After raising $6.45 million in an initial public offering, Apollo BioPharmaceutics Inc. reports it has not closed the offering due to unresolved issues with its underwriters, First United Equities Corp.

Apollo has suspended trading of its common stock (NASDAQ:ABPI) and its common stock purchase warrants (NASDAQ:ABPIW).

The company would not comment on the move.

Through agreements with research institutions and pharmaceutical companies, Apollo develops proprietary drugs that protect brain cells from damage caused by disease, injury and aging.

The company's target applications include the treatment of Alzheimer's disease, Parkinson's disease, brain damage resulting from stroke and other age-related diseases and conditions. Apollo's lead product candidates are based on naturally occurring hormones that have been demonstrated to protect brain cells from damage caused by disease, trauma and aging.

Apollo's stock closed Tuesday at $4.375, down $0.375. * Frances Bishopp