Nuo Therapeutics, which markets a medical system for chronic wound care, withdrew its plans for an initial public offering on Friday, citing market conditions. It had filed to raise $11 million by offering 2.1 million shares at a price range of $4.50 to $5.50. Its proposed post-IPO market cap was below $50 million, and therefore did not meet our IPO tracking stats.
The Gaithersburg, MD-based company was founded in 1998 and booked $2.2 million in sales for the fiscal year ended December 31, 2016. It had planned to list on the Nasdaq under the symbol AURX. Northland Securities and The Benchmark Company were set to be the joint bookrunners on the deal.
