The downturn in the European new issue markets claimed yet another victim on Wednesday, as Aortech, a UK-based heart valve manufacturer, was forced to cancel its plans for a full stock market listing and cash-raising exercise.

Aortech, which is already listed on the UK's Alternative Investment Market (AIM) for smaller, high-growth companies, had hoped to raise around £60m (€94.3m) as part of its move to a listing on the main market of the London Stock Exchange.