Reliant Technologies Cancels IPO; Expecting More Cancellations

Another IPO has hit the skids. Reliant Technologies Inc., which makes cosmetic and medical laser technology, today canceled its offering. "The terms currently obtainable in the public marketplace are not sufficiently attractive to the Registrant to warrant proceeding with the public offering," the company said in its securities filing.

Reliant is backed by Meritech Capital Partners, Three Arch Partners and individual investors. Robert Ward of Meritech will also join the Reliant board.

With the markets darting around like a dachsund on a sugar high, only the desperate or brave are going public. And dominoes are tumbling. Also yanking IPOs this week were marketing software company Affinion Group Holdings, biometrics specialist Cross Match Technologies Inc. (the second time this year it has bagged an IPO) and residential ventilation company NTK Holdings Corp. Last week it was cleantech player NanoDynamics Inc. and life sciences company NimbleGen Systems biting the dust.

Lots of IPOs remain in the pipeline to go out this year, but the headwinds are picking up. Expect more cancellations.