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Archemix withdraws IPO, blames market conditions

Wed Feb 6, 2008 5:10pm EST

WASHINGTON, Feb 6 (Reuters) - Archemix Corp on Wednesday filed with the U.S. Securities and Exchange Commission to withdraw its plans for an initial public offering, saying unfavorable market conditions would adversely affect the IPO.

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The biotechnology company had planned to sell 4.5 million shares in the range of $12 to $14 each.

Bear Stearns & Co and Cowen and Co were underwriting the IPO. Archemix had planned to list its shares on the Nasdaq under the symbol "ARCH." (Reporting by Karey Wutkowski)

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