Stellar Biotechnologies saw revenues increase 130 percent during the first quarter of 2016 but the company still lost more money in 2016 than it did during the same quarter of 2015.
The Port Hueneme-based company reported first quarter 2016 results after markets closed Feb. 8. Stellar makes a protein for immunotherapy treatments using a unique sea snail only found off the coastal shores of a small part of California.
Revenues increased 130 percent from $212,661 during the same quarter of 2015 to $488,160 in 2016. Despite that, net losses for the company increased to $1.63 million in 2016 from $1.34 million in 2015.
Stellar still has about $10.4 million in cash on hand, which is about the same as last year.
“We are focusing on continuing to increase sales revenue, and we are working to expand our commercial and clinical opportunities with new collaborations,” Stellar CEO Frank Oakes said in a news release.
Common shares of Stellar Biotechnologies’ stock started trading on the Nasdaq stock exchange Nov. 5. Stellar Biotechnologies common shares are also traded on Canada’s TSX Venture Exchange.
Stellar shares have been in a slump since, dropping from $9.07 on Nov. 5 to a low of $5.32 on Jan. 20 and $6.01 when markets closed Feb. 8.
• Contact Philip Joens at [email protected]