Story highlights Kentucky Sen. Rand Paul said he is not planning to endorse anyone at this moment, his aides say

Paul is expected to instead place his focus squarely on his Senate reelection bid

Paul finished a disappointing fifth place in Monday's Iowa caucuses, registering just 4.5% of the vote

(CNN) Rand Paul, the libertarian-minded freshman senator who was once viewed as a formidable presidential contender, is suspending his White House bid.

Paul discussed the matter with staff Wednesday morning and sent out a statement confirming the decision to drop out of the Republican presidential primary.

"It's been an incredible honor to run a principled campaign for the White House," Paul said in the statement. "Today, I will end where I began, ready and willing to fight for the cause of Liberty."

Paul, a Kentucky Republican, is expected to instead place his focus squarely on his Senate reelection bid, where he faces a wealthy Democrat, Lexington Mayor Jim Gray, who has the money to partially finance his campaign.

Paul finished a disappointing fifth place in Monday's Iowa caucuses, registering just 4.5% of the vote despite placing a heavy emphasis on the state's college towns to bring out younger voters inspired by his libertarian-minded message. He promised that night to continue his campaign.

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