IPO Withdrawal: ChemoCentryx (GSK)

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By Douglas A. McIntyre Updated Published

BurningmoneyOn Friday, ChemoCentryx Inc. filed to withdraw its pending registration for an IPO of up to $57.5 million. The market conditions of today are cited as the reasoning.  The Mountain View, California-based company said in its filing, "At this time, due to current public market conditions, the Company has determined not to proceed with the initial public offering contemplated…"

ChemoCentryx is an emerging drug developer for autoimmune andinflammatory diseases, as well as oncology.  Credit Suisse was the leadunderwriter and the company has raised $50 million in venture backingfrom GlaxoSmithKline (NYSE: GSK) to a total amount raised of what looksto be more than $150 million from Glaxo and other venture investors.

This form "RW’ for withdrawal may have been no surprise to most as the initial filing came on November 9, 2007.

JON C. OGG
NOVEMBER 17, 2008

Contact [email protected] for any questions or corrections.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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