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Russell Tolander

Research Analyst at Capital Alliance

Russell S. Tolander is Managing Director at Capital Alliance Corp., specializing in sell-side mergers and acquisitions for tech-enabled manufacturing, distribution, consumer & e-commerce companies, communications equipment, and the energy E&P supply chain. With a career starting in institutional sales and research at Cruttenden Roth in 1993, Tolander later served as Managing Director and Portfolio Manager at Roth Capital Partners, where he managed proprietary microcap funds and led research teams. Since joining Capital Alliance in 2020, he has brought over 20 years of expertise advising small and micro-cap public companies and facilitating strategic transactions. Tolander holds an MBA from the University of Iowa and a bachelor's degree in energy engineering from the University of Arizona.

Russell Tolander's questions to IMMUCELL CORP /DE/ (ICCC) leadership

Question · Q1 2025

Inquired about the impact of a past contamination event on prior-year EBITDA to set future expectations, the core business's EBITDA run rate, and requested an update on the Re-Tain product.

Answer

The impact of the last contamination event was primarily in early 2024, and the revenue rebound began in Q4 2024. The more recent 3-month and 6-month EBITDA figures are more representative of the current business run rate. For Re-Tain, the company is starting investigational use to gather market feedback while awaiting final FDA approval, which is held up by a contract manufacturer inspection.

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