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PORTLAND, Maine - ImmuCell Corporation (NASDAQ:ICCC), a small-cap animal health company with a market capitalization of $62.2 million and impressive year-to-date returns of 33.6%, has begun searching for a new President and CEO to replace Michael F. Brigham, who plans to retire from full-time work by early 2026, according to a company press release issued Wednesday.
Brigham, who will turn 65 this fall, has served as President and CEO of the animal health company since 2000, after initially joining ImmuCell in 1989. His financial responsibilities have already been transferred to Timothy C. Fiori, the company’s recently hired Chief Financial Officer. Under Brigham’s leadership, the company has maintained strong financial health, with InvestingPro data showing a healthy current ratio of 4.12 and robust revenue growth of 28.3% in the last twelve months.
"While there is no set deadline, our goal is to identify and select a top-notch candidate by around year-end," Brigham said. He plans to remain with the company until a successor is found and intends to continue serving on the Board of Directors through his current term ending in June 2026, with potential extended service subject to stockholder approval.
ImmuCell develops, manufactures, and markets products aimed at improving the health and productivity of dairy and beef cattle. The company’s portfolio includes First Defense, which provides immunity to newborn dairy and beef calves, and is developing Re-Tain, a treatment for subclinical mastitis in dairy cows.
The Board of Directors’ search process for a new CEO is already underway, with the expectation that Brigham will help transition his responsibilities to the new leader.
In other recent news, ImmuCell Corporation reported record-breaking financial results for Q1 2025, with product sales reaching $8.1 million, marking an 11% increase from the previous year. The company’s earnings per share stood at $0.16, and their gross margin improved to 42% from 37% in the previous quarter. ImmuCell’s adjusted EBITDA rose significantly to $2.3 million compared to $705,000 in Q1 2024. The company also introduced a new bulk powder product format for its First Defense line. Analysts have noted ImmuCell’s cautious optimism about the investigational use of its Repayne product and its potential market feedback. The company is targeting an annual production capacity of $40 million. No analyst upgrades or downgrades were reported recently.
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