PORTLAND, Maine, Dec. 19, 2017 (GLOBE NEWSWIRE) — ImmuCell Corporation (“ImmuCell” or the “Company”) (Nasdaq:ICCC), 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 an underwritten public offering of 417,807 shares of common stock at a price to the public of $7.30 per share. Net proceeds to the Company from the offering are expected to be approximately $2.7 million, after deducting underwriting commissions and other expenses related to the offering. 

Craig-Hallum Capital Group is acting as sole underwriter for the offering.

The offering is expected to close on or about December 21, 2017 subject to customary closing conditions.

ImmuCell intends to use the net proceeds from the offering to:

  • complete the Nisin production facility (estimated total cost is now $21 million, which is $197,000 greater than our previously disclosed estimate of $20,803,000);
  • expand production capacity for the newly launched First Defense® Tri-Shield™ in a gel tube delivery format;
  • hire additional regional sales managers;
  • engage a qualified consultant to help achieve regulatory approval for the sale of the First Defense® product line outside of North America; and
  • general working capital purposes.

    • The Company also announced that, based on currently available information, estimated revenues for the twelve-month period ended November 30, 2017 are expected to increase by 9%, or $867,000, to $10,189,000 in comparison to the twelve-month period ended November 30, 2016.The Company’s estimated cash and cash equivalents balance was approximately $378,000 as of November 30, 2017.These expected results are preliminary, are subject to the completion of an audit of the Company’s December 31, 2017 financial statements, and are not necessarily indicative of the results to be expected for future periods.

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