HAMBURG, Germany - Only days before the scheduled start of the subscription period, Evotec BioSystems AG canceled its initial public offering.

"For a successful IPO, the environment is very poor at the moment," Anne Hennecke, a spokeswoman for Hamburg-based Evotec, told BioWorld International. "The interest of institutional investors to buy shares newly listed at Neuer Markt is low."

She added that the value of more than half of all new issues of the last weeks fell below the initial offering price despite solid fundamental data. "Our shares need a lot of communication explaining Evotec's business concept, strong technological competence and the expected high growth potential," she said. "As we are not under pressure to go public, we continue to increase the awareness for our company and prefer to wait for a better environment rather than to sell our shares under value."

Evotec is the fifth company that decided to postpone its IPO on Neuer Markt, of Frankfurt, Germany, during the past week. - Ludger Wess