Stellar Biotechnologies revenues up but losses grow
Stellar Biotechnologies’ revenues increased slightly during the third quarter of 2016 but losses widened as the company signed a new partnership with a French company and held an offering for institutional investors, the company said in a quarterly earnings report Aug. 8.
Stellar revenues increased slightly from $157,748 during the third quarter of 2015 to $181,092 in 2016. Operating costs increased during the quarter though from about $1 million in 2015 to $1.4 million in 2016.
Net losses also more than doubled from $463,686 during the same quarter last year to $1.2 million this year. Net losses per share also increased from 6 cents per share last year to 14 cents per share this year.
Based in Port Hueneme, Stellar makes a type of immunotherapy by bleeding animals called giant keyhole limpets that are only found along scattered portions of the west coast — including parts of California.
On May 11, Stellar announced it formed a partnership with Paris-based Neovacs to form a joint venture called Neostell S.A.S. Under terms of the agreement, Neovacs owns 70 percent of the new company and Stellar will owns 30 percent.
On July 6, Stellar raised $6.75 million in two offerings for institutional investors.
Common shares of Stellar Biotechnologies stock started trading on the Nasdaq stock exchange Nov. 5 and in March the company applied for a voluntary delisting from Canada’s TSX Venture Exchange.
Since Nov. 5, shares have fallen from $9.41 per share to a close of $2.94 Aug. 8. As of 9:55 a.m., Stellar shares were down 18 cents to $2.76 per share.
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