Devax Inc., a Lake Forest medical device maker, has withdrawn plans for its $85 million initial public offering.
The company, which makes stents coated with drugs to treat blood vessel diseases, said in a Securities and Exchange Commission filing late Thursday that it “has determined that it is no longer in its best interests” to proceed with its proposed offering.
Devax had originally filed to go public back in May.
The company has raised $48.5 million in venture funding since 2001. Its investors include HBM BioVentures of the Cayman Islands and InterWest Partners of Menlo Park and Dallas.
