Archemix withdraws IPO, blames market conditions

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.

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)