By Staff Report Monday, May 9th, 2016

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.

• Contact Philip Joens at [email protected].