<SEC-DOCUMENT>0001213900-16-009965.txt : 20160107
<SEC-HEADER>0001213900-16-009965.hdr.sgml : 20160107
<ACCEPTANCE-DATETIME>20160107155010
ACCESSION NUMBER:		0001213900-16-009965
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160104
ITEM INFORMATION:		Entry into a Material Definitive Agreement
FILED AS OF DATE:		20160107
DATE AS OF CHANGE:		20160107

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12934
		FILM NUMBER:		161330234

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

	MAIL ADDRESS:	
		STREET 1:		56 EVERGREEN DRIVE
		CITY:			PORTLAND
		STATE:			ME
		ZIP:			04103
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k010416_immucellcorp.htm
<DESCRIPTION>CURRENT REPORT
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<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>UNITED STATES</B><BR>
<B>SECURITIES AND EXCHANGE COMMISSION</B><BR>
<B>Washington, D.C. 20549</B></P>

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<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>FORM 8-K </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>CURRENT REPORT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the</B><BR>
<B>Securities Exchange Act of 1934 </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>Date of Report: January 4, 2016</B><BR>
(Date of earliest event reported)</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>ImmuCell Corporation</B><BR>
(Exact name of registrant as specified in its charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
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    <TD STYLE="padding: 0 0 1.5pt; font-weight: bold; text-align: center; text-indent: 0; width: 2%">&nbsp;</td>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; font-weight: bold; text-align: center; text-indent: 0; width: 32%"><b>001-12934</b></td>
    <TD STYLE="padding: 0 0 1.5pt; font-weight: bold; text-align: center; text-indent: 0; width: 2%">&nbsp;</td>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; font-weight: bold; text-align: center; text-indent: 0; width: 32%"><b>01-0382980</b></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">(State or other jurisdiction<BR>
of incorporation)</td>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">(Commission File Number)</td>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">(IRS Employer <BR>
Identification Number)</td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
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    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0; width: 49%; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>56 Evergreen Drive</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Portland, Maine</b></P></td>
    <TD STYLE="padding: 0 0 1.5pt; text-align: center; text-indent: 0; width: 2%; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; font-weight: bold; text-align: center; text-indent: 0; width: 49%; vertical-align: bottom"><b>04103</b></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-weight: bold; text-align: center; text-indent: 0">(Address of principal executive offices)</td>
    <TD STYLE="padding: 0; font-weight: bold; text-align: center; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">(Zip Code)</td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><BR>
<B>207-878-2770</B><BR>
(Registrant's telephone number, including area code)</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: center"><B>Not Applicable</B><BR>
(Former Name or Former Address, if changed since last report)</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">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:</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 0 0 0.5in"><FONT STYLE="font-family: Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Wingdings">o</FONT> Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Wingdings">o</FONT> Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Wingdings">o</FONT> Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 1.01 &ndash; Entry into a Material Definitive Agreement</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">On January 6, 2016, ImmuCell announced that it has acquired certain
business assets from DAY 1&trade; Technology, LLC of Minnesota. The acquired rights and know-how are primarily related to formulating
ImmuCell&rsquo;s bovine antibodies into a gel solution for oral delivery to newborn calves via a syringe (or &ldquo;tube&rdquo;).
This purchase also includes certain other related private-label products that could generate around $300,000 in annual sales for
ImmuCell. Assets purchased in this transaction included inventory, machinery, equipment and certain intellectual property intangibles.
The total purchase price is expected to approximate $350,000 to $550,000 including estimated contingent payments due over the next
three years. The purchase does not include the ongoing DAY 1&trade; Technology consulting business. ImmuCell has extended job offers
to four full-time and three part-time employees of DAY 1&trade; Technology and plans to continue current operations at a leased
facility in Minnesota.</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">The information shall not be deemed &quot;filed&quot; for purposes
of Section 18 of the Securities Exchange Act of 1934 (the &quot;Exchange Act&quot;) or otherwise subject to liabilities of that
section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except
as expressly set forth by specific reference in such filing.</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"></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: center"><B>SIGNATURE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</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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    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: January 7, 2016</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IMMUCELL CORPORATION</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 60%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 36%; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="line-height: 115%; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Michael F. Brigham</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Michael F. Brigham</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><I>President, Chief Executive Officer and </I></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><I>Principal Financial Officer</I></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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: center"><B>Exhibit Index</B></P>

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

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    <TD STYLE="width: 1%; padding: 0 0 1.5pt; font-weight: bold; text-indent: 0">&nbsp;</td>
    <TD STYLE="width: 90%; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; font-weight: bold; text-indent: 0"><b>Description</b></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">EX-99.1</td>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0">Press Release of ImmuCell Corporation dated January 6, 2016</td></tr>
</table>


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<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">4</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>f8k010416ex99i_immucell.htm
<DESCRIPTION>PRESS RELEASE OF IMMUCELL CORPORATION DATED JANUARY 6, 2016
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</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"><U>FOR IMMEDIATE RELEASE:</U></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT STYLE="font-size: 12pt">ImmuCell
Acquires Certain Assets from Minnesota Firm</FONT></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Contact:</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Michael F. Brigham,
    President and CEO</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">ImmuCell Corporation</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(207) 878-2770</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Joe Diaz, Robert
    Blum and Joe Dorame</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Lytham Partners,
    LLC</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(602) 889-9700</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">iccc@lythampartners.com</P>


</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><BR>
PORTLAND, Maine&nbsp;&ndash;&nbsp;January 6, 2016 &ndash; <B>ImmuCell Corporation (NASDAQ:&nbsp;ICCC)</B>, a rapidly growing animal
health company that is developing, manufacturing and selling products that improve health and productivity in the dairy and beef
industries, today&nbsp;announced that it has acquired certain business assets from DAY 1&trade; Technology, LLC of Minnesota.</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">The acquired rights and know-how are primarily related to formulating
ImmuCell&rsquo;s bovine antibodies into a gel solution for oral delivery to newborn calves via a syringe (or &ldquo;tube&rdquo;).
This product format offers customers an additional delivery option to the bolus (the standard delivery format of the bivalent <B>First
Defense</B><SUP>&reg;</SUP> product since first USDA approval and product launch in 1991) and could allow more significant penetration
into the beef market. The formulation was developed by DAY 1&trade; Technology for ImmuCell and has been sold as a feed product
without disease claims since 2012.</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">Bringing the disease claims against <I>E. coli</I> and coronavirus
from <B>First Defense</B><SUP>&reg;</SUP> to this gel formula is very important to the growth of the <B>First Defense</B><SUP>&reg;
</SUP>franchise.&nbsp; The Company anticipates developing and offering several product formats with a variety of disease claims
in the foreseeable future, leading with the new claim against bovine rotavirus, which could represent the first such USDA claim
in a passive antibody product.</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">This purchase also includes certain other related private-label
products that could generate around $300,000 in annual sales for ImmuCell. Assets purchased in this transaction included inventory,
machinery, equipment and certain intellectual property intangibles. The total purchase price is expected to approximate $350,000
to $550,000 including estimated contingent payments due over the next three years.</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">Michael F. Brigham, President and CEO, commented, &ldquo;It has
been a pleasure to work with the people at DAY 1&trade; Technology over these first three formative years. As we grow, we believe
it is essential to formally integrate this operation into our business.&rdquo;</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">The purchase does not include the ongoing DAY 1&trade; Technology
consulting business. ImmuCell has extended job offers to four full-time and three part-time employees of DAY 1&trade; Technology
and plans to continue current operations at a leased facility in Minnesota.</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">&ldquo;We continue to execute on the two core components of our
business strategy&rdquo;, continued Mr. Brigham. &ldquo;First, we are expanding the market penetration of <B>First Defense</B><SUP>&reg;</SUP>,
our best-in-class treatment for calf scours. The addition of a bovine rotavirus disease claim to our existing claims against <I>E.
coli</I> and coronavirus infections could allow us to bring the first passive antibody product with this breadth of disease claims
to market. Second, we are advancing the development of <B>Mast Out</B><SUP>&reg;</SUP>, our novel treatment for subclinical mastitis
in lactating dairy cows. Our ground-breaking product innovation is unlike all other mastitis treatments on the market today that
are all sold subject to a milk discard period. Our goal is to revolutionize the way mastitis is treated by making earlier treatment
of subclinical infections economically feasible by not requiring a milk discard or meat withhold during, or for a period of time
after, treatment. No other product presently on the market can offer this value proposition.&rdquo;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>About ImmuCell</U></B><BR>
<FONT STYLE="font-size: 10pt">ImmuCell Corporation (NASDAQ: ICCC) is a rapidly growing animal health company whose purpose is
to create scientifically-proven and practical products that improve health and productivity in the dairy and beef industries.&nbsp;
ImmuCell markets products that provide immediate immunity to newborn dairy and beef cattle. The Company is developing product
line extensions of its existing products and is in the late stages of developing a novel product that addresses mastitis, the
most significant cause of economic loss to the dairy industry. These products help reduce the need to use traditional antibiotics
in food producing animals. Press releases and other information about the Company are available at our website, (<U>http://www.immucell.com</U>).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Safe Harbor Statement:</U></B><BR>
<B><I>This press release contains &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. Such statements include, but are not limited to, any statements
relating to: projections of future financial performance; the scope and timing of future product development work and commercialization
of our products; future costs of product development efforts; the estimated prevalence rate of subclinical mastitis; future market
share of and revenue generated by products still in development; future sources of financial support for our product development,
manufacturing and marketing efforts; the future adequacy of our own manufacturing facilities or those of third parties with which
we have contractual relationships to meet demand for our products on a timely basis; the amount and timing of future investments
in facility modifications and production equipment; the future adequacy of our working capital and the availability of third party
financing; timing and future costs of a facility to produce the Drug Substance (active pharmaceutical ingredient) for Mast Out<SUP>&reg;</SUP>;
the timing and outcome of pending or anticipated applications for future regulatory approvals; future regulatory requirements
relating to our products; future expense ratios and margins; future compliance with bank debt covenants; future realization of
deferred tax assets; costs associated with sustaining compliance with cGMP regulations in our current operations and attaining
such compliance for the facility to produce the Drug Substance for Mast Out<SUP>&reg;</SUP>; factors that may affect the dairy
and beef industries and future demand for our products; the cost-effectiveness of additional sales and marketing expenditures
and resources; the accuracy of our understanding of our distributors&rsquo; ordering patterns; anticipated changes in our manufacturing
capabilities and efficiencies; anticipated competitive and market conditions; and any other statements that are not historical
facts. Forward-looking statements can be identified by the use of words such as &ldquo;expects&rdquo;, &ldquo;may&rdquo;, &ldquo;anticipates&rdquo;,
&ldquo;aims&rdquo;, &ldquo;intends&rdquo;, &ldquo;would&rdquo;, &ldquo;could&rdquo;, &ldquo;should&rdquo;, &ldquo;will&rdquo;,
&ldquo;plans&rdquo;, &ldquo;believes&rdquo;, &ldquo;estimates&rdquo;, &ldquo;targets&rdquo;, &ldquo;projects&rdquo;, &ldquo;forecasts&rdquo;
and similar words and expressions. In addition, there can be no assurance that future developments affecting us will be those
that we anticipate. Such statements involve risks and uncertainties, including, but not limited to, those risks and uncertainties
relating to difficulties or delays in development, testing, regulatory approval, production and marketing of our products, competition
within our anticipated product markets, alignment between our manufacturing resources and product demand, the uncertainties associated
with product development and Drug Substance manufacturing, our potential reliance upon third parties for financial support, products
and services, changes in laws and regulations, decision making by regulatory authorities, possible dilutive impacts on existing
stockholders from any equity financing transactions in which we may engage, currency fluctuations and other risks detailed from
time to time in filings we make with the Securities and Exchange Commission, including our Quarterly Reports on Form 10-Q, our
Annual Reports on Form 10-K and our Current Reports on Form 8-K. Such statements are based on our current expectations, but actual
results may differ materially due to various factors, including the risk factors summarized in our quarterly filings with the
SEC.</I></B></P>

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