ImmuCell ImmuCell Announces Unaudited Financial Results for the Quarter Ended

Announces Unaudited Financial Results for

Quarter Ended March 31, 2023

PORTLAND, Maine - May

11, 2023 - 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, 2023.

Management's Discussion:

"Our unaudited, preliminary product

sales were first reported on April 5, 2023," commented Michael F. Brigham, President and CEO of ImmuCell. "We have no changes

"We have just persevered through the most difficult quarter in

the history of the Company," continued Mr. Brigham. "As previously disclosed, we made the strategic decision to significantly

reduce production output to remediate a production contamination event. We believe that the operational improvements we have implemented

throughout the production process as part of this remediation will help us run more effectively at a higher output level going forward."

This production slowdown, in part, contributed to an increase in the

order backlog to approximately $8 million as of May 3, 2023 from $2.5 million as of December 31, 2022. Due to the loss in earned gross

margin that was incurred during the first quarter of 2023, the Company has made the decision to defer, for the time being, completion

of certain capital expenditure investments.

The Company is being driven by data as it resolves this temporary production

problem. Product is tested at the beginning, middle and end of the production process. From February 1, 2023 through May 3, 2023, the

incoming quality control test has met standards 88% of the time, and the mid-process and end-process tests have both consistently passed.

This improvement from the depth of the contamination problem in January is allowing the Company to come back into full production.

"As we recover and resume full production, our goal is to produce

more product quarter after quarter than we did during the first quarter of 2023," added Mr. Brigham. "When this contamination

event is fully behind us, our goal is to be able to produce at least $6 million worth of product per quarter, which would annualize to

about 80% of our $30 million full production capacity annually."

"The increase in sales demand for the First Defense

product line leading up to the contamination events is both exciting and difficult for us. The 2023 supply shortage may prove to

be more detrimental to our growth curve than any other supply shortage because it impacted so many customers during peak calving season.

We are doing the necessary work to stabilize supply, regain lost business and reestablish our growth objectives," concluded Mr.

Brigham. "At the same time, we are preparing all the data required to make our third submission of the CMC Technical Section for

Re-Tain during the second quarter of 2023, and we remain poised and excited to revolutionize the way that subclinical

mastitis is treated in today's dairy market with a novel alternative to traditional antibiotics."

Certain Financial Results:

Balance Sheet Data as of March 31, 2023:

Cautionary Note Regarding Forward-Looking Statements (Safe Harbor

This Press Release and the statements to be made in the related earnings

conference call referenced herein contain "forward-looking statements" within the meaning of the Private Securities Litigation

Reform Act of 1995, as amended. Forward-looking statements can be identified by the fact that they do not relate strictly to historical

or current facts and will often include words such as "expects", "may", "anticipates", "aims",

"intends", "would", "could", "should", "will", "plans", "believes",

"estimates", "targets", "projects", "forecasts", "seeks" and similar words

and expressions. Such statements include, but are not limited to, any forward-looking 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; 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 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 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 efficacy or timeline to complete our contamination remediation efforts; the likelihood,

severity or impact of future contamination events; 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 robustness of our manufacturing processes and related technical

issues; estimates about our production capacity, efficiency and yield; future regulatory requirements relating to our products; future

expense ratios and margins; the efficacy of our investments in our business; anticipated changes in our manufacturing capabilities and

efficiencies; projections about depreciation expense and its impact on income for book and tax return purposes; and any other statements

that are not historical facts. These statements are intended to provide management's current expectation of future events as of the date

of this earnings release, are based on management's estimates, projections, beliefs and assumptions as of the date hereof; and are not

guarantees of future performance. Such statements involve known and unknown risks and uncertainties that may cause the Company's actual

results, financial or operational performance or achievements to be materially different from those expressed or implied by these forward-looking

statements, 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), 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 and supplier relationships, commercial and operational risks relating to our current and planned expansion of production capacity,

and other risks and uncertainties 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. In addition,

there can be no assurance that future risks, uncertainties or developments affecting us will be those that we anticipate. We undertake

no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result

of new information, future developments or otherwise.

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

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 calculate EBITDA as described in the following

During the three-month periods ended March 31, 2023 and 2022, EBITDA

included approximately $96,000 and $54,000 of stock-based compensation expense, respectively, which is a non-cash expense that we add

back to EBITDA when assessing our cash flows.

The Company will host a conference call on Friday, May 12, 2023 at 9:00 AM ET to discuss the full unaudited financial results

for the quarter ended March 31, 2023. Interested parties can access the conference call by dialing (844) 855-9502 (toll free) or (412)

317-5499 (international). A teleconference replay of the call will be available until May 19, 2023 at (877) 344-7529 (toll free) or (412)

317-0088 (international), utilizing replay access code #3163870. 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.