ImmuCell Announces Approval of Principal Terms of a $3 Million Debt Facility
16 6월 2023 - 5:05AM
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 the approval by Gorham
Savings Bank (GSB) and the Finance Authority of Maine (FAME) of the
principal terms of a $3 million debt facility with the Company.
The debt facility is anticipated to be comprised of a $2 million
loan underwritten by GSB and partially insured by FAME and a $1
million direct loan from FAME. Both loans are expected to be
repayable under seven-year amortization schedules with balloon
payments due in three years. The loans have been approved by both
the GSB and the FAME boards but remain subject to a number of
contingencies and conditions, including but not limited to the
completion of an environmental impact assessment, finalization of
documentation, and other standard and customary closing
conditions.
“We are extremely fortunate to have the support of our GSB and
FAME business partners,” commented Michael F. Brigham, President
and CEO of ImmuCell. “This funding will improve our cash position
after our first quarter loss and will help us move forward
confidently as we rebound from a production contamination event,
increasing production capacity to address our outstanding order
backlog of orders, which aggregated approximately $8.2 million as
of June 9, 2023.”
“FAME is pleased to partner with Gorham Savings Bank in
supporting ImmuCell’s plans for growth and success,” stated Carlos
R. Mello, FAME CEO.
The Company is being driven by data as it rebounds from a
temporary production contamination problem. Product is tested at
the beginning, middle and end of the production process. From
February 1, 2023 through June 9, 2023, the incoming quality control
tests have been within specifications approximately 93% of the
time. From mid-February through June 9, 2023, the incoming quality
control tests have been within specifications approximately 97% of
the time. The mid-process and end-process quality control tests
have both consistently passed 100% of the time during these same
periods. The Company anticipates that this improvement from the
depth of the contamination problem in January will allow it to
resume full production for the second half of 2023 and forward.
“As we recover, our goal is to produce more product month by
month from the low we experienced during our production slowdown
during the first quarter of 2023 to near full production during
June 2023,” concluded Mr. Brigham. “By the third quarter, our goal
is to be able to produce approximately $6 million worth of product
per quarter, which, if achieved, would annualize to about 80% of
our $30 million full production capacity per year.”
About ImmuCell:ImmuCell Corporation's
(Nasdaq: ICCC) purpose is to create scientifically
proven and practical products that improve the health and
productivity of dairy and beef cattle. ImmuCell manufactures
and markets First Defense®, providing
Immediate Immunity™ to newborn dairy and beef
calves, and is in the late stages of developing
Re-Tain®, a novel treatment for subclinical
mastitis in dairy cows without a milk discard requirement that
provides an alternative to traditional antibiotics. Press releases
and other information about the Company are available at:
http://www.immucell.com.
Contacts: |
Michael F. Brigham, President and CEO |
|
ImmuCell Corporation |
|
(207) 878-2770 |
|
|
|
Joe Diaz, Robert Blum and Joe Dorame |
|
Lytham Partners, LLC |
|
(602) 889-9700 |
|
iccc@lythampartners.com |
Cautionary Note Regarding Forward-Looking Statements
(Safe Harbor
Statement):This Press Release contains
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended.
Forward-looking statements can be identified by the fact that they
do not relate strictly to historical or current facts and will
often include words such as “expects”, “may”, “anticipates”,
“aims”, “intends”, “would”, “could”, “should”, “will”, “plans”,
“believes”, “estimates”, “targets”, “projects”, “forecasts”,
“seeks” and similar words and expressions. Such statements include,
but are not limited to, any forward-looking statements relating to:
our plans and strategies for our business; projections of future
financial or operational performance; future demand for our
products; the scope and timing of ongoing and future product
development work and commercialization of our products; future
costs of product development efforts; estimates about the market
size for our products; future market share of and revenue generated
by current products and products still in development; our ability
to increase production output and reduce costs of goods sold per
unit; the adequacy of our own manufacturing facilities or those of
third parties with which we have contractual relationships to meet
demand for our products on a timely basis; the impacts of backlogs
on customer relationships; the efficacy or timeline to complete our
contamination remediation efforts; the impact of prior
contamination events and the likelihood, severity or impact of
future contamination events; the anticipated costs of (or time to
complete) planned expansions of our manufacturing facilities and
the adequacy of our funds available for these projects; the
robustness of our manufacturing processes and related technical
issues; estimates about our production capacity, efficiency and
yield; the efficacy of our investments in our business; future
compliance with bank debt covenants; anticipated changes in our
manufacturing capabilities and efficiencies; and any other
statements that are not historical facts. These statements are
intended to provide management's current expectation of future
events as of the date of this Press Release, are based on
management's estimates, projections, beliefs and assumptions as of
the date hereof; and are not guarantees of future performance. Such
statements involve known and unknown risks and uncertainties that
may cause the Company's actual results, financial or operational
performance or achievements to be materially different from those
expressed or implied by these forward-looking statements,
including, but not limited to, those risks and uncertainties
relating to: difficulties or delays in development, testing,
regulatory approval, production and marketing of our products
(including the First Defense®
product line and Re-Tain®),
competition within our anticipated product markets, customer
acceptance of our new and existing products, product performance,
alignment between our manufacturing resources and product demand
(including the consequences of backlogs), uncertainty associated
with the timing and volume of customer orders as we come out of a
prolonged backlog, adverse impacts of prior or future contamination
events or supply chain disruptions on our operations and customer
and supplier relationships, commercial and operational risks
relating to our current and planned expansion of production
capacity, and other risks and uncertainties detailed from time to
time in filings we make with the Securities and Exchange Commission
(SEC), including our Quarterly Reports on Form 10-Q, our Annual
Reports on Form 10-K and our Current Reports on Form 8-K. In
addition, there can be no assurance that future risks,
uncertainties or developments affecting us will be those that we
anticipate. We undertake no obligation to update any
forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
ImmuCell (NASDAQ:ICCC)
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부터 4월(4) 2024 으로 5월(5) 2024
ImmuCell (NASDAQ:ICCC)
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부터 5월(5) 2023 으로 5월(5) 2024