First-quarter income for Portland biotech firm ImmuCell dropped nearly 75% from the same period last year, according to today’s announcement from the company.
ImmuCell’s income before taxes was $129,000 during the three month period that ended March 31, down from $508,000 in the first quarter of 2007. The company attributes the sharp decline to an increase in product development expenses for the bovine health product MastOut and lost technology licensing revenue. ImmuCell has been developing MastOut independently since Pfizer Animal Health terminated its product development and marketing agreement with the company last July.
ImmuCell’s total revenue for the first quarter was $1.6 million, down from roughly $1.7 million during the same period the year before.
