ImmuCell : Corporate Presentation

ImmuCell Corporation

Investor Presentation August 2020

(Nasdaq: ICCC)

Forward-Looking Statements

Cautionary Note Regarding Forward-Looking Statements (Safe Harbor Statement):

This Presentation contains "forward-looking statements" 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'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 and producers' level of interest in treating subclinical mastitis given the current economic and market conditions; 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, Tri-ShieldFirst Defense®; 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; the forgiveness of our repayment obligations with respect to the loan we received under the CARES Act; future regulatory requirements relating to our products; future expense ratios and margins; future compliance with bank debt covenants; 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 "expects", "may", "anticipates", "aims", "intends", "would", "could", "should", "will", "plans", "believes", "estimates", "targets", "projects", "forecasts", "seeks" 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 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, 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 differmaterially due to various factors.	2

Table of Contents

1. Company Overview and Strategic Opportunity..…….……..…………………………………………………….….….....4-27
2. Testimonials………………………………………………………………….……..…….…………………………………….……….…28-32
3. Financial Review(1).………………..….……..……………………………..……………………………………………..…..........33-38
4. Other Information..……………...………...………………………………………….……………………………...……….…….39-54

(1)Detailed financialreports, summary press releases and conference calls open to interested investors are provided quarterly.

3

Section #1: Company Overview

and Strategic

Opportunity

4

Company Overview

ImmuCell Corporation (Nasdaq: ICCC) is an animal health company focused on:

• Capitalizing on the significant growth in sales of the First Defense® product line (for dairy and beef calves) and revolutionizing the subclinical mastitis treatment paradigm with Re-Tain™, our novel purified Nisin product (for dairy cows)
• DeliveringImmediate Immunity™ to newborn dairy and beef calves to improve herd productivity, while avoiding unnecessary dam vaccine injections, via the Company's leading-edge First Defense® product line
• Addressing the $2 BILLION of annual economic harm to the dairy industry due to mastitis infections WITHOUT traditional antibiotics used in human medicine - thereby reducing the amount of antibiotics in the human food chain, with Re-Tain™ (in late stages of FDA approval process)

Company-owned headquarters and USDA production facility (34,850 ft2 finished interior = 19,100 ft2 on first floor and 15,750 ft2 on second floor)

Company-owned Nisin facility (16,200 ft2 finished interior = 9,800 ft2 on first floor and 6,400 ft2 on second floor)

5

Balance Sheet & Capitalization

Balance Sheet (as of 06/30/2020)

Cash, cash equivalents, short-term	$9.6M
investments and restricted cash
Net working capital	$8.9M
Total assets	$40.7M
Bank debt outstanding(1)	$9.9M
Total liabilities(1)	$12.4M
Stockholders' equity	$28.3M
Equity/Market Cap	70%
Debt/Equity	35%

Capitalization Table (as of 08/04/2020)

Stock price (per share)	$5.61
Shares outstanding	7.2M
Options	0.4M
Warrants	0
Preferred stock	0
Convertible securities	0
Average daily volume	31,453
Market cap	$40.6M

(1) Includes a forgivable loan from the federal government in the amount of $938,000 and loan from the State of Maine in the amount of $500,000 that does not bear interest	6
until the fourth quarter of 2022 and is repayable without penalty at anytime.

What Role Does ImmuCell Play?

• Focus on solving the two most frustrating problems for

dairy systems - scours and mastitis - in a way that reduces dependence on antibiotics

• Improve the food chain with less antibiotics(1)

• Cows are more productive if we reduce the use of certain

non-essential vaccines

• The demand for animal protein,that must be produced

efficiently while ensuring food quality and safety,increases as the human population grows(2)

• Developing new international dairy and beef market

opportunities and exploring small ruminant (goats and	Coming Soon: Re-Tain™
sheep)

(1) See Slide #47 for some relevant regulatoryinitiatives.

(2) The United Nations predicts that we will need to double food production to feed 10 billionpeople inthe year 2050.

7

Three Most Critical Action Items

1

2

3

Significantly	Achieve FDA	Prove market
grow sales of the	approval of Re-Tain™	acceptance of Re-
First Defense®		Tain™ with current
product line		$10 million worth of
		annual production
		capacity

8

4

Got Milk? Undeniably Dairy

Coconut Juice	Almond Juice	Hemp Juice	Oat Juice	Soy Juice	Milk
Protein Content:(1)
0 grams	1 gram	3 grams	4 grams	6 or 7 grams	8 grams
Carbohydrate Content:(1)
10 grams(2)	16grams(2)	24grams(2)	24-25 grams	10 grams(2)	12-13 grams(3)
Cost Per Cup:(4)
$0.50	$0.50-$0.63	$1.00	$0.63	$0.13-$0.38	$0.19

1. Grams per one cupserving as reported by POPSUGAR Fitness, a global media andtechnologycompany.
2. The unsweetened versions of these juices have 0-4 grams.

(3)	Ultra-filtered milkcontains 13 grams of protein andonly 6 grams of carbohydrates.	9
(4)	These costs are very roughestimates based on online data. All prices fluctuate.

4

Enjoy some milk and cookies; Support the dairy industry

10

4

Eat more pizza; Support the dairy industry

11

Our Product Lines

First Defense®

Dual-Force®

Our First Defense® product line with E. coli and coronavirus claims

• U.S. market opportunity: About $18 million in annual sales of calf-level products to prevent scours (diarrhea) in newborn dairy and beef calves
• USDA approved in bolus format since 1991
• USDA approved in gel tube format since 4Q 2018

Tri-Shield®

Our First Defense® product line with E. coli, coronavirus AND

rotavirus claims

• Beyond Vaccination®: With this unique breadth of claims, we compete more effectively at the calf-level and also compete against vaccines given to cows to improve the quality of the colostrum that they produce fornewborns
• U.S. market opportunity: We estimate that annual sales of dam-level vaccine products used to prevent scours (diarrhea) are about 2X the calf-level product sales
• USDA approved since 4Q 2017

Investing approximately $3.5 million to increase production capacity (annual sales value) for the First Defense® product line from approximately $18 million to approximately $27 million during 2020 (see photos on next slide)

Re-Tain™

(Subject to FDA review and approval)

Our purified Nisin treatment for subclinical mastitis in lactating cows

with zero milk discard

• Market opportunity: Mastitis is estimated to cause approximately $2billion in economic loss to the dairy industry each year(1)
• Construction of $21 million pharmaceutical production facility is complete (see slide #46)
• First-phasedsubmission of manufacturing Technical Section has been reviewed by FDA
• Second-phasedsubmission expected during 4Q 2020
• Target for FDA approval and market launch (assuming first time approval of second-phasedsubmission): 2021

Investing approximately $4 million to replace a CMO and bring formulation and aseptic filling services in-house during 2022

(1) 2016 Cornell IGEM study.

12

Expansion of First Defense® production capacity

For a video tour of this new production space, see: YouTube https://youtu.be/bR4Dp8raAEc

13

What do Producers do to Prevent Scours?

1

2

3

Action:

Nothing

Treat the calf

Vaccinate the mother cow

Estimated	$0(1)	$̴21.6 million	$̴42.5 million
Product
Sales:			ScourGuard by Zoetis
Product	N/A	Calf-Guard by Zoetis
Guardian by Merck
Options:		BOVILISCoronavirus by Merck	Scour Bos by Elanco

(1) This figure does not include the cost of scours treatment products and associated labor.	14

Calf-Level Competitive Product Comparison

				USDA Claims
Product	Mode-of Action	E. coli		Corona	Rota
The First Defense®	Two-part: delivers bovine antibodies to the gut that areabsorbed
product line	into the bloodstream
(ImmuCell)
Calf-Guard®	Forces calf to mount an immune response to a modified-live virus
(Zoetis)	oral vaccine to develop protective antibodies, delayed response,
	inactivated by feeding of colostrum
BOVILIS® Coronavirus	Forces calf to mount an immune response to a modified-live virus
(Merck)	intranasal vaccine to develop protective antibodies, delayed
	response
Bovine Ecolizer®	This product is exiting the market
(Elanco)

15

Calf-Level U.S. Market Share (in volume)

Long-termgrowth is expected due to the expansion of our sales & marketing team and the addition of a rotavirus claim to the First Defense® product line

Year Ended	Year Ended	Year Ended
December 31, 2017	December 31, 2018	December 31, 2019

32%34%36%

68%	66%	64%

Our share of this market increased to 41% during the first half of 2020 from 37% during the first halfof 2019. Market Estimates Provided byAxxiom Consulting and Animalytix LLC

First Defense®		Direct Competition	16

Waste Less, Get More

DAM-LEVEL

SCOURVACCINE

APPROX. 56% OF FUNDS SPENT GO TO			100% OF FUNDS SPENT GO TO
	-BULL CALVES		44% OF SPEND	LIVEBORN
-	-DOA/ABORTS		HITS TARGET
	VALUED
	-LIMITED
			CALVES
	VACCINE

RESPONSE

17

Calf-Leveland Dam-Level U.S. Market Share (in volume)(1)

Huge market opportunity as we go Beyond Vaccination® and compete more effectively against vaccines that are given to mother cows

Year Ended	Year Ended	Year Ended
December 31, 2017	December 31, 2018	December 31, 2019
9.7%	10.3%	11%

90.3%

89.7%

89%

Our share of this market increased to 15% during the first half of 2020 from 13% during the first half of 2019.

(1)These unit volume figures account for the approximate number of calves and cows treated, even though two doses of the dam-level scour vaccines are required for first-calf heifers.

Market Estimates Provided byAxxiom Consulting and Animalytix LLC

		First Defense®		Direct Competition	18

Strategy to Increase Sales

• We now support our distributors with six regional sales managers and one director of marketing, reporting to our vice president of sales and marketing (with one open position).
• Expanded sales force communicating the value- proposition of the First Defense® product line directly to end-users while multiplying their efforts through distribution partners.
• Growth is being generated in multiple market segments: beef, calf ranch, dairy, vet clinics and fleet stores.
• We are initiating a process to achieve regulatory approvals for First Defense® in selected international territories.

19

Be a Calf Hero.

Go ®

20

Our Product Lines

First Defense®

Dual-Force®

Our First Defense® product line with E. coli and coronavirus claims

• U.S. market opportunity: About $18 million in annual sales of calf-level products to prevent scours (diarrhea) in newborn dairy and beef calves
• USDA approved in bolus format since 1991
• USDA approved in gel tube format since 4Q 2018

Tri-Shield®

Our First Defense® product line with E. coli, coronavirus AND

rotavirus claims

• Beyond Vaccination®: With this unique breadth of claims, we compete more effectively at the calf-level and also compete against vaccines given to cows to improve the quality of the colostrum that they produce fornewborns
• U.S. market opportunity: We estimate that annual sales of dam-level vaccine products used to prevent scours (diarrhea) are about 2X the calf-level product sales
• USDA approved since 4Q 2017

Investing approximately $3.5 million to increase production capacity (annual sales value) for the First Defense® product line from approximately $18 million to approximately $27 million during 2020

Re-Tain™

(Subject to FDA review and approval)

Our purified Nisin treatment for subclinical mastitis in lactating cows

with zero milk discard

• Market opportunity: Mastitis is estimated to cause approximately $2billion in economic loss to the dairy industry each year(1)
• Construction of $21 million pharmaceutical production facility is complete (see slide #46)
• First-phasedsubmission of manufacturing Technical Section has been reviewed by FDA
• Second-phasedsubmission expected during 4Q 2020
• Target for FDA approval and market launch (assuming first time approval of second-phasedsubmission): 2021

Investing approximately $4 million to replace a CMO and bring formulation and aseptic filling services in-house during 2022

(1) 2016 Cornell IGEM study.

21

Mastitis: Leading Cause of Economic Harm to the Dairy Industry

$2 Billion(1)

• Mastitis is a potentially fatal mammary gland infection
• • $2 billion per year in the U.S. alone
  • The single largest economic harm to the dairy industry(2)
• Traditional antibiotic treatments are available on the market, but milk from treated cows must be discarded
• Re-Tain™,ourNisin-based treatment for subclinical mastitis, does not require a milk discard or meat withhold because our bacteriocin is not a traditional antibiotic and is not used in human medicine

(1) 2016	Cornell IGEM study	22
(2) 2015	Science Daily NewsRelease

Why Treat Subclinical Mastitis?

• A cow infected with subclinical mastitis is "stuck between a rock and a hard place" because the dairy farmer KNOWS she is sick but cannot JUSTIFY the cost of "dumped" milk required to treat her.
• Subclinical mastitis is a chronic infection that should not be ignored.
• USDA estimates that 21% of all dairy cows are treated with a mastitis drug.
• USDA estimates that 51% of all dairy cows are treated with third generation cephalosporins (traditionalantibiotics).

	Stage of Mastitis	Incidence Rate(1)	Annual Cost of Treatment
	Drugs
	Clinical	20-25% per year	$50-$60 million(2)
	Subclinical	20-25% at any given time	???(3)
(1)See Slide #48 for applicable sources. Subclinical mastitis is more prevalent thanclinical mastitis.
(2)In lactating cows (excluding dry cow treatments of similarsize)
(3)ImmuCell aims to revolutionize mastitis treatment practices by enlarging the market for the treatment of subclinical infections. With zero	23
milk discardand zeromeat withhold claims, our product candidate couldmake this economically feasible.

Re-Tain™: Novel Alternative to Traditional Antibiotics

Novel Alternative

• "Game changer": could make treatment of subclinical mastitis (infected, but still producing saleable milk) economically feasible
• The FDA has warned that the overuse of antibiotics that are considered critically important in human medicine may pose a "high public health risk"
• The concern is that widespread use of these drugs could encourage the growth of antibiotic-resistant bacteria
  ("superbugs")
• Nisin is not used in human medicine
• Bacteriocin Mode-of-Action: Kills cell by drilling a hole in the colonizing bacterium's cell wall
• Antibiotic Mode-of-Action: Inhibits growth of bacteria by preventing cells from dividing/multiplying

Value Proposition

• Zero milk discard and zero meat withhold (in the U.S.)
• Higher quality of milk by having lower somatic cell counts resulting in:
• • Increased milk premiums to the producer
  • Longer shelf life for fluid milk
  • Better taste for cheese
• Higher milk production outputs(1)
• Improved reproduction efficiencies
• Reduction of clinical flare-upsfrom subclinicaldisease
• Reduction in pathogen load on thefarm
• Healthier cows; reduction in culling

(1)Advanced Animal Diagnostics estimates that subclinical mastitis is responsible for more than 1,500 pounds (about $240 @ $16.00 per hundred weight) of lost milk production per infectedcow.

24

Review of Competitive Product Claims

	Active			Effective Against			Label Claims
Brand (Manufacturer)	Strep.	Staph.	Strep.	Strep.
Ingredient	CNS	E. coli	Subclinical	Clinical
		agal.	aureus	dysgal.	uberis
Re-Tain™	Nisin A		(1)						(1)
(ImmuCell)
Spectramast LC	Ceftiofur						Clinical Only
(Zoetis)
Pirsue	Pirlimycin
(Zoetis)

Amoxi-MastAmoxicillin (Merck)

PolyMastHetacillin

(Boehringer Ingelheim)

Today	Cephapirin
(Boehringer Ingelheim)
Masti-Clear	Penicillin
(WG Critical Care)
Dariclox	Cloxacillin
(Merck)

(1) Our intent is to seek these claims sometime after first FDA approval.	25

Cost of "Dumped" Milk

Range in costs per cow associated with milk discard for traditional antibiotics with subclinical mastitis disease claims

			Treatment	Discard	Total Dump	Average Cost	Cost per
	Brand Name	Company	of Dumped
	Days(1)	Days(1)	Days	Treatment(3)
			Milk(2)
	Re-Tain™	ImmuCell	0	0	0	$0	$30.00
	Spectramast-LC	Zoetis	2-8	3	5-11	$57-$125	$9.78-$39.13
	Pirsue	Zoetis	2-8	1.5	3.5-9.5	$40-$108	$10.18-$40.72
	Amoxi-Mast	Merck	1.5	2.5	4	$45	$9.26

1. Treatment and discardclaims fromproduct labels
2. Averages are basedon 70 lbs/day(lowproducing cows at 60 lbs/day and highproducing cows at 80 lbs/day) andthe USDA Class III milk price average of $16.17 for 2017. The range of these "dumped" milk costs varies from $34-$142per cow. These "dumped" milkcosts aggregate approximately $300M per year.

(3) These MinimumAdvertisedPrices are subjectto discount.	26

Status of NADA for Re-Tain™

We have completed 4 out of 5 NADA Technical Sections required for FDA approval

Development Item	DateCompleted
1.		Environmental Impact Technical Section Complete Letter from the FDA	3Q 2008
2.		Target Animal Safety (TAS) Technical Section Complete Letter from the FDA	2Q 2012
3.		Effectiveness Technical Section Complete Letter from the FDA	3Q 2012
4.		Human Food Safety (HFS) Technical Section Complete Letter from the FDA	2Q 2011
		•	Zero milk discard period and zero meat withhold period granted by
			the FDA	3Q 2018
		• Laboratory Method Transfer to detect Nisin in milk
5.		Chemistry, Manufacturing and Controls (CMC) Technical Section
		•	First-Phased Drug Substance submission to FDA	1Q2019
		• Response fromFDA on First-Phased Drug Substance submission	3Q 2019
		•	Second-Phased Drug Substance and Drug Product submission to FDA	By end of 2020 (anticipated)
		• Response fromFDA on Second-Phased Drug Substance and Drug Product submission	6 months after submission
6.		NADA Approval by FDA after administrative review (60 days after Technical Section Complete Letter)	2021(1) (anticipated)
7. We are investing approximately $4 million to create our own Drug Product formulation and aseptic	2022 (post-approval)
		filling facility
	(1) See current SEC filings for detailed description of events that mustoccur to achieve this milestonein accordance with this projected timing and some of the risks thatcould preventthis fromhappening as projected.
				27

Section #2: Testimonials

28

Customer Testimonials

• First Defense® is like an insurance policy that pays for itself in spades. Say you cut your death loss from, conservatively, 8 to 2 percent. If you have 300 calves a month, that's 18 more calves a month or 216 calves a year more that you are able to raise. That fuels the growth of the whole dairy."

Arie Roeloffs

Southfield Dairy

5,000 cows

Wendell, Idaho

• About seven years ago, we were having a serious problem with rotavirus and coronavirus; we were losing a lot of calves. Our veterinarian recommended administering First Defense® to newborns.
  It took care of the problem and I couldn't be happier. We've given First Defense® to every heifer calf since."

Jay Van Der Hoek

Van Der Hoek Dairy

1,800 cows

Modesto, California

• Approximately 10 years ago we had a minor flare-up of scours in our herd. Treating the calves was costly and time-consuming and it set the calves back in terms of performance. The following year we administered First Defense® to every newborn. Scours became basically non-existent. Now each calf receives First Defense® within their first few hours of life."

Brad Bader

Carrousel Farms

700 head beef operation Monroe, Wisconsin

• We began using First Defense® during the 2013 calving season when we were treating what seemed like half of our calves for scours. Since using First Defense®, we have treated only four calves for scours out of our 600 head herd. First Defense® really works!"

Brian Marshall

Marshall & FennerFarms

600 head cow/calf beef operation Malta Bend, Missouri

29

Customer Testimonials

• Tri-Shield®is the most reliable way for us to prevent calf scours and it is the only thing we need to use."
  Kazmeiro (Kazzie) Nero
  Oakwood Dairy Auburn, NY

Oakwood Dairy is a 2,000 head dairy with calves raised In individual stalls within a greenhouse barn. They removed ScourGuard 4KC after seeing results with Tri-Shield®.

• Diagnostics have shown rotavirus has been the cause of calf deaths in many herds, even well managed dairies that are very clean. Tri-Shield® is our new tool of choice to prevent rotavirus scours."
  Mark Hardesty, DVM
  Maria Stein Animal Clinic Maria Stein, OH

The Maria Stein Animal Clinic has 9 practicing veterinarians serving 45,000 dairy cows in Western Ohio and Eastern Indiana.

• Over the years we layered in 3 different products, trying to prevent scours, but with Tri-Shield® we eliminated all of those, and calf health is better than ever, not often can we cut costs in half and improve, but Tri-Shield® has done that for us."
  Connie Soemann
  McCollum Farms Godport, NY

McCollum Farms is a 1,600 head dairy with calves in hutches outside for

9 months, hutches moved inside over winter.

• We have been using Tri-Shield® for 2 years now and have noticed a tremendous reduction in scours. It's so easy to administer and performs every time."
  Sasha Rittenhouse
  R Enterprises New Carlisle, OH

1. Enterprises is a beef seedstock operation raising feed efficient, sound, functional cattle that excel in carcass quality.

• Our day-one protocols are consistent and calf management top notch, but we were still able to see a significant reduction in treatment costs within those first two-weeks of life."
  Matt Kunde
  P7 Dairy Roswell, NM

P7 Dairy is a 4,300 head Holsteins operation milking 3 times a day. P7 is a progressive data driven farm. Calves are fed pasteurized colostrum administered with disposable esophageal tubes and disposable colostrum storage bags at birth. Calves are housed in hutches.

30

Customer Testimonials

• We've had a legacy of rotavirus here. We couldn't live without Tri-Shield®. It's good for our calves and our employees. We have used it since it came out and won't ever stop."
  Charley Hansen
  4C Corporation Duchesne, UT

Tri-Shield® is much easier to	We had lots of issues with
apply than a dam-level	our calves before Tri-Shield®.
scour vaccine or Calf-	Lab results confirmed we
" Guard®. A one-step process	"were dealing with all three
with no waste on DOA's or	pathogens (E. Coli,
coronavirus, and rotavirus).
cows that don't give
Since we started Tri-Shield®
colostrum."
the calves have been doing
Brent Wickstrom	much better, I haven't lost a
calf to scours in the past 9
Wickstrom Jersey Farm	months."
Alyssa Fischer
Hilmar, CA

Darian Acres

Rio, WI

• Out pasteurized colostrum program is highly monitored. We routinely track bacterial count and solids. Our blood total proteins average 6.7 mg/ml. But Tri-Shield® has an added effect over a quality colostrum program. Fewer calves shedding pathogens at the calf ranch protects not only our calves but all calves at the ranch."
  Chris Terra
  Red Top Jersey Chowchilla, CA

• Tri-Shield® is a highly effective and easy to deliver, without colostrum interference. I have received lots of positive feedback from my customers using Tri-Shield®. I also use Tri- Shield® on our personal Angus herd and have had great results."
  Vince Collision, DVM
  Collision Veterinary Services Rockwell City, IA

4C Corporation is a 3,000 head Jersey/Holstein dairy in the high desert area of Utah.

Wickstrom Jersey Farm is a 2,000 head farm whose heifers feed into an off-site calf ranch owned by the dairies.

Darian Acres is a dairy with 30-50 calves per month. Calves receive colostrum and then milk replacer, fed by bottle for two weeks, then by pail. Calves are on milk until 8 weeks old when they are weaned. They are housed in hutches.

Red Top Jersey is a 4,000 head farm whose heifers feed into an off-site calf ranch owned by the dairies. They have tried other scour prevention programs like ScourGuard® and Calf-Guard® in the past but have moved to only Tri- Shield®.

Collison Veterinary Services provides Veterinary and Embryo services.

31

Customer Testimonials

PROVEN

…simple to administer and produces results

"Prior to addingFirst Defense® to our regimen, our calves would always run into problems with salmonella after having scours seven to ten days after birth. We have been using First Defense® at Cal Poly State University's dairyunit andhave seen calves getting through the first two weeks of life stage really successfully. We would recommendFirst Defense® to anyone. This product is simple to administer and produces results."

-Rich Silacci, Cal PolyState University, San Luis Obispo, CA

…a huge return

"We have been using First Defense® for the last 3-4 years and are really happy with the product. For us it's important, it's a big investment and a huge return. The product is convenient and versatile. Knowing we have protection as soon as the calf hits the ground is satisfying and comforting. This product gives assurance."

-Dan Kullot, DVM, Syracuse Diary, Syracuse, KS

…we went from 40% scour down to 15%

"The first two weeks of life are very important because that affects her milk production for the rest of her life. And we've made a change in the last 30 days and we went from 40% scour incidences down to about 15% scour incidences. But then I've also used First Defense® on other dairies and it worked phenomenal for me too."

-Danny Cundiff, G2 Producers, Dumas, TX

RESEARCH

…give to the calf as soon as it's born

"The thing that I like about First Defense® is that you give to the calf as soon as it's born. There are some products on the market today that you have to give to the calf at birth and the recommendation is to wait 30 minutes or longer before you can feed colostrum. It's so hard to tell a dairyman or a calf raiser to delay feeding colostrum when that's the most important thing to give the calf."

-Steve Hayes, DVM, Day 1 Technology, Winona, MN

…we noticed a big difference in milk and grain intake

"You can just compare calves that you have on First Defense® compared to calves that aren't. There's definitely a big difference. Maybe not day one, but as they're in their first three weeks when they're in the calf hutches and they're on milk. Once they start grain, we noticed a big difference on their milk and grain intakes, as well as just being healthier all around."

-Zach Damrow, Deagull Bay Dairy, American Falls, ID

…dropped our scours rate by about 75%

"We did a trial and found that First Defense® as well as a different colostrum pasteurizer dropped our scours rate by about 75%."

-Katie Grinstead, Vir-Clar Farms, Fond du Lac, WI

32

Section #3: Financial Review

33

Total Product Sales

	$16.0		13.1%							$13.7
	$14.0		CAGR
	$12.0		(2011-2019)			$10.2	$9.5	$10.4	$11.0		12.6%
in$ millions	$10.0				$7.6		CAGR
						(2014-2019)
$8.0			$6.0						12.9%
	$6.0	$5.1	$5.4							CAGR
								(2016-2019)
	$4.0										14.7%
	$2.0	2011	2012	2013	2014	2015	2016	2017	2018	2019	CAGR
	(2017-2019)
	$0.0

Note: Product sales during the twelve-month period ended June 30, 2020 were $14.5 million.

34

Financial Results (in thousands, except per share amounts)

	During the Years Ended December 31,
	2019	2018
Product Sales	$13,723	$10,986
Loss Before Income Taxes	($1,267)	($1,860)
Net Loss	($1,296)	($2,322)
Net Loss Per Share	($0.19)	($0.42)

(Unaudited)	During the Three-Month	During the Six-Month
			Periods Ended June 30,	Periods Ended June 30,
			2020	2019	2020	2019
Product Sales	$2,966	$2,710	$7,876	$7,120
Loss Before Income Taxes	($766)	($612)	($903)	($458)
Net Loss	($766)	($627)	($888)	($483)
Net Loss Per Share	($0.11)	($0.09)	($0.12)	($0.08)	35

Income Statement

($ in millions, except percentages	2016	2017	2018	2019
and per share amounts)
Product Sales	$9.5	$10.4	$11.0	$13.7
Gross Margin	$5.4	$5.2	$5.2	$6.7
Gross Margin %	57%	50%	47%	49%
Operating Income (Loss)	$0.9	($0.2)	($1.4)(1)	($1.0)
Net Income (Loss)	$0.5	($0.2)	($2.3)(1)(2)	($1.3)
Diluted Net Income (Loss) Per	$0.12	($0.03)	($0.42)(1)(2)	($0.19)
Share

(1) These figures are net of a $700,000 gain (before taxes) from a sale of technology recorded during thethird quarter of 2018.

(2) These figures include non-cash taxexpense of $563,000 pertaining to our deferred taxvaluation allowance that was recorded during the second quarter of 2018.

36

Non-GAAPMeasures

				During the Years Ended December 31,
(in thousands)	2016		2017		2018					2019
Income (loss) before income taxes(1)	$758		($438)		($1,860)					($1,267)
Depreciation, amortization and stock-based
compensation	878		1,119		1,882					2,597
Income before income taxes(1) and
$1,636		$681		$22					$1,330
certain non-cash expenses(2)

1. The Company has federal net operating loss carryforwards worth approximately $11,950,000 as of December 31, 2019.
2. This figure was ($135,000) and $32,000 during the three-month periods ended June 30, 2020 and 2019, respectively, and $464,000 and $841,000 during the six-month periods ended June 30, 2020 and 2019, respectively.

Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measures included in this presentation should be considered in addition to, and not as a substitute for or superior to, the comparable measure prepared in accordance with GAAP. A reader should review our statements of cash flows for a detailed understanding of our sources and uses of cash. We start with our reported income (loss) before income taxes because presently we are not paying cash for income taxes and do not anticipate paying cash for income taxes in the near-term future. We believe that considering the non-GAAP income (loss) before income taxes and certain non-cash expenses assists management and investors by looking at our performance across reporting periods on a consistent basis excluding these certain charges that are not uses of cash from our reported income (loss) before income taxes. We calculate non-GAAP income (loss) before income taxes and certain non-cash expenses as indicated in the table above.

37

Capital Expenditures

Our capital expenditures during the six-year period from January 1, 2014 through December 31, 2019 have been larger than our historical norm primarily due to investments to increase our production capacity for the First Defense® product line and to construct and equip our Drug Substance production facility for Re-Tain™, as detailed in the following table and footnotes:

					Cash Paid During the Years Ended
	A			B			C		D		E	Total
December 31, 2014		$1,041			$-	$-		$-		$-		$1,041
December 31, 2015		1,991			265		-		-		463		2,719
December 31, 2016		1,173			2,093		-		-		320		3,586
December 31, 2017		-			17,686		-		-		74		17,760
December 31, 2018		-			1,596		-		-		434		2,030
December 31, 2019		-			-		279		538			574		1,391
Total		$4,205			$21,640		$279	$538			$1,865		$28,527

PROJECTA was an investment in new facilities and equipment to increase First Defense® production capacity.

PROJECT B was an investment to build and equip our Drug Substance facility for Re-Tain™.

PROJECT C is an investment in new facilities and equipment to increase First Defense® production capacity with a $3.5 million budget. PROJECT D is a $4 million investment to bring the formulation and aseptic filling services for Re-Tain™ in house.

PROJECT E represents other miscellaneous, routine and necessary capital investments during the years.

See additional disclosures in our periodic filings with the SEC for more detail about these investments.

During the six-month period ended June 30, 2020, we invested an additional $2.1 million, $2,000 and $109,000 towards Projects C, D, and E, respectively.

38

Section #4: Other Information

39

First Defense® Product Line

• The First Defense® product line is the only USDA-licensed,orally delivered scours preventative with claims against E. coli, coronavirus and rotavirus.
• Colostrum (first milk) consumption immediately after birth provides critically important antibodies before the immune system matures to produce its own antibodies. Our hyperimmunization program and the use of bovine colostrum makes our product unique.
• Three primary formats:

1)The original (approved in 1991) Dual-ForceFirst Defense® in a bolus 2)The new (approved 4Q 2017) Tri-ShieldFirst Defense® in a gel tube 3)The newest (approved 4Q 2018) Dual-ForceFirst Defense® in a gel tube

• The First Defense® product line provides Immediate Immunity™ to newborn calves.
• Verified antibodies are more progressive and protective than a variable vaccine response.

40

First Defense® Product Line (continued)

• More than 25 million doses sold in aggregate (as of 2Q 2020)
• Annual gross margin consistently near 50% since 2007
• With the addition of rotavirus claim, we provide a unique breadth of protection against three leading pathogens
• Improved competitive position against calf-levelproducts
• Now able to compete more effectivelyagainst dam-levelscours vaccine products
• Producers can save needles and labor for vaccines that are more critical to cow health
• Invest in viable calves only
• We are investing about $3.5 million to increase annual production capacity from approximately $18 million to around $27 million

41

Economics of Dairy Industry

• Milk price improved during 2014, but this positive trend did not continue during 2015 or 2016. The price for 2017 was 9% higher than the 2016 average. The price for 2019 was 16% higher than the 2018 average.
• The Milk-to-Feed Ratio has not returned to the high level reached in 2014.

Average Class III Milk Price

(for the years ended December31st)

$25.00
$22.34
$20.00					$16.96 (1)
			$16.17	$14.61
$15.00
$15.80	$14.87
$10.00
$5.00
$0.00
2014	2015	2016	2017	2018	2019

Average Milk-to-Feed Price Ratio

(for the years ended December31st)

3.00
2.54			2.42
2.50	2.14	2.26		2.24(2)
	2.04
2.00
1.50
1.00
0.50
0.00
2014	2015	2016	2017	2018	2019

		(1) This price declinedto $16.09 during the first six months of 2020 andsignificantly increased to $24.54 during July 2020.
Source: US Department of Agriculture(USDA)	(2) This ratiodecreased to 2.16 during the first six months of 2020.	42

Cattle Market Overview

Cattle inventory in markets currently served

United States	11%
Canada
South Korea
Japan	77%
Iran

Total number of dairy and beef cattle: 116,080,000

Cattle inventory in new markets being researched

Pakistan

Australia

South Africa

Turkey

Jordan

Russia

France

Germany

Ireland

Poland

Spain

Total number of dairy and beef cattle: 153,118,000

Source: The Food and Agricultural Organization for the United Nations	43

What is Scours?

• The disease manifests as rampant, uncontrolled diarrhea in newborn calves.
• Scours is the leading calf disease risk. We estimate the cost to the U.S. dairy and beef industries to be approximately $741 million.(1)
• Percent of pre-weaned heifer deaths caused by scours or other digestive problems:

57%(2)

• Incidence rate of scours in live births:

23%(3)

• Scours is an economic drain in three ways:
• 1. Calf losses (death)
  2. Treatment costs (antibiotics, rehydration fluids, and increased labor/nursing back to health)
  3. Reduced productivity (less growth and milk production)

1. See next slide (#45) for detailed, estimated calculations.

(2)	USDA report, Dairy 2007 Heifer Calf Health and Management Practices on U.S. Dairy Operations, 2007.	44
(3)	APHIS/NAHMS	2007 Info Sheet III, Highlights of Dairy 2007 Part III: Reference of Dairy Cattle Health and	Management Practices in the United States, 2007.

Scours: Cost to the U.S. Dairy & Beef Industries

Scours Related Cost to Dairy Industry$119 million- Calf Deaths

$45 million - Scours Treatments $90 million - ReducedWeight Gain $75 million - ReducedMilk Production $329 million estimated annual cost

Scours Related Cost to Beef Industry$76 million - CalfDeaths

$112 million- Scours Treatments $224 million- Reduced Weight Gain $412 million estimated annual cost

ESTIMATED

ANNUAL COST TO DAIRY & BEEF

INDUSTRIES$741 million

Dairy Calf Deaths

Beef Calf Deaths

Deaths prior to weaning

7.8%

Deaths prior to weaning

6.4%

% of above deaths from scours

56.5%

% of above deaths from scours

14.2%

Number of calves

9,000,000

Number of calves

28,000,000

Wet calf value (increases towards $1,000 with age)

$300__

Wet calf value (increases towards $1,000 with age)

$300__

Cost to dairy industry due to scours deaths

Cost to beef industry due to scours deaths

$118,989,000

$76,339,200

Scours Treatments

Scours Treatments

Live calves treated for scours

25.0%

Live calves treated for scours

20.0%

Number of calves

9,000,000

Number of calves

28,000,000

Treatment costs (labor, antibiotics, fluids)

$20____

Treatment costs (labor, antibiotics, fluids)

$20___

Cost to dairy industry due to scours treatment

$45,000,000

Cost to beef industry due to scours treatment

$112,000,000

Reduced Weight Gain

Reduced Weight Gain

Pounds lighter at weaning

20

Pounds lighter at weaning

20

Price per pound

$2.00

Price per pound

$2.00

Calves treated for scours

2,250,000

Calves treated for scours

5,600,000

Cost to dairy industry in reduced weight gain

$90,000,000

Cost to beef industry in reduced weight gain

$224,000,000

Reduced Milk Production

Pounds less milk produced per lactation

187

The data used to compile the estimated cost of calf scours to the dairy and beef industries was derived from

our best interpretation of industry reports and understandings with reference to, but not limited to, the

Cost in cwt (1 cwt = 100lb) (price @ December 2014)

$ 17.82

following published sources:

Calves treated for scours

2,250,000

•2007-2008 USDA National Animal Health Monitoring System (NAHMS) Report on Beef Cow-Calf

Cost to dairy industry in reduced milk production

$74,970,000

Health and Management,

•USDA Dairy 2007 NAHMS Report on Heifer Calf Health and Management,

•Progressive Dairyman, May 2014, What is scours costing youroperation?

•Drovers CattleNetwork, March 2014, Optimizing Calf Health,and

•Economics of Scours, beef worksheet, Pfizer Animal Health.

While ImmuCell believes the figures presented are reasonable for the purpose of this discussion, the actual

cost of scours could vary greatly from the estimated figures presented

45

Pharmaceutical-grade Nisin Drug Substance Facility

• Construction of a commercial-scaleNisin Drug Substance facility (in Portland, ME) was initiated 3Q 2016 and completed 4Q 2017.
• Equipment installation was completed in 3Q 2018.
• Cost for this project was approximately $20.8 million.
• Registrationbatches completed 4Q 2018.
• FDA site inspection initiated during 3Q 2019. Full response submitted 1Q 2020.

46

Relevant Regulatory Initiatives

-2011: Dutch Veterinary Society restricts the use of beta lactams in cattle

-2012: FDA further restricts the use of cephalosporins in food animals

-2017: Veterinary Feed Directive (VFD) restricts the use of medically important antibiotics

-2018: FDA announced 5-year plan for Antimicrobial Stewardship in Veterinary Settings, eliminating production uses of medically important antimicrobials and bringing all therapeutic uses under the oversight of licensed veterinarians

47

Key Publications Related to the Subclinical Mastitis Market Opportunity

• New York State Cattle Health Assurance Program, Mastitis Module-Veterinary Resource, "Epidemiology of Mastitis".
• Santman-Berends,IM. (2012, May), Incidence of subclinical mastitis in Dutch dairy heifers in the first 100 days in lactation and associated risk factors, J Dairy Science, 95(5): 2476-2484.
• Roesch, M. (2007, February), Subclinical mastitis in dairy cows in Swiss organic and conventional production systems, J Dairy Research, 74(1): 86-92.
• Makovec, JA. (2003, November), Results of milk samples submitted for microbiological examination in Wisconsin from 1994 to 2001, J Dairy Science, 86(11): 3466-3472.
• Jayarao, BM, et al, Epidemiology of Streptococcus uberis intramammary infections in a dairy herd, Zentralbl Veterinarmed B., September 1999, 46(7): 433-42.
• Pol, M. and Ruegg, P.L. (2007), Relationship between antimicrobial drug usage and antimicrobial susceptibility of gram-positive mastitis pathogens, J Dairy Science, 90, 262-273.

48

Animal Health Industry

	Animal Health Companies	Diagnostics and ServicesCompanies	Distributors
	Aratana Therapeutics (PETX)(1)	Abaxis (ABAX)(4)	Animal Health International(6)
	Bayer AH (BAYRY) (2)	Advanced Animal Diagnostics (Private)	Covetrus (CVET)(7)
	Boehringer Ingelheim AH(Private)	Heska Corp. (HSKA)	MWI Animal Health (MWIV) (8)
	Dechra Pharmaceuticals (DPH) (3)	IDEXX Laboratories (IDXX)	Patterson Companies, Inc. (PDCO)
	Elanco (ELAN) (2)	Organitech (formerly PetHealth)
	Jaguar AH (JAGX)	PetMed Express (PETS)
	Kindred Biosciences (KIN)	VCA Antech (WOOF)
	Merck AH (MRK)
	Neogen (NEOG)
	Nexvet Biopharma(NVET)(4)
	Parnell Pharmaceuticals (PARNF)			(1) Acquired by Elanco (ELAN) in July 2019
			(2) Elanco (ELAN) is in the process of acquiring Bayer AH
	Phibro AH (PAHC)
			(3) Dechra acquired Putney Inc.
	Sanofi (Merial) (SNY)			(4)Acquired by Zoetis (ZTS)
	VirbacAH (VIRP)			(5)Formerly Health Enhancement Products
			(6)Acquired by Patterson Companies, Inc. (PDCO)
	Zivo Bioscience (ZIVO)(5)			(7) Merged with animal health division of Henry Schein
	Zoetis (ZTS)			(8) Acquired by AmerisourceBergen Corporation (ABC)
								49

Executive Management Team

Michael F. Brigham

President and Chief Executive Officer, Director

Bobbi Jo Brockmann

Vice President of Sales and Marketing, Director

Joseph H. Crabb, Ph.D.

Vice President and Chief Scientific Officer

Elizabeth L. Williams

Vice President of Manufacturing Operations

• Joined ICCC in September 1989
• Appointed as President and Chief Executive Officer in February 2000
• Director since 1999
• Audit Manager at Ernst & Young prior to joining ICCC
• Joined ICCC in January 2010
• Promoted to VP of Sales and Marketing in February 2015
• Director since 2017
• Previously with APC Inc., W&G Marketing Company Inc.
• Joined ICCC in November 1988
• Appointed as Chief Scientific Officer in September 1998
• Doctorate and postdoctoral studies at the medical schools of Dartmouth and Harvard, respectively
• Joined ICCC in April 2016
• Previously led U.S. region for Zoetis as VP Global Manufacturing and Supply and held Site Leader positions at Pfizer Animal Health Facilities

50

Board of Directors (outside directors)

Gloria J. Basse	•	Member of the Compensation and Stock Option Committee
Director	•	Director since 2020
	•	Zoetis, Context Network, independent consultant, Tonisity International

David S. Cunningham	•	Member of the Compensation and Stock Option Committee and Nominating
Director	•	Committee
Director since 2011
	• Bimeda, Axxiom Consulting, Teva Animal Health and Agri Laboratories,
		Ltd.
Steven T. Rosgen	•	Member of the Audit Committee
Director	•	Director since 2018
	•	Strategem Research Inc., Street Smart Strategic Planning

51

Board of Directors (outside directors) (continued)

Jonathan E. Rothschild	•	Member of the Audit Committee and the Compensation and Stock Option
Director		Committee
	•	Director since 2001
	• Arterio Inc., CCA Industries, Inc.
David S. Tomsche, D.V.M.	•	Appointed to Chair of the Board in February 2013
Chair of the Board	•	Director since 2006
	•	Leedstone Inc., J-t Enterprises of Melrose, VetPharm Inc.
Paul R. Wainman	•	Member of the Audit Committee and Nominating Committee
Director	•	Director since 2014
	•	Hancock Lumber, Kleinfeld Paper, William Arthur Inc.

52

Sales & Marketing Territories

Canada

Your Calf Crew®

Bobbi Brockmann	Kathy Becher
Vice President of Sales & Marketing	Director of Marketing
515-450-2035	800-466-8235
[e-mail]	[e-mail]
23227 94th AveNorth	553 E 12th
Port Byron, IL61275	Winona, MN 55987

Chris Bradley	Dale Miller
Sales and MarketingManager	Sales & Marketing Manager
Western Region	Northeast US and Canada Region
Open Position	Becky Vincent
Sales & Marketing Manager	Sales & Marketing Manager
California Plus Region	Great Lakes Region
Jill Sprakel	Ellen Cushing
Sales & Marketing Manager	Sales & Marketing Manager
Midwestern Region	Upper Midwestern Region
David "DJ" Dominguez	Visit us on Facebook, Instagram and
Sales & Marketing Manager	YouTube at Immediate Immunity™
Southern Region

53

Contact Information

Company Contact

Investor Relations Contact

ImmuCell Corporation	Lytham Partners, LLC
Nasdaq: ICCC	Robert Blum
Michael F. Brigham
Joseph Diaz
President and CEO	Joe Dorame
56 Evergreen Drive	Adam Lowensteiner (NY)
[phone] - Phoenix
Portland, ME 04103
[phone]	[phone] - NY
[e-mail]	[e-mail]
www.immucell.com	www.lythampartners.com

54