ImmuCell Closes $3 Million Public Offering of Common Stock

12/22/17

PORTLAND, Maine, Dec. 21, 2017 (GLOBE NEWSWIRE) -- ImmuCell Corporation  (Nasdaq:ICCC), 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, today announced the closing of a previously announced underwritten public offering of 417,807 shares of common stock at a price to the public of $7.30 per share.

Craig-Hallum Capital Group acted as sole underwriter for the offering.

The net proceeds from the offering are approximately $2.7 million, after deducting underwriting discounts and other estimated expenses incurred in connection with the offering.

The Company intends to use the net proceeds from the offering to increase its working capital reserves (which have been reduced to low levels due to expenditures incurred to complete the construction and equipping of its Nisin production facility) and to:

  • complete the Nisin production facility (estimated total cost is now $21 million, which is $197,000 greater than the previously disclosed estimate of $20,803,000);
  • expand production capacity for the newly launched First Defense® Tri-Shield™ in a gel tube delivery format;
  • hire additional regional sales managers; and
  • engage a qualified consultant to help achieve regulatory approval for the sale of the First Defense® product line outside of North America.

“This additional capital enables us to complete the $21 million investment in our Nisin production facility, launch sales of our new product, First Defense® Tri-Shield™, and continue to expand our sales and marketing initiatives,” commented Michael F. Brigham, President and CEO. “I am encouraged by the level of fourth quarter sales as we close out 2017 and look forward to the exciting opportunities ahead in 2018 and beyond.”

About ImmuCell

ImmuCell Corporation’s (Nasdaq:ICCC) purpose is to create scientifically-proven and practical products that improve the health and productivity of dairy and beef cattle. ImmuCell has developed products that provide significant, immediate immunity to newborn dairy and beef livestock. The Company is developing a novel treatment for mastitis, the most significant cause of economic loss to the dairy industry. Press releases and other information about the Company are available at: http://www.immucell.com.