IMMUCELL CORP /DE/ — Director's Dealing 2007

Jun 19, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: IMMUCELL CORP /DE/ (ICCC)
CIK: 0000811641
Period of Report: 2007-06-19

Reporting Person: Rhodes Linda (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-06-19	Common stock, $0.10 par value	M	2000	$4.67	Acquired	2000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-06-19	Non-qualified stock option (Right to Buy)	$4.67	M	2000	Disposed	2010-08-22	Common Stock (2000)	Direct

Footnotes

F1: This option vests according to the following schedule, provided that Optionee is re-elected as a director at each such meeting:

 (i)  5,000 shares on and after the 2006 Annual Meeting of Shareholders;

 (ii)  an additional 5,000 shares on and after the 2007 Annual Meeting of Shareholders; and

 (iii)  the remaining 5,000 shares on and after the 2008 Annual Meeting of Shareholders.