PITTSBORO, NC—Biolex, a company focused on producing proteins hard to synthesize via the plant Lemna, a duckweed, has withdrawn its registration for an $80 million IPO, citing “unfavorable market conditions.”

The company had planned to trade on Nasdaq.

Biolex raised about $100 million in VC funding since 1997. Investors include Intersouth Partners, Johnson & Johnson Development Corp., Quaker Bioventures, Polaris Venture Partners, Investor Growth Capital, Mitusi & Co. Venture Partners, JP Morgan Securites, Easton Capital, and Dow Venture Capital.

Intersouth holds the largest stake at 20.3 percent.

Biolex has developed recombinant DNA technology to produce pharmaceutical proteins such as monoclonal antibodies, via Lemna. It has trademarked the term “plantibody.”

On the Web: www.biolex.com

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