Portland-based ImmuCell Corp. saw profits of $78,000 in the first quarter, the biotech company reported today, compared to $297,000 during the same period a year ago.

Products sales during the first quarter increased by 8 percent, or $122,000, to $1.63 million, compared to the same period in 2007, ImmuCell said. However, product development expenses increased by 25 percent during the quarter over a year ago, reflecting the costs of funding the development of the company’s Mast Out product internally. Previously, Pfizer was developing the product under an agreement with ImmuCell that was ended last year.

ImmuCell reported before income taxes of $129,000 for the quarter, compared to $508,000 during the same period in 2007. About 59 percent of the of the $379,000 drop resulted from the expected decrease in technology licensing revenue and increase in product development expenses, also related to the ceased Pfizer deal.