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ImmuCell Receives $500,000 Loan from the Maine Technology
PORTLAND, Maine, June 16, 2020 (GLOBE NEWSWIRE) -- ImmuCell Corporation (Nasdaq: ICCC) (“ImmuCell” or the “Company”), a growing animal health company that
About this update from Immucell Corporation
[{"type":"text","content":"PORTLAND, Maine, June 16, 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 calves, today announced receipt of a $500,000 subordinated loan from the Maine Technology Institute (MTI), whose mission is to support Maine’s innovation economy.\n This loan supports the Company’s investments to increase the production capacity of First Defense®, to complete the development of Re-Tain™ and to bring the formulation and aseptic filling services for Re-Tain™ in-house after FDA approval and market launch. The first two-plus years of the loan are interest-free with no required principal payments. Principal and interest payments at 5% per annum are due quarterly over the five-year period beginning during the fourth quarter of 2022. The loan may be prepaid without penalty at any time. “This funding represents another building block in our financing strategy to pay for the expansion of our First Defense® production capacity and the commercialization of Re-Tain™,” commented Michael F. Brigham, President and CEO. “The support from the State of Maine with this innovative financial instrument helps us move forward confidently with our growth investments and employee hiring plans.” Having recently received a Certificate of Occupancy for the 14,300 square feet of space that it has leased and renovated at 175 Industrial Way in Portland, the Company has initiated the move-in and USDA site licensing processes. The leasehold improvements are necessary to increase the Company’s annual production capacity for the First Defense® product line from approximately $18 million to approximately $27 million. Phase I of this expansion project (that being the relocation of the capsule assembly functions to the new facility to create space for the installation of increased freeze-drying capacity) is most critical to filling the current backlog of orders. This MTI funding helps the Company move straight ahead with Phase II of this expansion project (that being the relocation of the gel assembly functions to the new facility to create space for the installation of increased liquid processing capacity). A video tour of the new production space is available...