Xencor Delays IPO

Monrovia-based Xencor, the developer of biopharmaceutical technology headed by Bassill Dahiyat, delayed its IPO Friday, citing poor market conditions for the offering. The company had hoped to IPO on the NASDAQ Global Market. The company is backed by MedImmune Ventures, HealthCare Ventures, and others. Despite a frenzied rush towards the IPO market in Silicon Valley, Southern California's own crop of venture-backed companies have not seen nearly the same number of IPOs--although the region has not been immune to the frenzy around social networking companies.