What to Know About Food Dyes After Red No. 3 Was Banned
US regulators announced a ban on Red No. 3 dye after decades of concern about potential links to cancer. Now, other ingredients and dyes are facing scrutiny. Deena Shanker explains. (Source: Bloomberg)
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CBS News
a day ago
- CBS News
Fire at Shell cracker plant in Beaver County forces evacuation of multiple employees
A spokesperson for the Pennsylvania Department of Environmental Protection said a fire at the Shell cracker plant in Beaver County forced the evacuation of multiple employees and potentially released chemicals into the community. Anita White and Eli Matich worry about what could be in the air outside their home in Potter Township, just miles away from the plant. "It just feels scary, because you don't really know how it's impacting your health," White said. "When they built it, it was meant for job employment, help boost Beaver County. But instead, it's kind of been more negative than positive, it seems like," Matich said. It was just two days ago when smoke appeared to be billowing out of the facility, caused by what the state DEP calls a fire. It happened Wednesday afternoon at ethane cracking furnace #5. The DEP spokesperson said Shell reported that 15 employees were evacuated, and one person suffered a minor heat-related injury. KDKA obtained a photo showing a mangled furnace inside the complex. A Shell employee told KDKA that the damage is so bad it could result in them tearing it down and rebuilding. "It's definitely concerning," Matich said. The DEP spokesperson said it resulted in the "possible release of an unknown amount of 1,3-butadiene and benzene" in the air, and that the furnace "was not in production at the time." The agency added that an emergency response team member conducted an initial assessment at the plant and did not see any visible emissions or unintended releases of them due to a malfunction or other problem, along with any unpleasant smells. Also, their "air monitor did not register any emissions above zero, which means there weren't any air pollutants that lingered related [to] the fire." "We're always trying to eat healthy and be clean, but then we have these chemicals that are going into the air. So, it kind of feels like, all right, what's the point?" White said. Environmental experts describe what may have been released this week as cancer-causing chemicals. Since Shell started operating here in late 2022, it's faced several malfunctions and millions of dollars in fines. Shell did not disclose the potential release of chemicals in a Facebook post to the public, but a spokesperson told KDKA they informed the Nuclear Regulatory Commission, and "will submit the [investigation] findings, as required, to the Pennsylvania Emergency Management Agency (PEMA) and the Local Emergency Planning Commission (LEPC)." As for White and Matich, for the time being, they'll be staying where they are. "Until the housing market gets a bit better, so we can move a little farther away," White said. The DEP spokesperson said Shell is continuing to investigate and that the agency will ensure the company complies with environmental regulations for the health and safety of the community.
Yahoo
a day ago
- Yahoo
Revelation-Backed Omada Health Jumps After $150 Million IPO
(Bloomberg) -- Omada Health Inc. shares ended their debut trading day exactly where they started after the digital health-care company raised $150 million in its initial public offering. Next Stop: Rancho Cucamonga! ICE Moves to DNA-Test Families Targeted for Deportation with New Contract Where Public Transit Systems Are Bouncing Back Around the World US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Trump Said He Fired the National Portrait Gallery Director. She's Still There. The stock climbed 21% to close at $23 on Friday in New York — the same price it opened at — higher than its IPO price of $19 per share. The stock had jumped as much as 49% during the the trading session. The San Francisco-based company sold 7.9 million shares at $19 each after offering them at $18 to $20 apiece, according to its filings with the US Securities and Exchange Commission. The trading gives Omada a market value of $1.3 billion based on the number of outstanding shares listed in its filings. The IPO adds to the growing pace of US first-time share sales this year, which have raised around $24.9 billion so far, versus $17.6 billion in the same period last year, according to data compiled by Bloomberg. Shares of health-care upstarts that went public on US exchanges this year are also up by a weighted average of roughly 18%, according to Bloomberg calculations. An IPO last month for digital physical therapy provider Hinge Health Inc. — a competitor to Omada — raised $503 million, and shares have risen about 19% since its debut. Omada's offering closed with orders for more than 15 times the shares available, with allocations going to a highly concentrated group of investors, Bloomberg News has reported. Virtual Care Founded in 2011, Omada provides virtual care in between doctor's visits to help people manage chronic conditions including diabetes and prediabetes, obesity, hypertension and musculoskeletal conditions, according to the filing. Users track metrics including weight, blood pressure and blood glucose values to the company's platform, which includes a mobile app. Unlike other digital health firms, Omada doesn't offer GLP-1 weight loss drugs, the filing shows. Instead it has programs to support people using them, including coaching and nutrition guidance, to manage muscle loss and stop the weight from returning when they cease taking the medication, according to the filing. About 50,000 of Omada's 679,000 members are on GLP-1s, co-founder and Chief Executive Officer Sean Duffy said in an interview with Bloomberg News. It's a relatively new business for the company that has expanded in the past year as part of its partnership with Cigna Group's Express Scripts unit, he said. 'For support, especially in chronic disease, it's very helpful that someone feels they are not just doing this for themselves but for someone else - to have someone rooting for you in your corner is really important for outcomes,' Duffy said. Omada is using AI to automate the virtual care it provides to chronic disease sufferers, though the services are 'human-led,' he said. 'Our members tell us they want a person and I am yet to see anyone that feels accountable to ChatGPT,' Duffy said. Omada has over 2,000 customers including employers and health systems, and more than 679,000 total members enrolled in one or more programs, according to the filing. Largest Shareholder Revelation Partners is Omada's largest shareholder, beneficially owning 10.9% of the company before the offering, according to the filing. USVP has 9.9% of the shares, Andreessen Horowitz has 9.6% and FMR has 9.3%, the filing shows. Omada was valued at more than $1 billion in a 2022 funding round led by Fidelity Management & Research Co., it said in a statement at the time. The company had a net loss of $9.4 million on revenue of close to $55 million in the first three months of 2025, compared with a net loss of nearly $19 million on revenue of $35.1 million in the same period a year earlier, the filing shows. The offering was led by Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co., the filing shows. The company's shares trade on the Nasdaq Global Market under the symbol OMDA. (Updates with closing prices.) Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P.
Yahoo
a day ago
- Yahoo
The $1.3 Billion Health-Tech IPO Everyone Missed--Until It Soared 21% on Day One
Omada Health (NASDAQ:OMDA) opened its first day of trading with a bangjumping 21% to $23 after pricing its IPO at $19. That move gives the digital chronic-care startup a market cap of roughly $1.3 billion. The $150 million raise was more than just well receivedinvestor demand came in more than 15x oversubscribed, with most allocations going to a concentrated group of institutional buyers. It's another sign that appetite for health-tech IPOs is heating up again. U.S. listings have raised nearly $25 billion year-to-date, and early-stage healthcare names are up an average of 18% since listing. Founded in 2011, Omada offers virtual care between doctor visitsfocused on diabetes, obesity, hypertension, and joint pain. What sets it apart? It's not chasing the GLP-1 gold rush. Instead, Omada supports people already on those drugs, helping them manage side effects, nutrition, and post-treatment maintenance. About 50,000 of its 679,000 members are on GLP-1s. CEO Sean Duffy told Bloomberg that while AI powers much of the back-end, real human interaction is what drives results. Our members tell us they want a personand I have yet to see anyone that feels accountable to ChatGPT, he said. Revenue for Q1 2025 came in just under $55 millionup from $35.1 million a year agowhile net losses narrowed by more than half to $9.4 million. That improving financial picture, combined with a clear niche in chronic care, could be what's drawing top-tier investors. Revelation Partners, Andreessen Horowitz, Fidelity, and USVP are all among the largest shareholders. The IPO was led by Morgan Stanley, Goldman Sachs, and JPMorgan. OMDA now trades on the Nasdaq Global Marketand it's one more sign that digital health might be staging a real comeback. This article first appeared on GuruFocus. Sign in to access your portfolio
