Bionumerik Pharmaceuticals abandons 5 million share IPO

By Jennifer Chiou

New York, June 8 - Bionumerik Pharmaceuticals, Inc. requested the withdrawal of its initial public offering in an S-1 filing with the Securities and Exchange Commission.

The company said it has not offered or sold any of the 5 million shares it originally expected to price between $14.00 and $16.00 per share. The offering had a greenshoe for 750,000 shares.

UBS Investment Bank was to be the bookrunner, with Needham & Co., Inc., Leerink Swann & Co. and Punk, Ziegel & Co. as co-managers.

The pharmaceutical company is focused on the development and commercialization of cancer drugs.

Its most advanced drug candidates, Tavocept and BNP1350, are in late-stage clinical development. Tavocept was developed to prevent or mitigate the nerve damage or dysfunction, known as neuropathy, that is often caused by the taxane and platinum classes of chemotherapy drugs. BNP1350 is an anti-tumor drug in the camptothecin class of chemotherapy drugs.

Proceeds of the IPO had been slated for the completion of the Tavocept manufacturing validation process, the initiation and advancement of a phase 3 clinical development program for BNP1350 and general corporate purposes.

Bionumerik had applied to list its stock on the Nasdaq National Market under the symbol "BNPI."

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