Riviera Beach pharma company pulls plug on IPO

Sancilio

Fred Sancilio, head of Sancilio Pharmaceuticals

Sancilio Pharmaceuticals Co., a maker of fish oil pills based in Riviera Beach, tells the Securities and Exchange Commission it’s withdrawing its proposed initial public offering of stock.

The company didn’t explain why it dropped the IPO, but it seems to have been a victim of poor timing. Biotech stocks have cooled since Sancilio filed for its IPO in May 2015. The Nasdaq Biotechnology index is off 16 percent in that time. IPOs in general have plunged as companies find cheap private financing readily available.

The fast-growing maker of fish oil pills reported sales of $24.8 million in 2015, up from $15.2 million in 2014. Sancilio lost $622,000 last year. The company, which uses revenues from its products to bankroll scientific research, is studying fish oil as a treatment for sickle-cell disease.

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