ImmuCell third-quarter revenue up
ImmuCell Corp., a Portland biotech firm, today announced that revenue for the third quarter of 2007 rose to $1.9 billion from $1.2 billion during last year's third quarter.
The jump has much to do with ImmuCell's bovine health product MastOut. In July, Pfizer Animal Health terminated its product development and marketing agreement with ImmuCell for MastOut, but Pfizer continued to pay ImmuCell milestone payments, according to a press release. ImmuCell also wrote off the remaining cost of technology rights to MastOut that it had acquired in 2004. The combined moves amounted to a 107% increase in ImmuCell's pre-tax income, from $219,000 during last year's third quarter to $602,000 during 2007's third quarter, which ended Sept. 30.
The MastOut fallout wasn't all positive, however. ImmuCell reports that its third-quarter product development expenses increased by 43% over last year because it was developing MastOut without Pfizer's assistance.
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