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CAMBRIDGE BIOTECH CORPORATION SIGNS INTENT TO ACQUIRE MINORITY STAKE IN IMMUCELL CORPORATION

 CAMBRIDGE BIOTECH CORPORATION SIGNS INTENT TO ACQUIRE
 MINORITY STAKE IN IMMUCELL CORPORATION
 WORCESTER, Ma., and PORTLAND, Maine, June 23 /PRNewswire/ -- Cambridge Biotech Corporation (NASDAQ: CBCX) and ImmuCell Corporation (NASDAQ: ICCC) today announced that they have signed a letter of intent allowing Cambridge to acquire a 15 percent stake in ImmuCell for $600,000, through a purchase of common stock, with an option to acquire a controlling interest at a later date.
 If the transaction is completed, the two companies intend to collaborate in the development of animal healthcare products and the use of passive immunotherapy for the treatment of human disease.
 "There is a significant synergy between the interests of both companies," said Dr. Patrick J. Leonard, president and CEO of Cambridge Biotech Corporation. "This will enable both companies to bring more focus to their veterinary business. Additionally, it offers CBC an opportunity to expand into the area of passive immunotherapy in which our patented adjuvant, Stimulon(TM), may have a significant impact. Ultimately, we see this relationship as the foundation on which to build two significant business opportunities."
 Commenting for ImmuCell, Mr. Thomas C. Hatch, president and CEO, said, "Joining forces with Cambridge should allow us to pursue other human applications of our passive antibody technology, the first application of which is currently undergoing Phase I clinical trails for a product to treat cryptosporidiosis in AIDS patients. Future applications of this product may include Cambridge's proprietary adjuvant. Simultaneously, we intend to develop our veterinary products program as a separate business segment, taking advantage of Cambridge's proven expertise in the development of veterinary vaccines."
 The proposed transaction would also include the grant to Cambridge of two warrants to purchase additional ImmuCell shares, exercisable in mid-1993 and mid-1994 which, if exercised, could allow Cambridge to obtain controlling interest in ImmuCell. The proposed transaction is conditional upon the successful negotiation by both companies of a definitive agreement, which is intended to be entered into in mid-July, and upon the approval by the stockholders of ImmuCell of a proposal to increase the number of authorized common shares at the company's annual meeting of stockholders which is scheduled for August 24, 1992.
 ImmuCell Corporation is a publicly held biotechnology company that develops, manufactures and markets antibody-based disease prevention products for both human and animal healthcare applications.
 Cambridge Biotech Corporation is a leader in the development of vaccines, adjuvants and monoclonal antibodies as the basis foe vaccines, therapeutic and diagnostic products for humans and animals. The company is a major developer, manufacturer and distributor of viral diagnostic screening and confirmatory products utilizing recombinant technology.
 -0- 6/23/92
 /CONTACT: Peter P. Hartman, vice president and chief financial officer, or Christina L. Pappas both of Cambridge Biotech, 508-797-5777, or Michael F. Brigham, chief financial officer of ImmuCell Corporation, 207-878-2770/
 (CBCX ICCC) CO: Cambridge Biotech Corporation: ImmuCell Corporation ST: Massachusetts, Maine IN: MTC SU: TNM


LD-SM -- NY001 -- 2687 06/23/92 08:31 EDT
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Publication:PR Newswire
Date:Jun 23, 1992
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