ImmuCell Corporation is a company that strives to produce products that improve healthy and productivity of dairy and beef cattle.
ImmuCell Corporation (Nasdaq:ICCC) (“ImmuCell” or the “Company”), 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 announced that it has closed on the sale of certain non-core assets for $700,000 to TCS Biosciences Ltd of Buckingham, United Kingdom (TCS).
The sale includes the cell line and intellectual property underlying the Company’s diagnostic test to detect the presence of Cryptosporidium in drinking water. This technology was originally developed by the Company in the 1990’s as part of Company initiatives at that time to develop a passive antibody product for humans and a water test for the US market, which initiatives have since been discontinued. While those products and markets did not materialize for ImmuCell, TCS became a distributor of this water diagnostic product in the United Kingdom.
“This product is not a significant component of our total sales or profits today and not a core focus of our business strategy going forward,” commented Michael F. Brigham, President and CEO. “TCS has been a great partner to work with and is more focused on this market segment than we are. It makes sense for them to control this technology and make the investments necessary to increase sales.”
A payment of $250,000 was received up front, and the remaining $450,000 is due in two payments during the second half of 2019. The Company has retained the rights to all animal health, diagnostic, feed and nutritional applications of this technology. This agreement also includes a purchase order for product manufactured by the Company worth approximately $125,000 that may be sold to TCS during the first quarter of 2019.
“TCS Biosciences Ltd has enjoyed a strong and lasting partnership with ImmuCell Corporation, and we welcome this transaction as a natural evolution of our relationship. We view the acquisition of this technology as a key component of our continued growth in the drinking water and environmental testing sectors,” commented Gareth Williams, Sales and Marketing Director for TCS. “ImmuCell Corporation have proven to be an outstanding and loyal partner, providing products and service of the highest quality, and we wish them continued success with their core business activities.”
About ImmuCell: ImmuCell Corporation’s (Nasdaq:ICCC) purpose is to create scientifically-proven and practical products that improve the health and productivity of dairy and beef cattle. ImmuCell has developed products that provide significant, immediate immunity to newborn dairy and beef livestock. The Company is developing a novel treatment for mastitis, the most significant cause of economic loss to the dairy industry. Press releases and other information about the Company are available at: http://www.immucell.com.