Portland-based ImmuCell reports sales increase, advances toward product release
File Photo / Tim Greenway
Michael F. Brigham, ImmuCell president and CEO
ImmuCell Corp. (Nasdaq: ICCC), a Portland biotech company that makes preventive health products for beef and dairy cattle, on Monday reported that sales revenue increased 12% in 2020, and has completed application for regulatory approval of a new product.
Total sales grew by $1.6 million over the 2019 level to $15.3 million last year, the company said in a news release. Sales during the fourth quarter of 2020 were $3.7 million, up by $111,000, or 3%, from the same period in 2019.
ImmuCell reported a net loss of $1 million, or 14 cents per share, for 2020, compared to net loss of $1.3 million, or 19 cents per share, for 2019.
The company also said it has recently submitted the last of five technical applications necessary to receive Food and Drug Administration approval of Re-Tain, a product in development for treating a cattle infection, mastitis, without the use of antibiotics.
If the FDA finds the submission complete, ImmuCell could launch limited initial sales of Re-Tain toward the end of this year. The company said it is taking a “prudent approach” and planning for a mass market launch during 2022.
“Our team did an outstanding job compiling a very extensive and detailed submission to the FDA for Re-Tain,” said ImmuCell President and CEO Michael F. Brigham. “That completes the bulk of the regulatory submission work on our end. Now we continue to maintain our production and quality systems and prepare to respond to any FDA queries and ongoing site inspections.”
ImmuCell continues to face a backlog of demand for its current product, First Defense, a preventive product for newborn calves. The company said it is on track to increase its annual production capacity from $16.5 million to $23 million.
Share prices of ImmuCell fell about $1 early Tuesday from their Monday close of $11.74, but on Wednesday morning were trading at about $10.85. The company has a market capitalization of $74.5 million.
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