ImmuCell is a product-driven company with a focus on solving problems for the dairy and beef industries worldwide. Our current and future product line is shown below.

*ImmuCell entered into a product development and marketing agreement with Pfizer Animal Health, a division of Pfizer Inc. (NYSE: PFE), for Mast Out®, a Nisin-based treatment for mastitis in lactating dairy cows. The transaction entails ImmuCell receiving an up front payment of $1,500,000 from Pfizer as well as contingent milestone payments and royalties on sales. ImmuCell granted Pfizer a worldwide, exclusive, long-term license to sell the product. Pfizer will be responsible for clinical, regulatory and commercial manufacturing development. ImmuCell will supply product for efficacy trials that are expected to begin in the first half of 2005. In January 2004, ImmuCell announced statistically significant cure rates in an experimental field trial of Mast Out® involving 139 cows with subclinical mastitis. FDA-approved mastitis treatments currently on the market have the disadvantage of requiring that milk from treated cows be discarded for a period during and after treatment. Mast Out® has the potential to earn regulatory approval for the treatment of mastitis without this discard requirement.

ImmuCell will continue to make and sell Wipe Out® Dairy Wipes, a topical Nisin-based product used to prepare the cow’s teat area prior to milking. ImmuCell also plans to continue investigating other potential Nisin-containing products to the proof-of-concept stage for evaluation of their global market potential by Pfizer or others. Pfizer has an option to negotiate rights to any such animal health product with an intramammary application.