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<SEC-DOCUMENT>0001140361-07-014547.txt : 20070723
<SEC-HEADER>0001140361-07-014547.hdr.sgml : 20070723
<ACCEPTANCE-DATETIME>20070723161424
ACCESSION NUMBER:		0001140361-07-014547
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060717
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070723
DATE AS OF CHANGE:		20070723

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IMMUCELL CORP /DE/
		CENTRAL INDEX KEY:			0000811641
		STANDARD INDUSTRIAL CLASSIFICATION:	IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835]
		IRS NUMBER:				010382980
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12934
		FILM NUMBER:		07993918

	BUSINESS ADDRESS:	
		STREET 1:		56 EVERGREEN DR
		CITY:			PORTLAND
		STATE:			ME
		ZIP:			04103
		BUSINESS PHONE:		2078782770

	MAIL ADDRESS:	
		STREET 1:		56 EVERGREEN DRIVE
		CITY:			PORTLAND
		STATE:			ME
		ZIP:			04103
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<FILENAME>form8k.htm
<DESCRIPTION>IMMUCELL CORPORATION
<TEXT>
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  <head>
    <title>form8k.htm</title>
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      ME 04103</u></font></div>
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      the
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      satisfy the filing obligation of the registrant under any of the following
      provisions:</font></div>
    <div>
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pre-commencement
                communications pursuant to Rule 14d-2(b) under the Exchange
                Act</font></div>
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pre-commencement
                communications pursuant to Rule 13e-4(c) under the Exchange
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    <div>&#160;</div>
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      <hr style="MARGIN-TOP: -13px; COLOR: #000000" noshade size="4">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ITEM
      1.02&#160;&#160;&#160;TERMINATION OF A MATERIAL DEFINITIVE
      AGREEMENT</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">On
      July
      18, 2007, ImmuCell received written notice that Pfizer Animal Health has elected
      to terminate the License Agreement under which ImmuCell had granted Pfizer
      a
      license to develop, commercialize and sell Mast Out<font style="DISPLAY: inline; FONT-SIZE: 10pt;"><sup>&#174;</sup></font> in return
      for
      nonrefundable upfront licensing and milestone payments, ultimately leading
      to
      royalties upon any future sales of the product by Pfizer or its
      affiliates.&#160;&#160;ImmuCell and Pfizer had originally entered into this
      Agreement as of December 21, 2004.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Under
      the
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      days&#8217; prior written notice.&#160;&#160;The effective date of termination will
      therefore be on or around August 17, 2007.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      Agreement does not impose early termination penalties on
      Pfizer.&#160;&#160;However, in the event of such a termination, Pfizer is
      required to turn over to ImmuCell all clinical and pre-clinical data and
      information relating to Mast Out<font style="DISPLAY: inline; FONT-SIZE: 10pt;"><sup>&#174;</sup></font>, together
      with all
      other files or data relating to the clinical development of the
      product.&#160;&#160;The Agreement also requires Pfizer to transfer to ImmuCell
      all rights in governmental or regulatory filings made by Pfizer, and to grant
      ImmuCell a perpetual, royalty-free, nonsublicensable license in any
      nisin-related proprietary technology developed by Pfizer.&#160;&#160;For a
      period of one year after termination, Pfizer may not develop or sell any
      competing nisin-related mastitis product.&#160;&#160;The foregoing summary is
      qualified in its entirety by reference to the Agreement and related amendments,
      which ImmuCell has previously filed as indicated on the exhibit index to its
      most recent report on Form 10-KSB.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">As
      a
      result of the license termination described above, ImmuCell expects to recognize
      the remaining deferred income from non-refundable milestone payments received
      from Pfizer and to write-off the remaining unamortized cost of associated
      technology license rights acquired in November 2004.&#160;&#160;This will result
      in a net increase to income before income taxes of approximately $602,000 during
      the third quarter of 2007, with no impact on cash.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ImmuCell&#8217;s
      management believes that the termination decision was primarily market driven,
      rather than arising from any unanticipated efficacy, technical or regulatory
      issues.&#160;&#160;Management believes that Mast Out<font style="DISPLAY: inline; FONT-SIZE: 10pt;"><sup>&#174; </sup></font>has significant
      potential market appeal, and intends to continue developing this
      product.</font></div>
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      copy of
      ImmuCell&#8217;s press release announcing the termination is included as an exhibit to
      this report.</font></div>
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    <div><br></div>
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      9.01&#160;&#160;FINANCIAL STATEMENTS AND EXHIBITS</font></div>
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    <div>
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          <tr valign="top">
            <td align="left" style="WIDTH: 27pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(d)</font></div>
            </td>
            <td align="left">
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      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
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            </td>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><a href="ex99_1.htm">99.1</a></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Press
                Release of ImmuCell Corporation dated July 19,
                2007.</font></div>
            </td>
          </tr>

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    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the Registrant
      has
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      duly authorized.</font></div>
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                <u>July 23, 2007</u></font></div>
            </td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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                CORPORATION</font></div>
            </td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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          <tr>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">By:&#160;&#160;<u>/s/&#160;&#160;Michael
                F. Brigham</u></font></div>
            </td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Michael
                F. Brigham</font></div>
            </td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">President
                and Chief Executive Officer</font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>IMMUCELL
      ANNOUNCES TERMINATION OF MAST OUT<font style="DISPLAY: inline; FONT-SIZE: 10pt;"><sup>&#174;</sup></font> LICENSE
      AND RETURN
      OF ALL RIGHTS AND DATA FROM PFIZER</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">PORTLAND,
      Maine &#8211; July 19, 2007 -- <strong>ImmuCell Corporation (NASDAQ Capital Market:
      ICCC)</strong> today announced that Pfizer Animal Health has elected to
      terminate its product development and marketing agreement covering Mast Out<font style="DISPLAY: inline; FONT-SIZE: 10pt;"><sup>&#174;</sup></font>.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#8220;We
      appreciate the advances that Pfizer has made in the development of this product
      over the past two and one-half years,&#8221; commented Michael F. Brigham, President
      and CEO.&#160;&#160;&#8220;Pfizer has generated significant data that supports the
      product&#8217;s efficacy.&#160;&#160;We intend to carry on the product development
      efforts for Mast Out<font style="DISPLAY: inline; FONT-SIZE: 10pt;"><sup>&#174;</sup></font>.&#8221;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ImmuCell&#8217;s
      management believes that the termination decision was primarily market driven,
      rather than arising from any unanticipated efficacy, technical or regulatory
      issues.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#8220;We
      believe that this product is approvable by the FDA with a zero milk discard
      claim and has significant potential market appeal,&#8221; commented Joseph H. Crabb,
      Ph.D., Vice President and Chief Scientific Officer.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">As
      a
      result of this termination, the Company expects to recognize the remaining
      deferred income from non-refundable milestone payments received from Pfizer
      and
      to write-off the remaining unamortized cost of technology license rights
      acquired in November 2004.&#160;&#160;This will result in a net increase to
      income before income taxes of approximately $602,000 during the third quarter
      of
      2007, with no impact on cash.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ImmuCell
      Corporation is a biotechnology company that is developing, manufacturing and
      selling products that improve animal health and productivity in the dairy and
      beef industries.&#160;&#160;Press releases and other information about the
      Company are available at http://www.immucell.com.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><em>Forward-Looking
      Statement Disclaimer</em></strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>The
      foregoing press release contains "forward-looking statements" concerning
      ImmuCell&#8217;s intended development activities and expectations about future
      marketability and regulatory approvals.&#160;&#160;These statements involve
      numerous risks and uncertainties, including without limitation those relating
      to
      the timing and cost of steps necessary to commercialize this product; those
      arising from market acceptance and competition within our anticipated product
      markets; those associated with regulation of animal health products in the
      United States and abroad; and other risks detailed from time to time in filings
      we make with the Securities and Exchange Commission, including our Annual Report
      on Form 10-KSB and our Quarterly Reports on Form
      10-QSB.&#160;&#160;Forward-looking statements in this press release are based on
      our current information and expectations.&#160;&#160;Actual results may differ
      materially due to various factors, including those risks and uncertainties
      referred to above.</em></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Contact:&#160;&#160;</strong>Michael
      F. Brigham</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">President
      and Chief Executive Officer</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(207)
      878-2770 Ext. 3106</font></div>
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