Full Press Release Details
ImmuCell Corporation Announces Commencement
of Public Offering of Common Stock
PORTLAND, Maine - March 26,
2019 - 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 intends to offer and sell, subject to market
and other conditions, shares of its common stock in an underwritten public offering. All of the shares of common stock are being
offered by ImmuCell. The proposed offering is subject to market and other conditions, as well as customary closing conditions,
and there can be no assurance as to whether or when the proposed offering may be completed, or as to the actual size or terms
Craig-Hallum Capital Group is acting as sole managing
underwriter for the offering.
Company intends to use a portion of the net proceeds of the offering for expansion of production capacity for its First Defense
product line, and it is increasingly likely that it will use a portion
of those proceeds for expanded facilities to manufacture Re-Tain . Any remaining available net proceeds will
be used for reduction of indebtedness or general working capital.
A shelf registration statement on Form S-3 relating
to the offered shares of common stock was filed with the Securities and Exchange Commission (the "SEC"), and was declared
effective on November 29, 2018. A preliminary prospectus supplement and accompanying prospectus relating to the offering will
be filed with the SEC and will be available on the SEC's website, located at www.sec.gov. Copies of the preliminary prospectus
supplement and accompanying prospectus related to the offering may be obtained, when available, from Craig-Hallum Capital Group
LLC at 222 South Ninth Street, Suite 350, Minneapolis, Minnesota 55402, Attention: Equity Capital Markets, by telephone at 612-334-6300,
or by email at prospectus@chlm.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction
in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws
of any such state or other jurisdiction.
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
markets products that provide Immediate Immunity to newborn dairy and beef livestock and is in the late stages of
developing a novel treatment for mastitis, the most significant cause of economic loss to the dairy industry. Press releases and
other information about the Company are available at: http://www.immucell.com.
Joe Diaz, Robert Blum and Joe Dorame
Lytham Partners, LLC
Cautionary Note Regarding Forward-Looking Statements
(Safe Harbor Statement):
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 performance; the value of our deferred tax assets; projections about depreciation expense and
its impact on income for book and tax return purposes; 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;
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 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; the future adequacy of our
working capital and the availability and cost of third-party financing; the timing and outcome of pending or anticipated applications
for regulatory approvals; future regulatory requirements relating to our products; future expense ratios and margins; future compliance
with bank debt covenants; future cost of our variable interest rate exposure on most of our bank debt; 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 Drug Substance; factors that may affect the dairy and beef industries and future demand for our
products; 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; anticipated competitive and 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 First Defense 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, our reliance upon third parties for financial support, products
and services, changes in laws and regulations, decision making by regulatory authorities, possible dilutive impacts on existing
stockholders from any equity financing transactions in which we may engage, currency values and fluctuations and other risks detailed
from time to time in filings we make with the Securities and Exchange Commission, 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