Portland-based biotechnology firm ImmuCell announced a net loss of $197,000 in the third quarter of 2010 on revenue of $874,000.
The company, which develops and manufactures products that help prevent, diagnose and treat cattle diseases, reported a net loss of $19,000 and revenue of more than $1 million during the same period last year.
ImmuCell President and CEO Michael Brigham said the company’s losses result largely from development of Mast Out, a drug for cattle that is in the last stages of development and is not yet approved by the U.S. Food and Drug Administration. Brigham said the company should return to profitability in 2012, whether or not Mast Out is approved.
ImmuCell’s primary product is First Defense, a drug that prevents diarrhea in newborn calves and is sold to farms in Canada, South Korea, Japan and throughout the United States. The company has sold 10 million doses of First Defense since the drug was approved in 1991.
The down economy has also impacted sales, Brigham said, as farmers are struggling to make money.
“It’s a very tough dairy market. These guys are losing money every month,” he said.
ImmuCell, which launched in 1982 and became a publicly-traded firm in 1987, has 32 employees, including 28 in the Portland area. The company was last profitable in 2007.
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