Asante Solutions, which markets a low-maintenance insulin pump system with prefilled cartridges, withdrew its plans for an initial public offering on Tuesday.
The company originally set terms to raise $49 million in February, but postponed the IPO. Another insulin delivery device maker, Valeritas (VLRX) also postponed its IPO last week, and November 2013 IPO Tandem Diabetes Care (TNDM) trades 16% below its offer price.
The Sunnyvale, CA-based company was founded in 2006 and booked $1 million in sales for the 12 months ended September 30, 2014. It had planned to list on the NASDAQ under the symbol PUMP. Leerink Partners and Cowen & Company were set to be the joint bookrunners on the deal.
