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Scientific Learning Withdraws Offering

October 15, 1998|Bloomberg News

Scientific Learning Corp. withdrew its plan for a $31.2-million initial public offering, making the provider of teaching software for learning-disabled children the latest casualty of a cool IPO market. The Berkeley-based company pulled the stock sale indefinitely, "on the grounds that current market conditions do not support a public offering," it said in a registration withdrawal filed with the Securities and Exchange Commission. Scientific Learning makes Fast ForWord, a software program to help teach language skills to kids with dyslexia and other language impairments. The company, headed by Chief Executive Sheryle Bolton, lost $1.7 million on $647,000 in revenue in the first quarter this year, according to its June IPO filing. An amended filing in August said Scientific Learning planned to offer 2.4 million shares for $13 each, which would have given the company an implied total market value of $151.7 million.

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