Xanodyne joins a growing number of biopharmaceutical and life science companies calling it quits on going public, at least for now. The Newport, Ky.-based firm withdrew its filing on Friday, citing poor market conditions — it had been waiting since November. Not that the company is really hurting. It’s raised about $232 million to date, and announced successful results in phase three trials of its lead drug candidate in August.
In the past, it has received backing from Apax Partners, Essex Woodlands Health Ventures, HealthCare Ventures VI and Blue Chip Capital. Phenomix, a San Diego company specializing in diabetes treatments, pulled its IPO plans last week. As VentureBeat reported before, only four health care companies have managed to go public so far this year. Because biotech and pharmaceuticals is such a high risk area for public investors, the window for IPOs may stay closed for a while yet.
Xanodyne’s top drug is used to treat menorrhagia, a condition that causes a dangerously heavy menstrual cycle in women.