Sancilio, maker of an advanced lipid technology drug delivery platform, is backing away from its proposed $86 million initial public offering, according to an SEC filing.
The Florida-based company didn’t give a reason in its regulatory filing. The withdrawal comes a little over a year after Sancilio registered its intentions to go public in the summer of 2015.
Sancilio’s technology allows absorption of food in the absence of healthy intestines, bile or normal gastric enzymes. Its advanced lipid technology encapsulates drugs in micelles: lipid molecules arranged in a sphere, with hydrophilic heads facing the surface that protect the molecules inside.
The company recorded about $25 million in sales last year, based mainly on its prenatal vitamins, dental health products and over-the-counter dietary supplements sold under the Ocean Blue brand. Sancilio was founded in 2006.
Sancilio said it was a partner with TherapeuticsMD and Mylan ($MYL) when it filed for the offering, and had four new drug applications under development for third-party interests.
Sancilio joins a long line this year of biotech companies that have fared poorly in the IPO market.