ImmuCell announces an expected loss while investing 36 percent of total revenues in research and development.PORTLAND, Maine--(BUSINESS WIRE)--July 23, 1996-- ImmuCell Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ICCC ICCC International Council for Caring Communities ICCC International Council for Computer Communication ICCC International Computer Communications Conference ICCC International Carpathian Control Conference ICCC International Conference on Computer Communications , BSE See Bombay Stock Exchange. BSE See Boston Stock Exchange (BSE). :IMU Noun 1. IMU - a terrorist group of Islamic militants formed in 1996; opposes Uzbekistan's secular regime and wants to establish an Islamic state in central Asia; is a conduit for drugs from Afghanistan to central Asian countries ) today announced the result of its operations for the three and six month periods ended June 30, 1996. For the three months ended June 30, 1996, product sales were down by $254,000 (25 percent) to $768,000 and the net loss increased by $22,000 (19 percent) to $135,000 as compared to the same period in 1995. For the six months ended June 30, 1996, product sales were down by $349,000 (15 percent) to $2,034,000 and the net loss increased by $136,000 to $147,000 as compared to the same period in 1995. Research and development expenses decreased by $163,000 (34 percent) to $320,000 and by $36,000 (4 percent) to $821,000 for the three and six month periods ended June 30, 1996, respectively. Research and development expenses aggregated 37 percent and 36 percent of total revenues for the three and six month periods ended June 30, 1996 respectively. Total assets decreased to $2,976,000 at June 30, 1996, from $3,234,000 at Dec. 31, 1995. The company's net working capital decreased to $1,509,000 at June 30, 1996 from $1,850,000 at Dec. 31, 1995. Cash and cash equivalents decreased to $1,031,000 at June 30, 1996 as compared to $1,550,000 at Dec. 31, 1995. These decreases were primarily caused by the net loss and investments made in equipment and building improvements during the first half of 1996. "While our general operating plan has been to be near a break even, the loss is up somewhat at this report due to our continued funding of research and development at a time when our animal health sales have declined," commented Michael F. Brigham, chief financial officer. "We believe that the continued funding of research and development is necessary for the company to benefit from new revenue sources in our three key product development areas: 1) milk-derived products to fight gastrointestinal infections, 2) nutrional milk proteins and 3) a product to detect infectious agents infectious agent Pathogen, see there in water." OTHER NEWS: In the second quarter, the company presented the results from a challenge/protection trial of TravelGAM bovine anti-E. coli immunoglobulins Immunoglobulins Any of several types of globulin proteins that function as antibodies. Mentioned in: Protein Electrophoresis immunoglobulins (Ig) (antibodies) that demonstrated a 90 percent protection rate against Travelers' Diarrhea trav·el·ers' diarrhea or trav·el·er's diarrhea n. Diarrhea and abdominal cramps occurring among travelers to regions where sanitation is poor, commonly caused by a toxin-producing strain of the bacterium Escherichia coli. , and the company announced results from a challenge/protection trial of CryptoGAM cryptogam, in botany, term used to denote a plant that produces spores, as in algae, fungi, mosses, and ferns, but not seeds. The term cryptogam, from the Greek kryptos, meaning "hidden," and gamos, bovine anti-cryptosporiduium immunoglobulins and subsequently outlined a plan to continue human clinical trials of this product, under the sponsorship of the Center for Special Immunology Inc. ("CSI CSI Crime Scene Investigator CSI CompuServe, Inc. CSI Commodity Systems, Inc. CSI Commodity Systems Inc. (Boca Raton, FL) CSI Crime Scene Investigation (CBS TV show) CSI Christian Schools International ") of Fort Lauderdale Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla. CSI will provide research, clinical trial and regulatory support for this CryptoGAM study. Recently, the company announced a joint venture with Agri-Mark Inc., of Methuen, Mass., to manufacture and sell bovine lactoferrin lactoferrin (lak´tōfer´in), n an iron-binding protein found in the specific granules of neutrophils where it apparently exerts an antimicrobial activity by withholding iron from ingested bacteria and fungi. , a protein derived from cheese whey whey liquid residue from milk after the removal of cheese curds in the manufacture of cheese. An excellent protein supplement but difficult to handle in the liquid form, except to pigs maintained close to the cheese factory. Dried whey is easy to handle but processing costs are high. . More details on these events and other news on the company is available upon request.
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Immucell Corp.
Results of Operations
Balance Sheet Highlights (Unaudited) (In thousands) June 30, 1996 Dec. 31, 1995 Total Assets $2,976 $3,234 Cash and Investments 1,031 1,550 Net Working Capital 1,509 1,850 Long Term Debt 518 608 Stockholders' Equity $1,796 $1,905
(Unaudited) (Unuadited)
Three Months Ended Six Months Ended
Earnings Recap June 30, June 30
(In thousands except per
share amounts) 1996 1995 1996 1995
Total Revenues $854 $1,157 $2,270 $2,632 Product Sales 768 1,022 2,034 2,384 Research and Development Expenses 320 483 821 856 Net Loss $(135) $(113) $(147) $(11) Net loss per commons share $(.06) $(.05) $(.06) (a) Weighted Average Common shares outstanding during period 2,322 2,292 2,307 2,292 (a) less than $.01 per share-0- ImmuCell Corp. is a public biotechnology company that primarily develops, manufactures and markets milk-derived passive antibody products to prevent and/or treat gastrointestinal infections in both humans and animals. CONTACT: ImmuCell Corp., Michael F. Brigham, 207/878-2770, ext. 106 |
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