Cathay Industrial Biotech, a Chinese producer of biobutanol and LCDAs used in chemical and fuel markets, postponed its IPO due to poor market conditions, according to a press release from venture backer HBM BioVentures. The press release stated that alternative financing methods were being implemented. The Shanghai, China-based company was founded in 1997 and booked $143.6 million in sales for the 12 months ended 3/31/11. Morgan Stanley, Deutsche Bank Securities, and Jefferies were set to be the underwriters on the deal.
