ImmuCell ImmuCell Announces Unaudited Financial Results for the Quarter Ended

ImmuCell Announces Unaudited Financial Results

the Quarter Ended March 31, 2022

Q1 2022 Product Sales Increased 46% over Q1

PORTLAND, Maine - May 12, 2022 - 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 unaudited financial results for the quarter ended March 31, 2022.

Management's Discussion:

"A 46% increase in product sales to $6 million during the first

quarter of 2022 helped us dramatically improve our cash flows and bottom-line results versus the comparable quarter last year. We continue

to expand our production output to capture the acceleration in demand while managing an ongoing backlog of orders," commented Michael

F. Brigham, President and CEO. "During the first quarter of 2022, we increased finished goods production output of the First

Defense product line to the annualized rate of approximately $23.8 million, exceeding our annual goal of $23 million,

and we are working to complete additional investments to increase our annual production capacity to approximately $35 million by the end

"We are anticipating a response from the FDA during the third

quarter of 2022 to our second submission of the last of five significant Technical Sections pertaining to Re-Tain

(specifically the Chemistry, Manufacturing and Controls Technical Section) to complete our New Animal Drug Application. This response

will determine whether we will be able to commence market launch early in the fourth quarter of 2022," concluded Mr. Brigham. "At

the same time, we are responding to the observations from a recent pre-approval inspection by the FDA."

Other Financial Results:

Balance Sheet Data as of March 31, 2022:

The Company will host a conference call on Friday, May 13, 2022 at 9:00 AM ET to discuss these financial results for the quarter

ended March 31, 2022. Interested parties can access the conference call by dialing (844) 855-9502 (toll free) or (412) 317-5499 (international)

at 9:00 AM ET. A teleconference replay of the call will be available for seven days at (877) 344-7529 (toll free) or (412) 317-0088 (international),

utilizing confirmation #6767746. 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.

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 in dairy cows 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.

Financial Tables to Follow

Condensed Statements of Operations (Unaudited)

Selected Balance Sheet Data (In thousands)

Non-GAAP Financial Measures:

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 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 that considering the non-GAAP income before income taxes and certain non-cash expenses assists management and investors

by looking at our performance across reporting periods on a consistent basis excluding these certain charges that are not uses of cash

from our reported income (loss) before income taxes. We start with our reported income (loss) before income taxes because presently we

are not paying cash for income taxes and do not anticipate paying significant cash for income taxes in the near-term future. Cash payments

to satisfy debt principal repayment obligations have not been factored into this calculation. We calculate non-GAAP income before income

taxes and certain non-cash expenses as indicated in the table below:

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)

increased to $1,434,000 during the quarter ended March 31, 2022 in comparison to $258,000 during the quarter ended March 31, 2021. The

figures reported in the table above differ from the calculation of EBITDA in the following two significant ways:

Cautionary Note Regarding Forward-Looking Statements (Safe Harbor

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 extent, nature and duration of the COVID-19 pandemic and its consequences,

and their direct and indirect impacts on our production activities, operating results and financial condition and on the customers and

markets that we serve; the impact of Russia's unprovoked military invasion of Ukraine and attack on its people on the world economy

including inflation and the price and availability of grain and oil; the impact of the global supply-chain disruptions on our ability

to obtain, in a timely and cost-effective fashion, all the supplies and components we need to produce our products; the challenges in

attracting and retaining needed personnel in this current employment environment; the impact of inflation and rising interest rates on

our operating expenses and financial results; 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 and producers'

level of interest in treating subclinical mastitis given the current economic and market conditions; 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 per unit; 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

impacts of backlogs on customer relationships; 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, which are highly subject to biological variability and the product format mix of our sales;

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; costs associated with sustaining compliance

with current Good Manufacturing Practice (cGMP) regulations in our current operations and attaining such compliance for our facilities

to produce the Nisin Drug Substance and Drug 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; the value of our net deferred tax assets; projections about depreciation expense and

its impact on income for book and tax return purposes; 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 (including the consequences of backlogs or excess

inventory buildup), uncertainty associated with the timing and volume of customer orders as we come out of a prolonged backlog, adverse

impacts of supply chain disruptions on our operations and customer relationships, our reliance upon third parties for financial support,

products and services, our small size and dependence on key personnel, changes in laws and regulations, decision making and delays by

regulatory authorities, a recurrence of inflation and its impact on our customers' order patterns, currency values and fluctuations

and other risks detailed from time to time in filings we make with the Securities and Exchange Commission (SEC), 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