IMMUNOPRECISE TO STRATEGICALLY INVEST IN SERPINX B.V.
Victoria, British Columbia, Canada, December 29, 2017 – IMMUNOPRECISE ANTIBODIES LTD. (the “Company” or “IPA”) (TSX VENTURE: IPA)(OTC PINK: IPATF) announces that it has signed a binding letter of intent with SERPINx B.V. (“SERPINx“) to strategically invest in the development of recombinant protease inhibitors to treat bradykinin mediated diseases (the “Investment”).
The Investment continues to realize on the Board’s commitment to grow globally through strategic acquisitions and partnerships.
It allows IPA to participate in the building of SERPIN-based protein therapeutics for inflammatory-associated diseases, and furthers IPA’s ambition of becoming a single source provider of services across the full antibody and protein target discovery value chain (antigen design, hit generation, lead selection, lead optimization and lead characterization) and offering the full spectrum of antibody and protein production methodologies (library based technologies, hybridoma methods, transgenic animal based platforms, protein expression platforms and single B cell based technology).
Furthermore, the acquisition enhances the Company’s source of and capacity for developing novel protease inhibitor therapeutics.
“In investing in SERPINx B.V., IPA becomes a leading integrated antibody and protein target solutions company with high value potential therapeutic assets” said Dr. James Kuo, Chairman, Interim President of the Company.
SERPINx BV is a Dutch protein therapeutics company involved in developing novel serine protease inhibitor (SERPIN) therapeutics for inflammatory-associated diseases, in particular angioedema. SERPINS are a superfamily of proteins with similar structures that were identified for their protease inhibition activity . SERPINx BV has a proprietary collection of novel modified variants of α1-antitrypsins in preclinical development that can be applied for the treatment of bradykinin-mediated diseases that address the major shortcomings of C1Inhibitor (patent applications filed).
The Investment adds important intellectual property and technology to the Company’s product, service and technology estate.
Terms of Investment with SERPINx
Under the binding letter of intent, IPA will invest €250,000 for 35% of the capital stock in SERPINx to assist in the development of novel serine protease inhibitor (serpin) for the treatment of bradykinin-mediated diseases in the accordance with the terms of a shareholder agreement satisfactory to the parties (the “Definitive Agreement”) with the right of first option for IPA to acquire the remaining outstanding and issued shares of SERPINx prior to any other third party or prior to any additional funding with any other third party.
The letter of intent also sets forth SERPINx’s commitment to undertake and fund animal trials for its proprietary lead compounds at IPA’s Victoria facilities.
The parties will be entitled to carry out due diligence of each other until January 15, 2018. Upon the parties completing due diligence to their reasonable satisfaction, the parties will enter into the Shareholder Agreement setting forth the terms and conditions of the Investment by January, 2018. Completion of any Investment with SERPINx is subject to a number of conditions, including but not limited to, completion of due diligence, negotiation of Shareholder Agreement in respect of such a Investment, the availability of financing on terms acceptable to the Company, and receipt of any required regulatory and shareholder approvals. The Investment cannot be completed until these conditions are satisfied, and there can be no assurance that an Investment will be completed at all.