Republican presidential candidate Rand Paul has announced that he is suspending his campaign.

Paul, a senator from Kentucky, finished fifth in the Iowa Caucuses on Monday and was polling at just 2 percent according to the most recent 7News/UMass Lowell tracking poll.

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

"Although, today I will suspend my campaign for President, the fight is far from over," he continued.

Paul is the third presidential candidate to suspend or end his campaign since the Iowa Caucuses on Monday. Fellow Republican Mike Huckabee and Democrat Martin O’Malley have also dropped out of the race for the White House.

Paul will now likely turn his attention to his Senate re-election campaign in Kentucky

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