BG Medicine withdrew its planned IPO last Thursday after failing to set a price for the deal. According to an earlier report, the Waltham, MA-based developer of biomarker-based diagnostic tools was expected to price the roughly 4.7 million shares in the range of $13 to $15, according to Renaissance Capital, as quoted by the Boston Business Journal.
BG's lead product, a test for heart failure, was to launch this month in a manual model after receiving FDA clearance last month. The company, however, has said an automated version is necessary for it "to achieve broad customer acceptance and clinical adoption," according to Dow Jones.
The company had planned to use proceeds from the IPO to help launch the test, as well as for the development of other products. It added it may have used the money for possible technology acquisitions. BG has multiple product candidates for cardiovascular and other diseases and have recently begun limited sales and marketing activities in Europe for the Galectin-3 assay for heart failure.
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