Ribi ImmunoChem Research Inc. announced Thursday that ithas formally withdrawn its proposed public offering of 3million common shares.
The Hamilton, Mont. company's (NASDAQ:RIBI) decision wasmade following further consultation with Hambrecht & QuistInc., the underwriter for the proposed offering, as well as withother financial consultants.
"Maintaining registration of the proposed stock offering amid agenerally weak market for biotech issues served only todistract attention from continued advancement of our productdevelopment programs," said Robert Ivy, president, chairmanand chief executive officer. "It also limited our ability to discussencouraging new milestones with the investing public. ... Ourcurrent financial situation is strong ... and allows us to continueto pursue all of (our) programs as planned."
Ribi's stock closed unchanged Thursday at $6.13 a share.
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