Flatlined: Heart failure biotech BioCardia withdraws $50 million IPO

BioCardia, which is developing regenerative medicine for heart failure based on a patient's own bone marrow, withdrew its plans for an initial public offering on Friday. It had filed to raise $50 million by offering 3.8 million shares at a price range of $12 to $14.

The San Carlos, CA-based company was founded in 2002 and booked $1 million in sales for the 12 months ended March 31, 2015. It had planned to list on the Nasdaq under the symbol BCDA. Cantor Fitzgerald, Roth Capital and Maxim Group LLC were set to be the joint bookrunners on the deal.