Creative Biomolecules on Wednesday became the latest victimof the sour public market, announcing that it is delaying itsinitial public offering due to market conditions in the sector.
"We're just waiting for the biotech market to straighten itselfout," said Wayne Mayhew, chief financial officer of theHopkinton, Mass., company.
In March, Creative filed for an IPO of 3.5 million shares pricedbetween $10 and $12 per share.
Creative is developing differentiation factors and growthfactors for tissue and bone repair. Stryker Corp., its corporatepartner, began Phase I trials in January of a device to repairnon-union fractures. The device consists of osteogenic protein-1, Creative's lead differentiation factor, in a bioresorbablecarrier to provide a scaffold for bone growth.
Other companies that have postponed or withdrawn IPOsinclude GenPharm International Inc., GenDerm Corp., CellGenesys Inc. and Tanox Biosystems Inc. -- KB
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