IPA Awarded Grant Focused on Coronavirus and
Other Emerging Pathogens
FARGO, ND, April 24, 2020 /CNW/ - IMMUNOPRECISE
ANTIBODIES LTD. (the "Company" or "IPA") (TSX VENTURE: IPA) (OTC
QB: IPATF), is pleased to announce that the state of North Dakota has awarded a Bioscience
Innovation Grant totalling US$75,000
for the enhancement of a novel platform for rapidly developing
treatments for COVID-19 and other emerging pathogens.
"Advances in bioscience have already transformed many sectors
including agriculture and medicine," state Agriculture Commissioner
Doug Goehring said. "These grants
will help North Dakota stay on the
forefront of bioscience innovation."
The Company reports that this grant was the first application of
many to be submitted by IPA over the next several months.
"ImmunoPrecise is in the process of applying for both state and
federal grants to support the development of a treatment for
COVID-19 using our PolyTopeTM mAb Therapy," stated
Jennifer Bath, IPA President and
CEO. "We turned first to the State of
North Dakota, given their strong history of support for
Biotechnology and Innovation. It is with gratitude we accept the ND
Bioscience Innovation Grant and we are confident we can leverage
this funding, along with our research advances, to continue to
build on our current successes."
Furthermore, the company is also pleased to announce that that
it has been approved for a US$209,000
loan under the Payroll Protection Program ("PPP") administered by
the U.S. Small Business Administration.
The PPP is a US$349 billion loan
program that originated from the U.S. Coronavirus Aid, Relief and
Economic Security (CARES) Act. As a U.S. Small Business,
ImmunoPrecise qualified for the PPP which allows businesses with
fewer than 500 employees to obtain loans of up to US$10 million to assist companies in maintaining
their workers through the COVID-19 pandemic.
The PPP loan has a term of two years, is unsecured, and is
guaranteed by the U.S. Small Business Administration. The loan will
be forgiven if the proceeds are used by ImmunoPrecise to cover
payroll costs (including benefits), with up to twenty-five percent
(25%) allowed for rent and utilities, during the eight-week period
following the loan origination date. ImmunoPrecise firmly expects
to meet the requirements for full loan forgiveness. The forgiven
amount is not included in taxable income.
The Company further announces that it plans to complete a
non-brokered private placement offering of 10% convertible
debentures ("Debentures") in the principal amount of CAD$2,000,000 (the "Offering"). The
debentures are unsecured, bear interest at a rate of 10% per annum,
payable annually and due two years from the date of issue (which
may be repaid early at the option of the Company). The
principal amount of the Debentures may be convertible at the option
of the holder into units of the Company at a conversion price of
CAD$0.85 per share.
The Company may force convert the principal amount of the
Debentures at $0.85 per share if the
average closing price is equal to or greater than CAD$1.50 for twenty (20) trading days (the "20
Day Period"). In order to exercise this right, the Company
must issue a new release announcing its intention to exercise this
right within 10 business days after the end of the particular 20
Day Period.
The Company may pay a finder's fee in cash and/or share purchase
warrants under the Offering. Closing of the Offering is
subject to acceptance of the TSX Venture Exchange.
About ImmunoPrecise Antibodies Ltd.
ImmunoPrecise is a full-service, therapeutic antibody discovery
Contract Research Organization offering species agnostic,
multi-format, characterized and engineered, human monoclonal
antibodies, on an abbreviated timeframe, for its pharmaceutical
clients. For further information, visit www.immunoprecise.com or
contact solutions@immunoprecise.com.
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 last quarter of the fiscal year
ended January 31, 2020 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. SOURCE ImmunoPrecise Antibodies
SOURCE ImmunoPrecise Antibodies Ltd.