Microlin Bio, a diagnostic and therapeutics biotech focusing on microRNA and its role in oncology, postponed its IPO on Wednesday. The recently-formed biotech had previously revised its terms several times, most recently adding warrants. It had planned to raise $28 million by offering 5.5 million units at a range of $4.50 to $5.50, and would have commanded a market cap of $51 million.
Microlin Bio has exclusive licensing agreements with Ohio State University on a portfolio of over 250 patents covering mircroRNA. However, the company may need to show more advanced results before it can get public investors on board.
The New York, NY-based company was founded in 2013 and burned through about $7 million during the 12 months ended March 31, 2014. It had planned to list on the NASDAQ under the symbol MCLB. Brean Capital and Summer Street Research Partners were set to be the joint bookrunners on the deal.
