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. Bio-tech 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.
Natural gas pipeline opposition takes aim at federal agency
A group opposed to the Sabal Trail pipeline is among more than 180 organizations which on Wednesday called for Congressional reform of the Federal Energy Regulatory Commission.
The groups, representing communities in 35 states, asked the Senate Energy and Natural Resources Committee and House Energy and Commerce Committee to hold hearings into what they called FERC’s “extensive history of bias and abuse.”
They are also asking for reform of the Natural Gas Act, which the groups say, gives too much power to FERC and too little to state and local officials.
WWALS Watershed Coalition, the Waterkeeper affiliate for the upper Suwannee River, has opposed the Sabal Trail Pipeline, which will originate in Alabama and connect with the Florida Southeast Connection pipeline. Next year, the pipeline is slated to begin supplying natural gas to Florida Power & Light’s plants in South Florida, including its Riviera Beach energy center.
“A prime example of FERC’s dereliction of duty to the public benefit is the Sabal Trail fracked methane pipeline Spectra Energy is drilling through Alabama, Georgia, Florida and under our Withlachoochee River in Georgia and our Suwannee River in Florida,” said John Quarterman, president of WWALS.
FERC gave its final approval to the southern piece of the pipeline in August.
“The number of frack gas pipelines is exploding and the feds are not only not applying appropriate oversight, but are in fact also enabling the trampling of people’s property rights, public health standards and environmental protection,” said David Pringle, New Jersey Campaign Director, Clean Water Action.
FERC is funded through fees assessed to companies seeking permits and annual charges are assessed generally to the regulated industries.