Asthmatx pulls IPO in favor of strategic option

By Angela McDaniels

Seattle, Oct. 23 - Asthmatx, Inc. will not proceed with its initial public offering and will instead pursue an alternative strategic option, according to a company news release.

The IPO, which at the midpoint of price talk would have generated $60 million, had been in the works since late July.

The company had planned to sell 5 million shares at $11 to $13 per share via joint bookrunners Piper Jaffray & Co. and Bear, Stearns & Co. Inc. First Albany Capital Inc. and Jefferies & Co., Inc. were co-managers.

Proceeds were to be used for clinical trials and development, for building commercial infrastructure and for general corporate purposes.

Asthmatx, a Mountain View, Calif.-based medical device company, is developing and working to commercialize an investigational therapeutic treatment for asthma called Bronchial Thermoplasty.

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