Elixir Pharmaceuticals has dropped its bid for an $86 million IPO, saying that market conditions aren't right. At the same time, Aldagen, a small biotech company with 18 employees, is making a bid to raise $80 million in an IPO. Aldagen is developing adult stem cell therapies.
The News & Observer notes that if Aldagen is successful, it will raise new funds for research while setting up an exit for its investors. The developer was set up in 2000 to exploit new research at Duke.
Aldagen gets $18.4M in fourth round
Aldagen adds $9M in new venture funds
Aldagen gains $17.3M in financing
Elixir Pharmaceuticals plans $86.25M IPO