PORTLAND, Maine, Dec. 15, 2020 (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 a restructuring of its bank debt.
Today, the Company secured a $1.5 million loan from its existing lender, Gorham Savings Bank, with a seven-year term and amortization at 3.5% per annum. Approximately $624,000 of the proceeds were used to pay down the outstanding balance on its mortgage loan with Gorham Savings Bank. In connection with that pay-down, the bank released the $1.4 million in funds that had been held by the bank in a restricted collateral account since the Company’s March 2020 financing. The remaining proceeds of approximately $876,000 are available to pay closing costs and for general working capital purposes.
Management’s Discussion:
“The Gorham Savings Bank team continues to demonstrate that they believe in ImmuCell, and we appreciate that,” commented Michael F. Brigham, President and CEO. “This additional support improves our liquidity position and helps us continue to fund our expansion plans.”
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 manufactures and markets First Defense®, providing Immediate Immunity™ to newborn dairy and beef calves, and is in the late stages of developing Re-Tain™, a novel treatment for subclinical mastitis without a milk discard requirement that provides an alternative to traditional antibiotics. Press releases and other information about the Company are available at: http://www.immucell.com.
