<SEC-DOCUMENT>0001213900-20-009122.txt : 20200414
<SEC-HEADER>0001213900-20-009122.hdr.sgml : 20200414
<ACCEPTANCE-DATETIME>20200414085853
ACCESSION NUMBER:		0001213900-20-009122
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20200413
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
FILED AS OF DATE:		20200414
DATE AS OF CHANGE:		20200414

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12934
		FILM NUMBER:		20790152

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

	MAIL ADDRESS:	
		STREET 1:		56 EVERGREEN DRIVE
		CITY:			PORTLAND
		STATE:			ME
		ZIP:			04103
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ea120649-8k_immucellcorp.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="margin: 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B><BR>
<B>SECURITIES AND EXCHANGE COMMISSION</B><BR>
<B>Washington, D.C. 20549</B></P>

<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"><B>FORM 8-K </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>CURRENT REPORT </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>Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934 </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>Date of Report: April 13, 2020</B><BR>
(Date of earliest event reported)</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>ImmuCell Corporation</B><BR>
(Exact name of registrant as specified in its charter)</P>

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

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    <TD STYLE="border-bottom: Black 1.5pt solid; width: 32%; text-align: center"><B>DE</B></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 32%; text-align: center"><B>001-12934</B></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 32%; text-align: center"><B>01-0382980</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(Commission File Number)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">of incorporation)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Identification Number)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 49%; text-align: center"><B>56 Evergreen Drive</B></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>Portland, Maine</B></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>04103</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(Zip Code)</TD></TR>
</TABLE>
<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>207-878-2770</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</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>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former Name or Former Address, if changed
since last report)</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">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:</P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD>Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD>Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD>Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Emerging growth company &#9744;</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-indent: 0in">If an emerging growth company, indicate by
check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Securities registered pursuant to Section
12(b) of the Act:</P>

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

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    <TD STYLE="border-bottom: Black 1.5pt solid; width: 34%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title of each class</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 32%; text-align: center; text-indent: 4.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading Symbol(s)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of each exchange on which registered</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01 - Entry into a Material Definitive Agreement</B></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"><B>Item 2.03 - Creation of a Direct Financial Obligation or
an Obligation under an Off-Balance Sheet Arrangement of a Registrant</B></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">On April 13, 2020, the Company received $937,700 in funding
from the Paycheck Protection Program under the Keeping American Workers Paid and Employed Act that was approved by Congress on
March 25, 2020.</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">This funding accrues interest at a rate of 1% per annum, and
the Company&rsquo;s obligation to repay the principal amount of the funding will be forgiven provided that the Company uses the
funding proceeds only for eligible payroll costs, eligible utility expenses, eligible rent payments and interest on mortgage debt
borrowed prior to February 15, 2020, in each case incurred and paid during the eight-week period from April 13, 2020 through June
8, 2020 (which period may be extended at some future date). At least 75% of such forgiven amounts must be used for eligible payroll
costs. If any portion of this funding were not to be applied to eligible expenses during the applicable eight-week period, the
Company expects to repay such excess amount without any prepayment penalty by approximately October 13, 2020. By current estimated
calculations, this repayment obligation may be approximately $150,000, due to projected payroll costs during the applicable eight-week
period potentially being less than the 2019 levels used to determine the amount of available funding and the possible exclusion
of interest expense on the Company&rsquo;s mortgage debt because it was refinanced after February 15, 2020. The forgiveness also
may be reduced proportionately to the extent that the Company were to reduce payroll during the applicable eight-week period below
allowable limits or below full-time equivalent employment levels as compared to prior historical levels.&nbsp;The Company has no
intent to make any such reductions and therefore does not expect to repay principal for this reason. Such forgiveness of indebtedness,
in accordance with the CARES Act, does not give rise to taxable income to recipients like the Company.&nbsp;</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">The Promissory Note executed in connection with this credit
facility is attached as Exhibit 99.2 to this Current Report on Form 8-K.</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">The information shall not be deemed &ldquo;filed&rdquo; for
purposes of Section 18 of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;) or otherwise subject to liabilities
of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange
Act, except as expressly set forth by specific reference in such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: center"><B>SIGNATURE</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-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

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

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<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>IMMUCELL CORPORATION</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">Date: April 14, 2020</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 36%; border-bottom: Black 1.5pt solid"><I>/s/ </I>Michael F. Brigham</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Michael F. Brigham</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">President, Chief Executive Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and Principal Financial Officer</P></TD></TR>
</TABLE>
<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"></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"><B>Exhibit Index</B></P>

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

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    <TD STYLE="border-bottom: Black 1.5pt solid; width: 9%"><B>Exhibit&nbsp;No.</B></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 90%"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>99.1</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea120649ex99-1_immucellcorp.htm">Press Release of the Company dated April 14, 2020</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>99.2</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea120649ex99-2_immucellcorp.htm">Promissory Note for $937,700 executed by ImmuCell Corporation in favor of Gorham Savings Bank dated April 13, 2020.</A></TD></TR>
</TABLE>
<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">&nbsp;</P>



<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">3</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ea120649ex99-1_immucellcorp.htm
<DESCRIPTION>PRESS RELEASE OF THE COMPANY DATED APRIL 14, 2020
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>ImmuCell</B></P>

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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ImmuCell Receives $938,000 in Support
under the Paycheck Protection Program</B></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-top: 0pt; margin-bottom: 0pt; text-align: center"><B><I><U>For Immediate Release</U></I></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"><B>PORTLAND, Maine&nbsp;&ndash;&nbsp;April 14, 2020 &ndash;
ImmuCell Corporation (Nasdaq:&nbsp;ICCC) </B>(&ldquo;ImmuCell&rdquo; or the &ldquo;Company&rdquo;), a growing animal health company
that develops, manufactures and markets scientifically-proven and practical products that improve the health and productivity of
dairy and beef cattle, today&nbsp;announced that it has received $938,000 in support from the federal government under the Paycheck
Protection Program.</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">Working with its partners at Gorham Savings Bank, the Company
applied for and received this funding under the Keeping American Workers Paid and Employed Act, which was included in the $2.2
trillion CARES Act that was approved by Congress on March 25, 2020. The funding helps the Company maintain operations and meet
payroll during this unprecedented time of global economic challenge related to the COVID-19 pandemic.</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">This funding accrues interest at a rate of 1% per annum, and
the Company&rsquo;s obligation to repay the principal amount of the funding will be forgiven provided that the Company uses the
funding proceeds only for eligible payroll costs, eligible utility expenses, eligible rent payments and interest on mortgage debt
borrowed prior to February 15, 2020, in each case incurred and paid during the eight-week period from April 13, 2020 through June
8, 2020 (which period may be extended at some future date). At least 75% of such forgiven amounts must be used for eligible payroll
costs. If any portion of this funding were not to be applied to eligible expenses during the applicable eight-week period, the
Company expects to repay such excess amount without any prepayment penalty by approximately October 13, 2020. By current estimated
calculations, this repayment obligation may be approximately $150,000, due to projected payroll costs during the applicable eight-week
period potentially being less than the 2019 levels used to determine the amount of available funding and the possible exclusion
of interest expense on the Company&rsquo;s mortgage debt because it was refinanced after February 15, 2020. The forgiveness also
may be reduced proportionately to the extent that the Company were to reduce payroll during the applicable eight-week period below
allowable limits or below full-time equivalent employment levels as compared to prior historical levels.&nbsp;The Company has no
intent to make any such reductions and therefore does not expect to repay principal for this reason. Such forgiveness of indebtedness,
in accordance with the CARES Act, does not give rise to taxable income to recipients like the Company.&nbsp;</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">With this funding in place, the Company is moving ahead with
plans to fill three open positions currently in its manufacturing and facilities departments, as soon as the best candidates are
qualified and chosen. Subject to adequate funding, the Company may create and fill approximately twelve to fifteen new positions
over the next two years or so, as it executes its anticipated growth plan.</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"></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">&ldquo;This is a very powerful economic stimulus from our federal
government to support our employees and our Company in these extreme times,&rdquo; commented Michael F. Brigham, President and
CEO. &ldquo;This program helps us look longer-term down the road and keep operating and paying our employees currently and proceeding
with our planned expansion and product development initiatives, knowing that better times are ahead but just not knowing when that
will be.&rdquo;</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">The Company is very concerned about the medium-term impact that
the COVID-19 pandemic is having on the dairy and beef industries and on its customers. Milk prices, which had reached new positive
levels during 2019 and into the first quarter of 2020, have crashed recently. Milk is being dumped at farms due to decreased demand
from restaurants, schools and consumers around the world. Like all industries, many dairy producers are encountering difficulties
accessing the labor they need to run their operations due to the COVID-19 pandemic. The COVID-19 pandemic has negatively impacted
all commodities including milk and beef prices to producers. The Company is uncertain about what impact this may have on its customers&rsquo;
order patterns, if any, and for how long.</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">As disclosed in a subsequent event footnote and as a risk factor
included in the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2019, the Company could experience product
shortages, backlogs and production slowdowns due to difficulties accessing needed supplies and labor and other restrictions affecting
its ability to consistently deliver its products to market.</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">The Company will continue to make the health and safety of all
of its employees the top priority as it navigates this uncharted territory over the coming weeks and months, while respecting its
role as a nonpublic-facing essential agriculture service in keeping with government directives and prudent practices being advocated
by health care professionals.&nbsp; Presently, production is continuing but not at the rate experienced during the first quarter.
This production slowdown is anticipated to have a negative effect on the Company&rsquo;s revenues and operating results for the
second quarter of 2020. However, at this point, the Company is unable to estimate the magnitude of that impact.&nbsp;It is possible
that further slowdowns or interruptions could have consequences that the Company does not presently recognize, resulting in other
COVID-19 related negative impacts on its business.</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"><B><U>About ImmuCell:</U><BR>
</B>ImmuCell Corporation's (<B>Nasdaq: ICCC</B>) purpose is to create scientifically-proven and practical products that improve
the health and productivity of dairy and beef cattle.&nbsp;ImmuCell markets <B>First Defense</B><SUP>&reg;</SUP>, providing <B>Immediate
Immunity</B>&trade; to newborn dairy and beef livestock, and is in the late stages of developing <B>Re-Tain&trade;</B>, a novel
treatment for subclinical mastitis, the most significant cause of economic loss to the dairy industry. Press releases and other
information about the Company are available at: <U>http://www.immucell.com</U>.</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 5.75pt 0pt 12.25pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B><U>Cautionary Note Regarding Forward-Looking
Statements (Safe Harbor Statement):</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">This Press Release contains &ldquo;forward-looking
statements&rdquo; within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934. Such statements include, but are not limited to, any statements relating to: our plans and strategies for our business;
projections of future financial or operational performance; the timing and outcome of pending or anticipated applications for regulatory
approvals; factors that may affect the dairy and beef industries and future demand for our products; the extent, nature and duration
of the COVID-19 pandemic and its consequences, and their direct and indirect impacts on the Company&rsquo;s production activities,
operating results and financial condition and on the customers and markets the Company serves; the scope and timing of ongoing
and future product development work and commercialization of our products; future costs of product development efforts; the estimated
prevalence rate of subclinical mastitis; the expected efficacy of new products; estimates about the market size for our products;
future market share of and revenue generated by current products and products still in development; our ability to increase production
output and reduce costs of goods sold associated with our new product, <B>Tri-Shield First Defense</B><SUP>&reg;</SUP>; the future
adequacy of our own manufacturing facilities or those of third parties with which we have contractual relationships to meet demand
for our products on a timely basis; the anticipated costs of (or time to complete) planned expansions of our manufacturing facilities
and the adequacy of our funds available for these projects; the continuing availability to us on reasonable terms of third-party
providers of critical products or services; the robustness of our manufacturing processes and related technical issues; estimates
about our production capacity, efficiency and yield; the future adequacy of our working capital and the availability and cost of
third-party financing; future regulatory requirements relating to our products; future expense ratios and margins; future compliance
with bank debt covenants; future cost of our variable interest rate exposure on most of our bank debt; costs associated with sustaining
compliance with current Good Manufacturing Practice (cGMP) regulations in our current operations and attaining such compliance
for the facility to produce the Nisin Drug Substance; implementation of international trade tariffs that could reduce the export
of dairy products, which could in turn weaken the price received by our customers for their products; our effectiveness in competing
against competitors within both our existing and our anticipated product markets; the cost-effectiveness of additional sales and
marketing expenditures and resources; anticipated changes in our manufacturing capabilities and efficiencies; the value of our
net deferred tax assets; projections about depreciation expense and its impact on income for book and tax return purposes; anticipated
market conditions; and any other statements that are not historical facts. Forward-looking statements can be identified by the
use of words such as &ldquo;expects&rdquo;, &ldquo;may&rdquo;, &ldquo;anticipates&rdquo;, &ldquo;aims&rdquo;, &ldquo;intends&rdquo;,
&ldquo;would&rdquo;, &ldquo;could&rdquo;, &ldquo;should&rdquo;, &ldquo;will&rdquo;, &ldquo;plans&rdquo;, &ldquo;believes&rdquo;,
&ldquo;estimates&rdquo;, &ldquo;targets&rdquo;, &ldquo;projects&rdquo;, &ldquo;forecasts&rdquo;, &ldquo;seeks&rdquo; and similar
words and expressions. In addition, there can be no assurance that future developments affecting us will be those that we anticipate.
Such statements involve risks and uncertainties, including, but not limited to, those risks and uncertainties relating to difficulties
or delays in development, testing, regulatory approval, production and marketing of our products (including the <B>First Defense</B><SUP>&reg;</SUP>
product line and <B>Re-Tain&trade;</B>), competition within our anticipated product markets, customer acceptance of our new and
existing products, product performance, alignment between our manufacturing resources and product demand, our reliance upon third
parties for financial support, products and services, changes in laws and regulations, decision making and delays by regulatory
authorities, currency values and fluctuations and other risks detailed from time to time in filings we make with the SEC, including
our Quarterly Reports on Form 10-Q, our Annual Reports on Form 10-K and our Current Reports on Form 8-K. Such statements involve
risks and uncertainties and are based on our current expectations, but actual results may differ materially due to various factors,
including the risk factors summarized above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 12.25pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: -9.35pt"><B>Contacts:&nbsp;&nbsp;</B></TD>
    <TD STYLE="width: 90%; padding-right: -9.35pt">Michael F. Brigham, President and CEO</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding-right: -9.35pt">ImmuCell Corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding-right: -9.35pt">(207) 878-2770</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding-right: -9.35pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.65pt">Joe Diaz, Robert Blum and Joe Dorame</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.65pt">Lytham Partners, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.65pt">(602) 889-9700</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.65pt">iccc@lythampartners.com</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.65pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.65pt 0pt 0">&nbsp;</P>

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

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ea120649ex99-2_immucellcorp.htm
<DESCRIPTION>PROMISSORY NOTE FOR $937,700 EXECUTED BY IMMUCELL CORPORATION IN FAVOR OF GORHAM SAVINGS BANK DATED APRIL 13, 2020
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt"><B>COMMERCIAL PROMISSORY NOTE</B></FONT></TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 10pt"><B>Gorham Savings Bank</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>10 Wentworth Drive</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>Gorham, Maine 04038</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>(207)839-4796</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.7in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: center"><B>LOAN NUMBER</B></TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1.5pt solid"><B>NOTE DATE</B></TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1.5pt solid"><B>PRINCIPAL AMOUNT</B></TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1.5pt solid"><B>MATURITY DATE</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 54%; font-size: 10pt; text-align: center">8150055138</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">April 10, 2020</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">937,700.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">April 10, 2022</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt"><B>LOAN PURPOSE:</B> Paycheck Protection Program
SBA Loan #47328370-00</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PORTLAND, ME 04103-5907</P>

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

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

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<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>NOTE.</B> This Commercial
Promissory Note will be referred to in this document as the &ldquo;Note.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><B>LENDER.</B> &ldquo;Lender&rdquo; means Gorham Savings Bank
whose address is 10 Wentworth Drive, Gorham, Maine 04038, its successors and assigns. BORROWER. &ldquo;Borrower&rdquo; means each
person or legal entity who signs this Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>PROMISE TO PAY.</B> For value received,
receipt of which is hereby acknowledged, on or before the Maturity Date, the Borrower promises to pay the principal amount of
Nine Hundred Thirty-seven Thousand Seven Hundred and 00/100 Dollars ($937,700.00) and all interest on the outstanding principal
balance and any other charges, including service charges, to the order of Lender at its office at the address noted above or at
such other place as Lender may designate in writing. The Borrower will make all payments in lawful money of the United States
of America.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>PAYMENT SCHEDULE.</B> This Note will
be paid according to the following schedule: No Payments shall be due for the first 6 months followed by 18 monthly principal
and interest payments on the amount of outstanding credit beginning on October 10, 2020. The unpaid principal balance of this
Note, together with all accrued interest and charges owing in connection therewith, shall be due and payable on the Maturity Date.
All payments received by the Lender from the Borrower for application to this Note may be applied to the Borrower&rsquo;s obligations
under this Note in such order as determined by the Lender.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>INTEREST RATE AND SCHEDULED PAYMENT
CHANGES.</B> Interest will begin to accrue on April 10, 2020. The interest rate on this Note will be fixed at 1.000% per annum.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Nothing contained herein shall be construed
as to require the Borrower to pay interest at a greater rate than the maximum allowed by law. If, however, from any circumstances,
Borrower pays interest at a greater rate than the maximum allowed by law, the obligation to be fulfilled will be reduced to an
amount computed at the highest rate of interest permissible under applicable law and if, for any reason whatsoever, Lender ever
receives interest in an amount which would be deemed unlawful under applicable law, such interest shall be automatically applied
to amounts owed, in Lender&rsquo;s sole discretion, or as otherwise allowed by applicable law. Interest on this Note is calculated on
an Actual/360 day basis. This calculation method results in a higher effective interest rate than the numeric interest rate stated
in this Note. The unpaid balance of this loan shall, while any Event of Default exists under this Note or any other agreement related
to the loan, be subject to a default rate of interest equal to 5.00% per annum in excess of the interest rate otherwise payable
as provided herein. In the event of default, the Default Interest Rate shall accrue and be payable until actual payment and satisfaction
of all amounts owing hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>LATE PAYMENT CHARGE.</B> If any required
payment is more than 10 days late, then at Lender&rsquo;s option, Lender will assess a late payment charge of 5.000% of the amount
of the regularly scheduled payment then past due.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>PREPAYMENT PENALTY.</B> This Note is
subject to a prepayment penalty. Payment of all unpaid principal, accrued and unpaid interest and all other fees then outstanding
prior to the Maturity Date will result in a penalty that shall be equal to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Loan Prepayment: Notwithstanding any provision in this Note
to the contrary:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Borrower may prepay this Note at any time
without penalty. Borrower may prepay 20 percent or less of the unpaid principal balance at any time without notice. If Borrower
prepays more than 20 percent and the Loan has been sold on the secondary market, Borrower must: a. Give Lender written notice;
b. Pay all accrued interest; and c. If the prepayment is received less than 21 days from the date Lender received the notice, pay
an amount equal to 21 days interest from the date lender received the notice, less any interest accrued during the 21 days and
paid under b. of this paragraph. If Borrower does not prepay within 30 days from the date Lender received the notice, Borrower
must give Lender a new notice.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&copy; 2004-2019 Compliance Systems, Inc. 5b163f0e-c5d5929e - 2019.155.0.2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commercial Promissory Note - DL4006</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page 1 of 3</FONT></TD>
    <TD STYLE="text-align: right; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.compliancesystems.com</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><B>RIGHT OF SET-OFF.</B> To the extent
permitted by law, Borrower agrees that Lender has the right to set-off any amount due and payable under this Note, whether matured
or unmatured, against any amount owing by Lender to Borrower including any or all of Borrower&rsquo;s accounts with Lender. This
shall include all accounts Borrower holds jointly with someone else and all accounts Borrower may open in the future. Such right
of set-off may be exercised by Lender against Borrower or against any assignee for the benefit of creditors, receiver, or execution,
judgment or attachment creditor of Borrower, or against anyone else claiming through or against Borrower or such assignee for
the benefit of creditors, receiver, or execution, judgment or attachment creditor, notwithstanding the fact that such right of
set-off has not been exercised by Lender prior to the making, filing or issuance or service upon Lender of, or of notice of, assignment
for the benefit of creditors, appointment or application for the appointment of a receiver, or issuance of execution, subpoena
or order or warrant. Lender will not be liable for the dishonor of any check when the dishonor occurs because Lender set-off a
debt against Borrower&rsquo;s account. Borrower agrees to hold Lender harmless from any claim arising as a result of Lender exercising
Lender&rsquo;s right to set-off.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>DISHONORED ITEM FEE. </B>If Borrower
makes a payment on the loan with a check or preauthorized charge which is later dishonored, a fee in the amount of $15.00 will
be charged.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>RELATED DOCUMENTS. </B>The words &ldquo;Related
Documents&rdquo; mean all promissory notes, security agreements, mortgages, deeds of trust, deeds to secure debt, business loan
agreements, construction loan agreements, resolutions, guaranties, environmental agreements, subordination agreements, assignments,
and any other documents or agreements executed in connection with the indebtedness evidenced hereby this Note whether now or hereafter
existing, including any modifications, extensions, substitutions or renewals of any of the foregoing. The Related Documents are
hereby made a part of this Note by reference thereto, with the same force and effect as if fully set forth herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>DEFAULT. </B>Upon the occurrence of
any one of the following events (each, an &ldquo;Event of Default&rdquo; or &ldquo;default&rdquo; or &ldquo;event of default&rdquo;),
Lender&rsquo;s obligations, if any, to make any advances will, at Lender&rsquo;s option, immediately terminate and Lender, at its option, may
declare all indebtedness of Borrower to Lender under this Note immediately due and payable without further notice of any kind notwithstanding
anything to the contrary in this Note or any other agreement: (a) Borrower&rsquo;s failure to make any payment on time or in the amount
due; (b) any default by Borrower under the terms of this Note or any other Related Documents; (c) any default by Borrower under
the terms of any other agreement between Lender and Borrower; (d) the death, dissolution, or termination of existence of Borrower
or any guarantor; (e) Borrower is not paying Borrower&rsquo;s debts as such debts become due; (f) the commencement of any proceeding
under bankruptcy or insolvency laws by or against Borrower or any guarantor or the appointment of a receiver; (g) any default under
the terms of any other indebtedness of Borrower to any other creditor; (h) any writ of attachment, garnishment, execution, tax
lien or similar instrument is issued against any collateral securing the loan, if any, or any of Borrower&rsquo;s property or any judgment
is entered against Borrower or any guarantor; (i) any part of Borrower&rsquo;s business is sold to or merged with any other business,
individual, or entity; (j) any representation or warranty made by Borrower to Lender in any of the Related Documents or any financial
statement delivered to Lender proves to have been false in any material respect as of the time when made or given; (k) if any guarantor,
or any other party to any Related Documents terminates, attempts to terminate or defaults under any such Related Documents; (l)
Lender has deemed itself insecure or there has been a material adverse change of condition of the financial prospects of Borrower
or any collateral securing the obligations owing to Lender by Borrower. Upon the occurrence of an event of default, Lender may
pursue any remedy available under any Related Document, at law or in equity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>GENERAL WAIVERS. </B>To the extent permitted
by law, the Borrower severally waives any required notice of presentment, demand, acceleration, intent to accelerate, protest,
and any other notice and defense due to extensions of time or other indulgence by Lender or to any substitution or release of collateral.
No failure or delay on the part of Lender, and no course of dealing between Borrower and Lender, shall operate as a waiver of such
power or right, nor shall any single or partial exercise of any power or right preclude other or further exercise thereof or the
exercise of any other power or right.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>JOINT AND SEVERAL LIABILITY. </B>If permitted by law, each
Borrower executing this Note is jointly and severally bound.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>SEVERABILITY. </B>If a court of competent
jurisdiction determines any term or provision of this Note is invalid or prohibited by applicable law, that term or provision will
be ineffective to the extent required. Any term or provision that has been determined to be invalid or prohibited will be severed
from the rest of this Note without invalidating the remainder of either the affected provision or this Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>SURVIVAL. </B>The rights and privileges
of the Lender hereunder shall inure to the benefits of its successors and assigns, and this Note shall be binding on all heirs,
executors, administrators, assigns, and successors of Borrower.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>ASSIGNABILITY. </B>Lender may assign,
pledge or otherwise transfer this Note or any of its rights and powers under this Note without notice, with all or any of the obligations
owing to Lender by Borrower, and in such event the assignee shall have the same rights as if originally named herein in place of
Lender. Borrower may not assign this Note or any benefit accruing to it hereunder without the express written consent of the Lender.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>DUTY TO NOTIFY. </B>Borrower agrees
to notify Lender if there is any change in the beneficial ownership information provided to Lender. Additionally, Borrower agrees
to provide Lender with updated beneficial ownership information in the event there is any change in the beneficial ownership information
provided to Lender.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&copy; 2004-2019 Compliance Systems, Inc. 5b163f0e-c5d5929e - 2019.155.0.2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commercial Promissory Note - DL4006</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page 2 of 3</FONT></TD>
    <TD STYLE="text-align: right; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.compliancesystems.com</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="image_002.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>ORAL AGREEMENTS DISCLAIMER. </B>THIS
AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS
OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THE PARTIES AGREE THAT NO PROMISE, CONTRACT OR AGREEMENT TO LEND MONEY, EXTEND CREDIT,
FOREBEAR FROM COLLECTION OF A DEBT OR MAKE ANY OTHER ACCOMMODATION FOR THE REPAYMENT OF A DEBT MAY BE ENFORCED AGAINST LENDER UNLESS
THE PROMISE, CONTRACT OR AGREEMENT IS IN WRITING AND SIGNED BY THE LENDER. ACCORDINGLY, BORROWER CANNOT ENFORCE ANY ORAL PROMISE
UNLESS IT IS CONTAINED IN LOAN DOCUMENTS SIGNED BY THE LENDER, NOR CAN ANY CHANGE, FORBEARANCE, OR OTHER ACCOMMODATION RELATING
TO THE OBLIGATIONS, THE NOTE OR ANY OTHER OF THE LOAN DOCUMENTS BE ENFORCED, UNLESS IT IS IN WRITING AND SIGNED BY THE LENDER.
BORROWER ALSO UNDERSTANDS AND AGREES THAT ALL FUTURE PROMISES, CONTRACTS OR AGREEMENTS OF THE LENDER RELATING TO ANY OTHER TRANSACTION
BETWEEN IT AND THE LENDER CANNOT BE ENFORCED IN COURT UNLESS THEY ARE IN WRITING AND SIGNED BY THE LENDER. BY EXECUTION OF THIS
AGREEMENT, BORROWER HEREBY ACKNOWLEDGES AND AGREES THAT THE REQUIREMENT OF A WRITING DESCRIBED IN THIS PARAGRAPH SHALL APPLY TO
THIS NOTE, THE OBLIGATIONS, THE LOAN DOCUMENTS, ANY EXTENSION, MODIFICATION, RENEWAL, FORBEARANCE OR OTHER ACCOMMODATION RELATING
HERETO OR THERETO AND TO ANY OTHER CREDIT RELATIONSHIP BETWEEN BORROWER AND LENDER (WHETHER NOW EXISTING OR CREATED IN THE FUTURE),
WHETHER OR NOT THE AMOUNT INVOLVED EXCEEDS $250,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>GOVERNING LAW. </B>This Note is governed by the laws of the
state of Maine except to the extent that federal law controls.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><B>HEADING AND GENDER</B>. The headings preceding text in this
Note are for general convenience in identifying subject matter, but have no limiting impact on the text which follows any particular
heading. All words used in this Note shall be construed to be of such gender or number as the circumstances require.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>ATTORNEYS&rsquo; FEES AND OTHER COSTS</B>. Borrower agrees to
pay all of Lender&rsquo;s costs and expenses in connection with the enforcement of this Note including, without limitation, reasonable
attorneys&rsquo; fees, to the extent permitted by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><B>ADDITIONAL PROVISIONS.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">When SBA is the holder, this Note will
be interpreted and enforced under federal law, including SBA regulations. Lender or SBA may use state or local procedures for filing
papers, recording documents, giving notice, foreclosing liens, and other purposes. By using such procedures, SBA does not waive
any federal immunity from state or local control, penalty, tax, or liability. As to this Note, Borrower may not claim or assert
against SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>WAIVER OF JURY TRIAL. All parties to
this Note hereby knowingly and voluntarily waive, to the fullest extent permitted by law, any right to trial by jury of any dispute,
whether in contract, tort, or otherwise, arising out of, in connection with, related to, or incidental to the relationship established
between them in this Note or any other instrument, document or agreement executed or delivered in connection with this Note or
the Related Documents.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>By signing this Note, Borrower acknowledges reading, understanding,
and agreeing to all its provisions and receipt hereof.</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">By: MICHAEL F BRIGHAM</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">Date</FONT></TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Its: President and CEO</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&copy; 2004-2019 Compliance Systems, Inc. 5b163f0e-c5d5929e - 2019.155.0.2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commercial Promissory Note - DL4006</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page 3 of 3</FONT></TD>
    <TD STYLE="text-align: right; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.compliancesystems.com</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><IMG SRC="image_003.jpg" ALT=""></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"><B>&nbsp;</B></P>

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