IMMUCELL RETURNS TO PROFITABILITY.

ImmuCell Corporation (NASDAQ: ICCC), Portland, Maine, has announced a return to profitability and the results of its operations for the three and nine month periods ended September 30, 2002.

During the three-month period ended September 30, 2002, total revenues decreased less than 1% to $1,386,000 compared to the same period in 2001, while product sales increased by 3%, or $32,000, to $1,307,000. Research and development expenses decreased by 2% to $235,000, comprising 17% of total revenues during the three month period ended September 30, 2002. The net profit of $30,000 (amounting to $0.01 per diluted share) compares to a net loss of $57,000 (amounting to $0.02 per diluted share) for the three month period ended September 30, 2001.

During the nine month period ended September 30, 2002, total revenues increased by 3%, or $126,000, to $4,839,000 compared to the same period in 2001, while product sales decreased by less than 1%, or $25,000, to $4,488,000. Research and development expenses decreased by less than 1% to $652,000, comprising 13% of total revenues during the nine month period ended September 30, 2002. The net income of $177,000 (amounting to $0.06 per diluted share) compares to the net income of $165,000 (amounting to $0.06 per diluted share) for the nine month period ended September 30, 2001.

"The modest bottom line profit in the quarter reflects a steady improvement in comparison to the losses reported in the second quarter of 2002 and the third quarter of 2001," commented Michael F. Brigham, president and chief executive officer. "Fourth quarter results will be significantly influenced by the $930,000 in consideration that we accepted in October for the early termination of a product license. This licensed product aggregated 49% of sales during the nine month period ended September 30, 2002."

The company's cash, cash equivalents and short-term investments decreased by $264,000 to $1,619,000 at September 30, 2002 as compared to $1,883,000 at December 31, 2001. In May of 2002, the company used approximately $405,000 in cash to pay off all of its then outstanding bank debt. Total assets decreased by $165,000 to $6,952,000 at September 30, 2002 from $7,117,000 at December 31, 2001. The company's net working capital increased by $29,000 to $2,972,000 at September 30, 2002 compared to $2,943,000 at December 31, 2001. Stockholders' equity increased by $200,000 to $6,245,000 at September 30, 2002 from $6,046,000 at December 31, 2001.

ImmuCell Corporation is a biotechnology company dedicated to benefiting its employees and shareholders through innovative and proprietary products that improve animal health and productivity in the dairy and beef industry. In addition to operating a profitable animal health business, the company has demonstrated preliminary efficacy in an open label, Phase I/II efficacy study of DiffGAM, an alternative to antibiotics in the treatment and/or prevention of Clostridium difficile-associated diarrhea in humans. Certain nutritional rights to the DiffGAM technology have been licensed to a corporate partner.

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