Medical co’s., Asthmatx and BioVex, pull IPOs — Vanguard’s rocky ride continues

Just three weeks after setting terms for its initial public offering, Mountain View medical device company Asthmatx has pulled its IPO filing.

It joins Woburn, Mass. drug maker BioVex, which also pulled its IPO. They are the latest in a string of withdrawals and postponements in the health care industry this month.

Asthmatx’s withdrawal, for one, will deal a blow to Vanguard, the struggling venture firm that has been hoping for a decent profit from its investment in Asthmatx. A weak IPO market is hurting its chances to do that.

VentureWire has a good summary here (sub required):

Asthmatx said it was pulling its IPO to “pursue alternative strategic options,” while most others, like BioVex Group, are withdrawing or postponing new issues citing market conditions.

Out of eight health-care related deals that have tried to debut so far this month, only three succeeded: LeMaitre Vascular Inc., Trubion Pharmaceuticals Inc., and Ivivi Technologies Inc. Trubion and Ivivi each squeaked out a 1% gain during their first day of trading, while medical-device maker LeMaitre Vascular Inc. priced below its expected range and declined in its first days of trading.