ImmuCell Announces Preliminary, Unaudited Product Sales Results for the Year Ended December 31, 2019

PORTLAND, Maine, Jan. 21, 2020 (GLOBE NEWSWIRE) -- ImmuCell Corporation (Nasdaq: ICCC) (“ImmuCell” or the “Company”), a growing animal health company that develops, manufactures and markets scientifically-proven and practical products that improve the health and productivity of dairy and beef cattle, today announced preliminary, unaudited product sales results for the year ended December 31, 2019.

Product Sales Results:
Total product sales increased by approximately $2,700,000, or 25%, to approximately $13,700,000 during the year ended December 31, 2019 versus the year ended December 31, 2018.  Total product sales increased by approximately $695,000, or 24%, to approximately $3,600,000 during the fourth quarter ended December 31, 2019 versus the comparable period during 2018.  These reported figures are preliminary, unaudited estimates and are subject to change. 

Management Discussion:
“We believe that dairy and beef producers are increasingly coming to understand the value proposition we offer of less needles in cows and less antibiotics in calves,” commented Michael F. Brigham, President and CEO. “We are the only veterinary biologic line offering measured levels of antibody-driven immunity against bacterial and viral scours providing Immediate Immunity to newborn dairy and beef calves against the three most prevalent pathogens – E. coli, coronavirus and rotavirus.”

“We are growing and investing in the infrastructure to fuel future growth,” Mr. Brigham added.  “To meet growing demand, construction of our expanded manufacturing facility for the First Defense product line is well under way, and we expect to substantially complete this work around the end of the upcoming second quarter.” 

“During the third quarter of 2019, the FDA conducted a pre-approval inspection of our Drug Substance facility for Re-Tain, a novel treatment for subclinical mastitis without a milk discard requirement that provides an alternative to traditional antibiotics.  We responded to most of the FDA’s findings before the end of 2019,” Mr. Brigham continued.  “We expect to complete the remaining work, which largely involves some outside laboratory testing, during the first quarter of 2020 without significant cost or any delay to the timeline to product approval.”