ImmuCell will fund facility construction with stock offering
A Portland-based animal health products manufacturer is offering 1.1 million shares of common stock to fund the construction of a new facility to treat mastitis, the most common disease affecting dairy cows across the globe.
If the public offering is successful, ImmuCell Corp. would generate $5.3 million after fees, diluting the value of its 3.1 million outstanding shares by nearly one-third, according to The Portland Press Herald.
In mid-morning trading Monday, shares of ImmuCell (NASDAQ: ICCC) were at $6.22, up 5.89% from Friday’s close.
ImmuCell’s proposed facility would produce nisin, an active ingredient in the company’s mastitis treatment Mast Out. Mastitis is an inflammation of breast tissue in dairy cows that, when treated with existing antibiotic techniques, makes the milk temporarily unsalable.
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