Toxemia biotech rEVO Biologics officially withdraws $50 million IPO

rEVO Biologics, a biotech developing a recombinant protein for the treatment of preeclampsia, withdrew its plans for an initial public offering on Friday citing market conditions.

The company had set terms to raise $50 million in September 2014 at a fully diluted market cap of $261 million but postponed in October. rEVO was originally formed as a subsidiary of Genzyme and completed an IPO in 2002, before it was bought by French pharmaceutical company LFB Biotechnologies in 2010.

The Framingham, MA-based company was founded in 1993 and had planned to list on the Nasdaq under the symbol RBIO. Piper Jaffray and Guggenheim Securities were set to be the joint bookrunners on the deal.