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QuatRx Pharmaceuticals backs out on IPO
By Jennifer Chiou
New York, July 7 - QuatRx Pharmaceuticals Co. withdrew its initial public offering of 6 million shares due to "unfavorable market conditions."
The company noted that the original S-1 registration statement was not declared effective by the SEC.
On April 4, the company set price talk at between $11.00 and $13.00 per share in an S-1/A filing with the SEC.
The company expected to raise up to $89.7 million in the IPO, which included an over-allotment option of 0.9 million shares granted to the underwriters.
Banc of America and SG Cowen & Co. were to have been the joint lead managers; Lazard Capital Markets and Pacific Growth Equities LLC are co-managers.
The Ann Arbor, Mich.-based firm is a pharmaceutical company focused on discovering, licensing, developing and commercializing compounds in the endocrine, metabolic and cardiovascular therapeutic areas.
The firm's two lead product candidates treat hormone deficiencies that result from aging in men and women.
Ospemifene, QuatRx's treatment for vaginal atrophy, a common problem associated with estrogen deficiency in post-menopausal women, has entered phase 3 clinical testing.
Fispemifene, the firm's treatment for the symptoms of andropause in aging males, is about to enter phase 2 testing. U.S. sales of testosterone replacement products reached $538 million in 2004, a growth rate of 40% versus the prior year.
QuatRx also has two product candidates for the treatment of elevated cholesterol levels, QRX-401 and QRX-431, in phase 1 clinical trials and advanced preclinical development, respectively.
IPO proceeds were to have been used for research and development and general corporate purposes.
The company had applied to list its common stock on the Nasdaq National Market under the symbol "QTRX".
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