Biotech IPOs: One pulled back another starts flat (Weekend Rounds)

Life science current events this week include news on biotech IPOs including Aldagen and Tranzyme, Medtronic changes its cardiac and vascular sales forces, and the founder of AtriCure starts his latest company.

A review of life science current events reported by MedCity News this week:

Stem cell therapy firm Aldagen withdraws plans for $80M IPO. The Durham, North Carolina-based company said in a Tuesday filing with the Securities and Exchange Commission that it is withdrawing its IPO plans “due to market conditions.” The company in 2009 filed a registration statement seeking to raise more than $80 million to take its compounds into mid-stage clinical trials.

Tranzyme Pharma’s public offering raises $48M but IPO has little bounce. The Research Triangle Park, North Carolina company’s stock price closed at $4 per share, the same price for the stock as when Tranzyme’s shares started trading on Monday morning. During the day, the company’s stock price ranged from $3.95 to $4.19 per share. Still, the company had signaled it realized there was little air to give its pharmaceutical stock much of a bounce.

Medtronic to combine cardiac and vascular sales forces. “This is our response to a rise of administrators increasingly becoming more influential in the decision-making process,” said Medtronic spokesman Christopher Garland. “Typically in the past, and we’ve seen this particularly in the medical device industry, the sole decision maker when it came to making device purchases, the physician or clinician was making those purchases.”

AtriCure founder’s next medical device venture: Enable Injections. AtriCure founder Michael Hooven‘s next project could change the way children are injected with vaccines. But you won’t hear that from him. Hooven politely declined to provide much detail on Cincinnati-based Enable Injections, saying that the company is still in its very early stages — though that could be changing soon.