NEW YORK (AP) - Irish drug maker Merrion Pharmaceuticals PLC on Friday withdrew its planned initial public offering due to unfavorable market conditions, according to a filing with the U.S. Securities and Exchange Commission.
The specialty pharmaceutical company had expected to raise about $20.8 million from an offering of 4 million American Depositary Shares.
In October, Merrion, which develops oral dosage forms of injectable drugs, cut the expected price range of the offering to between $6 and $7 per ADS from a previous range of $10 to $12 per ADS.
For the six months ended June 30, Merrion's loss widened to $5.4 million, from $2.2 million in the first half of 2006. During the same period, the company's revenue fell to $17.9 million, from $140.5 million.
The company had planned to use most of the proceeds to fund clinical trials, preclinical testing and other research and development activities, according to SEC filings.
Punk, Ziegel & Co., Goodbody Stockbrokers and Stanford Group Co. were listed as the IPO's underwriters.
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