ImmuCell gets additional $2 million in debt financing
Courtesy / ImmuCell
ImmuCell says that a core part of its business strategy is to expand the market penetration of its First Defense treatment for calf scours. The Portland-based company said Thursday it has landed an additional $2 million in financing for its planned expansion.
ImmuCell Corp., a Portland-based maker of health products used in dairy and beef industries, said it has landed an additional $2 million in financing for its planned expansion.
ImmuCell (NASDAQ: ICCC) has secured a total of $6.5 million, including $4.5 million in earlier debt agreements and credit facilities, through TD Bank N.A.
Along with capital raised last year, ImmuCell plans to invest $20 million on its new production facility.
"Together with cash from current and future operations, the expansion of the existing credit facilities fully funds our construction and equipment budgets," Michael F. Brigham, president and CEO of ImmuCell, said in a press release on Thursday.
ImmuCell, which is based at 56 Evergreen Drive in Portland, has developed products that provide provide immunity to newborn dairy and beef livestock. It is developing a novel treatment for mastitis, the most significant cause of economic loss to the dairy industry, the company said.
In trading Thursday, ImmucCell shares closed at $5.80, a gain of 23 cents.
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