Closes Conversion of $1.377 Million of Debentures
Victoria, British Columbia, Canada, October 29, 2018 – IMMUNOPRECISE ANTIBODIES LTD. (the “Company” or “IPA”) (TSX VENTURE: IPA) (OTC PINK: IPATF) is excited to expand its immunization services through our recent growth in Europe. Our advanced genetic immunization strategies are applicable in multiple species, including transgenics, and across all discovery platforms. We have developed our genetic immunization protocol with our proprietary vectors to meet the growing demand for therapeutic antibodies against challenging, conformation-sensitive drug targets.
Through our in-house developed vectors, our protocol produces native protein with appropriate post-transcriptional modifications in vivo. Clients are not subject to downstream milestones or royalties, and bypass the requirement to purify protein or synthesize peptide for immunization.
Custom Developed Antibodies for Difficult Targets
Genetic immunization is a recommended protocol to compliment challenging campaigns against complex protein classes, such as GPCRs and ion channels. It overcomes the conformation obstacles of difficult antigens making it an ideal immunization platform in therapeutic discovery campaigns.
- Overcomes conformational obstacles of complex transmembrane protein classes (e.g. GPCRs and ion channels)
- Successful in multiple species, including transgenics
- Time-saving when compared with traditional protein-based immunizations, since it avoids the lengthy process of expressing and purifying the immunogen
“ModiQuest’s long-standing expertise in advanced genetic immunization technologies is a strategic addition, designed specifically to deliver an unprecedented and growing arsenal of immunization approaches to tackle challenging therapeutic targets”, stated ImmunoPrecise’s President and CEO, Dr. Jennifer Bath.
ImmunoPrecise announces that it has settled $1,377,000 of previously issued debentures by issuing 1,377,000 Units at a price of $1.00 per Unit (the “Debt Settlement”). The purpose of the Debt Settlement is to shore up ImmunoPrecise’s balance sheet by removing ongoing debt obligations related to $1,377,000 of debentures.
Each Unit consists of one common share (a “Share”) of ImmunoPrecise and one share purchase warrant (a “Warrant”) of ImmuoPrecise, with each Warrant entitling the holder to purchase an additional Share at a price of $1.25 for a period of two years from the date of issue. ImmunoPrecise will have the right to accelerate the expiry date of the warrants provided that ImmunoPrecise’s volume weighted average price trades at a price equal to or greater than $1.75 for a period of 20 consecutive days. In the event of acceleration, the expiry date will be accelerated to a date that is 30 days after ImmunoPrecise issues a news release announcing that it has elected to exercise this acceleration right
Settlement with Crossbeta
ImmunoPrecise and Crossbeta Biosciences B.V (“Crossbeta”) have entered into a settlement agreement in connection with the previously announced letter of intent entered into by the parties. Under the terms of the settlement agreement, ImmunoPrecise has agreed to pay EUR 37,000 to Crossbeta, and either (i) issue to Crossbeta such number of common shares equal to EUR 40,700 divided by the Market Price of ImmunoPrecise’s shares or (ii) pay to Crossbeta a cash payment of EUR 40,700.
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.
ImmunoPrecise operates from state-of-the-art laboratory facilities located at the Vancouver Island Technology Park in Victoria, British Columbia, in collaboration with its wholly-owned subsidiary operations at U-Protein Express B.V., in the Life Science Incubator, Utrecht, and ModiQuest Research, Oss, both in the Netherlands. The Company operates globally to offer antibody services from target analysis to pre-clinical studies.
The services offered to clients include antibody discovery against a broad spectrum of antigens, including challenging targets. Amongst these services, the Company offers hyridoma production, B-cell services, and a variety of phage display platforms. The Company also provides a broad range of supporting services including immunologically-based assays, recombinant protein manufacturing, humanization, optimization, stable cell line development, and advanced solutions to challenges faced by clients in antibody-related research and development. The antibodies produced by ImmunoPrecise target a wide variety of therapeutic, diagnostic and research applications.
For further information please contact:
ImmunoPrecise Antibodies Ltd.
Jennifer Bath, CEO and President
3204-4464 Markham Street
Victoria, BC V8Z 7X8
For investor relations please contact:
Contact Financial Corp.
1450 – 701 West Georgia St.
Vancouver, BC V7Y 1G5
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 ImmunoPrecise 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 ImmunoPrecise’s expectations and predictions is subject to any number of risks, assumptions and uncertainties. Many factors could cause ImmunoPrecise’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, actual revenues and earnings for IPA being lower than anticipated, and those risks and uncertainties described in ImmunoPrecise’s annual management discussion and analysis for the fiscal year ended April 30, 2017 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, ImmunoPrecise 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.