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ImmuCell Initiates Pivotal Trial of Mast Out® PORTLAND, ME – June 5, 2008 - ImmuCell Corporation (NASDAQ Capital Market: ICCC) today announced that it has initiated the pivotal effectiveness field trial of Mast Out®. Planning and preparations for this trial began in July 2007. Completion of the field trial is expected by year-end. Enrollment is targeted at several hundred cows covering multiple locations in the major dairy sheds across the U.S. "Mast Out® has shown strong performance in previous studies," commented Dr. Joseph H. Crabb, vice president and chief scientific officer. "However, this trial is being conducted under an FDA-approved pivotal protocol, and, as such, will be the effectiveness bench mark for this product." Mast Out® is a Nisin-based intramammary infusion product that is being developed as an alternative to traditional antibiotics used in the treatment of mastitis in lactating dairy cows. The safety profile of Nisin and its long history as a food preservative may allow for the sale of Mast Out® in the U.S. without a milk discard requirement, which would be a significant competitive advantage. No other intramammary mastitis treatment product has such a "zero discard" claim. Commercial introduction of Mast Out® in the United States is subject to approval by the U.S. Food and Drug Administration, Center for Veterinary Medicine. ImmuCell Corporation is a biotechnology company that is developing, manufacturing and selling products that improve animal health and productivity in the dairy and beef industries. Press releases and other information about the Company are available at http://www.immucell.com.
Contact: ImmuCell Announces Financial Results for First Quarter of 2008 PORTLAND, ME – May 5, 2008 - ImmuCell Corporation (NASDAQ Capital Market: ICCC) today announced the results of its operations for the three-month period ended March 31, 2008. For the three-month period ended March 31, 2008, product sales increased by 8%, or $122,000, to $1,631,000 in comparison to the same period in 2007. "Sales of our lead product, First Defense®, increased by 8% during the three-month period ended March 31, 2008," commented Michael F. Brigham, President and CEO. "During the first quarter of 2008, we sold our 8,000,000th dose of First Defense®." Product development expenses increased by 25%, or $66,000, during the three-month period ended March 31, 2008 in comparison to the same period in 2007 principally reflecting the costs of funding the development of Mast Out® internally. The Company reported income before income taxes of $129,000 during the three-month period ended March 31, 2008 in comparison to $508,000 during the same period in 2007. Approximately 59%, or $224,000, of the $379,000 decrease in income before income taxes resulted from the expected decrease in technology licensing revenue and increase in product development expenses. Net income was $78,000 ($0.03 per diluted share) during the three-month period ended March 31, 2008 in comparison to $297,000 ($0.10 per diluted share) during the same period in 2007. Cash, cash equivalents and short-term investments increased by 8%, or $455,000, to $5,867,000 at March 31, 2008 as compared to $5,412,000 at December 31, 2007. Stockholders' equity increased by 1%, or $104,000, to $10,161,000 at March 31, 2008 as compared to $10,057,000 at December 31, 2007. The Company had 2,892,000 shares of common stock outstanding as of March 31, 2008.
(Unaudited)
Three Months Ended
March 31,
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(In thousands, except per share amounts) 2008 2007
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Revenues:
Product Sales $ 1,631 $ 1,509
Other Revenues 5 166
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Total Revenues 1,636 1,675
Cost and expenses:
Product costs 814 630
Product development expenses 332 266
Selling, general and administrative expenses 421 348
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Total costs and expenses 1,567 1,244
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Net operating income 69 431
Interest and other income 60 77
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Income before income taxes 129 508
Income tax expense 51 211
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Net income $ 78 $ 297
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Net income per common share:
Basic $ 0.03 $ 0.10
Diluted $ 0.03 $ 0.10
Weighted average common shares outstanding:
Basic 2,892 2,897
Diluted 2,965 3,063
(Unaudited)
At March 31, At December 31,
(In thousands) 2008 2007
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Cash, cash equivalents and short-term
investments $ 5,867 $ 5,412
Total assets 10,557 10,412
Net working capital 6,872 6,710
Stockholders' equity $ 10,161 $ 10,057
ImmuCell Corporation is a biotechnology company that is developing, manufacturing and selling products that improve animal health and productivity in the dairy and beef industries. Press releases and other information about the Company are available at http://www.immucell.com.
Contact: ImmuCell Announces Cross-License With Anadis PORTLAND, Maine – March 12, 2008 -- ImmuCell Corporation (NASDAQ Capital Market: ICCC) today announced that it had entered into a cross-license of technology with Anadis Limited (ASX: ANX) of Australia. ImmuCell granted Anadis an exclusive, worldwide license to the human and environmental applications of its milk antibody technology. Under this agreement, ImmuCell is not obligated to fund further product development and is entitled to receive a royalty on any sales achieved by Anadis utilizing the technology. In return, ImmuCell was granted a license to the production technology and capabilities of Anadis in Australia. ImmuCell is obligated to pay Anadis a royalty on any sales of First Defense® manufactured in collaboration with Anadis in Australia. Anadis is an Australian-based biotechnology company focused on milk derived polyclonal antibodies and other milk-derived bioactives for human and environmental health applications. ImmuCell Corporation is a biotechnology company that is developing, manufacturing and selling products that improve animal health and productivity in the dairy and beef industries. Press releases and other information about the Company are available at http://www.immucell.com.
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Image Credit: Structure of Nisin, courtesy of Dr. Eefjan Breukink of the University of Utrecht, The Netherlands. ¹ Crist, W.L., et al, “Mastitis and Its Control”, University of Kentucky, College of Agriculture, Cooperative Extension Service, ASC-140, p. 2.
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