ImmuCell FOR IMMEDIATE RELEASE: ImmuCell Announces Financial Results for First Quarter of 2017

FOR IMMEDIATE RELEASE:

ImmuCell Announces Financial Results

for First Quarter of 2017

PORTLAND, Maine - May 11, 2017 - ImmuCell

Corporation (NasdaqCM: ICCC), a growing animal health company that is developing, manufacturing and selling products that

improve health and productivity in the dairy and beef industries, today announced unaudited financial results for the quarter

ended March 31, 2017.

First Quarter 2017 Overview:

Sales of the First Defense product line (the

Company's lead product) increased by 18% during the three-month period ended March 31, 2017, in comparison to the same period

in 2016. For the three-month period ended March 31, 2017, domestic sales of the First Defense product line increased

by 5%, and international sales increased by 133%, in comparison to the same period in 2016 when international demand was not fully

met due to a shortage of inventory. Sales of the First Defense product line have increased during 22 of

the past 26 quarters in comparison to the same quarter of the immediately preceding year.

"During the period when demand outpaced our production

capacity, we were forced to allocate product to customers, and more product was allocated to domestic distributors," commented

Michael F. Brigham, President and CEO. "With our production capacity expanded, international demand now has been fully met."

The new level of sales demand established during 2015 exceeded

the Company's production capacity and available inventory, resulting in a backlog of First Defense orders

from early 2015 through the middle of 2016. This prolonged period of order backlog disrupted normal shipping patterns. Investments

to increase production capacity were completed at the end of the first quarter of 2016, allowing the Company to reset distributors'

inventory levels and significantly reduce the backlog of orders as of June 30, 2016 and to eliminate it as of September 30, 2016.

With distributors' inventory levels reset, sales were down during the third and fourth quarters of 2016 in comparison to

the same periods in 2015, which could result in favorable revenue comparisons during the second half of 2017 versus the second

Market conditions in the dairy and beef industries, including

milk pricing and prices for calves, weakened in 2016 compared to 2015. Milk prices have made modest improvements going into 2017.

Other Income Statement Data for First Quarter:

Balance Sheet Data as of March 31, 2017:

Product Development and Distribution Update:

During the second half of 2017, the Company expects to achieve

regulatory approval of First Defense Tri-Shield , a new formulation of its bovine antibodies

that combines the bivalent claims (against E. coli and coronavirus) of the First Defense capsule

with a new rotavirus claim. The First Defense Tri-Shield product will be available in a gel

tube delivery format. The Company is working to also achieve regulatory approval of its bivalent gel tube formulation that is currently

sold without claims as First Defense Technology . With its increased production capacity, the Company has

begun to seek additional distributor partnerships to bring First Defense into new international territories.

During the third quarter of 2016, the Company initiated construction

of its $20 million pharmaceutical facility to produce Nisin, the active ingredient in Mast Out , a novel

treatment for subclinical mastitis in lactating dairy cows. Approximately $7.3 million was capitalized on this project as of March

31, 2017, of which approximately $847,000 was recorded in accounts payable as of March 31, 2017. The Company expects to pay for

the remaining $13.5 million of budgeted expenditures with its $7.2 million of cash on hand as of March 31, 2017 and its $7.0 million

of available bank debt. Spending on this project is expected to be largely complete by September 30, 2017. The Company is on track

and on budget to complete the construction and the installation and qualification of equipment by the first quarter of 2018 to

maintain the timeline leading to anticipated FDA approval and market launch in 2019.

Nisin is a bacteriocin that is not used in human medicines

and would not contribute to the growing concern that the widespread use of antibiotics could encourage the growth of antibiotic-resistant

bacteria ("superbugs").

"Our groundbreaking product innovation is unlike

all other antibiotic treatments on the market today that are used subject to milk discard requirements," further commented

Mr. Brigham. "Currently, mastitis, which costs the dairy industry about $2 billion per year, is treated with traditional

antibiotic products, and treatment is generally reserved for clinical infections when the cow produces non-saleable milk. The "zero

milk discard" product feature of Mast Out would make earlier treatment of sick cows economically feasible, while

these cows are still producing saleable milk. No other product can provide this kind of value proposition."

Interested parties can access a conference call scheduled by the Company to review these results by dialing (844) 855-9502 or (412)

317-5499 at 4:30 PM ET today. A teleconference replay of the call will be available for three days at (877) 344-7529 or (412) 317-0088,

confirmation #10106647.

ImmuCell Corporation's (NasdaqCM: ICCC) purpose is to create scientifically-proven and practical products that improve

animal health and productivity in the dairy and beef industries. 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).

Condensed Statements of Income

Selected Balance Sheet Data

(1) This balance does not include approximately

$343 held temporarily in escrow against certain construction performance requirements pertaining

Safe Harbor Statement:

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. Such statements

include, but are not limited to, any statements relating to: projections of future financial performance; the scope and timing

of ongoing and future product development work and commercialization of our products; future costs of product development efforts;

the estimated prevalence rate of subclinical mastitis; future market share of and revenue generated by current products and products

still in development; future sources of financial support for our product development, manufacturing and marketing efforts; the

future adequacy of our own manufacturing facilities or those of third parties with which we have contractual relationships to meet

demand for our products on a timely basis; the future adequacy of our working capital and the availability and cost of third party

financing; timing and future costs of a facility to produce the Drug Substance (active pharmaceutical ingredient) for Mast Out ;

the timing and outcome of pending or anticipated applications for regulatory approvals; future regulatory requirements relating

to our products; future expense ratios and margins; future compliance with bank debt covenants; costs associated with sustaining

compliance with cGMP regulations in our current operations and attaining such compliance for the facility to produce the Drug Substance

for Mast Out ; factors that may affect the dairy and beef industries and future demand for our products; the cost-effectiveness

of additional sales and marketing expenditures and resources; the accuracy of our understanding of our distributors' ordering

patterns; anticipated changes in our manufacturing capabilities and efficiencies; anticipated competitive and market conditions;

and any other statements that 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", "believes", "estimates",

"targets", "projects", "forecasts" and similar words and expressions. In addition, there can

be no assurance that future developments affecting us will be those that we anticipate. Such statements involve risks and uncertainties,

including, but not limited to, those risks and uncertainties relating to difficulties or delays in development, testing, regulatory

approval, production and marketing of our products, competition within our anticipated product markets, customer acceptance of

our new and existing products, alignment between our manufacturing resources and product demand, the uncertainties associated with

product development and Drug Substance manufacturing, actual as compared to expected or estimated costs of expanding our manufacturing

facilities, our potential reliance upon third parties for financial support, products and services, changes in laws and regulations,

decision making by regulatory authorities, possible dilutive impacts on existing stockholders from any equity financing transactions

in which we may engage, currency values and fluctuations and other risks detailed from time to time in filings we make with the

Securities and Exchange Commission, 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 are based on our current expectations, but actual results may differ materially due to various

factors, including the risk factors discussed above.