ImmuCell ImmuCell Announces Financial Results for Second Quarter of 2018 For Immediate Release

ImmuCell Announces Financial Results for

Second Quarter of 2018

PORTLAND, Maine - August

13, 2018 - 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, today announced its financial results for the quarter ended June 30, 2018.

Management Discussion:

"As reported in a press release on July 10, 2018 announcing

preliminary sales results, our product sales during the second quarter were up 72% to $3 million in comparison to the second quarter

of 2017," commented Michael F. Brigham, President and CEO. "The second quarter results benefitted from the shipping

of approximately $901,000 of bivalent formats of First Defense (Dual-Force First Defense )

that were on backlog as of March 31, 2018. The results for the six-month period ended June 30, 2018 normalize for the timing impact

of the shipping of this backlog between the quarters."

Second Quarter Sales

Management Discussion (continued):

Mr. Brigham continued, "The market's response

to our newly introduced Tri-Shield First Defense has been very strong, which is a good indication

that dairy and beef producers value the ability to protect newborn calves with immediate immunity from the three most common scours-causing

pathogens - E. coli, coronavirus and rotavirus - in one preventative treatment at birth. Additionally, in the

short time that the product has been on the market, we have gained substantial traction with our Beyond Vaccination

message that positions the product as a viable substitute for traditional dam-level scours vaccine programs. This is a large new

market opportunity. Because we are currently experiencing limited supply to the market, our sales strategy has pivoted to a controlled

test marketing approach with the expectation of re-launching the product on a broad basis with better inventory supply during the

first half of 2019."

Additional Second Quarter

increased expenses were incurred as the Company invested to gain regulatory approval to launch its new products.

During the second quarter of 2018, the Company recorded non-cash

income tax expense of approximately $563,000 to record a full valuation allowance against its net deferred tax assets. This reserve

was required given that the Company is currently incurring a net loss and projects additional net losses in the near term, largely

due to a lower gross margin on sales and ongoing development costs necessary to bring its new products to market. However, the

Company believes that it will return to profitability and utilize these assets before they expire.

Balance Sheet Data as

The Company estimates that only approximately $125,000 remains to be spent on its Nisin production facility

as of June 30, 2018, which would complete the project just under its $21 million budget. During the third quarter of 2018, it

initiated production of the registration batches required for FDA approval of its Nisin-based intramammary treatment for subclinical

mastitis without a milk discard. The first phased Nisin Drug Substance CMC Technical Section submission to the FDA is anticipated

at the end of the third quarter or early in the fourth quarter of 2018. A second phased submission, which would include responses

to the first phased review and the Drug Product data, is expected to be filed in the middle of 2019. This timeline supports obtaining

FDA approval by late 2019 or during the first half of 2020.

Generally, a non-GAAP financial measure is a numerical measure

of a company's performance, financial position or cash flow that either excludes or includes amounts that are not normally

excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measures

included in this press release, however, should be considered in addition to, and not as a substitute for or superior to, the comparable

measure prepared in accordance with GAAP. We believe the non-GAAP net (loss) income before income taxes and before certain non-cash

expenses assists management and investors in comparing our performance across reporting periods on a consistent basis by excluding

these non-cash charges that we do not believe are indicative of our core operating performance from our net (loss) income before

income taxes. We define non-GAAP net (loss) income before income taxes and before certain non-cash expenses by adding certain non-cash

expenses to our net (loss) income before income taxes, as indicated in the table below:

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

free) or (412) 317-5499 (international) at 9:00 AM ET Tuesday, August 14, 2018. A teleconference replay of the call will be available

for six days at (877) 344-7529 (toll free) or (412) 317-0088 (international), confirmation #10122008.

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.

ImmuCell Corporation

Unaudited Condensed Statements of Operations

Unaudited Selected Balance Sheet Data (In

Cautionary Statement Regarding Forward-looking Statements

(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 value of our deferred

tax assets; projections about depreciation expense and its impact on income for book and tax return purposes; 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; the expected efficacy of new products; estimates about the market size

for our products; future market share of and revenue generated by current products and products still in development; our ability

to increase production output and reduce costs of goods sold associated with our new product, Tri-Shield

First Defense ; 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 efficiency and effectiveness of our manufacturing processes and related technical issues; estimates about our production

capacity; the future adequacy of our working capital and the availability and cost of third party financing; 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; future cost of our variable interest rate exposure on

most of our bank debt; costs associated with sustaining compliance with current Good Manufacturing Practice (cGMP) regulations

in our current operations and attaining such compliance for the facility to produce the Drug Substance; factors that may affect

the dairy and beef industries and future demand for our products; implementation of international trade tariffs that could reduce

the export of dairy products weakening the price received by our customers for their product; our effectiveness in competing against

competitors within both our existing and our anticipated product markets; the cost-effectiveness of additional sales and marketing

expenditures and resources; 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, product performance, alignment between our manufacturing resources

and product demand, the uncertainties associated with product development and Drug Substance manufacturing, 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.