PORTLAND, Maine (AP) — A Portland-based 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.