ImmuCell ImmuCell Announces Unaudited Financial Results for the Third Quarter Ended

ImmuCell Announces Unaudited Financial Results

the Third Quarter Ended September 30, 2020

PORTLAND, Maine - November 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 September 30, 2020.

Product Sales Results:

Management's Discussion:

"As indicated by the top line growth, our sales team continues

to be productive and healthy despite COVID-19's impact on the economy," commented Michael F. Brigham, President and

CEO. "We are making measurable progress in expanding our First Defense business. We reduced the backlog

of orders and expect to fully realize the benefits of our expanded production capacity beginning in the second quarter of 2021."

"Our first production priority is Tri-Shield First Defense

because our growth is being driven primarily by this product format, which contributes the higher gross margin dollar but at a

lower gross margin percentage of sales," added Mr. Brigham. "As we increase colostrum collection from new cows that

have not been immunized previously with our proprietary vaccines, our production yields tend to decline, but we expect that to

improve over time. Tri-Shield 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,

"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 by the end of the year, which will be subject to at least

one six-month review by the FDA."

Other Financial Results:

Balance Sheet Data as of September 30, 2020:

Condensed Statements of Operations

Selected Balance Sheet Data (In thousands)

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 significant cash for income taxes in the near-term future. We believe that considering the non-GAAP

income 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 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 $143,000 and $215,000 during the three-month periods ended September 30, 2020 and

2019, respectively, and $488,000 (exclusive of the $8.3 million used to repay our refinanced bank debt) and $644,000 during the

nine-month periods ended September 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 $76,000 and $107,000 during the quarters ended September

30, 2020 and 2019, respectively, and $500,000 and $333,000 during the nine-month periods ended September 30, 2020 and 2019, respectively.

During the nine-month period ended September 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 $354,000 and $179,000 during the quarters ended September 30,

2020 and 2019, respectively, and $1,008,000 and $1,085,000 during the nine-month periods ended September 30, 2020 and 2019, respectively.

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

results by dialing (844) 855-9502 (toll free) or (412) 317-5499 (international) at 9:00 AM ET on Friday, November 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 #10148680.

Investors are encouraged to review the Company's Quarterly

Report on Form 10-Q for the three-month period ended September 30, 2020 that was filed with the SEC on Thursday, November 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, 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; our ability to gain access to all or a substantial

portion of the cash escrow funds presently held by our bank lender; 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 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,