Portland-based biotech firm ImmuCell Corp. completed a $9 million public offering Friday, selling over 1.6 million additional shares to investors.

The publicly traded company, which develops animal health products for the dairy and beef industries, said it will use the money for expansion and to reduce debt. ImmuCell said it netted about $8.3 million from the offering after deducting fees and expenses.

The company intends to use a portion of the offering’s proceeds to expand production capacity for First Defense, a natural product that prevents scours, or diarrhea, in newborn calves. Read more