ImmuCell Corporation (Nasdaq: ICCC) (“ImmuCell” or the “Company”) – a growing animal health company that develops, manufactures and markets scientifically-proven and practical products that improve the health and productivity of dairy and beef cattle – today announced that it has entered into a lease covering approximately 14,300 square feet of office and warehouse space effective approximately November 1, 2019.
The space will be utilized to enable the Company’s plan to increase the production capacity of the First Defense® product line. The Company expects to have use of this new space by mid-2020 after building out the needed production rooms. The Company had considered a “build to suit” option on nearby land. This leasing option saves time and building construction costs, allowing the Company to move forward with its expansion plans more effectively and timely.
“Accessing this property is part of our $3 million investment in First Defense® to increase the sales value of our annual production capacity from approximately $18 million to approximately $27 million,” commented Michael F. Brigham, President and CEO. “By moving the final product formulation, filling and assembly for First Defense® to the leased building, we free up ample space in our current facility to increase liquid processing capacity by 100% and freeze drying capacity by 50%.”
The property is located nearby to the Company’s facility at 56 Evergreen Drive in Portland, Maine. The lease term is ten years with a right to renew for a second ten-year term and a right of first offer to purchase. The total lease liability over the initial ten-year term (including inflationary adjustments) aggregates approximately $1.3 million before real estate and personal property taxes, utilities, insurance, maintenance and related building and operating expenses.
Brigham concluded, “Our new partner, Dan Catlin of Commercial Properties representing TVP, LLC, has been great to work with. He is bringing the needed resources together very timely to help make our vision a reality.”
About ImmuCell:
ImmuCell Corporation's (Nasdaq: ICCC) purpose is to create scientifically-proven and practical products that improve the health and productivity of dairy and beef cattle. ImmuCell markets First Defense®, providing Immediate Immunity™ to newborn dairy and beef livestock, and is in the late stages of developing Re-Tain™, a novel treatment for mastitis, the most significant cause of economic loss to the dairy industry. Press releases and other information about the Company are available at: http://www.immucell.com.
