San Diego-based Cibus postponed its initial public offering, citing “current market and technical conditions.”
Cibus — which employs gene editing to boost crop yields and hardiness — planned to raise $100 million through an IPO slated for Feb. 14. That morning the company announced it would delay.
"We elected to postpone our offering given current market and technical conditions," said Peter Beetham, co-founder and CEO, in a news release. "We look forward to introducing our leading technology in non-transgenic gene editing to the market in the future as we continue to execute our commercial growth plan and strategy to introduce non-transgenic traits to the world's most essential crops."
A company spokesman did not return a request to comment. With the delay, Cibus' statement did not say when it's planning to list shares.
Cibus uses gene editing to select desirable traits, without the tag of genetically modified organisms, or GMOs. GMOs — which incorporate DNA from other species — are subject to strict regulations.
In July, Cibus raised $70 million in a series C round. It has a branded canola seed product, and Cibus also plans to license crop traits, including disease resistance, to leading seed companies.
Cibus was recently featured in a San Diego Business Journal look at the region’s agricultural biotech scene.