PORTLAND, ME--(Marketwired - February 03, 2016) - ImmuCell Corporation (“ImmuCell” or the “Company”) (ICCC), an animal health company that is developing, manufacturing and selling products that improve health and productivity in the dairy and beef industries, today announced the closing of a previously announced underwritten public offering of 1,123,810 shares of common stock at a price to the public of $5.25 per share (the “Offering”).
Craig-Hallum Capital Group LLC acted as sole underwriter for the Offering.
The net proceeds from the Offering are approximately $5.3 million, after deducting underwriting discounts and other estimated expenses incurred in connection with the Offering.
This financing, together with proceeds from a $4.3 million credit commitment provided by TDBank N.A. (which is subject to customary closing conditions) and the estimated cash, cash equivalents, short-term and long-term investments of $6.5 million as of December 31, 2015 plus our cash flow from operations, will be used to construct and equip a facility to produce Nisin, the active ingredient in the Company’s Mast Out® product for treatment of subclinical mastitis in lactating dairy cows.
“With this new capital, we now have a road map to bring Mast Out® to market,” commented Michael F. Brigham, President and CEO. “Cash flow from sales of First Defense®has funded most of the product development expenses to date. This new financing will help us finish the initiative.”
The securities described above were offered pursuant to an effective shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (“SEC”). The securities were offered only by means of a prospectus. The prospectus, preliminary prospectus supplement, and a final prospectus supplement related to the offering were filed with the SEC, and are available on the SEC’s website located at http://www.sec.gov and may also be obtained from Craig-Hallum Capital Group, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, telephone 612-334-6300, email: prospectus@chlm.com.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About ImmuCell
ImmuCell Corporation’s (ICCC) purpose is to create scientifically-proven and practical products that improve animal health and productivity in the dairy and beef industries. ImmuCell has developed products that provide significant, immediate immunity to newborn dairy and beef livestock. The Company has also developed products that address mastitis, the most significant cause of economic loss to the dairy industry. Press releases and other information about the Company are available at: http://www.immucell.com.
