Voyager Pharmaceutical withdrew its initial public offering plan on Tuesday night, citing “market conditions”.

Voyager just recently cut the size of the proposed offering, which would have been done in an auction format.

“While we have decided to withdraw our plans for an IPO at this time, we are continuing to advance the clinical development of our lead product candidate Memryte for the treatment of mild to moderate Alzheimer’s disease, as well as our other clinical programs,” said Patrick Smith, chairman, president and CEO of Voyager in a statement.