CardioMems, a venture-capital backed developer of medical devices, has pulled plans for an initial public offering.

The company, which has raised more than $50 million in private funding, had planned to raise more than $86 million in the stock offering. It withdrew the IPO on Friday, citing weak demand.

CardioMems disclosed plans to go public in January. The firm is developing heart failure and hypertension sensors. It planned to trade on the NASDAQ. Banc of America Securities was the lead underwriter.

Venture backers include Arcapita, Boston Millennia Partners, Foundation Medical Partners, Medtronic, Inc. and Johnson and Johnson Development Corp.