Two Biopharmas Nix IPO Plans in Unstable Market

This week, two companies seeking to list their stocks on the Nasdaq Exchange opted to pull out their IPO due to concerns over market stability. TechBullion reported both companies had recently filed to list their stocks on the exchange but then reversed their decision in a matter of weeks. In September, AEON Biopharma, which is developing a botulinum toxin therapy for neuro and gastroenterology indications, filed for a $75 million IPO. Cingulate, which is developing improved drug delivery technologies for previously approved ADHD drugs, filed for a $50 million IPO at the end of September.