SkinMedica pulls IPO, blames market conditions

New York, Oct. 20 - SkinMedica, Inc. said it has dropped plans for an initial public offering of common stock, blaming "market conditions."

The company withdrew its S-1 registration statement with the Securities and Exchange Commission, according to an RW filing with the SEC.

Instead, SkinMedica may carry out one or more private offerings.

The Carlsbad, Calif.-based dermatological company had been proposing to sell 5.25 million shares with a target price of $11.00 to $13.00 per share.

Proceeds would have been used for working capital, for licensing products, to increase the sales force and for general corporate purposes.

S.G. Cowen & Co. was to have been bookrunner with Piper Jaffray, Thomas Weisel Partners and C.E. Unterberg Towbin as co-managers.

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