RainDance Withdraws IPO, Citing Market Conditions

Genomics-reseach tool maker RainDance Technologies Inc. on Monday withdrew its initial public offering, citing market conditions.

The Massachusetts company is the latest to withdraw IPO plans this month, amid sharp selloffs in global equities spurred by concerns over Chinese growth. Others to recently drop plans to go public on U.S. exchanges include financial-software firm SunGard, ship company Poseidon Containers Holdings Corp. and oil and gas firm Expro Oilfield Services PLC.

In a regulatory filing, RainDance said it may pursue a subsequent private offering.

GE Ventures and Northgate Capital joined previous venture investors last year when RainDance raised $36.5 million ahead of plans to roll out a new offering designed to enable biopsies to be taken using blood or other fluids as opposed to tissue.

In March, the biotechnology company filed to raise up to $60 million in its IPO.

The news comes as U.S. markets are on track to open 4% lower Monday morning, on the heels of an 8.5% decline in Chinese stocks.

Write to Lisa Beilfuss at [e-mail]

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(END) Dow Jones Newswires

August 24, 2015 09:55 ET (13:55 GMT)

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