Osmetech withdraws $44 mln IPO

NEW YORK Thu Dec 4, 2008 11:09am EST

NEW YORK Dec 4 (Reuters) - Osmetech Plc OMH.L, a U.K.-based maker of molecular diagnostic platforms, withdrew its application for an initial public offering in the United States, according to a regulatory filing on Tuesday.

Osmetech filed in September to sell 5.5 million American depositary shares and expected proceeds of $44 million. The company said it may undertake a private offering.

Osmetech, whose shares trade on the London Stock Exchange's AIM Market, received clearance in July from the U.S. Food and Drug Administration for one its instrument platforms, eSensor XT-8 System, and planned to use the IPO proceeds to develop tests for the system, according to its original filing.

The company bought its molecular diagnostics business from Motorola Inc MOT.N in 2005, the filing said.

Osmetech is the 89th company to withdraw a U.S. IPO this year.

The IPO was to have been led by Lazard Capital Markets and Canaccord Adams. Osmetech had planned to list its shares on the Nasdaq stock market. (Reporting by Phil Wahba; editing by John Wallace)

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