ImmuCell closes $ 4,250,000 equity financing


PORTLAND, Maine, April 14, 2021 (GLOBE NEWSWIRE) – ImmuCell Corporation (Nasdaq: ICCC) (“ImmuCell” or the “Company”), a growing animal health company that develops, manufactures and markets scientifically proven and practical products that improve the health and productivity of dairy and beef cattle, announced today the closing of an equity investment.

On April 14, 2021, the Company issued a total of 515,156 common shares at a price of $ 8.25 per share directly to its largest shareholder (the Pessin family) and to several other investors, raising gross proceeds of 4,250 $ 037, with minimal closing costs. These shares have been registered under the Company’s current registration statement on Form S-3.

“This funding allows us to move forward aggressively with several critical investments designed to create more growth, including: increasing our First defense® annual production capacity of the level of $ 23 million that we expect to reach in the second quarter of 2021 to $ 30 million per year, by conducting some critical marketing studies and hiring sales staff to support the planned upcoming launch of To preserve™ (after receiving the required FDA approvals), improving and expanding our vaccine production capacity and general working capital purposes, including stockpiling for both First defense® and To preserve™ ”, commented Michael F. Brigham, President and CEO.

Conference call:
The Company will hold a conference call on Friday May 14, 2021 to discuss this capital increase and the financial results for the quarter ended March 31, 2021. Interested parties can access the conference call by dialing (844) 855-9502 (number toll-free) or (412) 317-5499 (international) at 9 a.m.ET. A replay of the teleconference call will be available for seven days at (877) 344-7529 (toll free) or (412) 317-0088 (international), using confirmation # 10154478. Investors are encouraged to view the updated slideshow of the Company’s Corporate Presentation which provides an overview of the Company’s business and is available under the “Investors” tab of the Company’s website at www .immucell.com, or on request from the company.

About ImmuCell:
ImmuCell Corporation (Nasdaq: ICCC) is to create scientifically proven and practical products that improve the health and productivity of dairy and beef cattle. ImmuCell manufactures and markets First defense®, providing Immediate immunity™ to newborn dairy and veal calves, and is in the late stages of development To preserve™, a new treatment for subclinical mastitis with no milk rejection requirement that offers an alternative to traditional antibiotics. Press releases and other information about the Company are available at: http://www.immucell.com.

Contacts: Michael F. Brigham, President and CEO
ImmuCell Corporation
(207) 878-2770
Joe Diaz, Robert Blum and Joe Dorame
Lytham Partners, LLC
(602) 889-9700
[email protected]

Caution Regarding Forward-Looking Statements (Safe Harbor Declaration):

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, without limitation, any statement relating to: our plans and strategies for our business; projections of future financial or operational performance; the timing and outcome of pending or anticipated regulatory approval requests; factors that may affect the dairy and beef industries and future demand for our products; the extent, nature and duration of the COVID-19 pandemic and its consequences, and their direct and indirect impacts on the production activities, results of operations and financial condition of the Company and on customers and markets that the Company serves; the scope and timing of current and future product development work and the marketing of our products; future costs of product development efforts; the estimated prevalence rate of subclinical mastitis and the level of producer interest in the treatment of subclinical mastitis given current economic and market conditions; the expected effectiveness of new products; estimates of the size of the market for our products; future market share and revenues generated by current products and products still in development; our ability to increase production and reduce the costs of goods sold; the future suitability of our own manufacturing facilities or those of third parties with whom we have contractual relationships to meet demand for our products in a timely manner; the impact of arrears on customer relationships; the anticipated costs (or time required to complete) planned expansions of our manufacturing facilities and the adequacy of our funds available for these projects; the continued availability to us on reasonable terms of third-party suppliers of critical products or services; the robustness of our manufacturing processes and the associated technical problems; estimates of our production capacity, efficiency and yield, which are highly subject to biological variability and the combination of product formats of our sales; the future adequacy of our working capital and the availability and cost of third party financing; future regulatory requirements for our products; future expense ratios and margins; future compliance with bank debt covenants; the costs associated with maintaining compliance with applicable Good Manufacturing Practices (cGMP) regulations in our current operations and achieving such compliance for the production facility of the drug substance nisin; our effectiveness in competing with our competitors in our existing and planned product markets; profitability of additional sales and marketing resources and expenses; anticipated changes in our manufacturing capabilities and efficiencies; the value of our assets net of deferred taxes; projections of depreciation expense and its impact on profit for accounting and tax purposes; anticipated market conditions; and all other statements which are not historical facts. Forward-looking statements can be identified by the use of words such as “expects”, “may”, “anticipates”, “aims”, “intends”, “would”, “could”, “should”, ” will ”,“ plans ”,“ belief ”,“ estimates ”,“ goals ”,“ projects ”,“ forecasts ”,“ research ”and similar words and phrases. In addition, there can be no assurance that future developments affecting us will be those we foresee. Such statements involve risks and uncertainties, including, but not limited to, risks and uncertainties relating to difficulties or delays in the development, testing, regulatory approval, production and marketing of our products. (including the First defense® product line and To preserveâ„¢), competition within our anticipated product markets, customer acceptance of our new and existing products, product performance, alignment between our manufacturing resources and product demand (including consequences arrears or excessive inventory build-up), our reliance on third parties for financial support, products and services, changes in laws and regulations, decision-making and delays by regulatory authorities, currency values ​​and fluctuations and other risks detailed from time to time in our files with the Securities and Exchange Commission (SEC), including our quarterly reports on Form 10-Q, our annual reports on Form 10-K and our current reports on Form 8-K. Such statements involve risks and uncertainties and are based on our current expectations, but actual results may differ materially due to various factors, including the risk factors summarized above.


Carol M. Barragan

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