Catheter maker Infraredx withdraws $56 million IPO

Infraredx, which markets a FDA-cleared optical catheter that identifies lipid core coronary plaques, withdrew its plans for an initial public offering on Friday citing poor market conditions.

It had planned to raise $56 million at a market cap of $214 million during late January, but postponed its offering.

The Burlington, MA-based company was founded in 1998 and booked $5 million in sales for the 12 months ended September 30, 2014. It had planned to list on the NASDAQ under the symbol REDX. RBC Capital Markets, Canaccord Genuity and BMO Capital Markets were set to be the joint bookrunners on the deal.