Klox Technologies Withdraws IPO Because Of 'market Conditions'

Klox Technologies Inc. became the latest company to file to withdraw its initial public offering because of "market conditions." The specialty pharmaceutical company had filed last April for an IPO of 5.52 million shares to raise $82.8 million. "Due to market conditions, the registrant had determined not to proceed with the initial public offering contemplated by the registration statement," Klox said in a regulatory filing. The company asked that all fees paid to the Securities and Exchange Commission in connection with the proposed IPO be credited for future use. The iShares Nasdaq Biotechnology ETF has tumbled 24% year to date, compared with a 1.2% decline in the S&P 500.