ImmuCell Corp., an animal health company that develops, manufactures and sells products to improve health and productivity for the dairy and beef industries, announced Jan. 29 the pricing of its previously announced underwritten public offering of 1.12381 million shares of common stock at a price to the public of $5.25 per share.
Net proceeds to the company from this offering are expected to be approximately $5.3 million, after deducting underwriting commissions and other expenses related to the offering, according to the announcement.
Craig-Hallum Capital Group LLC is acting as sole underwriter for the offering, which is expected to close on or about Feb. 3, subject to customary closing conditions.
ImmuCell said it intends to use the net proceeds from the offering to construct and equip a facility that will produce Nisin, the active ingredient in its Mast Out product for the treatment of subclinical mastitis in lactating dairy cows. Mastitis is the most significant cause of economic loss to the dairy industry.
ImmuCell, based in Portland, Maine, creates products designed to improve animal health and productivity in the dairy and beef industries, including products that provide immunity to newborn dairy and beef livestock and products that address mastitis.