News & Observer | newsobserver.com | Biotech company cancels IPO plans

Published: Oct 09, 2008 12:30 AM
Modified: Oct 09, 2008 02:44 AM

Biotech company cancels IPO plans

 

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DURHAM - Aldagen has scrapped plans for an initial public offering of stock, another victim of the turmoil on Wall Street.

The small Durham biotechnology company filed plans in May to raise up to $80.5 million. But the company withdrew those plans in a filing with the Securities and Exchange Commission, citing "market conditions." Investor demand for IPOs has disappeared as the stock market swooned.

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