October 15, 2007 / 12:43 PM / 10 years ago

CORRECTED-Zars Pharma withdraws plans for IPO

(Corrects spelling of company name in headline)

NEW YORK, Oct 5 (Reuters) - Zars Pharma Inc, a Salt Lake City, Utah, pharmaceutical company, said on Friday it had withdrawn its plans for an initial public offering.

The company, in a filing with the U.S. Securities and Exchange Commission, cited “market conditions” as the reason for the withdrawal.

In August, the company filed to sell 5 million shares for $14 to $16 each. It had planned to list its shares on Nasdaq.

The offering was led by Cowen & Co and CIBC World Markets. (Reporting by Lilla Zuill)

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