<SEC-DOCUMENT>0001213900-19-004959.txt : 20190327
<SEC-HEADER>0001213900-19-004959.hdr.sgml : 20190327
<ACCEPTANCE-DATETIME>20190327171515
ACCESSION NUMBER:		0001213900-19-004959
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20190327
DATE AS OF CHANGE:		20190327

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:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-228479
		FILM NUMBER:		19709095

	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>424B5
<SEQUENCE>1
<FILENAME>f424b5_immucell.htm
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<P STYLE="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #FF4338"><FONT STYLE="background-color: white"><B></B></FONT></P>

<P STYLE="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #FF4338"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Filed Pursuant to Rule 424(b)(5)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Registration No.: 333-228479</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #FF4338"></P>

<P STYLE="font: 10pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/200% Times New Roman, Times, Serif; margin: 0"><B><U>PROSPECTUS SUPPLEMENT</U></B></P>

<P STYLE="font: 10pt/200% Times New Roman, Times, Serif; margin: 0"><B>(To Prospectus dated November 29, 2018)</B></P>

<P STYLE="font: 10pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_001.jpg" ALT="https:||www.sec.gov|Archives|edgar|data|811641|000121390017013430|image_001.jpg" STYLE="height: 48px; width: 254px"></P>

<P STYLE="font: 10pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$9,000,002 of Shares of Common Stock &nbsp;&nbsp;</B></P>

<P STYLE="font: 18pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ImmuCell Corporation</B></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We are offering $9,000,002.00 of shares
of our common stock pursuant to this prospectus supplement and the accompanying prospectus. Our common stock is listed on The NASDAQ
Capital Market under the symbol &ldquo;ICCC&rdquo;. On March 26, 2019, the last reported sale price of our common stock on The
NASDAQ Capital Market was $6.6737 per share.</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">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Per Share</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; font: 10pt Times New Roman, Times, Serif">Public offering price</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">5.50</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">9,000,002</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting discount<SUP>(1)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.33</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">540,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Proceeds, before expenses, to us</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.17</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,460,002</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 32px"><FONT STYLE="font-size: 10pt">____________</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We refer you to the section entitled &ldquo;Underwriting&rdquo; of this prospectus supplement for additional information regarding total underwriting compensation.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of January 29, 2019, the aggregate
market value of our outstanding common equity held by non-affiliates was approximately $37,378,737 based on 5,568,962 shares
of outstanding common stock, of which 4,620,363 shares are held by non-affiliates, and a price of $8.09 per share, which was
the last reported sale price of our common stock on The Nasdaq Capital Market on January 29, 2019. As of the date of this
prospectus supplement, we have not sold 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 supplement.</P>

<P STYLE="font: 10pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Investing in our securities involves certain
risks. Before deciding whether to invest in our securities, you should review carefully the information described under the heading
&ldquo;Risk Factors&rdquo; beginning on page S-10 of this prospectus supplement, on page 6 of the accompanying prospectus, and in
our Annual Report on Form 10-K for the year ended December 31, 2018 .</B></P>

<P STYLE="font: 10pt/200% 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"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement
or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</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">The underwriter expects to deliver the shares
of our common stock on or about March 29, 2019, subject to customary closing conditions.</P>

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

<P STYLE="font: 1pt 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">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Craig-Hallum Capital Group</B></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"><B>The date of this prospectus supplement is
March 27, 2019.</B></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>&nbsp;</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 89%"><FONT STYLE="font-size: 10pt"><B>Prospectus Supplement</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Page</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">About This Prospectus Supplement</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Forward-Looking Statements</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Prospectus Supplement Summary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Summary Financial Data</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Risk Factors</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Price Range of Our Common Stock</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Dilution</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Underwriting</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-14</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Legal Matters</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Experts</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Where You Can Find More Information</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Incorporation of Certain Documents by Reference</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt"><B>Prospectus</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Page</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Cautionary Note Regarding Forward-Looking Statements</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">About this Prospectus</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">About ImmuCell Corporation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Where You Can Find Additional Information</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Incorporation of Information by Reference</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Risk Factors</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Description of Common Stock</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Description of Subscription Rights</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Plan of Distribution</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Legal Matters</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Experts</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Interests of Named Experts and Counsel</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt">S-i</FONT></TD>
    <TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ABOUT THIS PROSPECTUS SUPPLEMENT</B></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">This prospectus supplement and the accompanying
prospectus are part of a registration statement that we filed with the Securities and Exchange Commission, or the SEC, utilizing
a &ldquo;shelf&rdquo; registration process. Under this process, we may sell from time to time in one or more offerings up to an
aggregate of $20,000,000 of our securities described in the accompanying 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: 0; text-align: justify">This document is in two parts. The first part
is this prospectus supplement, which describes the specific terms of this offering and also adds to and updates information contained
in the accompanying prospectus. The second part is the accompanying prospectus, which provides general information, some of which
may not apply to this offering. If information in this prospectus supplement is inconsistent with the accompanying prospectus,
you should rely on this prospectus supplement.</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">You should rely only on the information contained
in or incorporated by reference in this prospectus supplement and the accompanying prospectus. We have not, and the underwriter
has not, authorized any other person to provide you with different information. If anyone provides you with different or inconsistent
information, you should not rely on it. We are making an offer to sell common stock only in jurisdictions where offers and sales
are permitted. You should assume that the information appearing in this prospectus supplement, in the accompanying prospectus and
in the documents incorporated by reference is accurate only as of their respective dates or other dates which are specified in
those documents. Our business, financial condition, results of operations and prospects may have changed since those dates.</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">It is important for you to read and consider
all of the information contained in or incorporated by reference in this prospectus supplement and the accompanying prospectus
in making your investment decision. See &ldquo;Where You Can Find More Information&rdquo; on page S-16 of this prospectus supplement
and &ldquo;Where You Can Find Additional Information&rdquo; on page 5 of the accompanying 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: 0; text-align: justify">Unless the context otherwise requires, references
in this prospectus supplement to &ldquo;ImmuCell&rdquo;, the &ldquo;Company&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo; and &ldquo;our&rdquo;,
or similar terms, refer to ImmuCell Corporation.</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>FORWARD-LOOKING STATEMENTS</B></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">Some of the statements contained in or incorporated
by reference in this prospectus supplement and in the accompanying prospectus that are not historical facts 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. These statements relate to future events concerning our business and to our future revenues, operating results and financial
condition, and involve a number of known and unknown risks, uncertainties and other factors that could cause our actual results,
performance or achievements to be materially different from any future results, performance or achievements expressed or implied
by such forward-looking statements. 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&rdquo;, &ldquo;forecast&rdquo;,
&ldquo;predict&rdquo;, &ldquo;project&rdquo;, &ldquo;propose&rdquo;, &ldquo;potential&rdquo;, &ldquo;seek&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These statements 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. There are a number of important factors that could cause actual results to differ materially from the
results anticipated by these forward-looking statements, including the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our reliance on sales of our existing products;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our dependence on a small number of significant customers and the concentration of our existing product sales;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our ability to complete the development of (including obtaining required regulatory approvals for), and to achieve successful commercialization of, a key new product;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The risk of cost overruns or delays in expanding our manufacturing facilities for our <B>First Defense&reg;</B> product line and our <B>Re-Tain&trade;</B> mastitis product, including inadequacy of available funding for these projects;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Uncertainties arising from the volatile economics of the dairy and beef cattle industries;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Risks related to ongoing regulatory compliance and associated substantial costs;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt">S-1</FONT></TD>
    <TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR>
</TABLE>



<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;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our dependence on third parties for raw materials and manufacturing services, including the loss or interruption of such services and the risk of consequent delays in bringing our <B>Re-Tain&trade;</B> mastitis product to market;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Risks of sales order backlogs and possible loss of key customers due to product delivery issues or concerns;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Competitive pressures from larger and better capitalized competitors;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Possible technical obsolescence or loss of cost competitiveness of our products;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Our small size and dependence on key personnel;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Risks of product recalls and product liability claims;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Risks associated with the substantial additional indebtedness we incurred to fund our recently completed Nisin manufacturing facilities expansion;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Our reliance on our intellectual property rights and risks associated with protecting such rights; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Other risks listed in Item 1A. &ldquo;Risk Factors&rdquo; of our Annual Report on Form 10-K for the year ended December 31, 2018, which is incorporated by reference in this prospectus supplement and the accompanying prospectus.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Given these risks and uncertainties, investors
should not place undue reliance on forward-looking statements as a prediction of actual results. Forward-looking statements contained
in or incorporated by reference in this prospectus supplement and the accompanying prospectus present our views only as of the
date of the applicable document containing such forward-looking statements. We do not assume any obligation, and do not intend,
to update any forward-looking statement except as required by law. All forward-looking statements attributable to us or persons
acting on our behalf are expressly qualified in their entirety by these cautionary statements.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt">S-2</FONT></TD>
    <TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROSPECTUS SUPPLEMENT SUMMARY</B></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"><I>This summary highlights information contained
in or incorporated by reference in this prospectus supplement. It does not contain all the information you should consider before
investing in shares of our common stock. Before deciding to invest in shares of our common stock, you should carefully read this
entire prospectus supplement, the accompanying prospectus and the documents incorporated herein and therein by reference, including
the &ldquo;Risk Factors&rdquo; beginning on page S-10 of this prospectus supplement, our financial statements and the related notes
and other information that is incorporated by reference in this prospectus supplement.</I></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"><B>Overview</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">ImmuCell Corporation is a growing animal health
company focused on developing, manufacturing and delivering scientifically-proven, practical and effective products that improve
the health and productivity of dairy and beef cattle. Our lead product, <B>First Defense&reg;</B>, is derived from colostrum collected
from dairy cows and provides significant, immediate immunity against scours in newborn dairy and beef cattle. On November 13, 2017,
we received approved licensure from the USDA, Center for Veterinary Biologics, for a new product, <B>Tri-Shield First Defense&reg;</B>,
the first calf-level scours preventative with claims against all three newborn calf scours-causing pathogens: <I>E. coli</I>, coronavirus
and rotavirus, and have begun marketing this product. We are in the late stages of developing and securing final regulatory approvals
for <B>Re-Tain&trade;</B>, an intramammary treatment for subclinical mastitis in lactating dairy cows, the active ingredient of
which is Nisin, 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. We currently expect to be in a position to commence commercial sales of <B>Re-Tain&trade;</B>
in the United States in 2020 (subject to receipt of final approvals from the U.S. Food and Drug Administration&rsquo;s Center for
Veterinary Medicine (FDA) and reaching agreement with our existing third party manufacturer on an amendment of our existing agreement
or, alternatively, entering into a comparable agreement with another third party manufacturer who can provide the needed services
without delay).</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">Across all product lines, our product sales
during the year ended December 31, 2018 increased by 5%, or $555,000, to $10,986,000 from $10,431,000 for the year ended December
31, 2017, and gross margin as a percentage of product sales was 47% during the year ended December 31, 2018, as compared to 50%
during the year ended December 31, 2017. Sales of the <B>First Defense</B>&reg; product line aggregated 97% and 94% of our total
product sales during the year ended December 31, 2018 and the year ended December 31, 2017, respectively. Sales of the <B>First
Defense</B>&reg; product line increased by 9% and 11% during the years ended December 31, 2018 and December 31, 2017, respectively,
in comparison to the corresponding prior 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"><B>First Defense&reg; Product Line</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"><B>First Defense</B>&reg; is manufactured from
hyper-immune 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
preventative 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). On November 13, 2017, we received approved licensure from the
USDA, Center for Veterinary Biologics, for a new product, <B>Tri-Shield First Defense&reg;</B>, the first calf-level scours preventative
with claims against all three newborn calf scours-causing pathogens: <I>E. coli</I>, coronavirus and rotavirus. No other calf-level
product in the market contains all three claims in a one-time preventative dose. With this expanded claim set, we believe that
we can compete more effectively against dam-level scours vaccine products that are given to the cow to improve the quality of her
colostrum (first milk) that is fed to the newborn calf. It is generally believed that only 80% of cows respond to a vaccine, leaving
approximately 20% of calves treated in this manner unprotected against scours. Also, we believe that vaccine treatment protocols
are often not adhered to, leaving even more calves unprotected. <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
&trade;</B> 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. We estimate that
scours causes approximately $740 million in economic losses to the U.S. dairy and beef industries per year. We believe that the
U.S. market for calf-level scours prevention products is approximately $18 million and that the market for dam-level scours prevention
products is approximately twice that size. With the new rotavirus claim for our product (<B>Tri-Shield First Defense&reg;</B>)
we are now competing against dam-level vaccine products that are given to the mother cow to increase the antibody level against
scours-causing pathogens in the colostrum that she produces for her newborn. Those products are sold by Elanco (Scour Bos&trade;),
Merck (Guardian&reg;) and Zoetis (ScourGuard&reg;). Despite the best-managed dam vaccine program, colostrum quality is naturally
variable and newborn calves do not always get the antibodies they need from maternal colostrum. We believe that the guaranteed
dose of antibodies in our product provides more consistent protection than such vaccine products.</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">When compared to the other USDA-approved calf-level
scours preventatives, we believe we are first in sales dollars and second in volume. This product category is comprised of five
primary brands (increased from four during the fourth quarter of 2016) that are given either orally or intra-nasally to newborn
dairy and beef calves immediately after birth. Market research that we subscribe to suggests that our product comprised approximately
34% and 33% of the total doses sold in this product category (one dose equates to one calf, according to label administration on
all products) during 2018 and 2017, respectively. These estimates are down from 36% during 2016 and 40% during 2015, when the product
category included only four primary brands (one of which experienced lack of supply to the market during late 2014 and into the
middle of 2015). This market share estimate is slightly up from 32% in 2014 and up from 26% and 22% in 2013 and 2012, respectively,
as the total volume in the product category has steadily increased. These estimates do not include sales of vaccine products that
are given to the dam (mother cow), which is discussed below. The third quarter of 2018 marked the 27<SUP>th</SUP> anniversary of
the original USDA approval of this product in 1991. During the fourth quarter of 2018, our cumulative sales of <B>First Defense&reg;</B>
since inception exceeded 22,000,000 doses. We believe that these milestones demonstrate the value of our technology and the long-term
market acceptance of our product.</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"></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The majority of our international sales are
to Canada. We price our products in U.S. dollars. To the extent that the value of the dollar declines with respect to any other
currency, our competitive position may be enhanced. Conversely, an increase in the value of the dollar in any country in which
we sell products may have the effect of increasing the local price of our products, thereby leading to a potential reduction in
demand. Generally, our international sales have been generated through relationships with in-country distributors that have knowledge
of the local regulatory and marketing requirements. We are initiating our plan to expand the number of countries to which our <B>First
Defense&reg;</B> product line is approved for export. Generally, it is our intent to be the holder of these product registrations
for each country rather than rely on distribution partners to gain and hold these registrations. This is a long regulatory process
but allows us to maximize the use of our product label claims and avoid long-term exclusive distribution agreements. We continue
our efforts to grow sales of the <B>First Defense&reg;</B> product line in North America, where there are approximately 41,300,000
dairy and beef cows in the United States and 4,645,000 dairy and beef cows in Canada. We believe that even greater market opportunities
exist in other international territories. There are estimated to be approximately 67,400,000 dairy and beef cows in China, 35,450,000
in the European Union, 18,470,000 in Australia and New Zealand, 11,150,000 in Mexico, 1,700,000 in South Korea and 1,470,000 in
Japan. The statistics above are provided by an industry compilation of USDA data for 2019. However, industry practices, economic
conditions, cause of disease, distribution channels and regulatory requirements may differ in these international markets from
what we experience in North America making it more difficult or costly for us to generate and sustain sales volumes at profitable
margins in these markets.</P>

<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"><B>Novel Treatment for Subclinical Mastitis (Re-Tain&trade;)</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">The majority of our product development budget
since 2000 has been focused on the development of <B>Re-Tain&trade;</B>, a Nisin-based intramammary treatment of subclinical mastitis
in lactating dairy cows. Mastitis is a very common infection in dairy cows that results in inflammation of the mammary gland. It
is the largest single cause of economic harm to the U.S. dairy industry, with an estimated cost of approximately $2 billion per
year, including approximately $300 million in discarded milk from cows that have been treated with traditional antibiotic mastitis
drugs. During the period that began on January 1, 2000 (the year we began the development of <B>Re-Tain&trade;</B>) and ended on
December 31, 2018, we invested an aggregate of approximately $15.5 million in the development of this product (excluding depreciation
and the capital cost ($20.8 million) of our Nisin production facility). This estimated allocation of product development expenses
reflects only direct expenditures and includes no allocation of product development or administrative overhead expenses. Approximately
$2.9 million of this investment was offset by related product licensing revenues and grant income.</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">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. Because
dairy producers are required to discard milk for a period of time 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>Re-Tain&trade;</B>
could revolutionize the way that mastitis is treated in the United States 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. Growing concerns about the presence of traditional antibiotics
in our food supply, we believe, will aid in the marketing of our product and growth in its sales.</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">Based on publicly available information on
the size of the U.S. dairy herd, the incidence of mastitis and likely mastitis treatment protocols, we have estimated that the
market potential for <B>Re-Tain&trade;</B> could be $5.8 million during the first year of sales with potential growth for the fifth
year to $36.1&nbsp;million. Our near-term sales goal is to double our current sales through continued growth in sales of the <B>First
Defense</B>&reg; product line and a successful launch of <B>Re-Tain&trade;</B> as soon as possible. As market penetration is achieved
and additional resources are dedicated to sales, marketing and technical services, our longer term goal is to triple our current
sales as soon as possible during the five-year period after market launch of <B>Re-Tain&trade;</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">Commercial introduction of our product in the
United States is subject to approval of our New Animal Drug Application by the FDA, which approval cannot be assured. We have received
FDA Complete Letters with respect to four of the five principal Technical Sections required for FDA approval of commercial sales
of <B>Re-Tain&trade;</B>. During the first quarter of 2019, we made the first of two phased Drug Substance submissions to the FDA
relating to the fifth Technical Section &ndash; Chemistry, Manufacturing and Controls (CMC). This Technical Section includes data
from the Nisin Drug Substance Registration Batches produced at commercial scale in our new manufacturing facility. This submission
is subject to a six-month review period. A successful FDA inspection of our Nisin manufacturing facility must also be achieved.
The second phased Drug Product submission for the CMC Technical Section (which will include responses to the FDA&rsquo;s review
of the first phased submission and detailed information about the manufacturing process and controls for the sterile Nisin Drug
Product) is also subject to a six-month review period, and will not be made in time to achieve product approval by our original
goal of December 2019. After FDA approval of the CMC Technical Section, there is a sixty (60) day FDA administrative review before
the anticipated product license approval can be issued and commercial sales of <B>Re-Tain&trade;</B> can begin. Foreign regulatory
approvals would be required for sales of <B>Re-Tain&trade;</B> in key markets outside of the United States, which would involve
some similar and some different requirements, likely including some milk discard requirements.</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"></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since 2010, we have been a party to a long-term
exclusive product development and contract manufacturing services agreement with Norbrook Laboratories Limited of Newry, Northern
Ireland, an FDA-approved Drug Product manufacturer, covering the final formulation, aseptic filling and final packaging services
for <B>Re-Tain&trade;</B>. Norbrook has provided services to us under this contract throughout the FDA process for use in all of
our pivotal studies. During the fourth quarter of 2015, this agreement was amended and restated to, among other things, extend
the term of the agreement to January 1, 2024. It has been our expectation that we would have these services available through both
the remainder of the development process and approximately the first four years of commercial sales of <B>Re-Tain&trade;</B>. However,
the agreement includes a provision potentially entitling Norbrook to terminate the agreement if we do not receive FDA approval
for <B>Re-Tain&trade;</B> by mid-December 2019. Due to unexpected difficulties and delays encountered by Norbrook during this late
stage of the development and the usual FDA timeline for processing CMC Technical Sections, we do not expect to receive FDA approval
by the December 2019 date.</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">In anticipation of this potential issue, we
have made requests to Norbrook to amend the existing agreement to avoid early termination, including proposing a shorter term and
increased payments to Norbrook. However, we have not yet reached resolution on an amendment, and it remains unclear whether we
will be able to reach agreement on a suitable amendment, or if we do, for how long we will continue to have access to Norbrook&rsquo;s
services. Consequently, we have been actively investigating multiple alternatives, including securing an agreement for such services
with another qualified third party and performing the services in-house by constructing an aseptic filling capability within our
new Drug Substance production facility. Because both of these alternatives would likely delay our commencement of commercial sales
of <B>Re-Tain&trade;</B> to at least 2021, we believe, in the case of transitioning to a new third party manufacturer, and to at
least 2022, we estimate, in the case of constructing our own facilities and performing these services in-house, our strong preference
would be to reach at least an interim arrangement with Norbrook, while we pursue the implementation of the chosen alternative in
parallel. If we are unable to reach an arrangement with Norbrook, our alternative approach would be to seek an interim agreement
for such services with another qualified third party while we proceed to construct and equip our own drug product manufacturing
facility in order to reduce or avoid a delay in commencing sales of <B>Re-Tain&trade;</B> or an interruption of such sales after
commencement. Due to the unique requirements associated with manufacturing <B>Re-Tain&trade;</B> (the facility cannot also handle
products containing traditional antibiotics), there can be no assurance that we will be able to locate and reach agreement with
a suitable alternative third-party provider. In light of the challenges and risks associated with reliance on third-party services,
it is likely that we will take the steps necessary to become self-sufficient with respect to the manufacturing process for <B>Re-Tain&trade;</B>,
and will utilize these third-party arrangements, if available to us, as a necessary but temporary solution pending the completion
of our own facilities; however, whether and when we implement those steps will depend, in part, on developments in the upcoming
weeks or months with respect to third party arrangements with Norbrook or another provider.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>First Defense&reg; Facilities Expansion</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We have decided
to undertake an expansion of our <B>First Defense&reg;</B> manufacturing facilities to better assure our ability to meet growing
market demand for this product line. We first experienced a prolonged period of order backlog for our <B>First Defense</B></FONT><B><FONT STYLE="font-size: 6.5pt">&reg;
</FONT></B><FONT STYLE="font-size: 10pt">product line (which began early in 2015 and extended through the middle of 2016), which
disrupted our normal product shipping patterns. In response, we completed investments necessary to increase our liquid processing
capacity by 50% during the fourth quarter of 2015 and our freeze drying capacity by 100% during the first quarter of 2016. With
this expanded production capacity, we can now produce <B>First Defense&reg;</B> product with an annual sales value of approximately
$18 million. The actual value of the production output will vary subject to product yields, selling price and product format mix.
Since the third quarter of 2016 and through most of 2017, we had sufficient available inventory and were shipping in accordance
with the current demand of our distributors. However, we quickly sold out of our initial launch quantities of <B>Tri-Shield First
Defense&reg; </B>soon after regulatory approval was obtained during the fourth quarter of 2017. Presently, we are only accepting
purchase orders for <B>Tri-Shield First Defense&reg;</B> from customers to match available inventory, which requires a careful
allocation of product supply directly to certain farms. Production of this new product format has not kept pace with demand primarily
because of our inability to produce enough of the new, complex rotavirus vaccine that is used to immunize our source cows in this
time frame. Recent production improvements in our vaccine laboratory will allow us to immunize more source cows, but the increased
supply of finished product will not be available for sale in a significant way until the second half of 2019. While this product
shortage is a problem and has adversely impacted customer relations and resulted in lost sales, it is also a positive indication
that the market is accepting our new product offering.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">During the first
quarter of 2018, sales demand for <B>Dual-Force&trade; First Defense&reg;</B> also exceeded available inventory, resulting in a
backlog of orders worth approximately $901,000 as of March 31, 2018, which was filled during the second quarter of 2018. The estimated
value of this backlog was calculated by multiplying the number of units for which customer orders had been received but were not
shipped at the end of the period by the expected selling price. In order to produce more doses quickly to clear the 2015/2016 order
backlog, we significantly increased the quantity of our supply of colostrum at the same time that we were making the investments
to increase our production capacity, discussed above. The 2018 backlog problem was largely caused by a reduction in the biological
yield from this new colostrum supply. To address the inherent variability in our biological yields, among other process improvements,
we have optimized and standardized the mix of early milk that is rich with antibodies and later milk that contains less antibodies
but is required to run our production process. As we rebuild target inventory levels of <B>Dual-Force</B></FONT><FONT STYLE="font-size: 6.5pt">&trade;</FONT><FONT STYLE="font-size: 10pt">,
we are confident that we will again consistently supply product to the market because of the improved production methods to increase
yields and the enhanced manufacturing redundancies that we have implemented.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></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: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Given the strength
of what we are seeing for potential demand for the <B>First Defense</B></FONT><FONT STYLE="font-size: 6.5pt">&reg; </FONT><FONT STYLE="font-size: 10pt">product
line in North America, we plan to further increase our liquid processing capacity by 100% and our freeze drying capacity by 50%.
Our very preliminary estimate of the cost of this investment is approximately $3 million. We anticipate finalizing the plans for
this expansion, contracting for the necessary equipment and construction services, and commencing work in mid-2019 and, based on
that expected start time, completing this project in the fourth quarter of 2020.</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"><B>Re-Tain&trade; Facilities Expansion</B></P>

<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; text-align: justify">As discussed above, it is becoming increasingly
likely that we will determine that our long-term interests will be best served by developing our own drug product manufacturing
facilities and capability for <B>Re-Tain&trade;</B>, and ending our reliance on third-party services for the <B>Re-Tain&trade;</B>
manufacturing process. We expect that this shift to internal manufacturing will result in operating cost savings relative to the
expected cost of third-party services. We believe that the elimination of the risk of interruption or loss of third-party services
or substantial cost increases for those services together with these anticipated operating cost savings justify the estimated $4
million of capital expenditures we expect to incur to develop this facility.</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">We estimate that this project, once commenced,
would likely require approximately three years to complete and be approved by the FDA. Therefore, during the coming weeks and months,
we intend to continue our efforts to amend our existing agreement with Norbrook or secure an agreement for alternative third-party
manufacturing services, and will assess on an on-going basis whether such efforts seem likely to produce a favorable outcome and,
in that light, when and whether to proceed with planning, designing, constructing and equipping this facility on our existing premises,
in order to reduce the period during which we remain dependent on third-party manufacturing services or to minimize any delay in
commencing sales of <B>Re-Tain&trade;</B> resulting from the unavailability of such third-party services.</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">During the third quarter of 2018, at a total cost of approximately
$20.8 million, we completed a new manufacturing facility that enables us to generate our own Nisin supply at commercial scale,
with sufficient capacity to achieve approximately $10.0 million in annual sales. Our facility, as originally designed and constructed,
included enough room for a second production line to be purchased and installed to effectively double our Nisin production output.
However, the <B>Re-Tain&trade;</B> drug product manufacturing facility discussed above would, if constructed, occupy the space
in our new Nisin production facility that we had originally intended to use to double our Nisin production capacity if warranted
by <B>Re-Tain&trade;</B> sales volumes during the initial years following product launch, thus limiting the maximum production
capacity of our new <B>Re-Tain&trade;</B> facilities. This could possibly leave us unable to meet growing customer demand for <B>Re-Tain&trade;</B>
until and unless we are able to expand that capacity elsewhere or otherwise relocate certain manufacturing activities to enable
the expansion to occur.</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"><B>Recent Developments</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">We are in the process of finalizing our results
for the three-month and twelve-month periods ended March 31, 2019.</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">Based on currently available information, we
estimate that, as of and for the three-month and twelve-month periods ended March 31, 2019:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: -4.15pt">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: -4.15pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font-size: 10pt">Product sales during the three-month period ended March 31, 2019 are anticipated to be approximately $4,252,000, compared to $2,881,000 during the three-month period ended March 31, 2018, an increase of $1,371,000 or 48%;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -4.15pt">&nbsp;</TD>
    <TD STYLE="padding-right: -4.15pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Product sales during the twelve-month period ended March 31, 2019 are anticipated to be approximately&nbsp;&nbsp;$12,357,000 compared to $ 9,768,000 during the twelve-month period ended March 31, 2018, an increase of $ 2,589,000 or 26%;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Cash, cash equivalents and short-term investments are anticipated to be approximately $2,410,000 as of March 31, 2019&nbsp;(exclusive of the net proceeds from this offering), as compared to $3,060,470 as of March 31, 2018.</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">This unaudited preliminary financial information
for the three-month and twelve-month periods ended March 31, 2019 is based upon our estimates and subject to completion of our
financial closing procedures. Moreover, these data have been prepared solely on the basis of currently available information by,
and are the responsibility of, management. This preliminary financial information is not a comprehensive statement of our financial
results for these periods, and our actual results may differ materially from these estimates due to the completion of our financial
closing procedures, final adjustments, and other developments that may arise between now and the time the closing procedures for
the quarter are completed. There can be no assurance that these estimates will be realized, and estimates are subject to risks
and uncertainties, many of which are not within our control. In addition, product sales during the three-month and twelve-month
periods ended March 31, 2018 were adversely affected by a $1,245,000 backlog in filling <B>First Defense&reg;</B> orders that occurred
in the first quarter of 2018, as compared to an estimated backlog of $185,000 as of March 31, 2019. Backlog for <B>Tri-Shield First
Defense&reg;</B> was $344,000 as of March 31, 2018, compared to $185,000 as of March 31, 2019. The estimated product sales data
for the three-month and twelve-month periods ended March 31, 2019 includes a revised estimate of $668,000 of <B>Tri-Shield First
Defense&reg;</B> sales in the first quarter of 2019, as compared to our previous estimate of $795,000. Our operating results are
subject to seasonal fluctuations and variations; therefore, these estimated results may not be representative of results in the
ensuing quarters. Under our bank covenants, we are required to maintain a cash balance of at least $2 million as of the end of
any calendar quarter, thus limiting our ability to utilize these funds.</P>

<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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt">S-6</FONT></TD>
    <TD STYLE="width: 33%; text-align: right">&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Summary Historical and Pro Forma Balance Sheet Data</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">The table below presents audited summary balance
sheet data as of December 31, 2018 on both a historical basis and on an as adjusted basis (assuming that the proceeds of this offering
had been received as of December 31, 2018). The summary financial data has been derived from our audited financial statements,
which are incorporated by reference in this prospectus supplement. The as adjusted summary financial data is not necessarily indicative
of what our financial position or results of operations would have been if this offering had been completed as of the date indicated,
nor is such data necessarily indicative of our financial position for any future date. The following summary and as adjusted financial
data should be read in conjunction with, and are qualified in their entirety by reference to: &ldquo;Use of Proceeds&rdquo;, &ldquo;Summary
Financial Data&rdquo; and our financial statements and the related notes included elsewhere in this prospectus supplement or incorporated
by reference herein.</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"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">As of <BR> December 31, 2018<BR> (Actual)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">As of<BR> December 31, 2018 &nbsp;<BR> (As Adjusted)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-decoration: underline">Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Total current assets</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">6,420,836</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">14,712,836</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Property, plant and equipment, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">26,027,549</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">26,027,549</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Intangible Assets, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">133,728</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">133,728</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in">Goodwill</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">95,557</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">95,557</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Interest Rate Swaps</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">40,209</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">40,209</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Other assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12,953</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12,953</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">&nbsp;Total Assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">32,730,832</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">41,022,832</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left">Liabilities and Stockholders&rsquo; Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Total current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,565,011</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,565,011</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Total long-term liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,421,487</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,421,487</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Total Liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10,986,498</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10,986,498</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Total Stockholders&rsquo; Equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">21,744,334</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">30,036,334</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total Liabilities and Stockholders&rsquo; Equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">32,730,832</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">41,022,832</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



<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"></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"><B>Corporate Information</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">We are a growing animal health company that
develops, manufactures and markets scientifically-proven products that improve the health and productivity of dairy and beef cattle.
We were originally incorporated in Maine in 1982 and reincorporated in Delaware in 1987, in conjunction with our initial public
offering of common stock. Our principal executive offices are located at 56 Evergreen Drive, Portland, Maine 04103. Our telephone
number is (207) 878-2770. We maintain an Internet website at <I>www.immucell.com</I>. The information contained in, or accessible
from, our website is not a part of this prospectus supplement or the accompanying prospectus.&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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt">S-7</FONT></TD>
    <TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Offering</B></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">The following summary contains basic information
about this offering. The summary is not intended to be complete. You should read the full text and more specific details contained
elsewhere in this prospectus supplement.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 20%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Common stock offered by us</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 79%"><FONT STYLE="font-size: 10pt">1,636,364
    shares of common stock, par value $0.10 per share. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Common stock outstanding immediately after this offering<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">7,209,595 shares of common stock. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Use of proceeds</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt">The net proceeds from this offering will be approximately $8,292,000, after deducting underwriting discounts and our estimated expenses related to the offering. We intend to use the net proceeds from this offering of common stock to fund certain critical investments and possibly to reduce indebtedness or increase working capital. See &ldquo;Use of Proceeds.&rdquo; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Risk Factors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt">See the information described under the heading &ldquo;Risk Factors&rdquo; beginning on page S-10 of this prospectus supplement and other information contained in or incorporated by reference in this prospectus supplement and the accompanying prospectus for a discussion of factors you should consider carefully before investing in our common stock.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Nasdaq Capital Market symbol</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">ICCC</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 32px"><FONT STYLE="font-size: 10pt">____________</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The number of shares of common stock that will be outstanding immediately after this offering is based on 5,573,231&nbsp;shares outstanding as of March 26, 2019, and excludes 377,000 shares of our common stock reserved for future issuance upon the exercise of outstanding options (of which options with respect to 45,000 shares are currently exercisable) at a weighted average exercise price of $6.51 per share.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt">S-8</FONT></TD>
    <TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SUMMARY FINANCIAL DATA</B></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"><I>The following table sets forth, for the
periods and dates indicated, our summary financial data. The summary financial data has been derived from our audited historical
consolidated financial statements and accompanying notes for the year ended December 31, 2018 and the year ended December 31, 2017.
The results included in this table are not necessarily indicative of future performance. The following table should be read in
conjunction with &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo; and
the audited historical financial statements and accompanying notes thereto included in our Annual Report on Form 10-K for the year
ended December 31, 2018, which are incorporated by reference in this prospectus supplement and the accompanying prospectus.</I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">(In thousands, except per share amounts)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left; padding-left: 9pt">Product sales</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">10,986</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">10,431</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 9pt">Costs of goods sold</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,792</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,210</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Gross margin</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,194</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,221</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 9pt">Selling and administrative expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,824</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,418</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 9pt">Product development expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,517</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,046</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Gain on sale of assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(700</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Operating Expenses</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">6,641</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,464</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in">Net operating income (loss)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,447</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(243</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Other expenses, net</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">413</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">195</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in">(Loss)before income taxes</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,860</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(438</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Income tax expense (benefit)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">462</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(270</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">Net (loss)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(2,322</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(168</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Weighted average common shares outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 9pt">Basic</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,486</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,949</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 9pt">Diluted</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,486</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,949</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Net (loss)&nbsp;per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 9pt">Basic</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">(0.42</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">(0.03</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 9pt">Diluted</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">(0.42</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">(0.03</TD><TD STYLE="font-size: 10pt; text-align: left">)</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt">S-9</FONT></TD>
    <TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR>
</TABLE>

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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; text-align: center"><B>RISK FACTORS</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"><I>An investment in our securities involves
risk. You should consider carefully the risk factors described below and set forth in the &ldquo;Risk Factors&rdquo; section of
the Annual Report on Form 10-K for the year ended December 31, 2018, together with the other information contained in our financial
statements and the related notes, which is incorporated by reference herein, before deciding to invest in our common stock. We
operate in a changing environment that involves numerous known and unknown risks and uncertainties that could materially adversely
affect our operations. If any of such risks materialize, our business, financial condition, results of operations and the value
of our common stock could be materially and adversely affected. In such case, you may lose all or part of your investment in our
common stock. Please also refer to the section above entitled &ldquo;Forward-Looking Statements&rdquo; regarding forward-looking
statements included or incorporated herein by reference.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>You will experience immediate dilution in the book value per
share of the common stock you purchase.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Because the price per share of our common stock
being offered is substantially higher than the net tangible book value per share of our common stock, you will suffer substantial
dilution in the net tangible book value of the common stock you purchase in this offering. If you purchase shares of common stock
in this offering, you will suffer immediate and substantial dilution of approximately $1.36 per share in the net tangible book value
of the common stock. See the section entitled &ldquo;Dilution&rdquo; below for a more detailed discussion of the dilution you will
incur if you purchase common stock in this offering.</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"><B><I>Our common stock has had limited trading.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Trading in our common stock has historically
been thin. Because of the thinness of the market for our stock, the price of our common stock may be subject to manipulation and
may be volatile. This limited trading may adversely affect the liquidity of our common stock, in terms of the number of shares
that can be bought and sold at a given price. As a result, there could be a larger spread between the bid and the ask prices of
our common stock and investors may not be able to sell shares of our common stock when or at prices they desire.</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><I>Fluctuations in the price of our common
stock, including as a result of actual or anticipated sales of shares by stockholders, may make our common stock more difficult
to resell.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The market price and trading volume of our
common stock have been and may continue to be subject to significant fluctuations due not only to general stock market conditions,
but also to a change in sentiment in the market regarding the industry in which we operate, our operations, business prospects
or liquidity or this offering. During the period from January 1, 2016 to March 26, 2019, our common stock has fluctuated from a low
of $4.76 per share to a high of $9.30 per share. In addition to the risk factors discussed in our periodic reports and in this
prospectus supplement, the price and volume volatility of our common stock may be affected by actual or anticipated sales of common
stock by existing stockholders, including the shares purchased in this offering, whether in the market or in subsequent public
offerings. Stock markets in general have experienced extreme volatility recently that has at times been unrelated to the operating
performance of particular companies or industries. These broad market fluctuations may adversely affect the trading price of our
common stock, regardless of our operating results. As a result, these fluctuations in the market price and trading volume of our
common stock may make it difficult to predict the market price of our common stock in the future, cause the value of your investment
to decline and make it more difficult to resell our common stock.</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><I>Our stockholders may experience further
dilution if we issue additional shares of common stock in the future.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any additional future issuances of common stock
by us will reduce the percentage of our common stock owned by investors purchasing shares in this offering who do not participate
in such future issuances. In most circumstances stockholders will not be entitled to vote on whether or not we issue additional
common stock. In addition, depending on the terms and pricing of an additional offering of our common stock and the value of our
assets, our stockholders may experience dilution in both the book value and the market value of their shares.</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">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt">S-10</FONT></TD>
    <TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR>
</TABLE>

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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; text-align: justify">We are not restricted from issuing
additional common stock, including securities that are convertible into or exchangeable for, or that represent the right to
receive, common stock. We are offering shares of common stock. The issuance of additional shares of our common stock in this
offering or other issuances of our common stock or convertible or other equity linked securities, including options and
warrants, or otherwise, in connection with capital raising transactions or for employee compensation or other purposes will
dilute the ownership interest of our common stockholders. As of March 26, 2019, we had 5,573,231 outstanding shares of common
stock, which excludes 377,000 shares of common stock issuable upon the exercise of outstanding stock options.</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">Sales of a substantial number of shares of
our common stock or other equity-related securities in the public market could depress the market price of our common stock and
impair our ability to raise capital through the sale of additional equity securities. We cannot predict the effect that future
sales of our common stock or other equity-related securities would have on the market price of our common stock.</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><I>We are not currently paying dividends
and will likely continue not paying dividends for the foreseeable future.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have never paid or declared any cash dividends
on our common stock. We currently intend to retain all available funds and any future earnings to repay indebtedness and to fund
the development and expansion of our business, and we do not anticipate paying any cash dividends or repurchasing shares of our
common stock in the foreseeable future. In addition, the terms of our existing credit agreements restrict the payment of cash dividends
on our common stock and the repurchase by us of our common stock. Any future determination to pay dividends or to repurchase stock
will be at the discretion of our board of directors and will depend on our financial condition, results of operations, capital
requirements, contractual restrictions and other factors that our board of directors deems relevant.</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><I>Provisions in our rights plan and in
Delaware law could make it more difficult for a third party to acquire us, discourage a takeover and adversely affect existing
stockholders.</I></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">Our board of directors adopted in 1995 a common
stock rights plan under which, if the rights issued thereunder are not redeemed by the board and the board has not approved the
acquisition by a prospective acquirer of 20% or more of our outstanding common stock, the holders of such rights (other than such
prospective acquirer) have the right, in effect, to purchase additional shares of our common stock for each right held at a substantial
discount from the market price of such stock, immediately preceding the prospective acquirer&rsquo;s acquisition of such ownership
(or announcement of an offer to acquire such ownership).</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">We are also subject to the provisions of Section
203 of the Delaware General Corporation Law, which could prevent us from engaging in a &ldquo;business combination&rdquo; with
a 15% or greater stockholder for a period of three years from the date such person acquired that status unless appropriate board
or stockholder approvals are obtained.</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">These provisions could deter unsolicited takeovers
or delay or prevent changes in our control or management, including transactions in which stockholders might otherwise receive
a premium for their shares over the then current market price. These provisions may also limit the ability of stockholders to approve
transactions that they may deem to be in their best interests.</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><I>We could experience higher than anticipated
costs, cost over-runs, longer completion time frames or delays in completing our expanded manufacturing facilities, and we could
fail to access necessary funding for the expansion projects.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As noted above, and in &ldquo;Use of Proceeds&rdquo;,
we presently intend to apply a portion of the net proceeds of this offering to fund at least a substantial portion of the costs
of expanding our existing manufacturing facilities for our <B>First Defense&reg; </B>product line, and we believe it is likely
that we will construct and equip our own drug product manufacturing facility for <B>Re-Tain&trade;</B>, our mastitis product, also
using a portion of the net proceeds of this offering. The preliminary cost estimates set forth in this prospectus supplement for
those projects have been prepared internally and are not based on any bids or quotes from contractors or equipment suppliers. Also,
our estimated timelines for those projects, similarly, are preliminary, internally prepared and not based on quotes, proposals
or other reliable third-party information. Actual bids and binding agreements could result in longer time frames for completion
and in higher actual costs, which may outstrip our available resources, and even those actual bids could understate actual costs,
such as due to change orders, delays or other unforeseen events, in any of which instances actual project costs could exceed our
current estimates. In addition, completion of either project could be delayed due to factors outside our control, including equipment
delivery delays or delays in obtaining FDA approvals for <B>Re-Tain&trade;</B>. Also, our ability to fund the completion of those
projects may depend on, in addition to the proceeds from this offering, cash flow from future operations, which may not materialize
or be available at the needed levels.</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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt">S-11</FONT></TD>
    <TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR>
</TABLE>

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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; text-align: center"><B>USE OF PROCEEDS</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 0 6pt; text-align: justify">The net proceeds of this offering to
us will be approximately $8,292,000 after deducting our estimated offering expenses. We intend to use the net proceeds from this offering
to fund certain critical investments, and possibly to pay down indebtedness and add to our working capital.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">As noted under &ldquo;Prospectus Supplement Summary &ndash; <B>First Defense&reg;</B> Facilities
Expansion&rdquo;, our existing manufacturing capacity for our <B>First Defense&reg; </B>product line supports an estimated annual
sales volume of approximately $18 million. Due to increasing customer demand we have encountered backlogs for these products in
recent months, and have had to delay and reduce the scope of our rollout of our <B>Tri-Shield First Defense&reg;</B> product to
avoid further backlogs. To alleviate these constraints and to enable us to expand <B>First Defense&reg; </B>production to support
annual sales of approximately $30 million, we plan to install or construct, during 2019 and 2020, a third freeze dryer and additional
liquid processing equipment at a total preliminary estimated cost of $3 million, which estimate is based on internally-generated
calculations using, among other things, actual costs incurred in previous equipment acquisitions and installations for our <B>First
Defense&reg; </B>manufacturing facilities.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">As described above under &ldquo;Prospectus Supplement Summary &ndash;<B>Re-Tain&trade; </B>Facilities
Expansion&rdquo;, while we have Nisin manufacturing capacity in our own facilities sufficient to support annual sales of <B>Re-Tain&trade;
</B>of approximately $10 million, we will at least initially remain dependent on a third-party for drug product manufacturing
services for that product. Due to the risks and uncertainties associated with that dependency, as well as the added cost of using
third-party manufacturing services over the long-term, it is increasingly likely that we will construct and equip our own drug
product manufacturing facilities in the hope of avoiding or reducing delays in commercial sales of <B>Re-Tain&trade;</B> following
receipt of FDA approval resulting from the loss or unavailability of those third-party services. Based on publicly available information
and our recent experience in constructing and equipping our Nisin production facility, we preliminarily estimate the cost of this
facility to be $4 million.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If we were to decide not to proceed with the
drug product manufacturing facilities for <B>Re-Tain&trade;</B> due to unanticipated circumstances (such as obtaining a favorable
long-term manufacturing services contract with a suitable third-party, or encountering adverse developments in the pending FDA
approval process), we would apply the unexpended portion of the net proceeds from this offering to reduction of indebtedness and/or
additions to our working capital.</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>PRICE RANGE OF OUR COMMON STOCK</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; text-align: justify">Our common stock is traded on The NASDAQ Capital
Market under the symbol &ldquo;ICCC&rdquo;. The last reported sales price of our common stock on The NASDAQ Capital Market on March
26, 2019 was $6.6737 per share.</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">The following table sets forth, for the periods
indicated, the high and low sale prices for our common stock.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>HIGH</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>LOW</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">First Quarter of 2019 (through March 26, 2019)</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.28</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;$</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;6.60</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt"><B>Year ending December 31, 2018</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 77%"><FONT STYLE="font-size: 10pt">First Quarter</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">8.79</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt">6.70</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Second Quarter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8.65</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6.74</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Third Quarter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9.24</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6.50</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Fourth Quarter </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9.30</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6.38</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Year ended December 31, 2017</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">First Quarter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6.14</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5.00</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Second Quarter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7.60</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5.24</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Third Quarter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7.74</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5.26</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Fourth Quarter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9.25</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6.50</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Year ended December 31, 2016</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">First Quarter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8.29</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5.60</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Second Quarter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7.38</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5.62</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Third Quarter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8.24</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6.46</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Fourth Quarter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7.99</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4.76</FONT></TD>
    <TD>&nbsp;</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">As of March 26, 2019, there were approximately
750 holders of record of our common stock.</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">We have not paid any cash dividends on our
common stock to date, and we do not expect to pay cash dividends in the foreseeable future. Future dividend policy will depend
on our earnings, capital requirements, financial condition, contractual restrictions, and other factors considered relevant by
our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.6in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To provide a portion of the funding needed
for the development of <B>Re-Tain&trade;</B> and expansion of the <B>First Defense&reg;</B> product line, we issued an aggregate
of 2,401,497 shares of common stock, raising gross proceeds of approximately $13.46 million, in four separate transactions during
2017 and 2016. In order to minimize the dilutive effects of these transactions on our existing stockholders, we chose not to issue
any form of convertible or preferred securities and issued these common shares without any warrants.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt">S-12</FONT></TD>
    <TD STYLE="width: 33%; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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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; text-align: center"><B>DILUTION</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">Our net tangible book value as of December
31, 2018 was approximately $21,515,000, or approximately $3.86 per share. Net tangible book value per share is determined by dividing
our total tangible assets (total assets less goodwill and intangible assets) less total liabilities by the number of shares of
our common stock outstanding as of December 31, 2018.</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"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">After giving effect to our sale of shares
of our common stock in this offering at the public offering price of $5.50 per share, and after deducting <FONT STYLE="background-color: white">the
estimated underwriting discounts and commissions and estimated offering expenses payable by us</FONT> of $168,000, our as adjusted
net tangible book value as of December 31, 2018 would have been approximately $29,807,000, or $4.14 per share. This represents
an immediate increase in net tangible book value of $0.28 per share to existing stockholders and immediate dilution in net tangible
book value of $1.36 per share to new investors participating in this offering at the public offering price. These calculations
do not reflect the anticipated spending on expanding our production facilities. The following table illustrates this dilution on
a per share basis:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; width: 77%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public offering price for one share of common stock</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;5.50</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net tangible book value per share as of December 31, 2018</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.86</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase per share attributable to new investors</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.28</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As adjusted net tangible book value per share after this offering</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.14</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dilution per share to new investors</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;1.36</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The information set forth above is
based on 5,568,962 shares of common stock issued and outstanding as of December 31, 2018 and excludes 394,000 shares of common
stock reserved for future issuance upon the exercise of outstanding options as of December 31, 2018 (of which options with respect
to 60,000 shares were currently exercisable).</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The above illustration of dilution per share to investors participating in this offering
assumes no exercise of outstanding options to purchase our common stock. The exercise of outstanding options having an exercise
price less than the public offering price will increase dilution to new investors. In addition, we may choose to raise additional
capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our current or future
operating plans. To the extent that additional capital is raised through the sale of equity or convertible debt securities, the
issuance of these securities could result in further dilution to our stockholders.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt">S-13</FONT></TD>
    <TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR>
</TABLE>

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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; text-align: center"><B>UNDERWRITING</B></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">The underwriter named below has agreed to buy,
subject to the terms of the underwriting agreement, the number of shares of common stock listed opposite its name below. The underwriter
is committed to purchase and pay for all of the shares if any are purchased. Craig-Hallum Capital Group LLC is the sole underwriter.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Underwriter</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of&nbsp;Shares</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Craig-Hallum Capital Group LLC</TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">1,636,364</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</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">The underwriter initially proposes to offer
the shares of common stock directly to the public at the offering price listed on the cover page of this prospectus supplement.
After the initial offering of the shares of common stock, the offering price and other selling terms may from time to time be varied
by the underwriter.</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">The underwriter is offering the shares, subject
to prior sale, when, as and if issued to and accepted by it, subject to approval of legal matters by its counsel, including the
validity of the shares, and other conditions contained in the underwriting agreement, such as the receipt by the underwriter of
officers&rsquo; certificates and legal opinions. The underwriter reserves the right to withdraw, cancel or modify offers to the
public and to reject orders in whole or in part.</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">The shares sold in this offering are expected
to be ready for delivery on or about March 29, 2019, against payment in immediately available funds. The underwriter may reject all
or part of any order.</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"><FONT STYLE="background-color: white"><B>Underwriting Discounts,
Commissions and Expenses</B></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; text-align: justify">The table below summarizes the underwriting
discount that we will pay to the underwriter. In addition to the underwriting discount, we have agreed to pay up to $100,000 of
the fees and expenses of the underwriter, which may include the fees and expenses of counsel to the underwriter. The fees and expenses
of the underwriter that we have agreed to reimburse are not included in the underwriting discount set forth in the table below.
The underwriting discount and reimbursable expenses the underwriter will receive were determined through arms&rsquo; length negotiations
between us and the underwriter.</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"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Per Share</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt">Public offering price</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">5.50</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">9,000,002</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Underwriting discount to be paid by us</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.33</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">540,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Proceeds to us before expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.17</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,460,002</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We estimate that the total expenses of this
offering, excluding the underwriting discount, will be approximately $168,000. This includes $100,000 of fees and expenses of the underwriter
which are payable by us.</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"><B>Lock-Up Agreements</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">We and each of our directors and officers have
agreed not to offer, sell, agree to sell, directly or indirectly, or otherwise dispose of any shares of our common stock or any
securities convertible into or exchangeable for shares of our common stock without the prior written consent of the underwriter
for a period of 90 days after the date of this prospectus supplement. These lock-up agreements provide limited exceptions and their
restrictions may be waived at any time by the underwriter.</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"><FONT STYLE="background-color: white"><B>Other Relationships</B></FONT></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"><FONT STYLE="background-color: white">The underwriter
and its respective affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings
in the ordinary course of business with us or our affiliates. The underwriter has received, or may in the future receive, customary
fees and commissions for these transactions.</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; text-align: justify">In the ordinary course of its various business
activities, the underwriter and its affiliates may make or hold a broad array of investments and actively trade debt and equity
securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the
accounts of their customers, and such investment and securities activities may involve securities and/or instruments of the issuer.
The underwriter and its affiliates may also make investment recommendations and/or publish or express independent research views
in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short
positions in such securities and instruments.</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"><FONT STYLE="background-color: white"><B>Discretionary Accounts</B></FONT></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"><FONT STYLE="background-color: white">The underwriter does not intend
to confirm sales of the shares to any accounts over which it has discretionary authority.</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"><B>Indemnification</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">We also have agreed to indemnify the underwriter
against certain liabilities, including civil liabilities under the Securities Act of 1933, as amended, or to contribute to payments
that the underwriter may be required to make in respect of those liabilities.</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-align: justify"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt">S-14</FONT></TD>
    <TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<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"><FONT STYLE="background-color: white"><B>Passive Market Making</B>&nbsp;</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; text-align: justify"><FONT STYLE="background-color: white">In connection
with this offering, the underwriter may engage in passive market making transactions in our common stock in accordance with Regulation
M during a period before the commencement of offers or sales of shares of our common stock in this offering and extending through
the completion of the distribution. In general, a passive market maker must display its bid at a price not in excess of the highest
independent bid for that security. However, if all independent bids are lowered below the passive market maker&rsquo;s bid that
bid must then be lowered when specific purchase limits are exceeded. Passive market making may stabilize the market price of the
securities at a level above that which might otherwise prevail in the open market and, if commenced, may be discontinued at any
time.</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"><B>Selling Restrictions</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"><B><I>Canada</I></B>.&emsp;The offering of
the common stock in Canada is being made on a private placement basis in reliance on exemptions from the prospectus requirements
under the securities laws of each applicable Canadian province and territory where the common stock may be offered and sold, and
therein may only be made with investors that are purchasing as principal and that qualify as both an &ldquo;accredited investor&rdquo;
as such term is defined in National Instrument 45-106-Prospectus Exemptions and as a &ldquo;permitted client&rdquo; as such term
is defined in National Instrument 31-103-Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any offer and
sale of the common stock in any province or territory of Canada may only be made through a dealer that is properly registered under
the securities legislation of the applicable province or territory wherein the common stock is offered and/or sold or, alternatively,
by a dealer that qualifies under and is relying upon an exemption from the registration requirements therein.</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">Any resale of the common stock by an investor
resident in Canada must be made in accordance with applicable Canadian securities laws, which may require resales to be made in
accordance with prospectus and registration requirements, statutory exemptions from the prospectus and registration requirements
or under a discretionary exemption from the prospectus and registration requirements granted by the applicable Canadian securities
regulatory authority. These resale restrictions may under certain circumstances apply to resales of the common stock outside of
Canada.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt">S-15</FONT></TD>
    <TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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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; text-align: center"><B>LEGAL MATTERS</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; text-align: justify">The validity of the shares of common stock
offered by this prospectus supplement and the accompanying prospectus will be passed upon for us by Pierce Atwood LLP of Portland,
Maine. The underwriter is represented in this offering by Ellenoff Grossman &amp; Schole LLP of New York, New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXPERTS</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">The financial statements of ImmuCell Corporation
as of December 31, 2018 and 2017 and for each of the years in the two-year period ended December 31, 2018, incorporated in this
Prospectus and Registration Statement by reference from the ImmuCell Corporation Annual Report on Form 10-K for the year ended
December 31, 2018 have been audited by RSM US LLP, an independent registered public accounting firm, as stated in their report
thereon, incorporated herein by reference, and have been incorporated in this Prospectus and Registration Statement in reliance
upon such report 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">&nbsp;</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"><B>WHERE YOU CAN FIND MORE INFORMATION</B></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">We file annual, quarterly and other reports
and information with the SEC under the Securities Exchange Act of 1934, as amended, or the Exchange Act. You may read and copy
any of the reports, statements, or other information we file with the SEC at the SEC&rsquo;s Public Reference Room at 100 F Street,
N.E., Washington, D.C. 20549 at prescribed rates. Information on the operation of the Public Reference Room may be obtained by
calling the SEC at 1-800-SEC-0330. The SEC maintains a website at <I>http://www.sec.gov</I> that contains reports, proxy statements
and other information regarding issuers that file electronically with the SEC. Our SEC File Number for documents we filed under
the Exchange Act is 001-12934. Our website address is <I>www.immucell.com</I>. We have included our website address in this document
as an inactive textual reference only, and the information contained in, or that can be accessed through, our website does not
constitute part of this prospectus supplement.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt">S-16</FONT></TD>
    <TD STYLE="width: 33%; text-align: right">&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; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</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; text-align: justify">The SEC allows us to incorporate by reference
the documents we file with them. This means that we can disclose important information to you in this prospectus supplement by
referring you to the documents that contain such information. These incorporated documents contain important business and financial
information about us that is not included in or delivered with this prospectus supplement or the accompanying prospectus. The information
incorporated by reference is considered to be part of this prospectus supplement and accompanying prospectus, and later information
filed with the SEC will update and supersede this information.</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">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 (other than
information deemed to have been furnished or not filed in accordance with the SEC&rsquo;s rules) from the date of this prospectus
supplement and prior to the termination of this offering:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 filed with the SEC on March 22, 2019;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our Current Reports on Form 8-K filed with the SEC on February 13, 2019 and March&nbsp;1, 2019.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">You may request, and we will provide to you
at no cost, a copy of these filings by writing or telephoning our Corporate Secretary at 56 Evergreen Drive, Portland, Maine,
04103, telephone number (207) 878-2770.&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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin: 0; text-align: right"></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$20,000,000</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time,
we may offer up to $20,000,000.00 of our common stock and subscription rights, in one or more transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will provide specific
terms of these securities and offerings 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: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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;&nbsp; The aggregate market value of our outstanding
common stock held by non-affiliates was approximately $35,220,278 based on 5,484,728 shares of outstanding common stock, of which&nbsp;1,584,365
shares are held by affiliates, and a price of $9.03 per share, which was the last reported sale price of our common stock as quoted
on NASDAQ Capital Market on October 9, 2018.&nbsp; With the exception of the sale of common stock on December 21, 2017 for proceeds
aggregating $3,049,991, we have not sold 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. No subscription rights that we may offer under this prospectus
are currently publicly traded.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is November
29, 2018.</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 89%"><A HREF="#aa_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></A></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 10pt"><B>1</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#aa_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ABOUT THIS PROSPECTUS</B></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>1</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#aa_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ABOUT IMMUCELL CORPORATION</B></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>2</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#aa_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>5</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#aa_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INCORPORATION OF INFORMATION BY REFERENCE</B></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#aa_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RISK FACTORS</B></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#aa_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DESCRIPTION OF COMMON STOCK</B></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>7</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#aa_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DESCRIPTION OF SUBSCRIPTION RIGHTS</B></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>9</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#aa_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>USE OF PROCEEDS</B></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>10</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#aa_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PLAN OF DISTRIBUTION</B></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>10</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#aa_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LEGAL MATTERS</B></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>12</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#aa_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXPERTS</B></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>12</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#aa_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INTERESTS OF NAMED EXPERTS AND COUNSEL</B></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>12</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="aa_001"></A>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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, 2017 and our
Form 10-Q for the quarterly period ended September 30, 2018, 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: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="aa_002"></A>ABOUT
THIS PROSPECTUS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 and sell any combination of the securities
described in this prospectus in one or more transactions and in amounts we will determine from time to time, up to a total dollar
amount of $20,000,000.00.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus provides
you with a general description of ImmuCell Corporation and potential offerings of our securities described herein.&nbsp; Each time
we offer securities we will provide a prospectus supplement or information that is incorporated by reference into this prospectus,
containing more specific information about the 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.&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.&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 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 our securities.&nbsp;</P>

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


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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="aa_003"></A>ABOUT
IMMUCELL CORPORATION</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 <B>Immediate
Immunity</B><SUP>&trade;</SUP> 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our total product sales
during the year ended December 31, 2017 increased by 9%, or $887,000, to $10.4 million from $9.5 million in 2016, and gross margin
as a percentage of product sales was 50% in 2017, as compared to 57% during 2016. Total product sales during the nine-month period
ended September 30, 2018 increased by 10%, or $751,000, to $8 million from $7.3 million during the same period in 2017, and gross
margin as a percentage of product sales was 47% during the 2018 period, as compared to 55% during 2017. Growth in sales of our
lead product, the <B>First Defense</B><SUP>&reg;</SUP> product line, is driving the increase in our total product sales. Sales
of the <B>First Defense</B><SUP>&reg;</SUP> product line aggregated 94% and 93% of our total product sales during the years ended
December 31, 2017 and 2016, respectively. Sales of the <B>First Defense</B><SUP>&reg;</SUP> product line increased by 11% and 36%
during the years ended December 31, 2017 and 2015 and decreased by 7% during the year ended December 31, 2016, respectively, in
comparison to the prior years. Sales of the <B>First Defense</B><SUP>&reg;</SUP> product line aggregated 97% and 94% of our total
product sales during the nine-month periods ended September 30, 2018 and 2017, respectively. Sales of the <B>First Defense</B><SUP>&reg;</SUP>
product line increased by 14% during the nine-month period ended September 30, 2018 in comparison to the same period during 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The <B>First Defense</B><SUP>&reg;</SUP>
product line 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><SUP>&reg;</SUP>
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><SUP>&trade;</SUP> 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. The original <B>First Defense</B><SUP>&reg;</SUP> product in a bivalent capsule form was licensed by the
U.S. Department of Agriculture (USDA) with claims against <I>E. coli</I> and coronavirus (two leading causes of scours) in 1991.
In late 2017, the USDA approved a trivalent version of the product (known as <B>Tri-Shield First Defense</B><SUP>&reg;</SUP>) with
claims against rotavirus as well as <I>E. coli</I> and coronavirus. We are rebranding the bivalent versions of our product as <B>Dual-Force</B><SUP>&trade;</SUP>
<B>First Defense</B><SUP>&reg;</SUP>, which we continue to market as options for customers who don&rsquo;t perceive rotavirus as
a threat to their herds or prefer the bivalent capsule. <B>Tri-Shield</B><SUP>&reg;</SUP> has also been approved for sale in Canada.
We do not plan to introduce <B>Tri-Shield</B><SUP>&reg;</SUP> to the Canadian market until we have met domestic demand.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Beginning early in
2015 and extending through the middle of 2016, we experienced order backlog affecting our ability to meet customer demand for <B>First
Defense</B><SUP>&reg;</SUP>, which disrupted our normal product shipping patterns for the first time. In response, we completed
investments necessary to increase our liquid processing capacity by 50% during the fourth quarter of 2015 and our freeze drying
capacity by 100% during the first quarter of 2016. This expanded production capacity has the potential to produce product with
an annual sales value of approximately $17 million. The actual value of the production output will vary subject to product yields,
selling price and product format mix. Since the third quarter of 2016 and through most of 2017, we had sufficient available inventory
and were shipping in accordance with the current demand of our distributors. However, during the first quarter of 2018, we incurred
a backlog of orders for the second time, as sales demand for <B>Dual-Force</B><SUP>&trade;</SUP> <B>First Defense</B><SUP>&reg;</SUP>
exceeded available inventory. As of March 31, 2018, we had a backlog of orders for <B>Dual-Force</B><SUP>&trade;</SUP> worth approximately
$901,000, which we filled during the second quarter of 2018. In order to produce more doses quickly to clear the 2015/2016 order
backlog, we had significantly increased the quantity of our supply of colostrum. The 2018 backlog problem was largely caused by
a reduction in the biological yield from this new milk supply in addition to other factors. To address the inherent variability
in our biological yields, among other process improvements, we are working to optimize the mix of early milk that is rich with
antibodies and later milk that contains less antibodies. With the improved production methods to increase yields and the enhanced
manufacturing redundancies that we have implemented, we are rebuilding target inventory levels of <B>Dual-Force</B><SUP>&trade;</SUP>
to again consistently supply product to the market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Tri-Shield First
Defense</B><SUP>&reg;</SUP> is the first calf-level, passive antibody product on the market with USDA-approved disease claims providing
<B>Immediate Immunity</B><SUP>&trade;</SUP> against each of the three leading causes of calf scours (<I>E. coli</I>, coronavirus
and rotavirus) and is sold in gel tube delivery format. This unique breadth of claims further differentiates our products from
competitive products on the market. Of the products given to newborn calves to prevent scours, Calf-Guard<SUP>&reg;</SUP> from
Zoetis is the market leader in terms of doses sold. This product has claims against coronavirus and rotavirus (but not <I>E. coli</I>).
With the addition of a rotavirus claim for <B>Tri-Shield</B><SUP>&reg;</SUP>, we now compete more effectively against Calf-Guard<SUP>&reg;</SUP>
and other scours preventatives given to newborn calves. Historically, the primary tool to help combat scours has been to vaccinate
the cow with a dam-level scours vaccine to increase the antibody level against specific scours-causing pathogens in the colostrum
that she produces for her newborn. With this expanded claim set, we can compete more effectively against these dam-level vaccine
products that are given to the mother cow. It is generally believed that only 80% of animals respond to a vaccine, which could
leave about 20% of calves unprotected. This variability in a cow&rsquo;s immune response to vaccines (that can impact our costs
of goods sold when we immunize our source cows to produce the antibodies used in our production process) creates a sales opportunity
for our product. Additionally, our research suggests that treatment protocols for dam-level scours vaccine programs are not always
followed, leaving even more calves compromised. Our new marketing campaign, <B>Beyond Vaccination</B><SUP>&reg;</SUP>, suggests
that by delivering immediate immunity directly to the calf via <B>Tri-Shield</B><SUP>&reg;</SUP>, producers can reduce stress-causing
injections to the cow and save the associated labor for vaccines that are more critical to cow health. Reliance on a dam-level
scours vaccine requires that money be spent before it is known whether the cow is carrying a viable, valued calf. With <B>Tri-Shield</B><SUP>&reg;</SUP>,
every calf is equally protected and that investment can be targeted to the calves that are most critical to the operation. This,
in turn, can free up space in the cow&rsquo;s vaccination schedule to optimize her immune response to vaccines that are critical
to her health. We estimate that the total market for scours preventative products (including sales of our product) that are given
to newborn calves (the calf-level market) is approximately $18 million annually. We estimate that the dam-level product category
covers approximately twice as many calves as the calf-level product segment reaches.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Soon after regulatory
approval of <B>Tri-Shield First Defense</B><SUP>&reg;</SUP> was obtained during the fourth quarter of 2017, we quickly sold out
of our initial launch quantities. During the first quarter of 2018, market demand for <B>Tri-Shield</B><SUP>&reg;</SUP> quickly
exceeded our available inventory. Production has not kept pace with demand primarily because of the difficulty in producing enough
of the new, complex rotavirus vaccine that is used to immunize our source cows at commercial scale. Simply put, the complex vaccine
production process used to obtain regulatory approval required significant additional process development work and optimization
to meet large-scale production needs. As of March 31, 2018, the backlog of orders for this new product increased to approximately
$344,000. While the backlog of orders was worth approximately $327,000 as of June 30, 2018 and $301,000 as of September 30, 2018,
we do not think these are meaningful figures because currently we are not actively soliciting all orders possible given the short
supply situation and because we believe many distributors are holding off on placing orders until we have the supply situation
under better control. While this backlog is a problem and could adversely impact customer relations and result in lost sales, it
is also a positive indication that the market is accepting our new product offering. Given this shortage of supply, we have had
to change our market launch strategy for <B>Tri-Shield</B><SUP>&reg;</SUP>. We have pivoted away from a mass-market launch and
are working with distribution partners to allocate the limited supply to influential end-users and veterinarians capable of collecting
field data that could help us re-launch <B>Tri-Shield</B><SUP>&reg;</SUP> both in the United States and Canada as soon as production
issues are resolved and adequate inventory is on hand, which is anticipated to be during the middle of 2019. Sales of <B>Tri-Shield</B><SUP>&reg;</SUP>
were approximately $250,000, $236,000, $216,000 and $252,000 during the fourth quarter of 2017, the first quarter of 2018, the
second quarter of 2018 and the third quarter of 2018, respectively. We are satisfied that we are successfully addressing the vaccine
production and biological yield issues pertaining to the production of this new product. During the fourth quarter of 2018, we
expect to be able to produce product with a sales value of approximately $500,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The majority of our
product development budget from 2000 through 2018 has been focused on the development of a Nisin-based intramammary treatment of
subclinical mastitis in lactating dairy cows. During the 18.75-year period that began on January 1, 2000 (the year we began the
development of our mastitis drug) and ended on September 30, 2018, we invested the aggregate of approximately $36.3 million in
the development of this product. This figure includes approximately $15.1 million of product development expenses (not including
depreciation expense related to the production facility and equipment), approximately $20.8 million of capital expenditures for
the production facility and equipment and $329,000 for land. This estimated allocation of product development expenses reflects
only direct expenditures and includes no allocation of product development or administrative overhead expenses. Approximately $2.9
million of this investment was offset by product licensing revenues and grant income.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is difficult to
estimate the potential size of the market for the treatment of subclinical mastitis because this disease is largely left untreated
presently. We believe that approximately 20-30% of the U.S. dairy herd is affected by subclinical mastitis caused by Gram-positive
organisms falling within the claim spectrum of our product. This compares to approximately 2% of the U.S. herd that is thought
to be infected with clinical mastitis, where approximately $60 million per year is spent on drug treatments. We believe that similar
market opportunities also exist outside of the United States and for the treatment of dry (non-lactating) cows. We estimate that
the market potential for first year sales of our new mastitis product could be approximately $5.8 million and could grow to approximately
$36.1 million during the fifth year after market launch.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the fourth quarter
of 2017, we completed construction of the building that houses our Nisin production facility, and during the third quarter of 2018
we completed equipping that facility, at an aggregate cost of approximately $20.8 million. This expansion was funded through a
combination of net proceeds from common stock issuances totaling $12.2 million (2016-17), debt financing from TD Bank, N.A. totaling
$6.8 million (2016-18) and cash generated from operations. The production capacity of our facility could meet annual sales demand
of approximately $10 million. This facility was constructed with enough room to add a second fermentation and recovery portion
of the product line to be purchased and installed at a cost of approximately $7 million to effectively double production output.
We would consider this investment only after commercial acceptance of the product is demonstrated. If annual sales of our mastitis
product exceed approximately $20 million, we would evaluate all Nisin supply options, factoring in efficiencies and yield improvements.
Building an additional Nisin production facility to meet our needs at that time may be the most cost-effective solution.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 our Nisin-based treatment
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 our mastitis product in the United States is subject
to approval of our New Animal Drug Application (NADA) by the U.S. Food and Drug Administration&rsquo;s Center for Veterinary Medicine
(FDA), which approval cannot be assured. During the third quarter of 2018, the FDA issued to us a Technical Section Complete Letter
for the Human Food Safety Technical Section of our NADA for the mastitis product (the fourth of five required Technical Section
Complete Letters), leaving only the manufacturing Technical Section (known as the Chemistry, Manufacturing and Controls (CMC) Technical
Section) remaining for product approval and launch. We anticipate making the first submission of the CMC Technical Section (Drug
Substance only) during the fourth quarter of 2018; it will be subject to a six-month FDA review period. We plan to make a second
submission of the CMC Technical Section (which would be responsive to the anticipated Incomplete Letter from the first submission
and also include the Drug Product requirements) promptly after the first review by the FDA is complete. This second submission
would also be subject to a six-month FDA review period. Adherence to this timeline could set us up for possible product approval
during late 2019 or the first half of 2020. 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. We have not yet initiated any such foreign
approval efforts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With a measured approach
to expanding our customer-facing staff, it is our objective to double our current level of product sales to approximately $20 million
through both continued growth in sales of the <B>First Defense</B><SUP>&reg;</SUP> product line (including <B>Tri-Shield</B><SUP>&reg;</SUP>)
and a successful launch of our novel mastitis treatment as soon as possible. As market penetration for both new products is achieved
and additional resources are dedicated to sales, marketing and technical services, our longer-term goal is to reach the $30 million
level of product sales as soon as possible during the five-year period after the market launch of our new mastitis product.&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="aa_004"></A>WHERE
YOU CAN FIND ADDITIONAL INFORMATION</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="aa_005"></A>INCORPORATION
OF INFORMATION BY REFERENCE</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our Annual Report on Form
10-K for the fiscal year ended December 31, 2017, filed with the SEC on March 29, 2018;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our Quarterly Reports on
Form 10-Q for the quarters ended March 31, 2018, June 30, 2018 and September 30, 2018, filed with the SEC on May 14, 2018, August
13, 2018 and November 13, 2018, respectively;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our Current Reports on Form
8-K filed with the SEC on February 1, 2018, February 8, 2018, May 14, 2018, June 18, 2018, July 10, 2018, July 25, 2018, August
13, 2018, September 26, 2018 and November 13, 2018;</FONT></TD>
</TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our definitive proxy statement
on Schedule 14A filed on April 30, 2018 for our annual meeting of shareholders held on June 14, 2018;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">Our Form 8-A filed with the SEC on March 18, 1987 with
respect to our common stock; and</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our Form 8-A filed with the
SEC on September 13, 1995, as amended by Form 8-A/A filed with the SEC on July 1, 2008, with respect to our common stock purchase
rights.</FONT></TD>
</TR></TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="aa_006"></A>RISK FACTORS</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="aa_007"></A>DESCRIPTION
OF COMMON STOCK</FONT>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may offer, from
time to time, shares of our common stock 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 our common stock.&nbsp; Each time we offer
common stock, we will provide a prospectus supplement that will describe the specific amounts, and prices of the common stock.
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. 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: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our authorized capital
stock consists of 11,000,000 shares of common stock. As of November 19, 2018 there were approximately 5,485,000 shares of common
stock outstanding.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of common
stock are entitled to receive ratable 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: 0pt 0">&nbsp;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">limitations on the removal of directors; advance notice requirements for stockholder proposals and nominations;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the ability of our Board of Directors to alter or repeal our bylaws;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><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>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><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>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><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>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><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>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><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: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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;. On June 15, 2017, our Board
of Directors voted to authorize an amendment to the Rights Agreement to extend the final expiration date by an additional five
years to September 19, 2022. As of August 10, 2017, we entered into an amendment to the Rights Agreement with the Rights Agent
reflecting such extension. 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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Board of Directors
believes that there is some risk that the potential value of the mastitis product development initiative and the potential value
of our broadened <B>First Defense<SUP>&reg;</SUP></B> product line offerings are 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: 0pt 0"><B>&nbsp;</B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="aa_008"></A>DESCRIPTION OF SUBSCRIPTION RIGHTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue to our
shareholders subscription rights to purchase our common stock. The following description sets fourth certain general terms and
provisions of the subscription rights that we may offer pursuant to this prospectus. The particular terms of the subscription rights
and the extent, if any, to which the general terms and provisions may apply to the subscription right so offered will be described
in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subscription rights
may be issued independently or together with any other security offered by this prospectus and may or may not be transferable by
the shareholder receiving the rights in the rights offering. In connection with any rights offering, we may enter into a standby
underwriting agreement with one or more underwriters pursuant to which the underwriter will purchase any securities that remain
unsubscribed for upon completion of the rights offering, or offer these securities to other parties who are not our shareholders.
A copy of the form of subscription rights certificate will be filed with the SEC each time we issue subscription rights, and you
should read that document for provisions that may be important to you. For more information on how you can obtain a copy of any
subscription rights certificate, see &ldquo;Where You Can Find More Information.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The applicable prospectus
supplement relating to any subscription rights will describe the terms of the offered subscription rights, including, where applicable,
the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the exercise price for the subscription rights;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the number of subscription rights issued to each shareholder;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the extent to which the subscription rights are transferable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">any other terms of the subscription rights, including terms, procedures and limitations relating
to the exchange and exercise of the subscription rights;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the date on which the right to exercise the subscription rights will commence and the date on which
the right will expire;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the extent to which the subscription rights include an over-subscription privilege with respect
to unsubscribed securities; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the material terms of any standby underwriting arrangement entered into by us in connection with
the subscription rights offering.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="aa_009"></A>USE
OF PROCEEDS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 our securities to fund our growth plans, to possibly repay some of our indebtedness, for working
capital, and for other general corporate purposes, including capital expenditures related to our growth.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="aa_010"></A>PLAN
OF DISTRIBUTION</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">through agents;</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">to or through underwriters;</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">through broker-dealers (acting as agent or principal);</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">through a combination of any such methods of sale; or</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">through any other methods described in a prospectus supplement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">block transactions (which may involve crosses) and transactions on the NASDAQ Capital Market or any other organized market where the common stock may be traded;</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">ordinary brokerage transactions and transactions in which a broker-dealer solicits purchasers;</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">sales &ldquo;at the market&rdquo; to or through a market maker or into an existing trading market, on an exchange or otherwise; and</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">sales in other ways not involving market makers or established trading markets, including direct sales to purchasers.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 common stock is not subscribed for, we
may then sell the unsubscribed common stock directly to third parties or may engage the services of one or more underwriters, dealers
or agents, including standby underwriters, to sell the unsubscribed common stock to third parties. We may pay the standby underwriters
a commitment fee for the common stock they commit to purchase on a standby basis.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any person participating
in the distribution of securities 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 securities to engage in market-making activities with
respect to our securities.&nbsp; These restrictions may affect the marketability of our securities and the ability of any person
or entity to engage in market-making activities with respect to our securities.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="aa_011"></A>LEGAL
MATTERS</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="aa_012"></A>EXPERTS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The financial statements
of ImmuCell Corporation as of and for the years ended December 31, 2017 and 2016, incorporated in this Prospectus and Registration
Statement by reference from the ImmuCell Corporation Annual Report on Form 10-K for the year ended December 31, 2017 have been
audited by RSM US LLP, an independent registered public accounting firm, as stated in their report, incorporated herein by reference,
and have been incorporated in this Prospectus and Registration Statement in reliance upon such report and upon the authority of
such firm as experts in accounting and auditing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="aa_013"></A>INTERESTS
OF NAMED EXPERTS AND COUNSEL</FONT></P>

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

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

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



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

<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">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_002.jpg" ALT="https:||www.sec.gov|Archives|edgar|data|811641|000121390017013430|logo.jpg" STYLE="height: 48px; width: 254px"></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">&nbsp;</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; text-align: center"><B>$9,000,002 of Shares of Common Stock</B></P>

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

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

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

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

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

<P STYLE="font: 18pt 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; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 1pt 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>&nbsp;</B></P>

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

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

<P STYLE="font: 1pt 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>&nbsp;</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Craig-Hallum Capital Group</B></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The date of this prospectus supplement is March
27, 2019</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">&nbsp;</P>

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

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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



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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
