ImmuCell ImmuCell Closes $4,250,000 Equity Financing

ImmuCell Closes $4,250,000 Equity Financing

PORTLAND, Maine - April 14, 2021 - 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 that it has closed an equity investment.

On April 14, 2021, the Company issued the aggregate of 515,156 common

shares at $8.25 per share directly to its largest stockholder (the Pessin family) and several other investors, raising gross proceeds

of $4,250,037, with minimal closing costs. These shares have been registered under the Company's effective shelf registration statement

"This funding enables us to move forward aggressively with several

critical investments designed to create more growth including: increasing our First Defense annual production capacity

from the $23 million level we expect to reach during the second quarter of 2021 to $30 million per year, conducting certain critical marketing

studies and hiring sales staff to support the anticipated upcoming launch of Re-Tain (following receipt of required FDA

approvals), upgrading and expanding our vaccine production capacity and general working capital purposes including inventory builds for

both First Defense and Re-Tain ," commented Michael F. Brigham, President and CEO.

The Company will host a conference call on Friday, May 14, 2021 to discuss this equity raise and the financial results for the

quarter ended March 31, 2021. 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 #10154478. 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 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 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 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; 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 the facility to

produce the Nisin Drug Substance; 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, alignment between our manufacturing resources and product demand (including the consequences of backlogs or excess

inventory buildup), our reliance upon third parties for financial support, products and services, changes in laws and regulations, decision

making and delays by regulatory authorities, 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 summarized above.