Monday, June 23, 2008

Broncus Technologies Pulls IPO

Mountain View-based Broncus Technologies said in a filing with the SEC Friday that the firm has withdrawn its IPO. According to the firm's filing, it pulled its IPO due to "current public market conditions." The firm had originally filed for an IPO in November of 2007, and was looking to raise up to $86.25M on the NASDAQ Global Market. The firm's IPO was being underwritten by Lehman Brotehrs, Bear, Stearns & Co., Jeffries & Company, and RBC Capital Markets. Bronchus develops a medical device used for treating emphysema; the firm was venture backed by HBM BioVentures, Abingworth Management, Menlo Ventures, Boston Scientific, SightLine Partners, and others.