UPDATE 1-Acclarent cancels $86.3 million IPO

NEW YORK Fri Dec 5, 2008 4:05pm EST

NEW YORK Dec 5 (Reuters) - Acclarent Inc, a California maker of devices to treat sinusitis, withdrew its application on Friday for an initial public offering, citing "unfavorable market conditions," according to a regulatory filing.

Acclarent had filed for an $86.3 million IPO in June but becomes the 90th company to withdraw an IPO in 2008.

The company was to have used the proceeds of the deal to develop its sales and marketing efforts, and for physician training and research and development, the filing said.

The deal was to have been underwritten by JP Morgan (JPM.N) and Piper Jaffray.

(Reporting by Phil Wahba; Editing by Bernard Orr)

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