Vascular Genetics, an Israeli company that specializes in cancer treatments, went public on the NASDAQ on August 1. Then it didn’t. The company, which has lost money each year since its founding in 2000, offered 5.4 million shares to the public. But a week later the underwriters of the deal–Deutsche Bank and Wells Fargo–pulled the plug because “a substantial existing U.S. shareholder did not fund payment for shares it previously agreed to purchase in the offering.”
It was a first, according to the Wall Street Journal. The company essentially said it “didn’t go public after all” and will refund shareholders’ money.