Portland-based bovine health products maker ImmuCell Corp. reported sales of $3 million – up 9 percent from a year earlier – and a net loss of $766,000 for the second quarter.

Betsy Williams, vice president of manufacturing operations at ImmuCell, gives a tour of its facility on Evergreen Drive in Portland in 2017. Staff photo by Ben McCanna

The reported net loss, equivalent to 11 cents per share, was compared with a net loss of $627,000, or 9 cents per share, in the second quarter of 2019. The company cited high product development costs for a planned product called Re-Tain, efforts to scale up production of its flagship product First Defense, and higher demand for its Tri-Shield product, which has a relatively low gross margin.

“Most of our product development expenses were related to the Re-Tain product development and commercial scale-up initiative,” ImmuCell President and CEO Michael F. Brigham said in a statement. “The COVID-19 pandemic has changed the way we operate, but our dedicated team has been flexible and creative pushing First Defense production during these extremely difficult times and challenging work conditions.”

Brigham said ImmuCell is proceeding with its plan to submit its second phase of Re-Tain product samples for U.S. Food and Drug Administration approval during the fourth quarter, which will be subject to a six-month review by the FDA.

ImmuCell trades on the Nasdaq exchange under the symbol ICCC. The value of ImmuCell shares fell by about 3 percent to $5.32 in the first two hours of trading Thursday following the release of the quarterly earnings report, but had rebounded to $5.56 by the close of trading.

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