RainDance Pulls IPO Citing Market Conditions

By Jennifer BootonMarketWatch Pulse

RainDance Technologies Inc. has withdrawn its initial public offering, effective immediately. The company, which manufactures medical devices in the genetic testing space, attributed the withdrawal to poor market conditions, with Dow futures plunging 600 points on Monday. The Dow entered correction territory on Friday, falling 10% from its May peak, after suffering its biggest weekly decline since the financial crisis.. RainDance, which filed a request to IPO on the Nasdaq under the ticker "RAIN," was seeking to raise up to $60 million in the deal. Bank of America Merrill Lynch, Cowen & Co. and Evercore Partners are serving as lead underwriters. RainDance lists Agilent Technologies , Illumina Inc. and Qiagen among its competitors.

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