ImmuCell prices $3m public offering of common shares

Offering raises $2.7 million.

ImmuCell Corp., a growing animal health company that develops, manufactures and markets scientifically proven and practical products to improve the health and productivity of dairy and beef cattle, has 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 were approximately $2.7 million, after deducting underwriting commissions and other expenses related to the offering. 

Craig-Hallum Capital Group acted as sole underwriter for the offering, which began Dec. 19 and closed Dec. 21, 2017.

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

  • Complete its nisin production facility, which now has an estimated total cost of $21 million ($197,000 greater than the previously disclosed estimate of $20.8 million);
  • 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
  • For general working capital purposes.


“This additional capital enables us to complete the $21 million investment in our nisin production facility, launch sales of our new product First Defense Tri-Shield and continue to expand our sales and marketing initiatives,” president and chief executive officer Michael Brigham said. “I am encouraged by the level of fourth-quarter sales as we close out 2017 and look forward to the exciting opportunities ahead in 2018 and beyond.”

The company also announced that, based on currently available information, estimated revenues for the 12-month period ended Nov. 30, 2017, are expected to increase by 9%, or $867,000, to $10.2 million, in comparison to the 12-month period ended Nov. 30, 2016. ImmuCell’s estimated cash and cash equivalents balance was approximately $378,000 as of Nov. 30, 2017. These expected results are preliminary, are subject to the completion of an audit of the company’s Dec. 31, 2017, financial statements and are not necessarily indicative of the results to be expected for future periods.

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