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ImmuCell closes $9m in public offering of common stock

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Company to use portion of net proceeds to expand production capacity of key product lines.

ImmuCell Corp., a growing animal health company that develops, manufactures and markets products for dairy and beef cattle health and productivity, announced March 29 the closing of its previously announced underwritten public offering of 1,636,364 shares of common stock at a price to the public of $5.50 per share. All of the shares of common stock were offered by ImmuCell.

Craig-Hallum Capital Group acted as sole managing underwriter for the offering.

According to ImmuCell, the net proceeds from the offering were approximately $8.3 million, after deducting underwriting discounts and other estimated expenses incurred in connection with the offering.

ImmuCell said it 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.

The company said it is in the process of finalizing its results for the three-month and 12-month periods ended March 31, 2019. Based on currently available information, ImmuCell estimates that, for the three-month and 12-month periods:

  • Product sales during the three-month period ended March 31, 2019, are anticipated to be approximately $4.25 million, compared to $2.88 million during the three-month period ended March 31, 2018, a 48% increase;
  • Product sales during the 12-month period ended March 31, 2019, are anticipated to be approximately $12.36 million, compared to $9.77 million during the 12-month period ended March 31, 2018, a 26% increase.

ImmuCell’s purpose is to create scientifically proven and practical products that improve the health and productivity of dairy and beef cattle. ImmuCell markets First Defense, providing immediate immunity to newborn dairy and beef livestock, and is in the late stages of developing Re-Tain, a novel treatment for mastitis, the most significant cause of economic loss to the dairy industry.

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