This article was originally published in The Rose Sheet
La Jolla, Calif.-based fragrance and flavor molecule developer withdraws initial public offering based on "unfavorable market conditions," the firm said in a Sept. 5 notice to the Securities and Exchange Commission. The company's IPO, filed in February, proposed raising up to $80 mil. The offering was underwritten by Deutsche Banc Alex Brown, Bear, Stearns & Co. and CIBC World Markets. Senomyx aims to assemble a proprietary technology platform to "enhance and industrialize" the flavor and fragrance molecule discovery process using taste and smell receptor genes, according to the registration statement. The early-stage company has entered into a product development collaboration with Kraft Foods
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