ImmuCell Corp., one of a cluster of veterinary medicine companies around Portland, said Tuesday it plans to offer and sell shares of its common stock to raise money to expand its production of treatments for dairy and beef cattle.
The company will sell the stock in an underwritten public offering. Details such as the amount of stock for sale, the price and when it will be sold have not yet been released.
ImmuCell said it plans to use part of the net proceeds from the offering to expand production capacity for its First Defense product line, which helps strengthen the immune system of newborn calves.
It also may use part of the gains from the stock sale to expand its manufacturing facilities for Re-Tain, which is used to treat mastitis, a swelling in the milk-producing glands of cows. It is a common ailment that is costly to dairy farmers.
Any extra money will be used to reduce for general working capital or to reduce the company’s debt.
The veterinary cluster around Portland has been active lately, with Covetrus going public Feb. 8 on the Nasdaq exchange.
Covetrus was formed with the merger of Vets First Choice, a fast-growing animal health company based in Portland, and the animal health unit of distributor Henry Schein of Melville, New York.
The original member of the veterinary cluster around Portland is Idexx Laboratories. Benjamin Shaw’s father, David Shaw, founded Idexx and is now chairman of the board of Covetrus.