ImmuCell ImmuCell Announces Unaudited Financial Results for the Quarter Ended

ImmuCell Announces Unaudited Financial Results

the Quarter Ended June 30, 2022

PORTLAND, Maine - August 11, 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 June 30, 2022.

Management's Discussion:

"A material disruption in the supply of needed plastic syringes

used in our gel product format limited our production and sales during the quarter," commented Michael F. Brigham, President and

CEO of ImmuCell. "If not for this supply disruption that we are working to resolve during the third quarter, sales would have been

flat for the quarter and up approximately 22% for the six-month period and up approximately 31% for the trailing twelve-month period,

compared to the prior year."

"We recently received a Technical Section Incomplete Letter from

the FDA with regards to our second full submission of the CMC Technical Section, approval of which is required to market Re-Tain .

The principal issue remaining is a successful pre-approval re-inspection of our manufacturing facility. The other six comments from the

FDA are not related to the safety or efficacy of the product. This clarifies the required path to product approval. We are working to

make our third submission during the third quarter, which would be subject to a six-month review by the FDA," concluded Mr. Brigham.

"We remain poised and excited to revolutionize the way that subclinical mastitis is treated. Mastitis is a disease that causes about

$2 billion in economic harm to the dairy industry per year."

Other Financial Results:

Balance Sheet Data as of June 30, 2022:

The Company will host a conference call on Friday, August 12, 2022 at 9:00 AM ET to review its second quarter financial results

and discuss the recent regulatory update pertaining to Re-Tain . 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

until August 19, 2022 at (877) 344-7529 (toll free) or (412) 317-0088 (international), utilizing replay access code #5413900. 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

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.

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 (loss) income before income taxes. We start with our reported (loss) income 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)

decreased to $37,000 during the quarter ended June 30, 2022 in comparison to $843,000 during the quarter ended June 30, 2021. EBITDA increased

to $1,470,000 during the six-month period ended June 30, 2022 in comparison to $1,101,000 during the six-month period ended June 30, 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 effects of a potential United States or global recession on us and our direct and indirect

customers, the duration and severity of which are difficult to predict or anticipate; 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 continuation or worsening of recent inflationary conditions and their impact on

our customers' order patterns, uncertainty and possible adverse effects on us and our customers arising from an economic recession,

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,