ImmuCell ImmuCell Announces Preliminary, Unaudited Product Sales Results for the Quarter Ended

Announces Preliminary, Unaudited Product Sales Results for the Quarter Ended March 31, 2020

PORTLAND, Maine - April 2, 2020 - 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 preliminary, unaudited product sales results for the first quarter ended March 31, 2020.

Product Sales Results:

Total product sales increased by approximately 11.3%, or $500,000,

to approximately $4.9 million during the quarter ended March 31, 2020 versus last year's first quarter, which ended March

31, 2019. Total product sales increased by approximately 13.6%, or $1.7 million, to approximately $14.2 million during the trailing

twelve-month period ended March 31, 2020 versus the trailing twelve-month period ended March 31, 2019. In addition, the Company

had a backlog of orders worth approximately $1.4 million as of March 31, 2020. These reported figures are preliminary, unaudited

estimates and are subject to change.

This is the Company's third consecutive quarter of strong

sales growth. Total product sales increased by approximately 24% during the fourth quarter ended December 31, 2019 and by approximately

38% during the third quarter ended September 30, 2019, versus the comparable periods during 2018, respectively. This level of growth

indicates strong acceptance of the First Defense product line as a tool to help dairy and beef producers

optimize the health and productivity of their newborn calves.

This consistent sales growth reduced ending inventory as of March

31, 2020. The Company has estimated that its current annual production capacity is approximately $18 million. The first quarter

annualized sales rate is approximately 9% over this rate of production. The current level of demand points to the importance of

the Company's $3.5 million investment to expand its annual production capacity to approximately $27 million. This project

is proceeding on budget and on time for anticipated completion in June, subject to any future COVID-related interruptions.

Forward-Looking Cautions:

The first quarter is always the seasonal highest for sales, but

the Company is uncertain about its ability to continue this growth rate and meet all customer demand timely during the second

quarter given the current state of the global pandemic related to COVID-19. As disclosed in a subsequent event footnote and as

a risk factor included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019, the Company could

experience product shortages, backlogs and production slowdowns due to difficulties accessing needed supplies and labor and other

restrictions affecting its ability to consistently deliver its products to market.

The Company will continue to make the health and safety of all of

its personnel the top priority as it navigates this uncharted territory over the coming weeks and months, while respecting its

role as a nonpublic-facing essential agriculture service in keeping with government directives and prudent practices being advocated

by health care professionals. Presently, production is continuing but not at the rate experienced during the first quarter.

This production slowdown is anticipated to have a negative effect on the Company's revenues and operating results for the

second quarter of 2020. However, at this point, the Company is unable to estimate the magnitude of that impact. It is possible

that further interruptions could have consequences that the Company does not presently recognize, resulting in other COVID-19 related

negative impacts on its business. Because of the high demand for the First Defense product line, the Company's

sales team is contacting major distributors to inform them of these developments and to work with them to try to meet their needs

and, if necessary, to allocate the available supply among customers.

The Company is also very concerned about the medium-term impact

that the COVID-19 pandemic may have on the dairy and beef industries and on its customers. Milk prices, which had reached new positive

levels during the first quarter of 2020, have crashed recently. There are reports of milk being dumped at farms due to decreased

Management Discussion:

"These top line results demonstrate the value of our technology

in preventing E. coli, coronavirus and rotavirus infections in newborn calves as well as the growth potential for our business,"

commented Michael F. Brigham, President and CEO. "We expect to be measured by our ability to recover from the current pandemic-related

challenges and execute our production capacity expansion plans."

"To date, the pandemic has not had a material impact on our

FDA development plans for Re-Tain , a novel treatment for subclinical mastitis without a milk discard requirement

that provides an alternative to traditional antibiotics," Mr. Brigham continued.

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 subclinical mastitis, the most significant cause of economic loss to the dairy industry. The Company expects to file

a more detailed press release covering its first quarter financial results and file its Annual Report on Form 10-Q on or about

May 13, 2020. Interested parties can access a conference call to be scheduled by the Company to review the financial results at

that time. Investors are encouraged to review the Company's updated Corporate Presentation slide deck that provides an overview

of the Company's business and is available under the "Investors" tab of the Company's website at www.immucell.com,

or by request to the Company. Progress photos of the Company's investment to expand the production capacity of the First

Defense product line are now also available under the "First Defense " tab

of its website. Press releases and other information about the Company are available at: http://www.immucell.com.

Cautionary Note 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: our plans and strategies for our business; projections of future financial

or operational performance; the timing and outcome of pending or anticipated applications for regulatory approvals; factors that

may affect the dairy and beef industries and future demand for our products; 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 anticipated costs of (or time to complete) planned expansions of our manufacturing facilities and

the adequacy of our funds available for these projects; the continuing availability to us on reasonable terms of third-party providers

of critical products or services; the robustness of our manufacturing processes and related technical issues; estimates about our

production capacity, efficiency and yield; the future adequacy of our working capital and the availability and cost of third-party

financing; 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 Nisin Drug Substance; implementation of international trade tariffs that could reduce the export of dairy products,

which could in turn weaken the price received by our customers for their products; 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; the value of our net deferred tax assets;

projections about depreciation expense and its impact on income for book and tax return purposes; anticipated 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", "seeks" 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 (including the First Defense

product line and Re-Tain ), competition within our anticipated product markets, customer acceptance of our new and

existing products, product performance, alignment between our manufacturing resources and product demand, our reliance upon third

parties for financial support, products and services, changes in laws and regulations, decision making and delays by regulatory

authorities, 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 involve risks and uncertainties and are based on our current expectations, but actual results may

differ materially due to various factors, including the risk factors summarized above.