Cortina Systems Drops IPO Plans

Sunnyvale-based Cortina Systems, a developer of network semiconductors, has dropped its IPO plans, saying in a filing with the SEC Thursday that it has elected not to proceed with its offering. The company did not give a reason for the withdrawal. Cortina had filed for a $100M IPO in March of 2011. Cortina is backed by Intel, Morgenthaler Partners, Canaan Equity, IVP, DCM, Eldorado Ventures, Storm Semiconductor, and Kodiak Venture Partners.