FOR IMMEDIATE RELEASE:                  CONTACT:  Michael F. Brigham
- ---------------------                             President and Chief Executive
October 3, 2002                                   Officer
                                                  (207) 878-2770 Ext. 3106

                  IMMUCELL ACCEPTS OFFER FOR EARLY TERMINATION
                               OF PRODUCT LICENSE

PORTLAND, Maine - October 3, 2002 -- IMMUCELL CORPORATION (NASDAQ: ICCC) today
announced an agreement to accept $930,000 in consideration of the early
termination of a product license covering the sale and distribution of the
Kamar(R) Heatmount(R) Detector product, thereby returning the product to Kamar,
Inc. of Steamboat Springs, CO.

ImmuCell has marketed this product since 1988 under an exclusive license that
was set to expire on December 31, 2004. The value of the deal approximates the
expected net contribution from the product over the remaining 27 months of the
license term. The licensed product comprised 39% and 52% of the Company's
product sales for the twelve month period ended December 31, 2001 and the six
month period ended June 30, 2002, respectively.

As of October 1, 2002, Kamar, Inc. assumed all distribution and marketing
responsibilities for the product. ImmuCell received $200,000 on closing and the
remaining balance is due within thirty days. The balance due is collateralized
by a trademark security agreement. The Company expects to recognize the proceeds
as other income in the fourth quarter of 2002.

"Having concluded that no further extensions of the license term beyond 2004
would be possible, we decided to accept this payment now and move forward with
our proprietary products," commented Michael F. Brigham, president and chief
executive officer. "This product was a material contributor to ImmuCell's early
years, but our future growth will be determined, in large part, by the success
of our efforts to develop, acquire and market proprietary products for the dairy
and beef industry."

In 2001, annual sales of ImmuCell's proprietary scours preventative product,
First Defense(R), exceeded sales of the licensed product for the first time. The
gross margin on sales of First Defense is greater than the margin on sales of
the licensed product.

ImmuCell Corporation is a biotechnology company dedicated to benefiting its
employees and shareholders through innovative and proprietary products that
improve animal health and productivity in the dairy and beef industry. In
addition to operating a profitable animal health business, the Company has
demonstrated preliminary efficacy in an open label, Phase I/II efficacy study of
DiffGAM, an alternative to antibiotics in the treatment and/or prevention of
CLOSTRIDIUM DIFFICILE-associated diarrhea in humans. Certain nutritional rights
to the DiffGAM technology have been licensed to a corporate partner. ImmuCell
Corporation press releases and other information about the Company are available
at its corporate web site at http://www.ImmuCell.com.

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