Therapure Biopharma Inc., a biological pharmaceuticals maker of Catalyst Capital Group Inc., postponed intends to sell shares in a $130 million initial public offering amid volatile markets which have gutted equity-financing activity in North America.
“While the business is performing above expectations and investor feedback concerning the quality of management and also the company was very positive, the company makes this decision in light of the current market environment, in which no IPOs were concluded in the U.S. or Canada in January,” the Mississauga, Ontario-based company said Thursday inside a statement.
Therapure and something of Catalyst Capital’s funds were trying to sell shares for $11 to $13 within the offering, according to a Jan. 6 filing with regulators. Therapure is focused on pharmaceutical treatments and on developing blood and plasma- related products, the organization said inside a filing with Canadian lenders. The company’s development has primarily been supported by a fund managed by Catalyst, a Toronto-based firm founded by Newton Glassman.
This continues to be the slowest start for Canadian IPOs in a minimum of 20 years, without any companies tapping markets to date, based on data compiled by Bloomberg.