ImmuCell reports quarter loss
ImmuCell Corp. today reported a net loss of $35,000 for the first quarter of 2009 compared with a net income of $78,000 the same period last year.
The Portland-based biotech company, which focuses on bovine health, said its first-quarter revenue decreased 10%, to $1.46 million, compared with the same period last year. "In the current global economic crisis, dairy producers have been hit with significant declines in milk revenue," Michael Brigham, ImmuCell's president and CEO, said in a press release. "We appreciate the volume of business that we have maintained during these times when our customers are being forced to cut costs wherever possible to stay in business."
During the first quarter, the company also saw its product development expenses increase 30%, to $432,000, as it works to fund the development of a new product, Mast Out.
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