AbbbVie-backed Virobay had planned to raise up to $50m in an initial public offering that would have funded development of its drug development programme.
Virobay, a US-based developer of treatments for Crohn’s disease and neuropathic pain, has withdrawn its $50m initial public offering.
Virobay, in which pharmaceutical company AbbVie holds a 16.4% stake, originally filed for the IPO in September, two months after raising $18m from a series B round featuring AbbVie, TPG Biotechnology Partners, Alta Partners, Sutter Hill Venture and Perceptive Advisors.
Founded in 2006, Virobay is developing drugs based around its cysteine cathepsins enzyme technology, which it had planned to advance through Phase 2 clinical trials for Crohn’s disease, neuropathic pain and psoriasis using the IPO proceeds.
Prior to filing for the IPO, Virobay had raised approximately $50m in debt and equity since 2006.
