Not the time for a Klox IPO: Acne gel maker withdraws $67 million offering

Klox Technologies, which is commercializing a light-reactive topical gel for acne and skin care, withdrew its plans for an initial public offering on Thursday. In May 2015, it had set terms to raise $67 million by offering 4.8 million shares at a price range of $13 to $15, but postponed the offering.

In February, the company announced a partnership with Colgate-Palmolive.

The Quebec, Canada-based company was founded in 2007 and booked $3 million in sales for the 12 months ended December 31, 2014. It had planned to list on the Nasdaq under the symbol KLOX. UBS Investment Bank was set to be the sole bookrunner on the deal.