ImmuCell Corp. announced that it has raised $562,500 throughthe sale of "A" and "B" warrants.
An investment group led by Redwood MicroCap Fund Inc. andthe Rockies Fund Inc. purchased 150,000 shares of ImmuCellcommon stock through the exercise of 150,000 A warrants at apurchase price of $1.75 per share, or an aggregate purchaseprice of $262,500. Redwood MicroCap and the Rockies Fund areclosed-end mutual funds located in Colorado Springs, Colo.
The A warrants entitled the investors to purchase 150,000ImmuCell units, each of which consists of one share ofImmuCell common stock and one B warrant. The B warrantsentitled investors to purchase a second set of an aggregate of150,000 units during the 90-day period following the effectivedate of the registration statement at $2 per unit. Each of thesesecond units consist of one share of common stock and one "C"warrant.
The investment group exercised their B warrants for anaggregate purchase price of $300,000. ImmuCell (NASDAQ:ICCC)said that payment for the shares issued upon exercise of the Bwarrants was made in substantial part by the delivery ofpromissory notes that will mature and be payable in full onFeb. 21. The investors were also issued an aggregate of 150,000C warrants, each exercisable to purchase an additional share ofImmuCell common stock for $2.50 per share until June 8.
Following the sale of the A and B warrants, ImmuCell has 2.6million shares of stock outstanding and cash on hand ofapproximately $1.3 million. Michael Brigham, ImmuCell's chieffinancial officer, said the company lost less than $100,000during the 12 months ended Dec. 31.
Based in Portland, Maine, ImmuCell is focusing on thedevelopment of passive antibody therapeutics for humandiseases. The company's first such product, a passive antibodyfor treatment of cryptosporidiosis in people with AIDS, enteredclinical testing in 1992. ImmuCell currently markets a passiveantibody for calf scours.
ImmuCell's shares closed at $1.81 on Tuesday, off 19 cents.-- Brenda Sandburg
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