In rocky market, Fluidigm withdraws IPO

Fluidigm was prepared to boldly go where few have gone this year: the public markets. The South San Francisco based company, which develops, manufactures and markets microfluidics products, previously announced plans for an IPO designed to raise as much as $85 million ($14 to $16 a share). Fluidigm hoped its big-name backers and promising technology would help it succeed where so many others have failed. Unfortunately that wasn't enough. Citing "historic instability in the market," Fluidigm announced today that it has withdrawn its registration statement for its IPO.

"We went out on September 5th with a very strong story and Fluidigm received a warm reception from the investment community. We explained how our technology contributed to life science research and how the company was poised to grow," said Gajus Worthington, Fluidigm President and CEO. "While these messages were well-received, pushing ahead with a deal in the current market was not in our best interest."

- check out Fluidigm's release

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