Immucell Corp (ICCC) Closes $4,250,000 Equity Financing

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 on Form S-3.

“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.

Conference Call: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.

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