ImmuCell Breaks Ground for Mast Out(R) Facility

PORTLAND, ME--(Marketwired - October 11, 2016) - ImmuCell Corporation (NASDAQ: ICCC), a growing animal health company that is developing, manufacturing and selling products that improve health and productivity in the dairy and beef industries, today announced that it has broken ground on construction of its new pharmaceutical facility to produce Nisin, the active ingredient in Mast Out^®.

"Initiating the site construction phase of this extensive project is a key milestone resulting from over 15 years of investment in product development and production scale-up for this novel mastitis treatment for dairy cows," commented Elizabeth L. Williams, VP of Manufacturing Operations for ImmuCell.

Stantec Consulting Services Inc. is providing design and engineering services. Consigli Construction Co., Inc. is serving as construction manager on this project. In connection therewith, the Company entered into a guaranteed maximum price contract with Consigli valued at approximately $5 million during the third quarter. The Company expects to amend this contract during the fourth quarter increasing its value to approximately $11 million.

"Through its construction and when it is complete, this facility will ultimately result in many local jobs," commented Dave Thomas, Project Executive for Consigli Construction Co., Inc. "We are excited to be a part of something that will have a lasting impact on our community and will continue to contribute to the regional economy in such a significant manner for years to come."

The two-story facility, which is being built nearby to the Company's headquarters and USDA production facility at 56 Evergreen Drive in Portland (about 100 miles north of Boston), will provide over 16,800 square feet of fermentation, processing, laboratory and warehouse space on a footprint of 12,625 square feet for the production of the active ingredient in Mast Out^®. The estimated budget for this project is approximately $20 million. TD Bank N.A. is providing debt financing for a portion of the cost of this project.

Plans call for construction to be complete by the third quarter of 2017 and for equipment installation to be complete by the first quarter of 2018. Photographs displaying progress on the construction project will be posted periodically on the Company's website at www.immucell.com on the "What's New" page. To gain regulatory approval of this product, validation batches must be produced and a detailed Chemistry, Manufacturing and Controls (CMC) Technical Section must be prepared and submitted to the FDA. Additionally, a successful site inspection must be achieved. Allowing for two, six-month reviews of the CMC Technical Section by the FDA, product approval is anticipated in 2019.