Portland-based biotech firm ImmuCell Corp. reported a big revenue boost and a return to profitability in the first quarter after suffering a net loss of $2.3 million in 2018.

The company, which develops products that improve the health and productivity of dairy and beef cattle, reported first-quarter revenue of $4.4 million, up 53 percent from $2.9 million in the first quarter of 2018.

ImmuCell reported quarterly net income of $154,000, or 3 cents per share, compared with a net loss of $221,000, or 4 cents per share, in the first quarter of 2018.

The company reported a reduction in its backlog of customer orders to $276,000 worth of orders as of March 31 from $901,000 worth of orders a year earlier. ImmuCell has said a production bottleneck in the first quarter of 2018 negatively affected its sales for that quarter.

ImmuCell worked over the past year to reduce its backlog and plans to increase its production capacity even further with proceeds from an $8.3 million public offering at the end of the first quarter, the company said.

“We intend to use approximately $3 million of the proceeds to increase our production capacity to keep pace with growing market acceptance and demand for the expanding First Defense product line,” company President and CEO Michael Brigham said, referring to ImmuCell’s flagship products, which boost the immunity of newborn calves.


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