ImmuCell takes Q3 loss
Portland biotech firm ImmuCell Corp. today posted a net loss for the third quarter as its books continue to reflect last year's termination of a product development and licensing deal with Pfizer for one of its animal health products.
ImmuCell reported a net loss of $268,000 during the three-month period that ended Sept. 30, compared to a net gain of $354,000 during the same period in 2007, according to a press release from the company. While ImmuCell's product development expenses decreased 18% between the third quarters of 2007 and 2008, the $931,000 in technology licensing revenue the company had on its books last year dried up completely as the result of Pfizer Animal Health's termination in July 2007 of a product development and marketing agreement with ImmuCell for its bovine health product, Mast Out. ImmuCell has been developing MastOut independently since the agreement was terminated.
For the nine-month period ending Sept. 30, ImmuCell reported a net loss of $429,000. That compares to a net gain of $590,000 during the same nine-month period in 2007.
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