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November 10, 2017

ImmuCell Corp. completes $20M facility in Portland

Courtesy / ImmuCell
Courtesy / ImmuCell
ImmuCell Corp., an animal health company based in Portland, has completed the construction phase of its $20 million production facility at 33 Caddie Lane in Portland.

ImmuCell Corp. (Nasdaq: ICCC), a growing animal health company based in Portland, has completed the construction phase of its $20 million production facility.

The site will be used to make an antimicrobial substance seen as having promising potential for treating mastitis in dairy cows.

A ribbon-cutting ceremony was held on the site at 33 Caddie Lane in Portland on Wednesday.

"This is a significant milestone on a project worth over $20 million," Michael F. Brigham, president and CEO, said in a news release. "We are right on the planned timeline and within a few percentage points of the dollar budget. We are proud to be bringing a unique, FDA-registered drug establishment to the state of Maine."

Elizabeth L. Williams, vice president of manufacturing operations for ImmuCell, who is in charge of this project, credited the company's partners in the construction project, which was led by Consigli Construction Co. Inc. of Portland, and the design and engineering firm of Stantec of Albany, N.Y.

"This would not be possible without the top-quality work performed by the multiple contractors that participated with us on the project," she said, noting that the project involved more than 30 contractors, subcontractors and equipment providers. "We extend our sincere appreciation to all of them for a job well done."

Financing for this project was provided by the company's stockholders and by TD Bank.

Next steps

Nisin, the active ingredient to be produced in the new facility, is seen as having strong potential as a treatment for mastitis, the most significant cause of economic loss in the dairy industry.

ImmuCell expects equipment installation to be completed by the end of the year, which will be followed by development of commercial-scale process validation samples that will be submitted to the U.S. Food and Drug Administration by the middle of 2018. The projected timeline for FDA approval anticipates FDA approval by the end of 2019, which would be followed by a launch of the product in the dairy industry marketplace.

In its second-quarter earnings report, the company reported sales of $5.3 million during the first six months of 2017, which were within $68,000 of the sales recorded during the first six months of 2016.

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