Mainebiz

W W W. M A I N E B I Z . B I Z 9 J U N E 2 9 , 2 0 2 0 Portland biotech will use MTI loan to expand two brands B y R e n e e C o r d e s P o r t l a n d — ImmuCell Corp. (Nasdaq: ICCC), a Portland biotech company that makes preventive health products for beef and dairy cattle, said it has received a $500,000 loan from the Maine Technology Institute that will help it boost its production capacity. Production increases are planned for the company's First Defense treatment for E. coli in newborn calves and to complete the development of Re-Tain, a treatment for a common disease in lactating cows that causes $2 billion in harm to the dairy industry annually. The company is in the final stages of getting approval for Re-Tain from the U.S. Food and Drug Administration, accord- ing to ImmuCell's website. It aims to ramp up production at a new 14,300-square-foot facility it has leased and renovated at 175 Industrial Way in Portland. "This funding represents another building block in our financing strategy to pay for the expansion of our First Defense production capacity and the commercialization of Re-Tain," ImmuCell President and CEO Michael F. Brigham said in a news release. "The support from the state of Maine with this innovative financial instrument helps us move forward confi- dently with our growth investments and employee hiring plans." The company did not provide details about the expected timeline for getting FDA approval and market launch. The first two-plus years of the loan from MTI will be inter- est-free with no required principal payments. Principal and interest payments at 5% per year are due quarterly over the five-year period beginning in the fourth quarter of 2022. The loan may be prepaid without penalty at any time. ImmuCell said the property improvements are needed to boost its annual production capacity of First Defense from about $18 million to $26 million, and that the relocation of the capsule assembly functions to the new facility to create space for the installation of increased freeze-drying capacity is critical to filling the current backlog of orders. It also said that the MTI funding will help it move ahead with the second phase of its expansion plan, which entails relocating the gel assembly functions to the new facility to create space for the installation of increased liquid pro- cessing capacity. ImmuCell's sales in the first quarter rose a record 11% over the previous year to $4.9 million, with sales of its First Defense product line climbing 16%, the company reported on May 13. ImmuCell has a market capitalization of around $32.6 million. B R I E F F I L E P H O T O / T I M G R E E N WAY The Maine Department of Transportation received a total of $38.1 million by the U.S. Department of Transportation for the replacement and rehabilitation of seven bridges that are used for the movement of freight and mobility of residents for the towns of Waterville, Solon, Rumford, Bangor and Old Town. The funding was awarded through the Infrastructure for Rebuilding America Program, which leverages federal grants to help communities invest in high-priority projects to fix crumbling infrastructure. The Maine State Department of Health and Human Services was awarded a total of $1.5 million to support mental health and substance abuse programs throughout the state. This funding was provided through the U.S. Department of Health and Human Services' Center for Mental Health Services. Gorham designer wins 'Greenlight' competition Gorham-based textile designer Erin Flett, who has designs on expand- ing her business with more trade and hotel accounts, won $100,000 in the Sunday season finale of "Greenlight Maine." Flett designs and sells made-to-order hand-printed pil- lows, bags, shower curtains and related products. She was pitted against Chad and Nicole Humphrey of Humphrey's BBQ of Newfield, a husband-and-wife team honored on the Mainebiz Next List in 2019; and Heather Desjardins of iTell Alert, a Winthrop-based startup that uses patented technology to remind elderly people with mobility issues to use their walkers. N O T E W O R T H Y S O U T H E R N Harvard Pilgrim Health Care Foundation in Portland announced that 14 Maine nonprofit organizations were awarded a total of $9,850 from its Community Spirit 9/11 Mini-Grant program. United Way of Greater Portland relo- cated its offices to 550 Forest Ave., Suite 100, in Portland. The organi- zation also that its individual giving group, Brick & Beam Society, awarded $26,500 to support summer-focused programs and projects that target early childhood learning and STEM programming for children in preschool through 8th grade. Full Plates Full Potential, a Portland- based nonprofit working to end child hunger statewide, awarded a total of $19,650 to start or expand after school meal programs at the Bangor Regional YMCA, Boys and Girls Club of Presque Isle - Aroostook Band of Micmacs, The Game Loft in Belfast and Penobscot Nation Youth Program in Indian Island through its Oakhurst After School Meal Grant Program. Handiwork, a retail craft shop, opened at 199 Pleasant Ave. in Portland. Similar names, now one bank Augusta-based Kennebec Savings Bank and Kennebec Federal Savings and Loan Association of Waterville, two central Maine banks whose names are often confused with each other, are joining forces to form an entity with 165 employees and $1.25 billion in assets. Under the terms of an agree- ment unanimously approved by the boards of both institutions, Kennebec Federal will be merged into the larger Kennebec Savings, and customers of Kennebec Federal will become custom- ers of Kennebec Savings. Kennebec Federal has two Waterville branches; its 21 employees will join the Kennebec Savings team of 145, putting the total at 165. Kennebec Savings currently has locations in Augusta, Waterville, Farmingdale, Winthrop and Freeport. Once the merger is completed, Kennebec Federal customers will have access to Kennebec Savings branches and vice versa; in the meantime, the banks said that customers of both banks will see no change to their accounts or service levels. e merger is expected to be completed in the fourth quarter of 2020 subject to customary closing con- ditions, including regulatory approvals. N O T E W O R T H Y C E N T R A L & W E S T E R N Redzone Wireless LLC, a broadband services company in Rockland, has Michael F. Brigham, ImmuCell Corp.'s president and CEO, said the $500,000 loan from MTI "helps us move forward confidently with our growth investments and employee hiring plans. S O U T H E R N C E N T R A L & W E S T E R N

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