ImmuCell Corp. announced Wednesday that it plans to sellstock to raise $262,500 and issue warrants that could bring thecompany an additional $675,000.
Specifically, the company (NASDAQ:ICCC) plans to issue 150,000"A" warrants entitling investors to purchase 150,000 units ofImmuCell's securities at $1.75 per unit.
Each unit will consist of one share of ImmuCell common stockand one "B" warrant. The B warrants will entitle the investorsto purchase a second set of an aggregate of 150,000 units at $2per unit during the 90-day period following the effective dateof the registration statement.
Each of the second units will consist of one share of ImmuCellcommon stock and one "C" warrant. If the B warrants areexercised, each C warrant will entitle the holder to purchaseone share of ImmuCell common stock at an exercise price of$2.50 per share.
The investment is being led by Redwood MicroCap Fund Inc., aclosed-end mutual fund in Colorado Springs, Colo.
ImmuCell's chief financial officer, Michael Brigham, said theoffering will raise equity at a permium to the current marketprice of the stock. ImmuCell's stock closed Wednesday at $1.44a share, up 6 cents.
ImmuCell raised $600,000 in September 1992 when CambridgeBiotech Corp. purchased a 15 percent stake in the company.
The company is focusing on developing passive antibodytherapeutics for human diseases. ImmuCell's first such product,a passive antibody for treatment of cryptosporidiosis in peoplewith AIDS, entered clinical trials in 1992. The product is beingdeveloped under an agreement with Univax Biologics ofRockville, Md. Univax is funding the trials and will market theproduct once it is approved, while ImmuCell will manufactureit.
ImmuCell markets a passive antibody for calf scours, FirstDefense, which was licensed by the U.S. Department ofAgriculture in 1991. It also markets animal diagnostics andhuman reagents.
-- Brenda Sandburg News Editor
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