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Quark Pharmaceuticals, the biotech chameleon that tried to portray itself as a hot new RNAi company, has withdrawn its IPO. The company said that “the terms currently obtainable in the public marketplace are not sufficiently attractive” to continue with the offering. Quark had hoped to raise as much as $81 million in the offering.

It’s clearly a tough IPO market out there for biotechs, but investors may have been well served by Quark’s decision to take a pass at the public markets for now.

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