Organ recovery biotech Angion Biomedica withdraws $30 million IPO due to market conditions

Angion Biomedica, which is developing therapies for injured organs that trigger the body's natural regeneration, withdrew its plans for an initial public offering on Friday citing poor market conditions.

The company had planned to raise $30 million by offering 2.7 million shares at a price range of $10 to $12. At the midpoint of the proposed range, Angion Biomedica would have commanded a fully diluted market value of $76 million.

Its lead candidate is designed to speed the recovery time for patients after a kidney transplant, but Angion believes it can be used to prevent and repair damage to other organs as well. It has received $55 million in grant revenue from the National Institute of Health and the National Science Foundation since its 1998 inception. The was founded by Chairman and CEO Itzhak Goldberg, who owns a controlling stake.

The company has been granted orphan drug and Fast Track designation from the FDA for kidney transplants, and it expects to complete Phase 2 trials within the next 12 months. The same compound is in Phase 2 trials to help prevent or limit damage from heart attacks will soon initiate Phase 2 trials for acute kidney injury.

The Uniondale, NY-based company was founded in 1998 and booked $6 million in revenue for the 12 months ended June 30, 2014. It had planned to list on the NASDAQ under the symbol ANGN. Aegis Capital was set to be the sole bookrunner on the deal.