RainDance Technologies, which sells systems that perform non-invasive genetic tests for research institutions, withdrew its plans for an initial public offering on Monday citing market conditions.
The Billerica, MA-based company was founded in 2004 and booked $31 million in sales for the 12 months ended December 31, 2014. It had planned to list on the Nasdaq under the symbol RAIN. BofA Merrill Lynch, Cowen & Company and Evercore Partners were set to be the joint bookrunners on the deal.