Alchemia Turns Down The Volume, Cancels Audeo Oncology IPO and Spin Amid Lack Of Interest

Faced with one marketed generic drug and insufficient capital to further development of its late stage cancer drug, Australian biotech Alchemia(AEMAF) concocted a strategy for funding. Alchemia split its cancer division into a new company, Audeo Oncology, which it planned to IPO in the United States, raising $50 million. The remaining shares were to be spun off to…