Cancer Prevention Pharmaceuticals withdraws $16 million IPO

Cancer Prevention Pharmaceuticals, which is developing treatments for colorectal cancer risk factors, withdrew its plans for an initial public offering on Wednesday. It originally set terms in February to raise $25 million, but later decreased the proposed offering size to $16 million ($99 million market cap). The company last updated its filing in May 2016.

The Tucson, AZ-based company was founded in 2009 and booked $5 million in revenue for the 12 months ended March 31, 2016. It had planned to list on the NYSE MKT under the symbol CPP. Aegis Capital Corp. was set to be the sole bookrunner on the deal.