Portland-based ImmuCell Corp. said Friday that it has closed on a $3.5 million round of private investment to help fund a $20 million production facility for a new animal health product for which the company is seeking U.S. Food and Drug Administration approval.

The company, which makes products that improve bovine health and productivity in the dairy and beef industries, said net proceeds from the offering are roughly $3.2 million after deducting placement agent fees and other expenses. Craig-Hallum Capital Group LLC acted as exclusive placement agent in connection with the offering, it said.

On Tuesday, ImmuCell said it had agreed to sell nearly 660,000 shares at $5.25 per share to outside investors. In all, 19 different investors purchased shares as part of the offering, the company said Friday.

ImmuCell raised the money to build a production facility for Nisin, the active ingredient in a new product it has developed called Mast Out, for which it is seeking FDA approval.

Mast Out is a novel treatment for dairy cows with mastitis, an inflammation of the udders that is often caused by a bacterial infection. Nisin is a preservative with antibacterial properties that is made from milk and used in processed cheeses, meats and other products.

 


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