Broncus Technologies files to withdraw IPO plans

WASHINGTON, June 20 Fri Jun 20, 2008 5:11pm EDT

WASHINGTON, June 20 (Reuters) - Medical technology company Broncus Technologies on Friday filed to withdraw its plans for an initial public offering, citing current market conditions.

The company had previously filed for an IPO of up $86.3 million, and had planned to use the net proceeds for clinical trials, research and development, sales and marketing, and working capital. (Reporting by Karey Wutkowski)