Swiss Biotech Speedel Pulls IPO Due to Market Conditions

Swiss biotech company Speedel Pharma AG said it has pulled its planned initial public offering (IPO) on the SWX Swiss Exchange due to weak market conditions, particularly for biotech stocks. The company's financial position means it is under no pressure to go ahead with the listing, and plans for clinical trials with kidney disease drug SPP301 are not under threat, a spokesman said. The news follows the disappointing recent listing of Swiss drug development company Arpida, whose shares were sold at the bottom end of the bookbuilding range and are currently trading lower than their issue price.

Forbes (http://www.forbes.com/home/feeds/afx/2005/05/11/afx2017838.html)