News

Victoria, British Columbia, Canada, December 22, 2017 – IMMUNOPRECISE ANTIBODIES LTD. (the “Company”) (TSX VENTURE: IPA)(OTC PINK: IPATF) announces that it has signed a binding letter of intent with Crossbeta Biosciences B.V. (“Crossbeta“) whereby the Company has agreed to acquire all of the issued and outstanding shares of Crossbeta (the “Transaction”).

The Transaction continues to realize on the Board’s commitment to grow globally through strategic acquisitions. It allows IPA to build a pipeline of antibodies with application in biomarker/diagnostic assays and as therapeutics and thereby significantly extends 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 developing unique antigens for generating and selecting antibodies.

“In acquiring Crossbeta Biosciences B.V., IPA becomes a leading integrated antibody solutions company with high value potential biomarker/diagnostic and therapeutic assets” said Dr. James Kuo, Chairman, Interim President of the Company.

Crossbeta

Crossbeta is a privately held company based in the Netherlands with a proprietary technology for efficient oligomer-based drug discovery, with applications in Alzheimer’s, Parkinson’s, ALS and Huntington’s disease. Crossbeta’s technology allows the generation of well-defined stable, pathobiologically functional, oligomers. Crossbeta’s oligomers allow fast, de-risked drug candidate screening and the generation of antibodies with high affinity as well as high specificity. The capabilities of Crossbeta’s technology have already yielded multiple antibodies with biomarker/diagnostic and therapeutic potential for Alzheimer’s and Parkinson’s disease.

Crossbeta offers its proprietary technology for strategic collaborative partnerships aimed at developing new oligomer targets and related screening assays and for therapeutic and diagnostic/biomarker assay development programs.

The Transaction brings in important intellectual property and technology in connection with the treatment of age-related diseases to the Company.

Terms of Transaction with Crossbeta

Under the binding letter of intent, the Company and Crossbeta have agreed to negotiate a definitive agreement (the “Definitive Agreement”) whereby the Company will acquire all of the issued and outstanding shares of Crossbeta for €8,500,000 (CAD$12,835,000) (the “Purchase Price”) by either (A) the issuance of common shares of the Company on closing of the Transaction, or (B) the issuance of convertible notes that bear interest at a rate of 6% per annum (the “Notes”) on closing of the Transaction.  The Notes will be convertible, at the option of the holder, into cash or shares of the Company in increments of 25% of their total value at six, eighteen, thirty and thirty-six months after the date of closing.  Notwithstanding the foregoing, the Company to repay the notes with cash at any time.

The letter of intent also sets forth the Company’s commitment to fund Crossbeta, after being acquired by the Company, for a total of €15,000,000 (CAD$22,650,000) as follows: (A) €800,000 (CAD$1,208,000) on closing of the Transaction, (B) €5,000,000 (CAD$7,550,000) upon commencement of preclinical trials, and (C) €9,200,000 (CAD$13,892,000) upon commencement of human clinical trials.  The Company will also commit up to €800,000 (CAD$1,208,000) for gene therapy for the shark antibody.  The CEO of Crossbeta will also enter into a three year management contract, which will include non-solicitation and non-competition clauses.  The Company has also agreed to appoint one of the principal shareholders of Crossbeta to its board of directors.

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 Definitive Agreement setting forth the terms and conditions of the Transaction by January 30, 2018.  Completion of any transaction with Crossbeta 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.

About ImmunoPrecise Antibodies Ltd.

The Company is an integrated antibody solutions company that is a single source provider of services across the full antibody discovery value chain (antigen design, hit generation, lead selection, lead optimization and lead characterization). The Company utilizes the full spectrum of antibody production methodologies (library based technologies, hybridoma methods, transgenic animal based platforms and single B cell based technology) with a growing focus on generating human antibodies.

The services offered to customers include the development of mouse and rat monoclonal and rabbit recombinant monoclonal antibodies against a wide spectrum of antigens, as well as polyclonal antibodies, immunologically based assays, and 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 environmental, diagnostic and research applications.

Antibodies are naturally occurring proteins capable of binding to specific target molecules, or antigens. They have been used very widely in research assays, diagnostics, purification and therapeutics. The target market for the Company’s antibody and peptide products includes organizations in the academic, biological, diagnostic and pharmaceutical fields. This is a large growing market that is expected to double in the next ten years.

The Company operates from two state-of-the-art laboratory facilities in North America and Europe. The Company’s facility at the Vancouver Island Technology Park in Victoria, British Columbia houses tissue culture and molecular facilities, an animal care unit, and cryo-preservation facilities. Its facility in Utrecht, The Netherlands offers fast and large-scale production of (mammalian) recombinant proteins and antibodies for research and pre-clinical applications.

For further information please contact:
ImmunoPrecise Antibodies Ltd.
Phone: 1-250-483-0803
3204-4464 Markham Street.
Victoria, BC V8Z 7X8
www.immunoprecise.com

For investor relations please contact:
Rob Gamley
Phone: 1-604-689-7422
Email: rob@contactfinancial.com
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 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 acquisition of Crossbeta, and such risks and uncertainties described in the Company’s Filing Statement dated December 13, 2016 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.

 

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.

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

Terms of Transaction with ModiQuest

Under the binding letter of intent, the Company and ModiQuest have agreed to negotiate a definitive agreement (the “Definitive Agreement“).

The letter of intent also requires that Jos Raats, a principal of ModiQuest, to enter into a three year management contract, which will include non-solicitation and non-competition clauses, and Mr. Raats will provide a minimum of 60% of full time employment to ModiQuest under the management contract. The Company has also agreed to appoint one of the principal shareholders of ModiQuest to its board of directors.

The parties will be entitled to carry out due diligence of each other until February 15, 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 ModiQuest 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.

About ImmunoPrecise Antibodies Ltd.

The Company provides custom antibody development and production services and protein expression to support research and development programs at leading pharmaceutical and biotechnology companies, as well as academic research laboratories. Antibodies are naturally occurring proteins capable of binding to specific target molecules, or antigens. They have been used very widely in research assays, diagnostics, purification, biologics and therapeutics.

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 acquisition of ModiQuest, and such risks and uncertainties described in the Company’s Filing Statement dated December 13, 2016which 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.

 

 

Arlington, MA December 6, 2017 –– TetraGenetics, a biopharmaceutical company developing novel therapeutics for autoimmune diseases, today announced a collaboration with ModiQuest Research, a Dutch biotechnology company with a suite of technologies for the discovery and optimization of monoclonal antibodies, including those directed against difficult target antigens with low immunogenicity. The alliance is focused on the discovery of novel monoclonal antibodies against KCa3.1, a well-validated target for fibrosis, vasculoproliferative disorders and immunomodulation to treat autoimmune and inflammatory disorders.

“We are excited to work with ModiQuest, utilizing their ModiPhage library screening technology,” said Doug Kahn, TetraGenetics Chairman and CEO. “We believe our unique ion channel screening tools will enable deep mining of ModiQuest’s patient library repertoire to identify rare and functionally blocking KCa3.1 monoclonal antibodies that we can develop as therapeutics.”
This agreement will be complementary to TetraGenetics’ existing antibody discovery partnerships and the first one in which antibody discovery occurs through screening of pre-existing human libraries rather than animal immunization. Furthermore, with KCa3.1 as a target it strengthens the company’s focus on discovering and developing therapeutic antibodies against potassium efflux channels.

“TetraGenetics’ unique capability to produce high concentrations of difficult to produce ion channel proteins caught our attention,” said Jos Raats, CEO of ModiQuest. “TetraGenetics will provide us with unique screening formulations including oriented solid support proteoliposome particles and biotinylated proteoliposomes which should be highly effective for antibody discovery with our proprietary libraries. We look forward to a close collaboration with TetraGenetics’ science team, and are excited by the potential of combining the two unique technologies.”

Ted Clark, Chief Scientific Officer and Founder of TetraGenetics added, “TetraGenetics and ModiQuest will combine their unique and proprietary technologies to discover novel therapeutic antibodies to previously intractable targets. This partnership could lead to the discovery of large molecules that functionally inhibit KCa3.1 and open the door to the development of new therapeutics for a variety of unmet medical needs.“

ModiQuest Research, a leading custom antibody generation and development company, will be attending the Antibody Engineering and Therapeutics conference from December 11 till December 15 in San Diego.

Immunized animals are still a key source of antibodies generated within therapeutic campaigns to obtain high affinity antibody drug candidates. Therefore, humanization and de-risking of these antibodies is an important antibody engineering step in the development of therapeutic antibodies. However, humanization is still characterized by a high risk as affinity and specificity can be lost during the humanization process.

ModiQuest Research will present a full antibody engineering platform (ModiTuneTM) to obtain humanized antibodies with similar affinity and specificity as the original antibody.

Meet Jos Raats (CEO) and Nienke Smits (Business development) at booth #321 or at our poster to discover our state of the art antibody generation and engineering platforms and to discuss your specific antibody projects.

If you have any questions, inquiries or if you would like to arrange a meeting during the event, please don’t hesitate to contact us. Mail to: nsmits@modiquestresearch.com or call us on +31 412 846 000 to fix a time to talk.

Hope to meet you at the Antibody Engineering and Therapeutics conference in San Diego!

Jos Raats and Nienke Smits

Nienke Smits (nsmits@modiquestresearch.com)

 

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MQR2.1501-100 against Bromodomain-containing protein 1. More information about pricing and delivery times, as well as a product sheet can be found on: MQR2.1501
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