition to VentureBeat, Matt is also the Executive Producer of DEMO, the leading launchpad event for emerging technologies.
