You can count Peplin on the growing roster of developers that couldn't make a go of an IPO. The Emeryville, CA-based company cited "unfavorable market conditions" as its reason for dropping the IPO, which was filed with the SEC last year. A string of biotechs have made a similar move as investors have proved difficult to win over at a time public markets are badly roiled. Peplin had planned to use the IPO money to fund development of dermatology therapies. The company has a special focus on treating skin cancers. Shares of Peplin trade on the Australian exchange.
- read the AP story