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Market conditions put paid to Salient IPO

This article was originally published in Clinica

Executive Summary

Salient Surgical Technologies has withdrawn its pending initial public offering (IPO) on the grounds of unfavourable market conditions. The surgical products specialist had intended to list on the Nasdaq Stock Exchange after filing an IPO on March 13 2008 (see Clinica No 1299, p 17). Salient was looking to raise $86m to boost development of its Aquamantys system, which is designed to seal blood vessels in soft tissue and bone. The Dover, New Hampshire company becomes the fourth medtech company this year to pull an IPO from the Nasdaq because of market conditions. The preceding firms were: Transoma Medical (see Clinica 1294, p 15), Emphasys Medical (see Clinica No 1307, p 24) and Bronchus Technologies, which cancelled its IPO in June.

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