PORTLAND, Maine, July 27, 2017 (GLOBE NEWSWIRE) -- ImmuCell Corporation (Nasdaq:ICCC), a growing animal health company that develops, manufactures and markets scientifically-proven products that improve health and productivity in the dairy and beef industries, today announced that it has closed an equity investment.
On July 27, 2017, the Company issued 200,000 common shares at $5.25 per share to Sandra F. Pessin and Brian L. Pessin, raising gross proceeds of $1,050,000. These shares have been registered under the Company’s effective Form S-3.
“We have deferred certain other investments pending the completion of construction of our Nisin production facility and installation of the related equipment,” commented Michael F. Brigham, President and CEO. “We appreciate the continued confidence from our largest stockholder. With these new funds in place, we can go ahead with a plan to increase our sales force sooner, which will better prepare us for the anticipated market launch of First Defense®Tri-ShieldTM towards the end of the year.”
In the Prospectus Supplement filed in connection with this equity raise, the Company announced that it anticipates product sales of approximately $1,750,000 during the second quarter of 2017 compared to $2,376,000 during the second quarter of 2016, and product sales of approximately $5,294,000 during the six-month period ended June 30, 2017 compared to $5,362,000 during the six-month period ended June 30, 2016. Sales during the second quarter of 2016 included approximately $1,295,000 related to a reduction of the order backlog from $1,660,000 at March 31, 2016 to $365,000 at June 30, 2016. With distributors’ inventory levels reset as of the middle of 2016, sales were down during the third and fourth quarters of 2016 in comparison to the same periods in 2015. This could lead to favorable revenue comparisons during the second half of 2017 versus the second half of 2016. The Company anticipates positive sales growth for the year ending December 31, 2017 compared to the year ended December 31, 2016.
The Company estimates its cash, cash equivalents and short-term investments balance to be approximately $4,337,000 as of June 30, 2017. As of June 30, 2017, the Company had $6,000,000 in available debt capacity and approximately $10,034,000 remaining to spend on its $20,163,000 budget for its Nisin production facility.
About ImmuCell: ImmuCell Corporation's (Nasdaq: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 is developing a novel treatment for 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).
