Devax, Inc. Calls Off IPO

Medical device company Devax, Inc on Thursday filed to withdraw plans for an initial public offering, stating that such a move was "no longer in its best interests." Devax originally filed for an IPO in May of 2007, saying in a filing with the SEC that it is looking to raise up to $85M in an IPO on the Nasdaq Global Market.
Devax, originally founded in 1999 to develop a bare metal stent, is now developing the AXXESS Plus, designed specifically for deviating vessels. In 2005, the AXXESS Plus Stent was the first to show clinical results with a drug eluting stent designed specifically for bifurcation lesions.