Privates biotech remains private: S1 Biopharma withdraws $23 million IPO

S1 Biopharma, which is developing a combined therapy of existing drugs for female sexual dysfunction, withdrew its plans for an initial public offering on Thursday.

The company had set terms to go public in November at a market cap of $132 million, before dropping its valuation to $106 million and adding warrants before it eventually postponed.

Another microcap biotech, BioPharmX (BPMX), began trading on the NASDAQ on Thursday and fell 4% after pricing at the low end of the range.

The New York, NY-based company was founded in 2010 and planned to list on the NASDAQ under the symbol.SXB. MLV & Co was set to be the sole bookrunner on the deal.