RALEIGH … After twice delaying its planned initial public stock offering because of sour market conditions, cholesterol test company LipoScience has requested that the U.S. Securities and Exchange Commission withdraw its IPO registration altogether.

“The market for IPOs hasn’t gotten appreciably better … it’s a very tough market,” says LipoScience spokesman Tim Williams. “Rather than go week to week, and be poised to go public at anytime, we’re not going to get into that process. We’re going to focus on running a business and avoid the constant distraction that emanates from the IPO process.”

In a letter Monday to the SEC, LipoScience officials indicated they are no longer considering an IPO for the time being. Twice in recent weeks, the company had been poised to pull the trigger, only to step back at the last minute.

“For our options in the future, we’re going to keep them open,” Williams tells LocalTechWire. “We do expect to revisit an IPO in the near future, but we have not set any time expectation on that.”

LipoScience had hoped to raise at least $70 million by selling 5 million shares of stock priced between $14 and $16 each.

The company is funded with $26.2 million from venture capitalists, but isn’t in need of additional money. As of June 30, it had $6.3 million in cash on hand.

LipoScience: www.liposcience.com