Stellar Biotechnologies, a leading manufacturer of Keyhole
Limpet Hemocyanin (“KLH”), an important immune-stimulating protein used in
wide-ranging immunotherapeutic markets, Monday posted year-over-year financial
improvements for its second fiscal quarter and six months ended March 31,
21015.
“Stellar is pleased to issue this mid-year report which
shows increased demand for our products, continued financial prudence, and the
positive effect of continued focus on our core KLH business,” Stellar president
and CEO Frank Oakes stated in the news release. “As KLH-based technologies
advance through clinical development, we are excited to be in this strong
position as the opportunities in the KLH market continue to grow.”
Stellar reported a second-quarter 2015 net loss of $426,164,
or a loss of $0.01 per basic share, on revenue of $187, 627, a substantial
improvement compared to a second-quarter 2014 net loss of $1.4 million, or a
loss of $0.02 per share, on revenue of $114,371.
For the six months ended March 31, 2015, Stellar reported a
net loss of $1.8 million, or a loss of $0.02 per share, on revenue of $400,288,
an improvement over a net loss of $7.0 million, or a loss of $0.09 per basic
share, on revenue of $173,196 for the comparable six months of 2014.
Revenue growth for both 2015 periods was due to an increase
in customers and associated greater product sales volume.
As of March 31, 2105, Stellar reported cash and cash
equivalents of $11.1 million, compared to $13.8 million at September 30, 2014.
Net cash used in operating activities for the six months ended March 31, 2015,
was $2.6 million, compared to $2.6 million for the same period in 2014. The
company said it believes current cash will be sufficient to meet estimated
working capital requirements and fund planned program development expenditures
for at least the next 12 months.
As of March 31, 2015, Stellar had positive shareholders’
equity of $8.9 million and approximately 79.55 million shares outstanding,
compared to shareholders’ equity of $10.5 million and approximately 79.42
million shares outstanding at September 30, 2014.
For more information, visit www.stellarbiotech.com
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