ImmuCell Corp. Closes $9 Million Public Offering of Common Stock

3/31/19

PORTLAND, Maine, March 29, 2019 (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 its previously announced underwritten public offering of 1,636,364 shares of common stock at a price to the public of $5.50 per share. All of the shares of common stock were offered by ImmuCell.

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

The net proceeds from the offering are approximately $8.3 million, after deducting underwriting discounts and other estimated expenses incurred in connection with the offering.

The Company intends to use a portion of the net proceeds of the offering for expansion of production capacity for its First Defense® product line, and it is increasingly likely that it will use a portion of those proceeds for expanded facilities to manufacture Re-Tain™. Any remaining available net proceeds will be used for reduction of indebtedness or general working capital.

The Company is in the process of finalizing its results for the three-month and twelve-month periods ended March 31, 2019. Based on currently available information, the Company estimates that, as of and for the three-month and twelve-month periods ended March 31, 2019:

  • Product sales during the three-month period ended March 31, 2019 are anticipated to be approximately $4,252,000, compared to $2,881,000 during the three-month period ended March 31, 2018, an increase of $1,371,000 or 48%;
  • Product sales during the twelve-month period ended March 31, 2019 are anticipated to be approximately $12,357,000 compared to $9,768,000 during the twelve-month period ended March 31, 2018, an increase of $2,589,000 or 26%;
  • There was a backlog of orders for the First Defense® product line of approximately $185,000 and $1,245,000 as of March 31, 2019 and 2018, respectively;
  • Cash, cash equivalents and short-term investments are anticipated to be approximately $2,410,000 as of March 31, 2019 (exclusive of the net proceeds from this offering), as compared to $3,060,470 as of March 31, 2018.


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 markets First Defense®, providing Immediate Immunity™ to newborn dairy and beef livestock, and is in the late stages of developing Re-Tain™, 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.

Recent Deals

Interested in advertising your deals? Contact Edwin Warfield.