Agendia delays IPO, lands EU funds
Amsterdam – Dutch molecular diagnostics specialist Agendia B.V. postponed its initial public offering in June because of volatile market conditions, revealing that the financing environment for biotech firms remains tough. Agendia had hoped to raise up to EUR75m in the IPO, testing the NYSE Euronext with the first offering in Amsterdam of a healthcare company since 2008. The company said in a statement that the offering period had coincided with “an extraordinarily volatile period in global capital markets, resulting in high levels of uncertainty and volatility.” The company, which develops diagnostics using tumour gene expression profiling, has found other sources of funding in the meantime. Agendia has joined the Rational Therapy for Breast Cancer (RATHER) and Colon Cancer and Therapeutics (COLTHERES) consortiums to develop molecular diagnostics for cancer patients. The programmes include EU clinical centers and translational researchers. Agendia will receive EUR1.3m in funding over five years from the European Commission’s 7th Framework Programme (FP7) for research. Agendia said the RATHER programme will work on improving treatment for triple negative and lobular breast cancer, and COLTHERES will focus on response or resistance to targeted therapeutics in colorectal cancer.