ImmuCell Announces Settlement of Insurance Claim Related to Previously Disclosed Production Contamination Losses
ImmuCell (Nasdaq: ICCC) has announced the settlement of an insurance claim related to production contamination events that occurred from late 2022 through April 2024. The company has accepted a settlement of $426,587, which is in addition to the $250,000 previously paid and recognized during the third quarter of 2023.
The company will host a conference call on February 26, 2025, at 9:00 AM ET to discuss unaudited financial results for Q4 and full-year 2024. ImmuCell manufactures First Defense® for newborn dairy and beef calves and is developing Re-Tain®, a treatment for subclinical mastitis in dairy cows without FDA-required milk discard or meat withhold restrictions.
ImmuCell (Nasdaq: ICCC) ha annunciato la risoluzione di una richiesta di risarcimento assicurativo relativa a eventi di contaminazione nella produzione avvenuti dalla fine del 2022 fino ad aprile 2024. L'azienda ha accettato un risarcimento di $426,587, che si aggiunge ai $250,000 precedentemente pagati e riconosciuti durante il terzo trimestre del 2023.
L'azienda ospiterà una conferenza telefonica il 26 febbraio 2025, alle 9:00 AM ET, per discutere i risultati finanziari non verificati per il quarto trimestre e l'intero anno 2024. ImmuCell produce First Defense® per vitelli da latte e manzo appena nati e sta sviluppando Re-Tain®, un trattamento per la mastite subclinica nelle vacche da latte senza restrizioni sui requisiti FDA riguardo al latte da scartare o al ritiro della carne.
ImmuCell (Nasdaq: ICCC) ha anunciado la resolución de una reclamación de seguro relacionada con eventos de contaminación de producción que ocurrieron desde finales de 2022 hasta abril de 2024. La empresa ha aceptado un acuerdo por $426,587, que se suma a los $250,000 previamente pagados y reconocidos durante el tercer trimestre de 2023.
La empresa realizará una conferencia telefónica el 26 de febrero de 2025, a las 9:00 AM ET, para discutir los resultados financieros no auditados para el cuarto trimestre y el año completo 2024. ImmuCell fabrica First Defense® para terneros lecheros y de carne recién nacidos y está desarrollando Re-Tain®, un tratamiento para la mastitis subclínica en vacas lecheras sin restricciones de descarte de leche o retención de carne exigidas por la FDA.
ImmuCell (Nasdaq: ICCC)는 2022년 말부터 2024년 4월까지 발생한 생산 오염 사건과 관련된 보험 청구를 해결했다고 발표했습니다. 이 회사는 예전의 $250,000에 더해 $426,587의 합의를 수용했습니다. 이는 2023년 3분기에 세금 보고된 금액입니다.
회사는 2025년 2월 26일 오전 9시 ET에 2024년 4분기 및 연간 비검토 재무 결과를 논의하기 위한 전화 회의를 개최할 예정입니다. ImmuCell은 신생 송아지를 위한 First Defense®를 제조하고 있으며, FDA에서 요구하는 우유 폐기 또는 육류 보류 제한 없이 유선염 하위 클리닉을 치료하는 Re-Tain®을 개발하고 있습니다.
ImmuCell (Nasdaq: ICCC) a annoncé la résolution d'une réclamation d'assurance liée à des événements de contamination de production qui se sont produits de fin 2022 à avril 2024. L'entreprise a accepté un règlement de $426,587, en plus des $250,000 précédemment versés et reconnus au cours du troisième trimestre de 2023.
L'entreprise tiendra une conférence téléphonique le 26 février 2025, à 9h00, heure de l'Est, pour discuter des résultats financiers non audités pour le quatrième trimestre et l'année complète 2024. ImmuCell fabrique First Defense® pour les veaux laitiers et de viande nouveaux-nés et développe Re-Tain®, un traitement pour la mastite subclinique chez les vaches laitières sans restrictions d'élimination du lait ou de retrait de la viande exigées par la FDA.
ImmuCell (Nasdaq: ICCC) hat die Einigung über eine Versicherungsschadenforderung bekannt gegeben, die sich auf Produktionsverunreinigungsereignisse bezieht, die von Ende 2022 bis April 2024 aufgetreten sind. Das Unternehmen hat eine Einigung über $426,587 akzeptiert, die zusätzlich zu den zuvor im dritten Quartal 2023 gezahlten und anerkannten $250,000 ist.
Das Unternehmen wird am 26. Februar 2025 um 9:00 Uhr ET eine Telefonkonferenz abhalten, um die unüberprüften Finanzergebnisse für das vierte Quartal und das Gesamtjahr 2024 zu erörtern. ImmuCell produziert First Defense® für neugeborene Milch- und Fleischkälber und entwickelt Re-Tain®, eine Behandlung für subklinische Mastitis bei Milchkühen ohne die von der FDA geforderten Beschränkungen für die Entsorgung von Milch oder das Zurückhalten von Fleisch.
- Received additional insurance settlement of $426,587 for production contamination losses
- Previously received $250,000 payment in Q3 2023 for the same claim
- Total insurance compensation amounts to $676,587
- Experienced production contamination events from late 2022 through April 2024
Insights
The settlement of
The extended timeline between the contamination events and final settlement (over 15 months) is within typical ranges for complex manufacturing contamination claims. The resolution eliminates uncertainty around the claim and strengthens the company's cash position. The successful claim settlement also validates the company's risk management practices and insurance coverage adequacy for manufacturing operations.
The contamination events spanning approximately 18 months indicate significant operational challenges in ImmuCell's production processes. While the insurance settlement provides financial compensation, the extended duration of contamination issues raises concerns about quality control systems and manufacturing reliability. For a company producing animal health products, maintaining stringent quality standards is crucial.
The settlement's timing, coinciding with the upcoming earnings release in February 2025, suggests management has prioritized resolving legacy operational issues before presenting year-end results. This could signal improved manufacturing controls and risk management processes moving forward. The resolution of this claim removes a significant operational overhang and allows management to focus on core business growth, particularly the development of their Re-Tain® product.
PORTLAND, Maine, Jan. 16, 2025 (GLOBE NEWSWIRE) -- 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 settled an insurance claim covering some of the losses incurred from production contamination events.
The Company settled a long outstanding insurance claim related to previously disclosed contamination events in its production process incurred from late 2022 through April of 2024. The Company has accepted a settlement in the amount of
Earnings Conference Call:
The Company is planning to host a conference call on Wednesday, February 26, 2025 at 9:00 AM ET to discuss the unaudited financial results for the quarter and year ended December 31, 2024. Interested parties can access the conference call by dialing (844) 855-9502 (toll free) or (412) 317-5499 (international) at 9:00 AM ET. A teleconference replay of the call will be available until March 5, 2025 at (877) 344-7529 (toll free) or (412) 317-0088 (international), utilizing replay access code #5555700. Investors are encouraged to review the Company’s Corporate Presentation slide deck that provides an overview of the Company’s business and is available under the “Investors” tab of the Company’s website at www.immucell.com, or by request to the Company. An updated version of the slide deck will be made available after the market closes on Tuesday, February 25, 2025.
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 manufactures and markets First Defense®, providing Immediate Immunity™ to newborn dairy and beef calves, and is in the late stages of developing Re-Tain®, a novel treatment for subclinical mastitis in dairy cows without FDA-required milk discard or meat withhold label restrictions that provides an alternative to traditional antibiotics. Press releases and other information about the Company are available at: http://www.immucell.com.
| Contacts: | Michael F. Brigham, President and CEO ImmuCell Corporation (207) 878-2770 |
| Joe Diaz, Robert Blum and Joe Dorame Lytham Partners, LLC (602) 889-9700 iccc@lythampartners.com | |
Cautionary Note Regarding Forward-Looking Statements (Safe Harbor Statement):
This Press Release and the statements to be made in the related conference call referenced herein contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and will often include words such as “expects”, “may”, “anticipates”, “aims”, “intends”, “would”, “could”, “should”, “will”, “plans”, “believes”, “estimates”, “targets”, “projects”, “forecasts”, “seeks” and similar words and expressions. Such statements include, but are not limited to, any forward-looking 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; future demand for our products; the scope and timing of ongoing and future product development work and commercialization of our products; future costs of product development efforts; 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 per unit; the 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 likelihood, severity or impact of future contamination events; the robustness of our manufacturing processes and related technical issues; estimates about our production capacity, efficiency and yield; the salability of products currently held in inventory pending FDA approval; future regulatory requirements relating to our products; future expense ratios and margins; the effectiveness of our investments in our business; anticipated changes in our manufacturing capabilities and efficiencies; our effectiveness in competing against competitors within both our existing and our anticipated product markets; our ability to convert the backlog of orders into sales; and any other statements that are not historical facts. These statements are intended to provide management's current expectation of future events as of the date of this press release, are based on management's estimates, projections, beliefs and assumptions as of the date hereof; and are not guarantees of future performance. Such statements involve known and unknown risks and uncertainties that may cause the Company's actual results, financial or operational performance or achievements to be materially different from those expressed or implied by these forward-looking statements, 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 First Defense® product line and Re-Tain®), competition within our anticipated product markets, customer acceptance of our new and existing products, product performance, alignment between our manufacturing resources and product demand (including the consequences of backlogs), uncertainty associated with the timing and volume of customer orders as we come out of a prolonged backlog, adverse impacts of supply chain disruptions on our operations and customer and supplier relationships, commercial and operational risks relating to our current and planned expansion of production capacity, and other risks and uncertainties detailed from time to time in filings we make with the Securities and Exchange Commission (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. In addition, there can be no assurance that future risks, uncertainties or developments affecting us will be those that we anticipate. We undertake no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
FAQ
How much was ImmuCell's (ICCC) total insurance settlement for production contamination events?
What period did ICCC's production contamination events cover?
When will ImmuCell (ICCC) discuss its Q4 2024 financial results?
What are the main products of ImmuCell (ICCC)?
