<SEC-DOCUMENT>0001213900-15-007957.txt : 20151028
<SEC-HEADER>0001213900-15-007957.hdr.sgml : 20151028
<ACCEPTANCE-DATETIME>20151028122632
ACCESSION NUMBER:		0001213900-15-007957
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20151027
DATE AS OF CHANGE:		20151028

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:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-207635
		FILM NUMBER:		151179564

	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>S-3
<SEQUENCE>1
<FILENAME>fs32015_immucellcorp.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">As filed with the Securities and Exchange Commission
on October 27, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>



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<!-- Field: Rule-Page --><DIV STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%; text-align: center">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>FORM S-3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>REGISTRATION STATEMENT UNDER&nbsp;THE
SECURITIES&nbsp;ACT&nbsp;OF&nbsp;1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>ImmuCell Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Exact name of registrant
as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 49%; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>01-0382980</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(State or other jurisdiction of</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(I.R.S. Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">incorporation or organization)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Identification Number)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">56 Evergreen Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt; text-align: center">Portland, ME 04103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt; text-align: center">(207) 878-2770</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Address, including zip code, and telephone
number, including area code, of registrant&rsquo;s principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1.5pt; text-align: center">Michael F. Brigham</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1.5pt; text-align: center">President, Chief Executive Officer and
Treasurer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1.5pt; text-align: center">56 Evergreen Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1.5pt; text-align: center">Portland, ME 04103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1.5pt; text-align: center">(207) 878-2770</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Name, address, including zip code, and telephone
number, including area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1.5pt; text-align: center"><B>Copy to:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1.5pt; text-align: center">David J. Champoux</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1.5pt; text-align: center">Pierce Atwood LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1.5pt; text-align: center">254 Commercial Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1.5pt; text-align: center">Portland, ME 04101</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1.5pt; text-align: center">(207) 791-1100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Approximate date of commencement of proposed sale to the
public: </B>From time to time after this Registration Statement becomes effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the only securities being registered
on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box: <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If any of the securities being registered on this Form are
to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered
only in connection with dividend or interest reinvestment plans, check the following box: <FONT STYLE="font-family: Wingdings">&thorn;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If this Form is filed to register additional securities for
an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If this Form is a post-effective amendment filed pursuant
to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If this Form is a registration statement pursuant to General
Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to
Rule 462(e) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If this Form is a post-effective amendment to a registration
statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities
pursuant to Rule 413(b) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.&nbsp; See the definitions
of &ldquo;large accelerated filer&rdquo;, &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule
12b-2 of the Securities Exchange Act of 1934.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 25%; font-size: 10pt; text-align: center"><font style="font-size: 10pt">Large accelerated filer <font style="font-family: Wingdings">o</font></font></td>
    <td style="width: 25%; font-size: 10pt; text-align: center"><font style="font-size: 10pt">Accelerated filer <font style="font-family: Wingdings">o</font></font></td>
    <td style="width: 25%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Non-accelerated filer <font style="font-family: Wingdings">o</font></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Do not check if a smaller</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">reporting company)</P></td>
    <td style="width: 25%; font-size: 10pt; text-align: center"><font style="font-size: 10pt">Smaller reporting company <font style="font-family: Wingdings">&thorn;</font></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CALCULATION
OF REGISTRATION FEE&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Title
                                         of each class</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>of
securities to be</B><BR>
<B>registered</B></FONT></P>


</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount
                                         to be</B></FONT></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>registered
<SUP><BR>
(1)(2)(3)</SUP></B></FONT></P>


</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Proposed</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>maximum
offering</B></FONT></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>price
per <BR>
Unit<SUP>(3)</SUP></B></FONT></P>


</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Aggregate</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>maximum
offering<BR>
price <SUP>(3)(4)(5)</SUP></B></FONT></P>


</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount
                                         of</B></FONT></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>registration
<BR>
fee <SUP>(3)</SUP></B></FONT></P>


</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common Stock</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"></TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"></TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"></TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"></TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Units <FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal"><SUP>(6)</SUP></FONT></FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 4pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 4pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,000,000.00</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 4pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 4pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 4pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 4pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 4pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 4pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,007.00</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 95%; text-align: justify"><FONT STYLE="font-size: 10pt">Also includes an indeterminate aggregate number of securities of each identified class of securities up to a proposed aggregate offering price of $10,000,000.00, which may be offered by the registrant from time to time in unspecified numbers and at indeterminate prices, and as may be issued upon exercise of any warrants registered hereunder, including under any applicable anti-dilution provisions.&nbsp; Except as provided in Rule 426(b) under Securities Act of 1933, in no event will the aggregate offering price of all types of securities issued by the registrant pursuant to this registration statement exceed $10,000,000.00.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant to Rule 416 under the Securities Act of 1933, this registration statement also covers any additional securities that may be offered or issued in connection with any stock split, stock dividend or similar transaction.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant to General Instruction II.C. of Form S-3, the table lists each of the classes of securities being registered and the aggregate proceeds to be raised, but does not specify by each class information as to the amount to be registered, proposed maximum offering price per unit, and proposed maximum aggregate offering price.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The proposed maximum aggregate offering price has been estimated solely to calculate the registration fee in accordance with Rule 457(o) under the Securities Act of 1933.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Includes consideration to be received by the registrant, if applicable, for registered securities that are issuable upon exercise of other registered securities.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consisting of some or all of the securities listed above, in any combination, including shares of common stock, warrants and units consisting of shares of common stock, warrants or a combination thereof.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The Registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment
which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Securities and Exchange
Commission, acting pursuant to said Section 8(a), may determine.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red">The information in this prospectus
is not complete and may be changed.&nbsp; We may not sell these securities until the registration statement filed with the Securities
and Exchange Commission is effective.&nbsp; This prospectus is not an offer to sell these securities and we are not soliciting
offers to buy these securities in any state where the offer or sale is not permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Subject To Completion, Dated October 27, 2015&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Prospectus</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>IMMUCELL CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>$10,000,000.00</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">From time to time, we may
offer up to $10,000,000.00 of our common stock, warrants to purchase common stock and/or units consisting of common stock, warrants
or any combination of these securities, in one or more transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We will provide specific
terms of these offerings and securities in one or more supplements to this prospectus.&nbsp; We may also authorize one or more
free writing prospectuses to be provided to you in connection with these offerings.&nbsp; The prospectus supplement, and any documents
incorporated by reference, may also add, update or change information contained in this prospectus.&nbsp; You should read this
prospectus, the applicable prospectus supplement, any documents incorporated by reference and any related free writing prospectus
carefully before buying any of the securities being offered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We may offer and sell these
securities to or through one or more underwriters, dealers and agents, or directly to purchasers, on a continuous or delayed basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our common stock is listed
on the NASDAQ Capital Market under the symbol &ldquo;ICCC.&rdquo;&nbsp; The applicable prospectus supplement will contain information,
where applicable, as to any other listing, if any, of the securities covered by the applicable prospectus supplement.&nbsp; The
aggregate market value of our outstanding common stock held by non-affiliates was approximately $14,871,682 based on&nbsp;3,055,034
shares of outstanding common stock, of which&nbsp;868,022 shares are held by affiliates, and a price of $6.80 per share, which
was the last reported sale price of our common stock as quoted on NASDAQ Capital Market on October 19, 2015.&nbsp; We have not
offered any securities pursuant to General Instruction I.B.6 of Form S-3 during the prior 12 calendar month period that ends on,
and includes, the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">INVESTING IN OUR SECURITIES INVOLVES RISKS.&nbsp;
YOU SHOULD REVIEW CAREFULLY THE RISKS AND UNCERTAINTIES DESCRIBED UNDER THE HEADING &ldquo;RISK FACTORS&rdquo; CONTAINED IN THE
APPLICABLE PROSPECTUS SUPPLEMENT AND ANY RELATED FREE WRITING PROSPECTUS, AND UNDER SIMILAR HEADINGS IN THE OTHER DOCUMENTS THAT
ARE INCORPORATED BY REFERENCE INTO THIS PROSPECTUS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NEITHER THE SECURITIES AND EXCHANGE COMMISSION
NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR
COMPLETE.&nbsp; ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The date of this prospectus is October 27, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="toc"></A>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; font-weight: bold; text-align: left"><A HREF="#a_001">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; font-weight: bold; text-align: center">1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><A HREF="#a_002">ABOUT THIS PROSPECTUS</A></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><A HREF="#a_003">ABOUT IMMUCELL CORPORATION</A></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">2</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><A HREF="#a_004">WHERE YOU CAN FIND ADDITIONAL INFORMATION</A></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">3</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><A HREF="#a_005">INCORPORATION OF INFORMATION BY REFERENCE</A></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">3</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><A HREF="#a_006">RISK FACTORS</A></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">4</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><A HREF="#a_007">DESCRIPTION OF SECURITIES WE MAY OFFER</A></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">4</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><A HREF="#a_008">DESCRIPTION OF COMMON STOCK</A></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">4</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><A HREF="#a_009">DESCRIPTION OF WARRANTS</A></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">7</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><A HREF="#a_010">DESCRIPTION OF UNITS</A></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">8</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><A HREF="#a_011">USE OF PROCEEDS</A></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">9</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><A HREF="#a_012">PLAN OF DISTRIBUTION</A></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">9</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><A HREF="#a_013">LEGAL MATTERS</A></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">12</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><A HREF="#a_014">EXPERTS</A></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">12</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><A HREF="#a_015">INTERESTS OF NAMED EXPERTS AND COUNSEL</A></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">12</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal"><A NAME="a_001"></A>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Some of the statements
in this prospectus and in any prospectus supplement we may file constitute &ldquo;forward-looking statements&rdquo; within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.&nbsp; These statements
relate to future events concerning our business and to our future revenues, operating results and financial condition.&nbsp; In
some cases, you can identify forward-looking statements by terminology such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;could,&rdquo;
&ldquo;would,&rdquo; &ldquo;should,&rdquo; &ldquo;expect,&rdquo; &ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;aim,&rdquo;
&ldquo;intend,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo; &ldquo;target, &ldquo; &ldquo;forecast,&rdquo; &ldquo;predict,&rdquo;
&ldquo;project&rdquo;, &ldquo;propose,&rdquo; &ldquo;potential,&rdquo; or &ldquo;continue,&rdquo; or the negative of those terms
or other comparable terminology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Any forward looking
statements contained in this prospectus or any prospectus supplement are only estimates or predictions of future events based on
information currently available to our management and management&rsquo;s current beliefs about the potential outcome of future
events.&nbsp; Whether these future events will occur as management anticipates, whether we will achieve our business objectives,
and whether our revenues, operating results or financial condition will be sustained or improve in future periods are subject to
numerous risks.&nbsp; There are a number of important factors that could cause actual results to differ materially from the results
anticipated by these forward-looking statements.&nbsp; These important factors include those that we discuss under the heading
&ldquo;Risk Factors&rdquo; and in other sections of our Annual Report on Form 10-K for the year ended December 31, 2014 and our
Form 10-Q for the quarterly period ended June 30, 2015, all filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;),
as well as in our other reports filed from time to time with the SEC that are incorporated by reference into this prospectus.&nbsp;
You should read these factors and the other cautionary statements made in this prospectus and in the documents we incorporate by
reference into this prospectus as being applicable to all related forward-looking statements wherever they appear in this prospectus
or the documents we incorporate by reference into this prospectus.&nbsp; If one or more of these factors materialize, or if any
underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from any future results,
performance or achievements expressed or implied by these forward-looking statements.&nbsp; We undertake no obligation to publicly
update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal"><A NAME="a_002"></A>ABOUT
THIS PROSPECTUS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This document is called
a prospectus and is part of a registration statement that we have filed with the SEC, using a &ldquo;shelf&rdquo; registration
process.&nbsp; Under this shelf registration process, we may, from time to time, offer shares of our common stock, warrants to
purchase common stock and/or units consisting of common stock, warrants or any combination of these securities, in one or more
transactions and in amounts we will determine from time to time, up to a total dollar amount of $10,000,000.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus provides
you with a general description of the securities we may offer.&nbsp; Each time we offer a type or series of securities described
in this prospectus, we will provide a prospectus supplement or information that is incorporated by reference into this prospectus,
containing more specific information about the terms of the securities that we are offering.&nbsp; We may also authorize one or
more free writing prospectuses to be provided to you that may contain material information relating to these offerings and securities.&nbsp;
This prospectus, together with applicable prospectus supplements, any information incorporated by reference and any related free
writing prospectuses, includes all material information relating to these offerings and securities.&nbsp; We may also add, update
or change in the prospectus supplement any of the information contained in this prospectus or in the documents that we have incorporated
by reference into this prospectus, including, without limitation, a discussion of any risk factors or other special considerations
that apply to these offerings or securities or the specific plan of distribution.&nbsp; If there is any inconsistency between the
information in this prospectus and a prospectus supplement or information incorporated by reference having a later date, you should
rely on the information in that prospectus supplement or incorporated information having a later date.&nbsp; We urge you to read
carefully this prospectus, any applicable prospectus supplement and any related free writing prospectus, together with the information
incorporated herein by reference as described under the heading &ldquo;Where You Can Find More Information,&rdquo; before buying
any of the securities being offered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">You should rely only
on the information we have provided or incorporated by reference in this prospectus, any applicable prospectus supplement and any
related free writing prospectus.&nbsp; We have not authorized anyone to provide you with different information.&nbsp; No dealer,
salesperson or other person is authorized to give any information or to represent anything not contained in this prospectus, any
applicable prospectus supplement or any related free writing prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Neither the delivery
of this prospectus nor any sale made under it implies that there has been no change in our affairs or that the information in this
prospectus is correct as of any date after the date of this prospectus.&nbsp; You should assume that the information in this prospectus,
any applicable prospectus supplement or any related free writing prospectus is accurate only as of the date on the front of the
document and that any information we have incorporated by reference is accurate only as of the date of the document incorporated
by reference, regardless of the time of delivery of this prospectus, any applicable prospectus supplement or any related free writing
prospectus, or any sale of a security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus contains
summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents
for complete information.&nbsp; All of the summaries are qualified in their entirety by the actual documents.&nbsp; Copies of some
of the documents referred to herein have been filed, will be filed or will be incorporated by reference as exhibits to the registration
statement of which this prospectus is a part, and you may obtain copies of those documents as described below under &ldquo;Where
You Can Find More Information&rdquo;.&nbsp; THIS PROSPECTUS MAY NOT BE USED TO CONSUMMATE A SALE OF SECURITIES, UNLESS IT IS ACCOMPANIED
BY A PROSPECTUS SUPPLEMENT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In this prospectus,
unless the context otherwise requires, references to &ldquo;we&rdquo;, &ldquo;us&rdquo;, &ldquo;our&rdquo; or similar terms, as
well as references to &ldquo;ImmuCell&rdquo; or the &ldquo;Company&rdquo;, refer to ImmuCell Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal"><A NAME="a_003"></A>ABOUT
IMMUCELL CORPORATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are a growing animal
health company whose purpose is to create scientifically-proven and practical products that result in a measurable economic impact
on animal health and productivity in the dairy and beef industries. We were originally incorporated in Maine in 1982 and reincorporated
in Delaware in 1987, in conjunction with our initial public offering of common stock. We have developed products that provide significant,
immediate immunity to newborn dairy and beef cattle and are in the late stages of developing a new product that addresses mastitis,
the most significant cause of economic loss to the dairy industry. Across all product lines, our product sales during the year
ended December 31, 2014 increased by 26%, or $1,590,000, to $7,597,000 from $6,007,000 in 2013, and gross margins as a percentage
of product sales were 59% in 2014, as compared to 51% during 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Growth in sales
of our lead product, <B>First Defense</B>&reg; and related product line extensions, is driving the increase in our total product
sales. Sales of <B>First Defense</B>&reg;, and related product line extensions aggregated 91.6% and 91.4% of our total product
sales during the years ended December 31, 2014 and 2013, respectively. Sales of <B>First Defense</B>&reg; and related product line
extensions increased by 27%, 14% and 5% during the years ended December 31, 2014, 2013 and 2012, respectively, in comparison to
the prior years. <B>First Defense</B>&reg; is manufactured from hyperimmune cows&rsquo; colostrum (the milk that a cow produces
immediately after giving birth) utilizing our proprietary vaccine and milk protein purification technologies. The target disease,
bovine enteritis (calf scours), causes diarrhea and dehydration in newborn calves and often leads to serious sickness and even
death. <B>First Defense</B>&reg; is the only orally delivered scours preventive product on the market for calves that is licensed
by the U.S. Department of Agriculture (USDA) with claims against <I>E. coli</I> K99 and coronavirus (two leading causes of scours).
<B>First Defense</B>&reg; provides bovine antibodies that newborn calves need but are unable to produce on their own immediately
after birth. Our milk antibody products provide <B>Immediate Immunity</B>&trade; during the first few critical days of life when
calves need this protection most. Studies have shown that calves that scour are more susceptible to other diseases later in life
and under-perform calves that do not contract scours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
majority of our product development budget from 2000 through 2015 has been focused on the development of <B>Mast Out</B>&reg;,
a Nisin-based intramammary treatment of subclinical mastitis in lactating dairy cows. During the fifteen-year period that began
on January 1, 2000 (the year we began the development of <B>Mast Out</B>&reg;) and ended on December 31, 2014, we invested the
aggregate of approximately $11,032,000 in the development of <B>Mast Out</B>&reg;. This estimated allocation to <B>Mast Out</B>&reg;
reflects only direct expenditures and includes no allocation of product development or administrative overhead expenses. Approximately
$2,891,000 of this investment was offset by product licensing revenues and grant income related to <B>Mast Out</B>&reg;. Nisin
is an antibacterial peptide that has been demonstrated in clinical studies to be an effective aid in the reduction of mastitis-causing
organisms in dairy cows. Mastitis is a very common infection in dairy cows that results in inflammation of the mammary gland.
Because dairy producers are required to discard milk for a period during and after treatment with all currently marketed mastitis
treatment products due to concerns about antibiotic residue in milk, it is generally current practice to only treat mastitis when
the disease has progressed to the clinical stage where the milk from an infected cow cannot be sold. We believe that <B>Mast Out&reg;
</B>could revolutionize the way that mastitis is treated by making earlier treatment of subclinically infected cows economically
feasible by not requiring a milk discard during, or for a period of time after, treatment. No other FDA-approved mastitis treatment
product on the market can offer this value proposition. Commercial introduction of <B>Mast Out&reg;</B> in the United States is
subject to approval of our New Animal Drug Application by the U.S. Food and Drug Administration&rsquo;s Center for Veterinary
Medicine (FDA), which approval cannot be assured. Foreign regulatory approvals would be required for sales in key markets outside
of the United States, which would involve some similar and some different requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our principal executive
offices are located at 56 Evergreen Drive, Portland, ME 04103.&nbsp; Our telephone number is (207) 878-2770.&nbsp; Our website
is located at www.immucell.com.&nbsp; Information contained on, or that can be accessed through, our website is not part of this
prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal"><A NAME="a_004"></A>WHERE
YOU CAN FIND ADDITIONAL INFORMATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have filed with
the SEC a registration statement on Form S-3 under the Securities Act of 1933, as amended (&ldquo;Securities Act&rdquo;), with
respect to the securities covered by this prospectus.&nbsp; This prospectus, which is a part of the registration statement, does
not contain all of the information set forth in the registration statement or the exhibits and schedules filed therewith.&nbsp;
For further information with respect to us and the securities covered by this prospectus, please see the registration statement
and the exhibits filed with the registration statement.&nbsp; A copy of the registration statement and the exhibits filed with
the registration statement may be inspected without charge at the Public Reference Room maintained by the SEC, located at 100 F
Street, N.E., Washington, D.C.&nbsp; 20549.&nbsp; Please call the SEC at 1-800-SEC-0330 for more information about the operation
of the Public Reference Room.&nbsp; The SEC also maintains a website that contains reports, proxy and information statements and
other information regarding registrants that file electronically with the SEC.&nbsp; The address of the website is http://www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are subject to the
information and periodic reporting requirements of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;)
and, in accordance therewith, we file periodic reports, proxy statements and other information with the SEC.&nbsp; Such periodic
reports, proxy statements and other information are available for inspection and copying at the Public Reference Room and website
of the SEC referred to above.&nbsp; We maintain a website at www.immucell.com.&nbsp; You may access our Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed pursuant to Sections 13(a) or
15(d) of the Exchange Act with the SEC free of charge at our website as soon as reasonably practicable after such material is electronically
filed with, or furnished to, the SEC.&nbsp; Our website and the information contained on that site, or connected to that site,
are not incorporated into and are not a part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><A NAME="a_005"></A><FONT STYLE="font-weight: normal">INCORPORATION
OF INFORMATION BY REFERENCE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The SEC allows us to
&ldquo;incorporate by reference&rdquo; the information we file with it, which means that we can disclose important information
to you by referring you to those documents.&nbsp; The information we incorporate by reference is an important part of this prospectus,
and certain information that we will later file with the SEC will automatically update and supersede this information.&nbsp; We
incorporate by reference the documents listed below, as well as any future filings made with the SEC under Sections 13(a), 13(c),
14 or 15(d) of the Exchange Act from the date of the initial registration statement and prior to the effectiveness of this registration
statement, and any filings made after the date of this prospectus until we sell all of the securities under this prospectus, except
that we do not incorporate any document or portion of a document that was furnished and deemed by the rules of the SEC not to have
been filed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<tr>
    <TD STYLE="width: 0.5in; padding: 0; text-align: center; vertical-align: top">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">Our Annual Report on Form 10-K for the fiscal year ended
December 31, 2014, filed with the SEC on March 26, 2015;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<tr>
    <TD STYLE="width: 0.5in; padding: 0; text-align: center; vertical-align: top">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">Our Quarterly Report on Form 10-Q for the quarter ended
June 30, 2015, filed with the SEC on August 13, 2015;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR>
    <TD STYLE="width: 0.5in; padding: 0; text-align: center; vertical-align: top">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">Our Current Reports on Form 8-K filed with the SEC on February
11, 2015, February 25, 2015, April 15, 2015, May 12, 2015, June 12, 2015, July 8, 2015, August 13, 2015, and September 24, 2015;
and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR>
    <TD STYLE="width: 0.5in; padding: 0; text-align: center; vertical-align: top">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">Our definitive proxy statement on Schedule 14A filed on
April 24, 2015 for our annual meeting of shareholders held on June 11, 2015.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Additionally, all reports
and other documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after (i) the
date of the initial registration statement and prior to effectiveness of the registration statement; and (ii) the date of this
prospectus and prior to the termination or completion of this offering, shall be deemed to be incorporated by reference in this
prospectus and to be part hereof from the date of filing of such reports and other documents.&nbsp; Any information that we subsequently
file with the SEC that is incorporated by reference as described above will automatically update and supersede any previous information
that is part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We hereby undertake
to provide without charge to each person, including any beneficial owner, to whom a copy of this prospectus is delivered, upon
written or oral request of any such person, a copy of any and all of the information that has been or may be incorporated by reference
in this prospectus, other than exhibits to such documents.&nbsp; Requests for such copies should be directed to our Corporate Secretary
at 56 Evergreen Drive, Portland, ME 04103.&nbsp; Our telephone number is (207) 878-2770.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-weight: normal"><A NAME="a_006"></A>RISK
FACTORS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Investing in our securities
involves significant risks. You should review carefully the risks and uncertainties described under the heading &ldquo;<U>Risk
Factors</U>&rdquo; contained in, or incorporated into, the applicable prospectus supplement and any related free writing prospectus,
and under similar headings in the other documents that are incorporated by reference herein or therein.&nbsp; Each of the referenced
risks and uncertainties could adversely affect our business, operating results and financial condition, as well as adversely affect
the value of an investment in our securities.&nbsp; Additional risks not known to us or that we believe are immaterial may also
adversely affect our business, operating results and financial condition and the value of an investment in our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal"><A NAME="a_007"></A>DESCRIPTION
OF SECURITIES WE MAY OFFER</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We may offer, from
time to time, shares of our common stock, warrants to purchase common stock or units comprised of shares of common stock, warrants,
or a combination of these securities, under this prospectus at prices and on terms to be determined by market conditions at the
time of offering.&nbsp; This prospectus provides you with a general description of the securities we may offer.&nbsp; See &ldquo;Description
of Common Stock,&rdquo; &ldquo;Description of Warrants,&rdquo; and &ldquo;Description of Units&rdquo; below.&nbsp; Each time we
offer a type or series of securities, we will provide a prospectus supplement that will describe the specific amounts, prices and
other important terms of the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The prospectus supplement
and any related free writing prospectus also may supplement or, as applicable, add, update or change information contained in this
prospectus or in documents we have incorporated by reference.&nbsp; However, no prospectus supplement or free writing prospectus
will offer a security that is not registered and described in this prospectus at the time of the effectiveness of the registration
statement of which this prospectus is a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The terms of any particular
offering, the initial offering price and the net proceeds to us will be contained in the prospectus supplement, information incorporated
by reference or free writing prospectus relating to such offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal"><A NAME="a_008"></A>DESCRIPTION
OF COMMON STOCK</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The description below
of our common stock and provisions of our certificate of incorporation and bylaws are summaries and are qualified by reference
to the certificate of incorporation and the bylaws.&nbsp; These documents are filed as exhibits to the registration statement of
which this prospectus is a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our authorized capital
stock consists of 8,000,000 shares of common stock. As of October 19, 2015, there were&nbsp;3,055,034 shares of common stock outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The holders of common
stock are entitled to receive ratably dividends, if any, as may be declared from time to time by the Board of Directors out of
funds legally available for that purpose. In the event of our liquidation, dissolution or winding up, whether voluntary or involuntary,
the holders of common stock are entitled to share ratably in all assets remaining after payment of or provision for liabilities.
The common stock has no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions
applicable to the common stock. All outstanding shares of common stock are fully paid and nonassessable, and the shares of common
stock to be issued upon the closing of this offering will be fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The holders of common
stock are entitled to one vote per share on all matters to be voted upon by the shareholders.&nbsp;There is no cumulative voting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Effect of Certain Provisions of our Certificate of Incorporation,
Bylaws and Common Stock Rights Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Provisions of our
certificate of incorporation, our bylaws, our Common Stock Rights Plan or Delaware law may discourage, delay or prevent a merger,
acquisition or other change in control that stockholders may consider favorable, including transactions in which stockholders might
otherwise receive a premium for their shares of our common stock. These provisions may also prevent or frustrate attempts by our
stockholders to replace or remove our management. These provisions include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">limitations on the removal of directors; advance notice requirements for stockholder proposals
and nominations;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the ability of our Board of Directors to alter or repeal our bylaws;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the ability of our Board of Directors to refuse to redeem rights issued under our Common Stock
Rights Plan or otherwise to limit or suspend its operation that would work to dilute the stock ownership of a potential hostile
acquirer, likely preventing acquisitions that have not been approved by our Board of Directors; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Section 203 of the Delaware General Corporation Law, which prohibits a publicly-held Delaware corporation
from engaging in a business combination with an interested stockholder (generally defined as a person which together with its affiliates
owns, or within the last three years has owned, 15% of our voting stock, for a period of three years after the date of the transaction
in which the person became an interested stockholder) unless the business combination is approved in a prescribed manner.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">The existence of the foregoing provisions
and anti-takeover measures could depress the trading price of our common stock or limit the price that investors might be willing
to pay in the future for shares of our common stock. They could also deter potential acquirers of our Company, thereby reducing
the likelihood of obtaining a premium for our common stock in an acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">These provisions, summarized below,
are expected to discourage coercive takeover practices and inadequate takeover bids and to promote stability in our management.
These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<tr>
    <TD STYLE="width: 0.5in; padding: 0; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Shareholder
    Meetings</U>.&nbsp; Our bylaws provide that a special meeting of shareholders may be called only by the President or by the
    Board of Directors or by shareholders holding a majority of the outstanding shares of our common stock.</FONT></td></tr>
<TR>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<tr>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Requirements
    for Advance Notification of Shareholder Nominations and Proposals</U>.&nbsp; Our bylaws establish advance notice procedures
    with respect to shareholder proposals and the nomination of candidates for election as directors, other than nominations made
    by or at the direction of our Board of Directors or a committee of the Board of Directors.</FONT></td></tr>
<TR>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<tr>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Board
    of Directors Vacancies</U>.&nbsp; Under our bylaws, any vacancy on the Board of Directors, including a vacancy resulting from
    an enlargement of the Board of Directors, may only be filled by vote of a majority of the remaining directors.&nbsp; Any director
    may be removed by vote of the holders of a majority of the outstanding shares of our common stock.&nbsp;&nbsp;The limitations
    on the removal of directors and filling of vacancies would have the effect of making it more difficult for a third party to
    acquire control of us, or of discouraging a third party from acquiring control of us.</FONT></td></tr>
<TR>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<tr>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Board
    of Directors Size</U>.&nbsp; Within the range specified by our bylaws, our Board of Directors determines the size of our Board
    of Directors and may create new directorships and elect new directors, which may enable an incumbent Board of Directors to
    maintain control by adding directors.</FONT></td></tr>
<TR>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<tr>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Indemnification</U>.
    &nbsp;Our certificate of incorporation and our bylaws, as amended, provide that we will indemnify officers and directors against
    losses as they incur in investigations and legal proceedings resulting from their services to us, which may include service
    in connection with takeover defense measures.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#toc">Table of Contents</A>&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">In September 1995, our Board of Directors
adopted a Common Stock Rights Plan and declared a dividend of one common share purchase right (a &ldquo;Right&rdquo;) for each
of the then outstanding shares of the common stock of the Company. Each Right entitles the registered holder to purchase from the
Company one share of common stock at an initial purchase price of $70.00 per share, subject to adjustment. The description and
terms of the Rights are set forth in a Rights Agreement between the Company and American Stock Transfer &amp; Trust Company, LLC,
as Rights Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">The Rights (as amended) become exercisable
and transferable apart from the common stock upon the earlier of i) 10 days following a public announcement that a person or group
(Acquiring Person) has, without the prior consent of the Continuing Directors (as such term is defined in the Rights Agreement),
acquired beneficial ownership of 20% or more of the outstanding common stock or ii) 10 days following commencement of a tender
offer or exchange offer the consummation of which would result in ownership by a person or group of 20% or more of the outstanding
common stock (the earlier of such dates being called the Distribution Date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">Upon the Distribution Date, the holder
of each Right not owned by the Acquiring Person would be entitled to purchase common stock at a discount to the initial purchase
price of $70.00 per share, effectively equal to one half of the market price of a share of common stock on the date the Acquiring
Person becomes an Acquiring Person. If, after the Distribution Date, the Company should consolidate or merge with any other entity
and the Company were not the surviving company, or, if the Company were the surviving company, all or part of the Company&rsquo;s
common stock were changed or exchanged into the securities of any other entity, or if more than 50% of the Company&rsquo;s assets
or earning power were sold, each Right would entitle its holder to purchase, at the Rights&rsquo; then-current purchase price,
a number of shares of the acquiring company&rsquo;s common stock having a market value at that time equal to twice the Right&rsquo;s
exercise price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">At any time after a person or group becomes
an Acquiring Person and prior to the acquisition by such person or group of 50% or more of the outstanding common stock, the Board
of Directors of the Company may exchange the Rights (other than Rights owned by such person or group which have become void), in
whole or in part, at an exchange ratio of one share of common stock per Right (subject to adjustment). At any time prior to 14
days following the date that any person or group becomes an Acquiring Person (subject to extension by the Board of Directors),
the Board of Directors of the Company may redeem the then outstanding Rights in whole, but not in part, at a price of $0.005 per
Right, subject to adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">On June 8, 2005, our Board of Directors
voted to authorize an amendment of the Rights Agreement to extend the Final Expiration Date by an additional three years, to September
19, 2008. As of June 30, 2005, we entered into an amendment to the Rights Agreement with the Rights Agent reflecting such extension.
On June 6, 2008 our Board of Directors voted to authorize an amendment of the Rights Agreement to extend the Final Expiration Date
by an additional three years, to September 19, 2011, and to increase the ownership threshold for determining &ldquo;Acquiring Person&rdquo;
status from 15% to 18%. As of June 30, 2008, we entered into an amendment to the Rights Agreement with the Rights Agent reflecting
such extension and threshold increase. On August 5, 2011, our Board of Directors voted to authorize amendments of the Rights Agreement
to extend the Final Expiration Date by an additional three years to September 19, 2014 and to increase the ownership threshold
for determining &ldquo;Acquiring Person&rdquo; status from 18% to 20%. As of August 9, 2011, we entered into an amendment to the
Rights Agreement with the Rights Agent reflecting such extension and threshold increase. On June 10, 2014, our Board of Directors
voted to authorize an amendment to the Rights Agreement to extend the final expiration date by an additional three years to September
19, 2017. As of June 16, 2014, we entered into an amendment to the Rights Agreement with the Rights Agent reflecting such extension.
As of April 15, 2015, we entered into an amendment to the Rights Agreement with the Rights Agent deleting the provisions requiring
that redemptions of the Rights, waivers or consents avoiding &ldquo;Acquiring Person&rdquo; status or certain amendments to the
Rights Agreement be approved by &ldquo;Continuing Directors&rdquo;. No other changes have been made to the terms of the Rights
or the Rights Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">Our Board of Directors believes that there
is some risk that the potential value of the <B>Mast Out</B>&reg; product development initiative is not fairly reflected in the
market price of our common stock, as it fluctuates from time to time, and that opportunistic buyers could take advantage of that
disparity to the detriment of our stockholders. If this were to happen and result in a potential threat through an unsolicited
acquisition effort or otherwise, our Board of Directors feels that the Common Stock Rights Plan could enhance stockholder value
by providing management with negotiating leverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><B>Listing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our common stock is listed on the NASDAQ Capital
Market under the symbol &ldquo;ICCC&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Transfer Agent and Registrar</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The transfer agent
and registrar for our common stock is American Stock Transfer &amp; Trust Company, LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0.5in">&nbsp;&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#toc">Table of Contents</A>&nbsp;</DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0.5in"></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal"><A NAME="a_009"></A>DESCRIPTION
OF WARRANTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>General</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">We may issue warrants to purchase common
stock.&nbsp; We may issue the warrants independently or together with any underlying securities, and the warrants may be attached
to or separate from the underlying securities.&nbsp; We may also issue a series of warrants under a separate warrant agreement
to be entered into between us and a warrant agent.&nbsp; The warrant agent will act solely as our agent in connection with the
warrants of such series and will not assume any obligation or relationship of agency for or with holders or beneficial owners of
warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following description
is a summary of selected provisions relating to the warrants that we may issue.&nbsp; The summary is not complete.&nbsp; If warrants
are offered in the future, a prospectus supplement, information incorporated by reference or a free writing prospectus, as applicable,
will explain the particular terms of those securities and the extent to which these general provisions may apply.&nbsp; The specific
terms of the warrants as described in a prospectus supplement, information incorporated by reference, or free writing prospectus
will supplement and, if applicable, may modify or replace the general terms described in this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This summary and any description
of warrants in the applicable prospectus supplement, information incorporated by reference or free writing prospectus is subject
to and is qualified in its entirety by reference to all the provisions of any specific warrant document or agreement.&nbsp; We
will file each of these documents, as applicable, with the SEC and incorporate them by reference as an exhibit to the registration
statement of which this prospectus is a part on or before the time we issue a series of warrants.&nbsp; See &ldquo;Where You Can
Find Additional Information&rdquo; and &ldquo;Incorporation of Information by Reference&rdquo; above for information on how to
obtain a copy of a warrant document when it is filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">When we refer to a series
of warrants, we mean all warrants issued as part of the same series under the applicable warrant agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Terms</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The applicable prospectus
supplement, information incorporated by reference or free writing prospectus, may describe the terms of any warrants that we may
offer, including, but not limited to, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<tr>
    <TD STYLE="width: 0.5in; padding: 0; text-align: center; vertical-align: top">&#9679;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">the title of
the warrants;</td></tr>
<TR>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&#9679;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
total number of warrants;</FONT></td></tr>
<TR>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&#9679;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
price or prices at which the warrants will be issued;</FONT></td></tr>
<TR>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&#9679;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
price or prices at which the warrants may be exercised;</FONT></td></tr>
<TR>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&#9679;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
currency or currencies that investors may use to pay for the warrants;</FONT></td></tr>
<TR>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&#9679;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">the date on which the right
to exercise the warrants will commence and the date on which the right will expire;</td></tr>
<TR>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&#9679;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-size: 10pt">whether
the warrants will be issued in registered form or bearer form;</FONT></td></tr>
<TR>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&#9679;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-size: 10pt">information
with respect to book-entry procedures, if any;</FONT></td></tr>
<TR>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&#9679;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-size: 10pt">if
applicable, the minimum or maximum amount of warrants that may be exercised at any one time;</FONT></td></tr>
<TR>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&#9679;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">if applicable, the number
of warrants issued with each underlying security;</td></tr>
<TR>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&#9679;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-size: 10pt">if
applicable, the date on and after which the warrants and the related underlying common stock will be separately transferable;</FONT></td></tr>
<TR>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&#9679;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-size: 10pt">if
applicable, a discussion of material United States federal income tax considerations;</FONT></td></tr>
<TR>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&#9679;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-size: 10pt">if
applicable, the terms of redemption of the warrants;</FONT></td></tr>
<TR>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&#9679;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">the identity of the warrant
agent, if any;</td></tr>
<TR>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&#9679;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">the procedures and conditions
relating to the exercise of the warrants; and</td></tr>
<TR>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top">&#9679;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">any other terms of the
warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants.</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 11 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#toc">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Warrant Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We may issue the warrants
in one or more series under one or more warrant agreements, each to be entered into between us and a bank, trust company or other
financial institution as warrant agent.&nbsp; We may add, replace or terminate warrant agents from time to time.&nbsp; We may also
choose to act as our own warrant agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The warrant agent under
a warrant agreement will act solely as our agent in connection with the warrants issued under that agreement.&nbsp; Any holder
of warrants may, without the consent of any other person, enforce by appropriate legal action, on its own behalf, its right to
exercise those warrants in accordance with their terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Form, Exchange and Transfer</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We may issue the warrants
in registered form or bearer form.&nbsp; Warrants issued in registered form, i.e., book-entry form, will be represented by a global
security registered in the name of a depository, which will be the holder of all the warrants represented by the global security.&nbsp;
Those investors who own beneficial interests in a global warrant will do so through participants in the depository&rsquo;s system,
and the rights of these indirect owners will be governed solely by the applicable procedures of the depository and its participants.&nbsp;
In addition, we may issue warrants in non-global form, i.e., bearer form.&nbsp; If any warrants are issued in non-global form,
warrant certificates may be exchanged for new warrant certificates of different denominations, and holders may exchange, transfer
or exercise their warrants at the warrant agent&rsquo;s office or any other office indicated in the applicable prospectus supplement,
information incorporated by reference or free writing prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Prior to the exercise
of their warrants, holders of warrants exercisable for shares of common stock will not have any rights of holders of common stock
purchasable upon such exercise and will not be entitled to dividend payments, if any, or voting rights of the common stock purchasable
upon such exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Exercise of Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A warrant will entitle
the holder to purchase for cash an amount of common stock at an exercise price that will be stated in, or that will be determinable
as described in, the applicable prospectus supplement, information incorporated by reference or free writing prospectus.&nbsp;
Warrants may be exercised at any time up to the close of business on the expiration date set forth in the applicable offering material.&nbsp;
After the close of business on the expiration date, unexercised warrants will become void.&nbsp; Warrants may be redeemed as set
forth in the applicable offering material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Warrants may be exercised
as set forth in the applicable offering material.&nbsp; Upon receipt of payment and the warrant certificate properly completed
and duly executed at the corporate trust office of the warrant agent or any other office indicated in the applicable offering material,
we will forward, as soon as practicable, the common stock purchasable upon such exercise.&nbsp; If less than all of the warrants
represented by such warrant certificate are exercised, a new warrant certificate will be issued for the remaining warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal"><A NAME="a_010"></A>DESCRIPTION
OF UNITS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We may issue units
composed of any combination of our common stock and warrants.&nbsp; We will issue each unit so that the holder of the unit is also
the holder of each security included in the unit.&nbsp; As a result, the holder of a unit will have the rights and obligations
of a holder of each included security.&nbsp; The unit agreement under which a unit is issued may provide that the securities included
in the unit may not be held or transferred separately, at any time or at any time before a specified date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following description
is a summary of selected provisions relating to units that we may offer.&nbsp; The summary is not complete.&nbsp; When units are
offered in the future, a prospectus supplement, information incorporated by reference or a free writing prospectus, as applicable,
will explain the particular terms of those securities and the extent to which these general provisions may apply.&nbsp; The specific
terms of the units as described in a prospectus supplement, information incorporated by reference, or free writing prospectus will
supplement and, if applicable, may modify or replace the general terms described in this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 12 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#toc">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This summary and any
description of units in the applicable prospectus supplement, information incorporated by reference or free writing prospectus
is subject to and is qualified in its entirety by reference to the unit agreement, collateral arrangements and depositary arrangements,
if applicable.&nbsp; We will file each of these documents, as applicable, with the SEC and incorporate them by reference as an
exhibit to the registration statement of which this prospectus is a part on or before the time we issue a series of units.&nbsp;
See &ldquo;Where You Can Find Additional Information&rdquo; and &ldquo;Incorporation of Information by Reference&rdquo; above for
information on how to obtain a copy of a document when it is filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The applicable prospectus
supplement, information incorporated by reference or free writing prospectus may describe:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<tr>
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">the designation
and terms of the units and of the securities comprising the units, including whether and under what circumstances those securities
may be held or transferred separately;</td></tr>
<TR>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">any provisions for the
issuance, payment, settlement, transfer or exchange of the units or of the securities composing the units;</td></tr>
<TR>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">whether the units will
be issued in fully registered or global form; and</td></tr>
<TR>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">any other terms of the
units.</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The applicable provisions
described in this section, as well as those described under &ldquo;Description of Common Stock&rdquo; and &ldquo;Description of
Warrants&rdquo; above, will apply to each unit and to each security included in each unit, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal"><A NAME="a_011"></A>USE
OF PROCEEDS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated
in the applicable prospectus supplement, information incorporated by reference or free writing prospectus, we intend to use the
net proceeds from the sale of securities to fund our growth plans, for working capital, and for other general corporate purposes,
including capital expenditures related to our growth. More specifically, without limiting the foregoing in any way, we anticipate
that a primary use of the net proceeds would be to fund a significant portion of the cost of building and equipping a pharmaceutical
plant to produce our Drug Substance (which is the Active Pharmaceutical Ingredient, Nisin) for <B>Mast Out</B>&reg;. This would
help us fulfill the manufacturing objectives required to complete the New Animal Drug Application for <B>Mast Out</B>&reg; with
the FDA and build inventory for commercial launch.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal"><A NAME="a_012"></A>PLAN
OF DISTRIBUTION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We may sell the
securities offered by this prospectus from time to time in one or more transactions, including, without limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<tr>
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">through agents;</td></tr>
<TR>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">to or through underwriters;</td></tr>
<TR>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">through broker-dealers
(acting as agent or principal);</td></tr>
<TR>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-size: 10pt">directly
by us to purchasers (including our affiliates and shareholders), through a specific bidding or auction process, a rights offering
or otherwise;</FONT></td></tr>
<TR>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">through a combination of
any such methods of sale; or</td></tr>
<TR>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">through any other methods
described in a prospectus supplement.</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#toc">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The distribution
of securities may be effected, from time to time, in one or more transactions, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<tr>
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">block transactions
(which may involve crosses) and transactions on the NASDAQ Capital Market or any other organized market where the securities may
be traded;</td></tr>
<TR>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-size: 10pt">purchases
by a broker-dealer as principal and resale by the broker-dealer for its own account pursuant to a prospectus supplement;</FONT></td></tr>
<TR>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">ordinary brokerage transactions
and transactions in which a broker-dealer solicits purchasers;</td></tr>
<TR>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">sales &ldquo;at the market&rdquo;
to or through a market maker or into an existing trading market, on an exchange or otherwise; and</td></tr>
<TR>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-indent: 0; text-align: center; vertical-align: top">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">sales in other ways not
involving market makers or established trading markets, including direct sales to purchasers.</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">The securities may
be sold at a fixed price or prices, which may be changed, or at market prices prevailing at the time of sale, at prices relating
to the prevailing market prices or at negotiated prices.&nbsp; The consideration may be cash or another form negotiated by the
parties.&nbsp; Agents, underwriters or broker-dealers may be paid compensation for offering and selling the securities.&nbsp; That
compensation may be in the form of discounts, concessions or commissions to be received from us or from the purchasers of the securities.&nbsp;
Dealers and agents participating in the distribution of the securities may be deemed to be underwriters, and compensation received
by them on resale of the securities may be deemed to be underwriting discounts and commissions under the Securities Act.&nbsp;
If such dealers or agents were deemed to be underwriters, they may be subject to statutory liabilities under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">We may also make direct
sales through subscription rights distributed to our existing shareholders on a pro rata basis, which may or may not be transferable.&nbsp;
In any distribution of subscription rights to our shareholders, if all of the underlying securities are not subscribed for, we
may then sell the unsubscribed securities directly to third parties or may engage the services of one or more underwriters, dealers
or agents, including standby underwriters, to sell the unsubscribed securities to third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Some of the securities
that we offer through this prospectus may be new issues of securities with no established trading market.&nbsp; Any underwriters
to whom we sell our securities for public offering and sale may make a market in those securities, but they will not be obligated
to do so and they may discontinue any market making at any time without notice.&nbsp; Accordingly, we cannot assure you of the
liquidity of, or continued trading markets for, any securities that we offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Agents may, from time
to time, solicit offers to purchase the securities.&nbsp; If required, we will name in the applicable prospectus supplement, document
incorporated by reference or free writing prospectus, as applicable, any agent involved in the offer or sale of the securities
and set forth any compensation payable to the agent.&nbsp; Unless otherwise indicated, any agent will be acting on a best efforts
basis for the period of its appointment.&nbsp; Any agent selling the securities covered by this prospectus may be deemed to be
an underwriter of the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If underwriters are
used in an offering, securities will be acquired by the underwriters for their own account and may be resold, from time to time,
in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined
at the time of sale, or under delayed delivery contracts or other contractual commitments.&nbsp; Securities may be offered to the
public either through underwriting syndicates represented by one or more managing underwriters or directly by one or more firms
acting as underwriters.&nbsp; If an underwriter or underwriters are used in the sale of securities, an underwriting agreement will
be executed with the underwriter or underwriters at the time an agreement for the sale is reached.&nbsp; The applicable prospectus
supplement will set forth the managing underwriter or underwriters, as well as any other underwriter or underwriters, with respect
to a particular underwritten offering of securities, and will set forth the terms of the transactions, including compensation of
the underwriters and dealers and the public offering price, if applicable.&nbsp; This prospectus, the applicable prospectus supplement
and any applicable free writing prospectus will be used by the underwriters to resell the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If a dealer is used
in the sale of the securities, we, or an underwriter, will sell the securities to the dealer, as principal.&nbsp; The dealer may
then resell the securities to the public at varying prices to be determined by the dealer at the time of resale.&nbsp; To the extent
required, we will set forth in the prospectus supplement, document incorporated by reference or free writing prospectus, as applicable,
the name of the dealer and the terms of the transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#toc">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We may directly solicit
offers to purchase the securities and may make sales of securities directly to institutional investors or others.&nbsp; These persons
may be deemed to be underwriters with respect to any resale of the securities.&nbsp; To the extent required, the prospectus supplement,
document incorporated by reference or free writing prospectus, as applicable, will describe the terms of any such sales, including
the terms of any bidding or auction process, if used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Agents, underwriters
and dealers may be entitled under agreements which may be entered into with us to indemnification by us against specified liabilities,
including liabilities incurred under the Securities Act, or to contribution by us to payments they may be required to make in respect
of such liabilities.&nbsp; If required, the prospectus supplement, documents incorporated by reference or free writing prospectus,
as applicable, will describe the terms and conditions of such indemnification or contribution.&nbsp; Some of the agents, underwriters
or dealers, or their affiliates may be customers of, engage in transactions with or perform services for us or our subsidiaries
or affiliates in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under the securities
laws of some states, the securities offered by this prospectus may be sold in those states only through registered or licensed
brokers or dealers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Any person participating
in the distribution of common stock registered under the registration statement that includes this prospectus will be subject to
applicable provisions of the Exchange Act, and the applicable SEC rules and regulations, including, among others, Regulation M,
which may limit the timing of purchases and sales of any of our common stock by any such person.&nbsp; Furthermore, Regulation
M may restrict the ability of any person engaged in the distribution of our common stock to engage in market-making activities
with respect to our common stock.&nbsp; These restrictions may affect the marketability of our common stock and the ability of
any person or entity to engage in market-making activities with respect to our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Certain persons participating
in an offering may engage in over-allotment, stabilizing transactions, short-covering transactions and penalty bids in accordance
with Regulation M under the Exchange Act that stabilize, maintain or otherwise affect the price of the offered securities.&nbsp;
If any such activities will occur, they will be described in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In compliance with
the guidelines of the Financial Industry Regulatory Authority (&ldquo;FINRA&rdquo;), the aggregate maximum discount, commission
or agency fees or other items constituting underwriting compensation to be received by any FINRA member or independent broker-dealer
will not exceed 8% of any offering pursuant to this prospectus and any applicable prospectus supplement, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If more than 10% of
the net proceeds of any offering of securities made under this prospectus will be received by FINRA members participating in the
offering or affiliates or associated persons of such FINRA members, the offering will be conducted in accordance with FINRA Conduct
Rule 5110(h).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">So long as the aggregate
market value of our common equity held by non-affiliates is less than $75,000,000.00 and so long as required by the rules of the
SEC, the amount of securities we may offer hereunder will be limited such that the aggregate market value of securities sold by
us during a period of 12 calendar months cannot exceed one-third of the aggregate market value of the common equity held by non-affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">To the extent required,
this prospectus may be amended or supplemented from time to time to describe a specific plan of distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#toc">Table of Contents</A>&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal"><A NAME="a_013"></A>LEGAL
MATTERS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pierce Atwood LLP will
pass upon legal matters in connection with the validity of the securities offered hereby for us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal"><A NAME="a_014"></A>EXPERTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The financial statements
incorporated in this Prospectus by reference to the Annual Report on Form 10-K for the year ended December 31, 2014 have been audited
by Baker Newman &amp; Noyes LLC, an independent registered public accounting firm, as stated in their reports incorporated by reference
herein, and have been so incorporated in reliance upon such reports and upon the authority of such firm as experts in accounting
and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal"><A NAME="a_015"></A>INTERESTS
OF NAMED EXPERTS AND COUNSEL</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">No expert or counsel named
in this prospectus as having prepared or certified any part of this prospectus or having given an opinion upon the validity of
the securities being registered or upon other legal matters in connection with the registration or offering of the securities
was employed on a contingency basis, or had, or is to receive, in connection with the offering, a substantial interest, direct
or indirect, in the registrant. Nor was any such person connected with the registrant as a promoter, managing or principal underwriter,
voting trustee, director, officer, or employee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#toc">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PART
II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">INFORMATION
NOT REQUIRED IN PROSPECTUS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
    14.</FONT></TD>
    <TD STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
    Expenses of Issuance and Distribution</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
estimated expenses payable by the registrant in connection with the issuance and distribution of the securities being registered
are as follows:&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">SEC Registration Fee</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,007.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Legal Fees and Expenses*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">50,000.00</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Accounting Fees and Expenses*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">50,000.00</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Miscellaneous Fees and Expenses*</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10,000.00</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt">TOTAL:</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">111,007.00</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="width: 98%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Estimated
    solely for the purposes of this Item.&nbsp; Actual expenses may vary.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
    15.</FONT></TD>
    <TD STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indemnification
    of Directors and Officers</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
are incorporated in Delaware and consequently are subject to the Delaware General Corporation Law (the &ldquo;DGCL&rdquo;). Section
145 of the DGCL provides a detailed statutory framework covering indemnification of directors and officers who have been or are
threatened to be or have been made defendants in legal proceedings by reason of their service as directors or officers. Our bylaws
provide, in effect, that we shall indemnify our directors and officers to the maximum extent permitted by Delaware law. Article
V, Sections 1 through 9 of our bylaws provide as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Section
1. Actions other than by or in the Right of the Corporation. The corporation shall indemnify any person who was or is a party
or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that he is
or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a
director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses
(including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in
connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not
opposed to the best interests of the corporation, and, with respect to any criminal action or proceedings, had no reasonable cause
to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction,
or upon a plea of NOLO CONTENDERE or its equivalent, shall not, of itself, create a presumption that the person did not act in
good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and,
with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
2. Actions by or in the Right of the Corporation. The corporation shall indemnify any person who was or is a party or is threatened
to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment
in his favor by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving
at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture,
trust or other enterprise against expenses (including attorney&rsquo;s fees) actually and reasonably incurred by him in connection
with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in
or not opposed to the best interests of the corporation and except that no indemnification shall be made in respect of any claim,
issue or matter as to which such person shall have been adjudged to be liable unless and only to the extent that the Court of
Chancery of the State of Delaware or the court in which such action or suit was brought shall determine upon application that,
despite the adjudication of liability but in view of all the circumstances for the case, such person is fairly and reasonably
entitled to indemnity for such expenses which the Court of Chancery of the State of Delaware or such other court shall deem proper.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
3. Success on the Merits. To the extent that any person described in Section 1 or 2 of this Article V has been successful on the
merits or otherwise in defense of any action, suit or proceeding referred to in said Sections, or in defense of any claim, issue
or matter therein, he shall be indemnified against expenses (including attorneys&rsquo; fees) actually and reasonably incurred
by him in connection therewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
4. Specific Authorization. Any indemnification under Section 1 or 2 of this Article V (unless ordered by a court) shall be made
by the corporation only as authorized in the specific case upon a determination that indemnification of any person described in
said Sections is proper in the circumstances because he has met the applicable standard of conduct set forth in said Sections.
Such determination shall be made (1) by the Board of Directors by a majority vote of a quorum consisting of directors who were
not parties to such action, suit or proceeding, or (2) if such a quorum is not obtainable, or even if obtainable a quorum of disinterested
directors so directs, by independent legal counsel in a written opinion, or (3) by the stockholders to the corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
5. Advance Payment. Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid by the corporation
in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of any person
described in said Section to repay such amount if it shall ultimately be determined that he is not entitled to indemnification
by the corporation as authorized in this Article V.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
6. Non-Exclusivity. The indemnification and advancement of expenses provided by, or granted pursuant to, the other Sections of
this Article V shall not be deemed exclusive of any other rights to which those provided indemnification or advancement of expenses
may be entitled under any By-law, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in
his official capacity and as to action in another capacity while holding such office.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
7. Insurance. The Board of Directors may authorize, by a vote of the majority of the full board, the corporation to purchase and
maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or was
serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise against any liability asserted against him and incurred by him in any such capacity, or arising
out of his status as such, whether or not the corporation would have the power to indemnify him against such liability under the
provisions of this Article V.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
8. Continuation of Indemnification and Advancement of Expenses. The indemnification and advancement of expenses provided by, or
granted pursuant to, this Article V shall continue as to a person who has ceased to be a director, officer, employee or agent
and shall inure to the benefit of the heirs, executors and administrators of such a person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
9. Intent of Article. The intent of this Article V is to provide for indemnification and advancement of expenses to the fullest
extent permitted by Section 145 of the General Corporation Law of Delaware. To the extent that such Section or any successor action
may be amended or supplemented from time to time, this Article V shall be amended automatically and construed so as to permit
indemnification and advancement of expenses to the fullest extent from time to time permitted by law.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Reference
is made to Article Eighth of our certificate of incorporation, which provides as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;EIGHTH.
A director of the corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach
of fiduciary duty as a director, except for liability (i) for any breach of the director&rsquo;s duty of loyalty to the corporation
or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation
of law, (iii) under Section 174 of the General Corporation Law of Delaware, or (iv) for any transaction from which the director
derived an improper personal benefit. In addition to and not in limitation of the foregoing, a director of the corporation shall
not be liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director to the fullest
extent provided by the General Corporation Law of Delaware as the same may hereafter be amended.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Reference
is also made to Section 145 of the DGCL, which provides as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action
by or in the right of the corporation) by reason of the fact that the person is or was a director, officer, employee or agent
of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys&rsquo; fees), judgments,
fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding
if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests
of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the person&rsquo;s
conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a
plea of NOLO CONTENDERE or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith
and in a manner which the person reasonably believed to be in or not opposed to the best interests of the corporation, and, with
respect to any criminal action or proceeding, had reasonable cause to believe that the person&rsquo;s conduct was unlawful.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened,
pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the
fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request
of the corporation, as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise against expenses (including attorneys&rsquo; fees) actually and reasonably incurred by the person in connection with
the defense or settlement of such action or suit if the person acted in good faith and in a manner he reasonably believed to be
in or not opposed to the best interests of the corporation and except that no indemnification shall be made in respect of any
claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the
extent that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that,
despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled
to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that a present or former director or officer of a corporation has been successful on the merits or otherwise in defense
of any action, suit or proceeding referred to in subsections (a) and (b) of this section, or in defense of any claim, issue or
matter therein, such person shall be indemnified against expenses (including attorneys&rsquo; fees) actually and reasonably incurred
by such person in connection therewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
indemnification under subsections (a) and (b) of this section (unless ordered by a court) shall be made by the corporation only
as authorized in the specific case upon a determination that indemnification of the director, officer, employee or agent is proper
in the circumstances because the person has met the applicable standard of conduct set forth in subsections (a) and (b) of this
section. Such determination shall be made with respect to a person who is a director or officer at the time of such determination
(1) by a majority vote of the directors who are not parties to such action, suit or proceeding, even though less than a quorum,
or (2) by a committee of such directors designated by majority vote of such directors, even though less than a quorum, or (3)
if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion, or (4) by the
stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses
(including attorneys&rsquo; fees) incurred by an officer or director in defending any civil, administrative or investigative action,
suit or proceeding, may be paid by the corporation in advance of the final disposition of such action, suit or proceeding upon
receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined
that such person is not entitled to be indemnified by the corporation as authorized in this section. Such expenses (including
attorneys&rsquo; fees) incurred by former directors and officers or other employees and agents may be so paid upon such terms
and conditions, if any, as the corporation deems appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indemnification and advancement of expenses provided by, or granted pursuant to, the other subsections of this section shall not
be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under
any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person&rsquo;s official
capacity and as to action in another capacity while holding such office.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee
or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent
of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person
and incurred by such person in any such capacity, or arising out of such person&rsquo;s status as such, whether or not the corporation
would have the power to indemnify him against such liability under this section.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this section, references to &ldquo;the corporation&rdquo; shall include, in addition to the resulting corporation,
any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate
existence had continued, would have had power and authority to indemnify its directors, officers, and employees or agents, so
that any person who is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at
the request of such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise, shall stand in the same position under this section with respect to the resulting or surviving
corporation as such person would have with respect to such constituent corporation if its separate existence had continued.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this section, references to &ldquo;other enterprises&rdquo; shall include employee benefit plans; references to &ldquo;fines&rdquo;
shall include any excise taxes assessed on a person with respect to any employee benefit plans; and references to &ldquo;serving
at the request of the corporation&rdquo; shall include any service as a director, officer, employee or agent of the corporation
which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit
plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he reasonably believed to be in
the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner &ldquo;not
opposed to the best interests of the corporation&rdquo; as referred to in this section.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indemnification and advancement of expenses provided by, or granted pursuant to, this section shall, unless otherwise provided
when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure
to the benefit of the heirs, executors and administrators of such a person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Court of Chancery is hereby vested with exclusive jurisdiction to hear and determine all actions for advancement of expenses or
indemnification brought under this section or under any bylaw, agreement, vote of stockholders or disinterested directors, or
otherwise. The Court of Chancery may summarily determine a corporation&rsquo;s obligation to advance expenses (including attorneys&rsquo;
fees).&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 24.5pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
permitted by the bylaws, we also presently maintain a policy of directors&rsquo; and officers&rsquo; liability insurance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have also entered into an indemnification agreement (the &ldquo;Indemnification Agreement&rdquo;) with each of our directors and
executive officers which is intended to complement the indemnity and protection available under our certificate of incorporation
and bylaws and the directors&rsquo; and officers&rsquo; liability insurance policy maintained by us, and to provide for indemnification
of directors and officers to the fullest extent permitted by applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">While
our bylaws provide, in effect, that we shall indemnify directors and officers to the maximum extent permitted by Delaware law,
the Indemnification Agreement provides a number of procedures, presumptions and remedies used in the determination of the right
of the director or officer to indemnification. These procedures, presumptions and remedies substantially broaden the indemnity
rights of directors and officers beyond those expressly contained in the bylaws and in Section 145 of the DGCL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Indemnification Agreement provides that we will pay certain expenses incurred by a director or officer in connection with any
threatened, pending or completed action, suit, arbitration or proceeding, whether civil, criminal, administrative, or investigative,
and specifically including actions by or in our name (&ldquo;derivative suits&rdquo;), where the individual&rsquo;s involvement
is by reason of the fact that he or she is or was a director or officer. Such amounts include attorneys&rsquo; fees and other
expenses customarily incurred in connection with legal proceedings and, in the case of proceedings other than derivative suits,
judgments, fines and amounts paid in settlement. Indemnification would be available for actions, suits, arbitrations or proceedings
commenced after the effective date of the Indemnification Agreement. A director or officer will not receive indemnification if
the director or officer is found not to have acted in good faith and in a manner he reasonably believed to be in or not opposed
to our best interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Indemnification Agreement further provides that if an action against an indemnified party is dismissed, with or without prejudice,
the defense is deemed to have been successful and indemnification is required to be made. The Indemnification Agreement also provides
that litigation expenses must be advanced within twenty days of any request, against an undertaking to repay if the payee is ultimately
determined not be entitled to indemnification. A determination of entitlement must be made within sixty days of an indemnification
request, and payment is to be made within ten days after a favorable determination. (Otherwise a determination in favor of the
indemnified party is deemed to have been made.) If there is a change in control of the Company (as defined in the Indemnification
Agreement), the indemnified party is presumed to be entitled to indemnification (although the Company may overcome this presumption),
and the indemnified party may require that independent counsel (as defined in the Indemnification Agreement) make the determination
of entitlement and may choose such counsel, subject to objection by us on limited grounds specified in the Indemnification Agreement.
If a determination of entitlement is made, we are bound, but if the indemnified party is denied indemnification pursuant to the
terms of the Indemnification Agreement, he or she is entitled to seek a de novo determination from a court. The indemnified party
is entitled to enforce the Indemnification Agreement in court and we are precluded from challenging the validity of the procedures
and presumptions contained in the Indemnification Agreement.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
    16.</FONT></TD>
    <TD STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibits</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; line-height: 115%; border-bottom: Black 1.5pt solid; text-indent: 0pt; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit Number</B></FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; border-bottom: Black 1.5pt solid; text-indent: 0pt; text-align: justify; vertical-align: bottom; width: 90%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.1*</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form of Underwriting Agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.1 </FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 of the Company&rsquo;s 1987 Registration Statement No. 33-12722 on Form S-1 as filed with the SEC). </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.2</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certificate
of Amendment to the Company&rsquo;s Certificate of Incorporation effective July 23, 1990 (incorporated by reference to Exhibit
3.2 of the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2008). </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.3</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certificate
of Amendment to the Company&rsquo;s Certificate of Incorporation effective August 24, 1992 (incorporated by reference to Exhibit
3.3 of the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2008). </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.4 </FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bylaws of the Company as amended (incorporated by reference to Exhibit 3.4 of the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2008). </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.1 </FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rights Agreement dated as of September 5, 1995, between the Company and American Stock Transfer and Trust Co., as Rights Agent, which includes as Exhibit A thereto the form of Right Certificate and as Exhibit B thereto the Summary of Rights to Purchase Common Stock (incorporated by reference to Exhibit 4.1 to the Company&rsquo;s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2009).</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.1A </FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">First Amendment to Rights Agreement dated as of June 30, 2005 (incorporated by reference to Exhibit 4.1A of the Company&rsquo;s Current Report on Form 8-K filed on July 5, 2005). </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.1B</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second
Amendment to Rights Agreement dated as of June 30, 2008 (incorporated by reference to Exhibit 4.1A of the Company&rsquo;s Annual
Report on Form 10-K for the year ended December 31, 2008). </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.1C </FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Third Amendment to Rights Agreement dated as of August 9, 2011 (incorporated by reference to Exhibit 4.1 of the Company&rsquo;s Quarterly Report on Form 10-Q for the three-month period ended June 30, 2011). </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.1D</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fourth Amendment to Rights Agreement dated as of June 16, 2014 (incorporated by reference to Exhibit 4.1D of the Company&rsquo;s Current Report on Form 8-K filed on June 17, 2014). </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.1E</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amendment to Rights Agreement dated as of April 15, 2015 (incorporated by reference to Exhibit 4.1 of the Company&rsquo;s Quarterly Report on Form 10-Q for the three-month period ended March 31, 2015).</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.2*</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form of Specimen Common Stock Certificate</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.3*</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form of Warrant Agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.4*</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form of Warrant Certificate</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.1</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Opinion of Pierce Atwood LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.1+</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form
of Indemnification Agreement (updated) entered into with each of the Company&rsquo;s Directors and Officers (incorporated by reference
to Exhibit 10.3A to the Company&rsquo;s Annual Report on Form 10-KSB for the year ended December 31, 2006). </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.2+</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2000
Stock Option and Incentive Plan of the Company (incorporated by reference to Exhibit 10.6 of the Company&rsquo;s Annual Report
on Form 10-K for the year ended December 31, 2008). </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.3+ </FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form of Incentive Stock Option Agreement (incorporated by reference to Exhibit 10.7 of the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2008). </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.4+ </FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amendment to Employment Agreement between the Company and Michael F. Brigham dated March 26, 2010 (incorporated by reference to Exhibit 10.6 of the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2009). </FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0pt; padding-right: 0pt; border-bottom: Black 1.5pt solid; padding-left: 0pt; line-height: 115%; text-indent: 0pt; width: 8%"><B>Exhibit Number</B></TD>
    <TD STYLE="padding: 0pt 0pt 1.5pt; text-indent: 0pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; padding-right: 0pt; border-bottom: Black 1.5pt solid; padding-left: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify; vertical-align: bottom; width: 90%"><B>Exhibit Description</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.5+ </FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amendment to Employment Agreement between the Company and Joseph H. Crabb dated March 26, 2010 (incorporated by reference to Exhibit 10.7 of the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2009). </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.6+ </FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2010 Stock Option and Incentive Plan of the Company (incorporated by reference to Exhibit 10.6 of the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2010). </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.7+</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form
of Incentive Stock Option Agreement (incorporated by reference to Exhibit 10.7 of the Company&rsquo;s Annual Report on Form 10-K
for the year ended December 31, 2010). </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.8</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Commercial
Promissory Note for $1,000,000 between the Company and TD Bank, N.A. dated August 13, 2010 (incorporated by reference to Exhibit
10.2 of the Company&rsquo;s Quarterly Report on Form 10-Q for the three-month period ended June 30, 2010). </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.9</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Line of Credit Agreement and Promissory Note for up to $500,000 between the Company and TD Bank, N.A. dated August 13, 2010 (incorporated by reference to Exhibit 10.4 of the Company&rsquo;s Quarterly Report on Form 10-Q for the three-month period ended June 30, 2010). </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.10<SUP>(1)
    </SUP></FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loan Agreement between the Company and TD Bank, N.A. dated August 13, 2010 (incorporated by reference to Exhibit 10.5 of the Company&rsquo;s Quarterly Report on Form 10-Q for the three-month period ended June 30, 2010). </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.11<SUP>(1)
    </SUP></FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Contract Manufacture Agreement between the Company and Norbrook Laboratories Limited dated as of September 27, 2010 (incorporated by reference to Exhibit 10.1 of the Company&rsquo;s Quarterly Report on Form 10-Q for the three-month period ended September 30, 2010). </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.12</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mortgage Loan Note for $2,500,000 between the Company and TD Bank, N.A., dated September 21, 2015 (incorporated by reference to Exhibit 99.1 of the Company&rsquo;s Current Report on Form 8-K filed on September 24, 2015).</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.13</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amended and Restated Loan Agreement between the Company and TD Bank, N.A., dated September 21, 2015 (incorporated by reference to Exhibit 99.2 of the Company&rsquo;s Current Report on Form 8-K filed on September 24, 2015).</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14 </FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Code of Business Conduct and Ethics (incorporated by reference to Exhibit 14 of the Company&rsquo;s Current Report on Form 8-K filed on March 20, 2014). </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23.1</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consent of Pierce Atwood LLP (included in Exhibit 5.1).</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23.2 </FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consent of Baker Newman &amp; Noyes, LLC.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24.1</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Power of Attorney (See signature page).</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">* To the
extent applicable, to be filed by an amendment or as an exhibit to a document filed under the Securities Exchange Act, and incorporated
by reference herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">+Management
contract or compensatory plan or arrangement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>(1)
</SUP>Confidential treatment as to certain portions has been requested, which portions have been omitted and filed separately
with the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
    17.</FONT></TD>
    <TD STYLE="width: 92%; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Undertakings</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To file, during any period in which offers or sales are being made, a post-effective amendment to
this registration statement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;To include any prospectus required by section 10(a)(3) of the Securities Act of 1933.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would
not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration
Fee&rdquo; table in the effective registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Provided,
however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) above do not apply if the registration statement is on Form S-3
or Form F-3 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports
filed with or furnished to the Commission by the Registrant pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant
to Rule 424(b) that is part of the registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
That, for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp; That, for the purpose of determining liability under the Securities Act
of 1933 to any purchaser:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the registrant is relying on Rule 430B:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 144pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 144pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the
date the filed prospectus was deemed part of and included in the registration statement; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 144pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 144pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on
Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information
required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement
as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale
of securities in the offering described in the prospectus.&nbsp; As provided in Rule 430B, for liability purposes of the issuer
and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement
relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.&nbsp; Provided, however, that no statement made in
a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed
incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to
a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the
registration statement or prospectus that was part of the registration statement or made in any such document immediately prior
to such effective date; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; If the registrant is subject to Rule 430C, each prospectus filed pursuant to
Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B
or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement
as of the date it is first used after effectiveness.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Provided,
however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in
a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the
registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any
statement that was made in the registration statement or prospectus that was part of the registration statement or made in any
such document immediately prior to such date of first use.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining liability of the registrant under the
Securities Act of 1933 to any purchaser in the initial distribution of the securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or
sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser
and will be considered to offer or sell such securities to such purchaser:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;Any preliminary prospectus or prospectus of the undersigned registrant relating to the
offering required to be filed pursuant to Rule 424;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;Any free writing prospectus relating to the offering prepared by or on behalf
of the undersigned registrant or used or referred to by the undersigned registrant;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The portion of any other free writing prospectus relating to the offering
containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned
registrant; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any other communication that is an offer in the offering made by the undersigned registrant to the
purchaser.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each
filing of the registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934
(and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, the
information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained
in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act of 1933 shall
be deemed to be part of this registration statement as of the time it was declared effective.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes that, for the purpose of determining any liability under the Securities Act of 1933,
each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the provisions described in Item 15 above, or otherwise, the registrant has been advised
that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable.&nbsp; In the event that a claim for indemnification against such liabilities (other than
the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Act and will be governed by the final adjudication of such issue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SIGNATURES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on Form S-3 and has duly caused this Registration Statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of Portland, State of Maine on October 27, 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>IMMUCELL
    CORPORATION</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 36%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Michael F. Brigham</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michael F. Brigham</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">President, Chief
    Executive Officer and Treasurer</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">POWER
OF ATTORNEY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Michael F. Brigham his
true and lawful attorney-in-fact and agent with full power of substitution, for him/her and in his/her name, place and stead,
in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement,
and to sign any registration statement for the same offering covered by this registration statement that is to be effective upon
filing pursuant to Rule 462(b) promulgated under the Securities Act of 1933, as amended, and all post-effective amendments thereto,
and to file the same, with all exhibits thereto and all documents in connection therewith, with the Securities and Exchange Commission,
granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite
and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person,
hereby ratifying and confirming that said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause
to be done by virtue hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons
in the capacities and on the dates indicated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dated:&nbsp;
    October 27, 2015</FONT></TD>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Michael F. Brigham</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michael F. Brigham</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">President, Chief
    Executive Officer, Treasurer and Director</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Principal Executive
Officer and Principal Financial and Accounting Officer)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dated:&nbsp; October
    27, 2015</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Joseph H. Crabb</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Joseph H. Crabb,
    Vice President and Chief Scientific Officer and Director</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dated:&nbsp; October
    27, 2015</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    David S. Cunningham</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">David S. Cunningham,
    Director</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dated:&nbsp; October
    27, 2015</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Linda Rhodes</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Linda Rhodes,&nbsp;Director</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dated:&nbsp; October
    27, 2015</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Jonathan E. Rothschild</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jonathan E. Rothschild,
    Director</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dated:&nbsp; October
    27, 2015</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    David S. Tomsche</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">David S. Tomsche,
    Director</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dated:&nbsp; October
    27, 2015</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Paul R. Wainman</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Paul R. Wainman,
    Director</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ImmuCell
Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXHIBIT
INDEX</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: middle; background-color: rgb(204,238,255)">
    <TD STYLE="width: 10%">Exhibit 5.1</TD>
    <TD STYLE="width: 90%">Opinion of Pierce Atwood LLP</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle; background-color: rgb(204,238,255)">
    <TD>Exhibit 23.1</TD>
    <TD>Consent of Pierce Atwood LLP (included in Exhibit 5.1)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: middle">Exhibit 23.2</TD>
    <TD STYLE="vertical-align: bottom">Consent of Baker Newman &amp; Noyes, LLC&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;II-11</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ImmuCell
Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXHIBIT
5.1</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>OPINION
OF PIERCE ATWOOD LLP</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">October
27, 2015</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ImmuCell
Corporation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">56 Evergreen
Drive</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Portland,
ME 04103</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RE:&#9;<U>Registration
Statement on Form S-3</U></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
opinion is furnished to you in connection with the Registration Statement on Form S-3 (as amended from time to time, and including
the form of prospectus contained therein and any prospectus supplement thereto, the &ldquo;Registration Statement&rdquo;) being
filed by ImmuCell Corporation, a Delaware corporation (the &ldquo;Company&rdquo;), with the Securities and Exchange Commission
(the &ldquo;Commission&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), with respect to
the following securities of the Company, all of which may be issued from time to time on a delayed or continuous basis pursuant
to Rule 415 under the Securities Act at an aggregate initial offering price not to exceed $10,000,000:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common
stock (&ldquo;Common Stock&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;warrants
to purchase Common Stock (the &ldquo;Warrants&rdquo;); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;units
comprised of Common Stock, Warrants or a combination thereof (&ldquo;Units&rdquo;)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Common Stock, Warrants and Units are hereinafter collectively referred to as the &ldquo;Securities.&rdquo; The Securities may
be issued and sold or delivered from time to time as set forth in the Registration Statement, any amendment thereto, the prospectus
contained therein (the &ldquo;Prospectus&rdquo;) and any supplements thereto (each, a &ldquo;Prospectus Supplement&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Securities may be issued pursuant to one or more underwriting agreements, purchase agreements, subscription agreements or similar
agreements between the Company and the underwriters or purchasers to be named in such agreements (collectively, the &ldquo;Purchase
Agreements&rdquo;). The Warrants, either individually or in combination with Common Stock, may be issued under a separate warrant
agency agreement (a &ldquo;Warrant Agreement&rdquo;) to be entered into between the Company and one or more entities acting as
warrant agent. The Units may be issued under a unit agreement (the &ldquo;Unit Agreement) between the Company and a unit agent
to be specified therein. The Warrant Agreement, the Unit Agreement and any Purchase Agreement are referred to herein collectively
as &ldquo;Related Agreements&rdquo;.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have examined the Registration Statement, including the exhibits thereto, and such other documents, corporate records and instruments,
and such laws and regulations, as we have deemed necessary for purposes of rendering the opinions set forth herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
our examination of such legal documents, we have assumed the genuineness of all signatures, the legal capacity of all signatories
who are natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents
of all documents submitted to us as copies and the authenticity of such later documents. Insofar as this opinion relates to factual
matters, we have assumed with your permission and without independent investigation that the statements of the Company contained
in the Registration Statement are true and correct as to all factual matters stated therein.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have relied as to certain matters on information obtained from public officials, officers of the Company, and other sources believed
by us to be reliable.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
opinions expressed herein are based on the following assumptions:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at or prior to the time of the delivery of the Securities, the Registration Statement, including all necessary post-effective
amendments, will have become effective under the Securities Act and such effectiveness will not have been terminated or rescinded;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an appropriate Prospectus Supplement with respect to any offered Securities will have been prepared and filed in compliance with
the Securities Act and the applicable rules and regulations thereunder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Securities will be offered, issued and sold in compliance with applicable United States Federal and state securities laws
and in the manner stated in the Registration Statement, the Prospectus and the appropriate Prospectus Supplement with respect
to the Securities to be offered in the future;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the offered Securities are to be sold pursuant to a definitive Purchase Agreement, such agreement will have been duly authorized,
executed and delivered by the Company and the other parties thereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at the time of any offering or sale of any Warrants or Units including Warrants and, as of the date of issuance, of any Common
Stock issuable upon exercise of any Warrants there will be sufficient Common Stock authorized and unissued under the Company&rsquo;s
then operative constating documents and not otherwise reserved for issuance;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at the time of issuance and sale of any Common Stock, a sufficient number of shares of Common Stock is authorized and reserved
or available for issuance and that prior to any offering and sale of Common Stock or Warrants, the Company&rsquo;s board of directors
(&ldquo;Board&rdquo;) will duly authorize the price at which Common Stock is to be issued and sold;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any Common Stock issuable upon exercise of offered Warrants will have been duly authorized, created and reserved for issuance
upon such exercise;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at the time of the issuance of any Securities, the Company validly exists and is duly qualified and in good standing under the
laws of its jurisdiction of incorporation and has the necessary corporate power and authority to issue such Securities and to
execute and deliver any applicable Related Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any applicable Related Agreement will have been duly authorized, executed and delivered by the parties thereto (other than the
Company), as applicable, and will constitute legally valid and binding obligations of the parties thereto (other than the Company),
enforceable against each of them in accordance with its terms;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the terms of the offered Securities and of their issuance and sale have been duly established in conformity with the Company&rsquo;s
constating documents, so as not to violate any applicable law or Related Agreement, or result in a default under or breach of
any agreement or instrument binding upon the Company, and so as to comply with any requirement or restriction imposed by any court
or governmental body having jurisdiction over the Company and the parties (other than the Company) to a Related Agreement, as
applicable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Board will have taken all necessary corporate action, including the adoption of a resolution or resolutions of the Board in
form and content as required by applicable law, to approve the issuance and terms of the offered Securities, the consideration
to be received therefor, the applicable Related Agreements, if any, and the execution thereof, and related matters (the &ldquo;Authorization&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company will have received the agreed upon consideration for the issuance of the offered Securities and such Securities will
have been delivered by or on behalf of the Company against payment therefor; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the offered Securities will have been duly authorized, established, certified, executed, delivered, countersigned and registered,
as applicable, in accordance with the provisions of the Company&rsquo;s constating documents, applicable law, applicable Related
Agreements, if any, and the Authorization.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
express no opinion with respect to the applicability of any law other than the state laws of the State of Delaware, the state
laws of the State of New York (insofar as the Warrants are governed by New York law) and United States Federal laws. To the extent
that any applicable document states that it is governed by the laws of another jurisdiction, we have assumed for purposes of this
opinion that the laws of such jurisdiction are identical to the state laws of the State of Maine. We are expressing no opinion
herein as to the application of or compliance with any federal or state law or regulation to the power, authority or competence
of any party to any Related Agreements other than the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
opinions set forth below are qualified to the extent that they may be subject to or affected by (a) applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance or similar laws relating to or affecting the rights of creditors generally,
(b) statutory or decisional law concerning recourse by creditors to security in the absence of notice or hearing, (c) duties and
standards imposed on creditors or parties to contract, including, without limitation, requirements of good faith, reasonableness
and fair dealing, and (d) general equitable principles. We express no opinion as to the availability of any equitable or specific
remedy upon any breach of any of the agreements as to which we are opining herein, or any of the agreements, documents or obligations
referred to herein, or to the successful assertion of any equitable defenses, inasmuch as the availability of such remedies or
the success of any such defenses may be subject to the discretion of a court.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
also express no opinion herein as to any provision of any agreement (a) which may be deemed to or construed to waive any right
of the Company, (b) to the effect that rights and remedies are not exclusive, that every right or remedy is cumulative and may
be exercised in addition to or with any other right or remedy and does not preclude recourse to one or more other rights or remedies,
(c) relating to the effect of invalidity or unenforceability of any provision of any agreement on the validity or enforceability
of any other provision thereof, (d) requiring the payment of penalties, consequential damages or liquidated damages, (e) purporting
to indemnify any person against his, her or its own negligence or intentional misconduct, (f) any provision of any agreement requiring
the payment of interest on overdue interest, (g) which provides that the terms of any agreement may not be waived or modified
except in writing or (h) relating to choice of law or consent to jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Based
upon and subject to the foregoing, we are of the opinion that:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
the terms of the issuance and sale of the Common Stock (alone or as part of a Unit or Units) have been duly authorized by the
Company, and the Common Stock has been duly issued and sold against payment of the purchase price therefor and issued and sold
as contemplated in the Registration Statement and any applicable Prospectus Supplement, the Common Stock will be validly issued,
fully paid and non-assessable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
the terms of the Warrants (alone or as part of a Unit or Units) and of their issuance and sale have been duly authorized by the
Company, the applicable Warrant Agreement has been duly authorized, executed and delivered by the parties thereto and such Warrants
have been duly executed and delivered in accordance with the applicable Warrant Agreement and issued and sold against payment
of the purchase price therefor and issued and sold as contemplated in the Registration Statement and any applicable Prospectus
Supplement, such Warrants will constitute valid and binding obligations of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to the Units, assuming the (a) taking of all necessary corporate action to authorize and approve the issuance,
execution and terms of any Units, the related Unit Agreements and any securities which are components of the Units, the terms
of the offering thereof and related matters, and (b) due execution, countersignature (where applicable), authentication, issuance
and delivery of the Units, the Unit Agreements, and the Securities that are components of such Units, in each case upon the payment
of the consideration therefor provided for in the applicable Purchase Agreement approved by the Board, and otherwise in accordance
with the provisions of the applicable Warrant Agreement, in the case of Warrants, such Units will be validly issued and will entitle
the holders thereof to the rights specified in the Unit Agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It
is understood that this opinion is to be used only in connection with the offer and sale of the Securities while the Registration
Statement is in effect and may not be used, quoted or relied upon for any other purpose nor may this opinion be furnished to,
quoted or relied upon by any other person or entity, for any purpose, without our prior written content. Please note that we are
opining only as to the matters expressly set forth herein, and no opinion should be inferred as to any other matters. This opinion
is based upon currently existing statutes, rules, regulations and judicial decisions, and we disclaim any obligation to advise
you of any change in any of these sources of law or subsequent legal or factual developments which might affect any matters or
opinions set forth herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
hereby consent to the filing of this opinion with the Commission as an exhibit to the Registration Statement in accordance with
the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act and to the use of this firm&rsquo;s name therein
and in the related Prospectus under the caption &ldquo;Legal Matters.&rdquo; In giving such consent, we do not hereby admit that
we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations
of the Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">PIERCE ATWOOD LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ David J. Champoux </TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>David
J. Champoux</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">4</P>

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<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>fs32015ex23ii_immucellcorp.htm
<DESCRIPTION>CONSENT OF BAKER NEWMAN & NOYES, LLC
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ImmuCell
Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXHIBIT
23.2</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSENT
OF BAKER NEWMAN &amp; NOYES, LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;<B>CONSENT
OF INDEPENDENT <FONT STYLE="text-transform: uppercase">Registered Public Accounting Firm</FONT></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
consent to the incorporation by reference in this Registration Statement on Form S-3 of ImmuCell Corporation of our report dated
March&nbsp;26, 2015 relating to our audit of the financial statements which appears in the Annual Report on Form 10-K of ImmuCell
Corporation for the year ended December&nbsp;31, 2014.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
also consent to the reference to our Firm under the caption &ldquo;Experts&rdquo; in the Prospectus, which is part of this Registration
Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 33%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 34%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Baker
    Newman &amp; Noyes</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Limited Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Portland, Maine</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">October 27, 2015</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

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