Dance Biopharm, a clinical stage biotech developing an inhaled insulin product for type 2 diabetes, withdrew its plans for an initial public offering on Thursday. The company originally filed for a $75 million IPO in April.
Dance's lead product candidate delivers a misted liquid insulin formulation that reduces or eliminates the need for daily injections. In its last amended filing in May, the company disclosed that it had recently completed a Phase 2 trial for type 2 diabetes and planned to begin Phase 3 trials in early 2015. Primary shareholders include founder and CEO John Patton, Harmony Asset, Chief Business Officer Samantha Miller and Oriental Patron Financial.
Dance Biopharm competes with MannKind (MNKD), which received FDA approval in June for AFREZZA, an inhaled insulin drug. MannKind's stock surged in June, but has since fallen by nearly half. Dance may have decided to withdraw its IPO based on increased competition and headwinds in the IPO market.
The Brisbane, CA-based company was founded in 2009, had planned to list on the NASDAQ under the symbol DNCE. Wells Fargo Securities and Stifel were set to be the joint bookrunners on the deal.
