ImmuCell ImmuCell Announces Unaudited Financial Results for the Second Quarter Ended

ImmuCell Announces Unaudited Financial Results

the Second Quarter Ended June 30, 2020

PORTLAND, Maine - August 12, 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 calves, today announced unaudited financial results for the quarter ended June 30, 2020.

Product Sales Results:

Management's Discussion:

"The COVID-19 pandemic has changed the way we operate, but

our dedicated team has been flexible and creative pushing First Defense production during these extremely

difficult times and challenging work conditions," commented Michael F. Brigham, President and CEO. "We reduced the

backlog of orders to approximately $945,000 as of June 30, 2020 from approximately $1.4 million as of March 31, 2020. The investment

to increase our First Defense production capacity remains on budget and close to on-time completion, despite

COVID-19 related challenges."

"As indicated by the continued top line growth, our sales

team has been able to pivot to stay safe and be successful despite COVID-19's impact on how we work," added Mr. Brigham.

"Our first production priority is Tri-Shield First Defense because our growth is being driven by this

product format, which provides antibodies without vaccination so every calf receives a measured dose of Immediate Immunity

against all three of the primary scour-causing pathogens, E. coli, coronavirus, and rotavirus. However, as we emphasize

production of Tri-Shield , which has a lower gross margin percentage of sales, and as we increase colostrum

collection from new cows that have not been immunized previously with our proprietary vaccines, our gross margin percentage tends

to decline. We expect that to improve over time."

"Most of our product development expenses were related to

the Re-Tain product development and commercial scale-up initiative," concluded Mr. Brigham. "We are proceeding

on plan to make our second-phased submission of the CMC Technical Section during the fourth quarter of this year, which will be

subject to a six-month review by the FDA."

Other Financial Results:

Balance Sheet Data as of June 30, 2020:

Condensed Statements of Operations (Unaudited)

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. A reader should review our Statements of Cash Flows for a detailed understanding of our

sources and uses of cash. We start with our reported loss before income taxes because presently we are not paying cash for income

taxes and do not anticipate paying cash for income taxes in the near-term future. We believe that considering the non-GAAP loss

before income taxes and before 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 before

income taxes. We calculate non-GAAP (loss) income before income taxes and certain non-cash expenses as indicated in the table below:

The figures we have calculated and reported above do not include

cash used to repay bank debt in the amounts of $142,000 and $215,000 during the three-month periods ended June 30, 2020 and 2019,

respectively, and $344,000 (exclusive of the $8.3 million used to repay our refinanced bank debt) and $429,000 during the six-month

periods ended June 30, 2020 and 2019, respectively. The figures calculated above differ from the calculation of Earnings Before

Interest, Taxes, Depreciation and Amortization (EBITDA) in two significant ways. First, we have not added back interest expense

because we do pay cash for interest. Interest expense was $77,000 and $112,000 during the quarters ended June 30, 2020 and 2019,

respectively, and $424,000 and $226,000 during the six-month periods ended June 30, 2020 and 2019, respectively. During the six-month

period ended June 30, 2020, interest expense included payments of $165,000 to terminate our interest rate swap agreements and $95,000

to write-off debt issuance costs, both made in connection with the refinancing of our bank debt during the first quarter of 2020.

Second, we have added back stock-based compensation expense because this is a non-cash expense, but it is not added back to the

calculation of EBITDA. EBITDA was ($114,000) and $74,000 during the quarters ended June 30, 2020 and 2019, respectively, and $754,000

and $914,000 during the six-month periods ended June 30, 2020 and 2019, respectively.

Interested parties can access the conference call scheduled by the Company to review the full second quarter 2020 financial

results by dialing (844) 855-9502 (toll free) or (412) 317-5499 (international) at 9:00 AM ET on Thursday, August 13, 2020. 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 #10145671. Investors are encouraged to review the Company's Form 10-Q for the three-month period ended June

30, 2020 that was filed with the SEC on Wednesday, August 12, 2020 and its 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 calves. 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 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.

Cautionary Note Regarding Forward-Looking Statements (Safe

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 the Company's production activities, operating results and

financial condition and on the customers and markets the Company serves; 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

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; the forgiveness

of our repayment obligations with respect to the loan we received under the CARES Act; 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 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