ImmuCell to Raise Money to Complete Construction

October 24, 2016 01:41 PM

A Portland, Maine company that makes products to improve bovine health and productivity of dairy and beef industries has secured additional funding to complete a new production facility.

ImmuCell Corp. announced Friday that it had secured $3.2 million in net proceeds through a stock offering to help fund a $20 million production facility for a new product.

The company says the new facility is needed to produce the active ingredient in a product aimed at treating dairy cows with mastitis, an inflammation of the udders that is often caused by a bacterial infection. The company is seeking U.S. Food and Drug Administration approval.

Immucell, which is Maine's smallest publicly traded company, already spent about $650,000 on the project on construction which began Oct. 11.

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