PORTLAND — Publicly traded ImmuCell Corp., based in Portland, reported sales of $1.2 million during the second quarter of 2011, a 16 percent jump from the same period last year.
During the period the company lost $457,000, compared to a $37,000 loss during the second quarter of 2010, due primarily to development costs associated with a new product called Mast Out that is designed to treat udder infections in dairy cows.
“Our strategic decision to internally fund the development of Mast Out … has resulted in net operating losses from 2008 through the second quarter of 2011,” said ImmuCell President and CEO Michael Brigham.
Brigham said the company expects to return to profitability as Mast Out enters the final stages of the U.S. Food and Drug Administration’s approval process.
Brigham has said in the past that FDA approval remains uncertain, but that the company’s other products, including its flagship product First Defense, continue to sell well.
First- and second-quarter sales of First Defense, which prevents diarrhea in cow calves, jumped 28 percent from the same period last year.
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