Stellar Biotechnologies revenues nearly doubled but so did the company’s losses during the first quarter, the Port Hueneme biotech company reported May 9.
Stellar Biotechnologies makes a protein for immunotherapy treatments using a unique sea snail only found off the coastal shores of a small part of California. The company’s revenues increased from $187,627 during the same quarter in 2015 to $326,335.
Still, Stellar Biotechnologies spent heavily on research and development during the quarter. Its net loss increased from $426,164 in 2015 to $861,010 in 2016. Net-loss-per-share doubled from a nickel per share last year to 10 cents per share this year.
In March, Stellar Biotechnologies applied for a voluntary delisting from Canada’s TSX Venture Exchange. Common shares of Stellar Biotechnologies stock started trading on the Nasdaq stock exchange Nov. 5. Stellar Biotechnologies stock closed May 9 at $3.22 per share.
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