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Immunoprecise Antibodies Delivers Record Quarterly Revenue of $1.723 Million and Increases Gross Margins To 54%

Immunoprecise Antibodies Delivers Record Quarterly Revenue of $1.723 Million and Increases Gross Margins To 54%

Canada NewsWire

VICTORIA, March 28, 2018

VICTORIA, March 28, 2018 /CNW/ – IMMUNOPRECISE ANTIBODIES LTD. (the “Company” or “IPA”) (TSX Venture: IPA, OTC PINK: IPATF) today reports its financial results for the third quarter ended January 31, 2018.  The financial statements and related management’s discussion and analysis (“MD&A”) can be viewed on SEDAR at www.sedar.com.

During the three months ended January 31, 2018 the Company achieved record quarterly revenue of $1,723,308 compared to $510,835 in 2017. This represents a 237% increase in revenue and stems from the acquisition of U-Protein Express B.V. (“U-Protein”) and the Company’s ability to grow its capacity in its core business and expand its market share to Europe.  Additionally, the Company’s gross margin percentage has increased to 54% from 24% in 2017 as a result of integration and efficiency investments and shifting our services towards toward higher margin offerings such as RMAT (Recombinant Monoclonal Antibody Technology) and humanized antibody production.

The Company recorded a net loss of $1,211,591 during the three months ended January 31, 2018, compared to $4,437,261in 2017.  The net loss in 2017 was mostly due to a listing expense of $3,847,160 related to the completion of the reverse takeover transaction.  This was a one-time, non-cash expense.  The Company’s net loss in 2018 is mostly attributed to one-time costs for items such as systems development, business development and operational efficiencies.  Additionally, the Company incurred non-recurring M&A costs in connection with its acquisitions and investments.

“The Company has had significant increases in organic growth with a healthy pipeline of recurring and new, therapeutic antibody clients, and we also anticipate that, similar to UPE, near-term acquisition activity will be immediately accretive, with a positive impact on the group of companies’ revenues and earnings,” commented Jennifer Bath, CEO of the Company. “We predict the positive revenue trajectory will continue.”

The Company’s continued focus is to aggressively expand its share of the antibody therapeutics market by becoming a leading, integrated antibody solutions company addressing all aspects of the therapeutic antibody discovery value chain through the application of conventional, novel, and advanced technologies.  We have begun strategic investments and acquisitions to obtain the most comprehensive offering and to corner the market in the most promising of these technologies.

The U-Protein acquisition added a state-of-the-art laboratory, licenses, intellectual property, and strong customer relationships in Europe. U-Protein continues to grow its revenues and serves as an accretive investment.

On March 16, 2018, the Company announced that it has entered into the definitive share purchase agreement to acquire all of the issued and outstanding shares of ModiQuest Research B.V. (“Modiquest”) (see news release dated March 16, 2018). The Company anticipates that the transaction will be closed within a few days.

The Company continues to realize on the Board’s commitment to grow globally through strategic acquisition.  To date, the Company announced entering into Letters of Intent to acquire or strategically invest in Crossbeta Biosciences B.V., Preclinics GmbH, and Single Cell Technology Inc. which are still currently in discussion and due diligence.

About ImmunoPrecise Antibodies Ltd.

Immunoprecise is a full-service, therapeutic antibody discovery company focused on the next generation of antibody discovery, to deliver the most therapeutically-relevant antibodies, in a shorter period of time, with the highest probability of succeeding to clinical trials.

The Company operates from state of the art laboratory facilities located at the Vancouver Island Technology Park in Victoria, British Columbia which house its tissue culture and molecular facilities as well as an animal care unit, and is a member of the Canadian Council for Animal Care and in association with U-Protein Express B.V. its subsidiary laboratory operation in Life Science Incubator, Utrecht Science Park, Utrecht, the Netherlands.

The services offered to customers include the development of wild-type and humanized mouse and rat monoclonal antibodies and recombinant rabbit monoclonal antibodies against a wide spectrum of antigens, as well as polyclonal antibodies, immunologically-based assays, recombinant protein manufacturing, and advanced solutions to challenges faced by clients in antibody-related research and development.  In addition, cryopreservation services are provided for the storage of valuable biological materials including hybridoma clones, plasmid constructs, and cell lines. The antibodies produced by the Company target a wide variety of therapeutic, diagnostic and research applications.

Forward Looking Information

This news release contains statements that, to the extent they are not recitations of historical fact, may constitute “forward-looking statements” within the meaning of applicable Canadian securities laws. The Company uses words such as “may”, “would”, “could”, “will”, “likely”, “expect”, “believe”, “intend” and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments. However, whether actual results and developments will conform to the Company’s expectations and predictions is subject to any number of risks, assumptions and uncertainties.  Many factors could cause the Company’s actual results to differ materially from those expressed or implied by the forward-looking statements contained in this news release. Such factors include, among other things, the Company closing its acquisitions, and such risks and uncertainties described in the Company’s management discussion and analysis for the period ended January 31, 2018 which can be accessed at www.sedar.com. The “forward-looking statements” contained herein speak only as of the date of this press release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE ImmunoPrecise Antibodies Ltd.

 

https://web.tmxmoney.com/article.php?newsid=6881154750276374&qm_symbol=IPA

ImmunoPrecise Appoints New President and CEO

Victoria, British Columbia, Canada, February 8, 2018 – IMMUNOPRECISE ANTIBODIES LTD. (the “Company”) (TSX VENTURE: IPA)(OTC PINK: IPATF) announces the appointment of Dr. Jennifer Bath, as the new President and CEO of the Company effective February 21, 2018.
Most recently, Dr. Jennifer Bath served in an executive role at Aldevron, LLC, as the Global Director of Client Relations, where she held both strategic and technical roles. She headed the global sales and client relations teams, and defined business strategies by applying knowledge based on science, technology and the market. In addition, she served as a key technical specialist, particularly for therapeutic antibody discovery, and was responsible for growth and retention of the company’s client base.

Dr. Bath served in many industry leadership roles, contributed to the Economic Development Corporation’s Strategic Planning Initiatives, advised biotechnology and pharmaceutical companies on strategic and operational business practices, and facilitated workshops in technology entrepreneurship. She has strong relationships with leaders in the fields of therapeutics and vaccinology and has fostered many collaborative developments and partnerships in discovery.

Dr. Jennifer Bath holds a Ph.D. in Cellular and Molecular biology from North Dakota State University, and a Bachelor’s degree in Biology with an emphasis on human genetics from the University of Kansas. She began her career in academia and moved into industry after serving for 15 years as Associate Professor of Cellular and Molecular Biology at Concordia College, Moorhead, Minnesota. She was the Founder and Executive Director of the Concordia College Global Vaccine Institute, the mission of which is to prevent and treat neglected tropical diseases. Dr. Bath has broad experience in vaccine and therapeutic design, development and testing. 

“Dr. Jennifer Bath’s appointment as the President and CEO of IPA adds significant senior leadership and scientific depth to the Company’s leadership team. Her experience with leading global sales efforts in the rapidly growing therapeutic antibody discovery market, combined with her scientific acumen and client relations focus, will contribute a great deal to IPA’s growth and development. Dr. Bath will provide valued leadership to our commercial and scientific teams as we fully realize our plans to become the leading integrated global antibody solutions company,” said Dr. James Kuo, Chairman of the Company.
In connection with Dr. Jennifer Bath’s appointment, the Company granted Dr. Jennifer Bath a total of 700,000 stock options. The stock options are exercisable at a price of $0.47 per share, subject to certain vesting requirements and expire five years from the date of grant.

“I am very excited about the future of ImmunoPrecise, as well as working with the management and investment partners to continue building a leading, global, full-service antibody discovery organization,” said Dr. Jennifer Bath.

“ImmunoPrecise’s growing advantage in antibody discovery and development is based on its state-of-the-art technologies and proven capabilities, as well as its growing portfolio of competencies for addressing the full-value chain for high-throughput, therapeutic antibody discovery, screening and testing. I look forward to working with Immunoprecise’s talented employees, and the company’s partners, in creating long-term value and revolutionizing antibody discovery through rapid and efficient technological advances.”

Immunoprecise to Strategically Invest in Serpinx B.V.

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
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.

ImmunoPrecise to Acquire Preclinics GmbH

ImmunoPrecise to Acquire Preclinics GmbH

Canada NewsWire

VICTORIA, Dec. 28, 2017

VICTORIA, Dec. 28, 2017 /CNW/ – IMMUNOPRECISE ANTIBODIES LTD. (the “Company” or “IPA”) (TSX VENTURE: IPA)(OTC PINK: IPATF) announces that it has signed a binding letter of intent with Preclinics GmbH (“Preclinics“) whereby the Company has agreed to acquire all of the issued and outstanding shares of Preclinics (the “Transaction“).

The Transaction continues to realize on the Board’s commitment to grow globally through strategic acquisitions. It contributes significantly to IPA extending its ambition of becoming a single source provider of services across the full antibody discovery value chain (antigen design, hit generation, lead selection, lead optimization and lead characterization) and to offer the full spectrum of antibody production methodologies (library based technologies, hybridoma methods, transgenic animal based platforms and single B cell based technology). Furthermore, the acquisition enhances the Company’s source of and capacity for in vivo and in vitro research and formats.

“In acquiring Preclinics GmbH, IPA continues to build its capacity as a single source provider for the antibody discovery process through pharmacological contract research and research services and capabilities targeted to immunization and production of antisera as well as animal care facilities” said Dr. James Kuo, Chairman, Interim President of the Company.

Preclinics

Preclinics is a privately held company based in Potsdam, Germany which has three separate facilities (Potsdam site; Behring Campus Eystrup and its research farm) which performs in vivo research in rodent models and in vitro research in cell culture and other in vitro formats. Preclinics also offers contract immunization and contract production of antisera, and contract housing and breeding of laboratory animals. Preclinics has developed its own proprietary technology such as ImmunoJunction fusion antibodies for redirecting an existing immunity to a new target and research instruments such as the REVOLYZER for tracking of rodent behaviour and is in the process of developing its own library based technology.

The Transaction adds important intellectual property and technology to the Company’s product, service and technology estate.

Terms of Transaction with Preclinics

Under the binding letter of intent, the Company and Preclinics have agreed to negotiate a definitive agreement (the “Definitive Agreement“) whereby the Company will acquire all of the issued and outstanding shares of Preclinics for €2,300,000 (CAD$3,450,000) (the “Purchase Price“) (A) payable 35% in cash and the remainder by the issuance of common shares of the Company on closing of the Transaction, and (B) an additional €750,000 (CAD $1,125,000) is to be paid in succession payments over a period of 3 years based on continued profitability with  €250,000 (CAD $375,000) within one year, €250,000 (CAD $375,000) in year 2 and €250,000 (CAD $375,000) in year 3 with option of Preclinics’ shareholders to take the payments in cash or equity.

The letter of intent also sets forth the Company’s commitment to fund Preclinics, after being acquired by the Company, and to enter into a separate agreement with Preclinics shareholders on the development and commercialization of Immunojunction.  The CEO and CFO of Preclinics will also enter into a three year management contract, which will include non-solicitation and non-competition clauses.

The parties will be entitled to carry out due diligence of each other until February 28, 2018.  Upon the parties completing due diligence to their reasonable satisfaction, the parties will enter into the Definitive Agreement setting forth the terms and conditions of the Transaction by February 28, 2018. Completion of any transaction with Preclinics is subject to a number of conditions, including but not limited to, completion of due diligence, negotiation of definitive agreements in respect of such a transaction, the availability of financing on terms acceptable to the Company, and receipt of any required regulatory and shareholder approvals. A transaction cannot be completed until these conditions are satisfied, and there can be no assurance that a transaction will be completed at all.

Source here

Immunoprecise Adds Scientific Depth To Its Board of Directors

 IMMUNOPRECISE ADDS SCIENTIFIC DEPTH TO ITS BOARD OF DIRECTORS
Victoria, British Columbia, Canada, December 19, 2017 – IMMUNOPRECISE ANTIBODIES LTD. (the “Company”) (TSX VENTURE: IPA)(OTC PINK: IPATF) is pleased to announce the appointment of Dr. Robert Burke to the Company’s Board of Directors. 
Dr. Robert D. Burke is an Emeritus Professor at the University of Victoria, where he was a faculty member for over 35 years. He has a longstanding research interest in the molecular basis of cellular signaling in early embryonic development.  His research involves production and characterization of antibodies and he employs them extensively with high-resolution optical imaging methods. Dr. Burke has published over 100 peer-reviewed publications and has supervised numerous trainees.  He was Chair of the Department of Biochemistry and Microbiology for 8 years, was on the University of Victoria Senate for 12 years, and served on numerous advisory and management committees nationally and internationally. Dr. Burke completed a BSc (Honours) and a PhD at the University of Alberta.

Dr. Burke fills the vacancy left by the departure of Thomas D’Orazio as director and brings significant scientific depth and experience in the production and characterization of antibodies and will assist the Board in assessing the scientific efficacy of its strategic acquisitions globally.

“With the appointment of Dr. Robert Burke to the Board of Directors, IPA continues its history of bringing leading scientific capability to assist the Company to become a leading integrated antibody solutions company with global reach” said Dr. James Kuo, Chairman, Interim President of the Company.

ImmunoPrecise Antibodies’ chairman sets out ambitious growth plans after it wraps up its latest deal

IPA wants to emulate the success of Invitrogen, which became Life Technologies before being taken over by Thermo Fisher for US$13.6bn..

The business provides custom antibody development and production services and protein expression for drugs R&D

In a major statement of intent, ImmunoPrecise Antibodies Ltd (CVE:IPA) last week said it was buying ModiQuest Research – a deal that’s expected to immediately enhance earnings.

At almost C$11mln, it is the largest of three recent transactions and is part of a roll-up strategy designed to create a significant new force in research tools used by drugs developers.

Emulate the success of Invitrogen ..

IPA wants to emulate the success of Invitrogen, which became Life Technologies before being taken over by Thermo Fisher for US$13.6bn.

Invitrogen’s bedrock business was selling kits for molecular cloning, but a series of well-judged acquisitions transformed it into the go-to supplier to the biotechnology industry.

IPA, which has been around for 25 years but only listed on the Toronto Venture Exchange a year ago, is at the start of a similar journey.

Before we delve further into strategy, it’s worth understanding what the company does and the backdrop against which it is working.

The business as it stands today provides custom antibody development and production services and protein Expression for drugs R&D.

Its customers tend to be pharma and biotech companies as well as non-profit research; so universities, medical charities and grant-funded collaborations.

IPA might get involved initially with a “test, or demonstration, or feasibility analysis”, says chairman James Kuo. That may then lead to a contract or contracts that could run for several years.

In high demand …

Its services are in high demand, given the changes in the multi-billion dollar drugs business over the last decade.

There has been a shift from the screening of traditional small-molecule chemical pharmaceuticals to bespoke biologicals, many of which are monoclonal antibodies (MABs) designed to safely and effectively tackle cancer, rheumatoid arthritis and even psoriasis.

In the US, insurers have shown a willingness to pay for the treatments, which tend to be quite expensive, while patients are demanding best-in-class biologicals that are highly targeted for grievous diseases and generally less toxic.

“The industry has been completely transformed in the last ten years,” says IPA chairman Kuo.

“The focus on small molecule pharmaceuticals for chronic diseases of aging such as hypertension and hyperlipidemias has shifted towards medications that have immuno-biology at their core.

“Now you look at the top selling drugs and they are biologicals – humanized monoclonal antibodies are the mainstay.”

A thriving sector …

Servicing this large and thriving sector could potentially be a very lucrative line of business.

At the moment the monoclonal antibody research tools space is fragmented with scores of small companies providing a myriad of different services.

Big pharma, by contrast, is crying out for a one-stop shop that caters for the majority of its needs.

Management at Invitrogen recognised this when it set out on its epic growth journey in the early 1990s, and IPA’s team think the same demand exists within the monoclonal antibody space.

The opportunities are there to provide the scale, says Kuo.

“There are mom and pop businesses and small companies that have hit a ceiling for growth that might be amenable to be bought for a fair price,” he reveals.

“There are acquisitions in Europe and the US and a few other places too.”

ModiQuest, a specialist in generating MABs, adds significantly to the size of IPA and broadens its footprint in Europe, building on the deals to acquire Netherlands-based U-Protein Express, and QVQ.

There are economies of scale that come with rolling up businesses in this way as well as cross-selling opportunities and other synergies. Value is also created by adding significant new intellectual property to the portfolio.

Working on several deals..

Kuo says the company is working on several deals at any one time and there’s a healthy pipeline of future opportunities.

Investors are supportive of the buy-and-build strategy and the IPA chairman is certain they will be willing to fund the right acquisitions when they come along.

Kuo likens the company’s approach to that of private equity (PE), which enters an industry sector via a series of deals to own that particular area of business.

There are some obvious differences between PE and a company like IPA. For PE it is about financial engineering and the ability to service debt while paying private equity management fees.

These funds then tend to be run by accountants and analysts – which may work if you are selling pots and pans but doesn’t work so well in a specialist area such as research tools.

industry expertise …

IPA has industry expertise in abundance, starting with Kuo, who has led a number of biotechs, worked in big pharma and headed a venture capital fund.

Chief executive Robert Beecroft, businessman and entrepreneur Guy Champagne and fellow directors Greg Smith and Thomas D’Orazio have similarly impressive resumes.

“We have the people who can look at how good and competitive a technology is and make a decision as to whether we might be overpaying,” Kuo explains.

Those who have tracked the company since its IPO last December, will know it has been through a management a shake-up that saw chairman Kuo become interim president.

The press release refers to it as a “re-alignment” and Kuo sketches in a little more detail: “This was not about personalities; the board has very high expectations for the growth trajectory of the company and it didn’t feel they were being met.”

So just what are those expectations and how quickly can IPA become a company of scale?

“I don’t think a business is worth doing unless it has US$1bn potential in a reasonably short period of time, say two years,” explains Kuo.

“I think we are going to succeed and everyone on the team has a similar feeling.”

Proactive Investors UK: ImmunoPrecise Antibodies’ chairman sets out ambitious growth plans after it wraps up its latest deal

ImmunoPrecise to Acquire ModiQuest Research BV

VICTORIA, Dec. 7, 2017 /PRNewswire/ – IMMUNOPRECISE ANTIBODIES LTD. (the “Company”) (TSX VENTURE: IPA)(OTC PINK: IPATF) announces that it has signed a binding letter of intent with ModiQuest Research BV (“ModiQuest“) whereby the Company has agreed to acquire all of the issued and outstanding shares of ModiQuest (the “Transaction“).

The Transaction continues to realize on the Board’s commitment to grow globally through strategic acquisitions. It allows IPA to become a single source provider of services across the full antibody discovery value chain (antigen design, hit generation, lead selection, lead optimization and lead characterization) and to offer the full spectrum of antibody production methodologies (library based technologies, hybridoma methods, transgenic animal based platforms and single B cell based technology). Furthermore, the acquisition enhances the Company’s capacity for generating human antibodies.

“In acquiring ModiQuest Research B.V., IPA becomes a leading integrated antibody solutions company with global reach,” said Dr. James Kuo, Chairman, Interim President of the Company.

ModiQuest

ModiQuest is a privately held company based in Oss, The Netherlands that specializes in the generation of monoclonal antibodies against difficult target antigens. ModiQuest applies proprietary technologies to all aspects of the antibody discovery process in research and development, diagnostic and therapeutic applications. Using its proprietary ModiFuse™ (hybridoma electrofusion), ModiSelect™ (B-cell selection) and ModiPhage™ (phage display) technologies, ModiQuest can generate very large panels of monoclonal antibodies from various backgrounds including mouse, rat, rabbit, chicken, llama and human, as well as transgenic animals harboring the human antibody gene repertoire. ModiQuest serves clients in Europe, the US, Asia and Russia. During its year-ended 2016, ModiQuest had revenues of €2,009,374 (CAD $3,037,249) and earnings of €671,799 (CAD $1,015,451).

The Transaction is accretive in both revenue and earnings and brings additional scientific and management capacity.

 

https://web.tmxmoney.com/article.php?newsid=8801704630996905&qm_symbol=IPA

 

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