ImmuCell sales jump 16%
Portland-based biotechnology company ImmuCell Corp. saw sales rise 16% in the second quarter over the same period last year, though the company still reported net operating losses.
Sales for the second quarter were $1.2 million, but the company's net operating losses grew from $37,000 in Q2 last year to $457,000 in Q1 2011, according to the Portland Press Herald. President and CEO Michael Brigham said the losses are related to development costs of new product Mast Out, designed to treat udder infections in dairy cows. The U.S. Food and Drug Administration is currently reviewing the product, and Brigham said ImmuCell expects to return to profitability following FDA approval. The company has reported net operating losses since 2008.
Sales of the company's primary product, First Defense, which prevents diarrhea in cow calves, grew 28% in the first half of the year compared with the same period in 2010.
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