Poor market conditions have dashed the IPO hopes of two more health care companies -- clinical data provider Epocrates and cardiovascular drug developer Aegerion Pharmaecuticals. This makes 38 companies across all sectors that have had to pull their public filings this year, reports VentureWire. Out of those that have made it through the gate, only three have been in lifescience.
Based in San Mateo, Calif., Epocrates filed for its $75 million IPO back in April. The cancellation won't have any major impact on the company, which is already profitable, and excecutives say they will reconsider going public when conditions improve. The company provides mobile and web-based tools for physicians to use in clinical settings. It has raised about $46 million to date over three rounds, the most recent amounting to $6.4 million in 2002. Its investors include Goldman Sachs, InterWest Partners, Draper Fisher Jurvetson, Three Arch Partners, Bay City Capital and New Leaf Venture Partners.
This is the second IPO withdrawal for Aegerion, headquartered in Bridgewater, N.J. It initially filed in March last year but pulled its plans due to low share prices. It refiled in November, but the market has remained too unfavorable. Like Epocrates, it's not hurting for money, with enough venture backing to push its leading drug candidates through clinical trials. In September, it raised $9 million in convertible bridge funding that will sustain it through 2009 -- bringing its total venture financing to $60 million. Its investors include Advent International, Alta Partners, Index Ventures, Mitsubishi, MVM Life Science Partners, Red Abbey Venture Partners and Hercules Technology Growth Capital.