Vital Therapies Inc. announced it is postponing its $75 million initial public offering, citing poor market conditions, according to equity research firm Renaissance Capital.
It planned to trade on the Nasdaq under ticker symbol “VTL,” offering 4.4 million shares at $16 to $18 per share.
The company, founded in 2003, initially filed for the IPO in July. It said it would use proceeds to finance three Phase 3 studies of its Elad medical device, which functions as an artificial liver to filter toxins out of the bloodstream.
This is the second San Diego biotech to postpone an IPO this month. Celladon Corp. announced Nov. 14 that it, too, was delaying a $75 million IPO because of poor market conditions.
— Meghana Keshavan