Riviera Beach, FL (PRWEB) June 13, 2013
The Town of Jupiter, Florida and Sancilio and Company (SCI), a Palm Beach County-based pharmaceutical company, are pleased to announce full repayment of SCI’s economic development loan. The loan was guaranteed by the Town of Jupiter as part of a $3 million economic development fund established in 2006 to promote the growth of pharmaceutical and biotechnology companies in northern Palm Beach County. Since establishment of the fund, over a dozen companies have been the recipients of loans or loan guarantees by Jupiter.
Since receipt of the loan in 2009, SCI has grown from 20 full time employees to more than 85, and plans to increase its number of full time employees to more than 125 in the next year. The jobs created by SCI include Ph.D. and Masters-level laboratory scientists, pharmaceutical manufacturing technicians, sales and marketing professionals, and administrative personnel.
“The Town of Jupiter’s loan guarantee was instrumental in SCI’s early stages of growth and we are extremely grateful for the level of support provided by town officials and the people of Jupiter,” stated Daren Graham, SCI’s Chief Legal Officer and Vice President, Strategic Development.
Mr. Graham went on to say that “the continued success of SCI and other north Palm Beach County companies assisted by Jupiter’s economic development fund are proof that thoughtful cooperation between local governments and companies is instrumental in developing and sustaining a robust regional economy.”
The Town of Jupiter’s economic development fund has assisted more than 13 companies since its inception in 2006. The fund provides loan guarantees to companies that are in the final stages of product development, expansion or relocation to the area. The payment makes SCI the fifth company to successfully close a loan or loan guarantee with the Town of Jupiter. Including SCI’s repayment, the fund has a current balance of $1.6 million to redeploy to eligible companies.
Sancilio and Company, Inc. is a vertically integrated pharmaceutical company focused on the development, manufacture and sale of cardiovascular, dental and women’s health products. SCI’s products include its Ocean Blue® family of Omega-3 products, which are currently available in both Publix and Winn Dixie and will be launched into national retail drug chains this summer, as well as numerous prescription drug products that are sold in pharmacies throughout the United States. In addition, SCI has partnered with multiple international drug companies to develop and manufacture prescription drug products for global distribution. SCI’s research and development labs and manufacturing facilities are all located in Palm Beach County.