Two Companies Delay IPOs
As a good year for laboratory product–related IPOs comes to an end, the opportunities for such offerings appear to be changing. CambridgeSoft reported 2006 revenues of $22.5 million and a net loss of $3.4 million in its filing. The company is owned by Edison Venture Fund and Michael Tomasic, founder, president and CEO.
Amsterdam, The Netherlands 11/15/07; London, UK 11/21/07—In a sign of deteriorating market conditions for new issues, Avantium Technologies and CambridgeSoft have delayed planned initial stock offerings. Avantium Technologies, a supplier of systems for high-throughput experimentation, announced that it withdrew its planned November 16 IPO on the Amsterdam stock exchange (see IBO 10/31/07) due to “adverse markets.” On November 21, the Financial Times reported that life science software provider CambridgeSoft pulled its offering on the London Stock Exchange’s AIM market, which was planned for November 15, due to adverse conditions. CambridgeSoft’s offering of new and existing common stock was only for institutional buyers and was expected to raise $200 million.