Contact Information: Contact: Michael F. Brigham President and Chief Executive Officer (207) 878-2770 Ext. 3106
ImmuCell Announces Termination of Mast Out(R) License and Return of All Rights and Data From Pfizer
| Source: ImmuCell Corporation
PORTLAND, ME--(Marketwire - July 19, 2007) - ImmuCell Corporation (NASDAQ : ICCC ) today
announced that Pfizer Animal Health has elected to terminate its product
development and marketing agreement covering Mast Out®.
"We appreciate the advances that Pfizer has made in the development of this
product over the past two and one-half years," commented Michael F.
Brigham, President and CEO. "Pfizer has generated significant data that
supports the product's efficacy. We intend to carry on the product
development efforts for Mast Out®."
ImmuCell's management believes that the termination decision was primarily
market driven, rather than arising from any unanticipated efficacy,
technical or regulatory issues.
"We believe that this product is approvable by the FDA with a zero milk
discard claim and has significant potential market appeal," commented
Joseph H. Crabb, Ph.D., Vice President and Chief Scientific Officer.
As a result of this termination, the Company expects to recognize the
remaining deferred income from non-refundable milestone payments received
from Pfizer and to write-off the remaining unamortized cost of technology
license rights acquired in November 2004. This will result in a net
increase to income before income taxes of approximately $602,000 during the
third quarter of 2007, with no impact on cash.
ImmuCell Corporation is a biotechnology company that is developing,
manufacturing and selling products that improve animal health and
productivity in the dairy and beef industries. Press releases and other
information about the Company are available at http://www.immucell.com.
Forward-Looking Statement Disclaimer
The foregoing press release contains "forward-looking statements"
concerning ImmuCell's intended development activities and expectations
about future marketability and regulatory approvals. These statements
involve numerous risks and uncertainties, including without limitation
those relating to the timing and cost of steps necessary to commercialize
this product; those arising from market acceptance and competition within
our anticipated product markets; those associated with regulation of animal
health products in the United States and abroad; and other risks detailed
from time to time in filings we make with the Securities and Exchange
Commission, including our Annual Report on Form 10-KSB and our Quarterly
Reports on Form 10-QSB. Forward-looking statements in this press release
are based on our current information and expectations. Actual results may
differ materially due to various factors, including those risks and
uncertainties referred to above.