Rib-X Pharma delays IPO after price halved

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Rib-X Pharmaceuticals, a New Haven, CT-based developer of antibiotics, opted to delay a planned May 9 initial public offering after chopping the price range of its shares for the maiden stock sale in half to $6 to $7, according to Renaissance Capital. Before postponing the IPO, Rib-X was aiming to raise $65 million in the offering. The biotech, a 2011 Fierce 15 company, is only the latest drug developer to struggle in its efforts to go public. Merrimack Pharmaceuticals ($MACK), also a 2011 Fierce 15 company, delayed an IPO before completing the offering earlier this year. Report