Reports rapid advancement of COVID-19 antibody
programs;
combination studies achieve nearly complete neutralization of
SARS-CoV-2
VICTORIA, BC, Aug. 31, 2020 /CNW/ - IMMUNOPRECISE
ANTIBODIES LTD. (the "Company" or "IPA") (TSXV: IPA) (OTCQB: IPATF)
today announced financial results and provided a business update
for its fiscal year 2020.
Recent Highlights:
- Characterized a subset of fully human, therapeutic antibodies
shown to have potent neutralizing activity and exhibiting enhanced
neutralization upon combinatorial (dual antibody) testing
- Awarded multiple grants for the development of antibody
therapeutics against SARS-CoV-2
- Announced TRANSVAC2 funding collaborative COVID-19 vaccine
project between ImmunoPrecise Antibodies Europe and LiteVax BV
- IPA subsidiary, UPE, joining Genmab and Merus in expansion to
new biotech accelerator in the Center of European Science
Industry
- Collaborating with the NIH and Integrated Biotherapeutics to
study the structural details of antibodies with therapeutic
potential to treat or prevent COVID-19
- Awarded grant by SERC to fund collaboration with the
University of Victoria to develop a
potential saliva-based COVID-19 antibody test designed to provide
real-time results
- Added to WHO draft landscape of companies combating
COVID-19
- Integrated SGI's automated DNA Printer at Utrecht Site, first
in Europe
Financial Results
Revenue. The Company posted record revenue of
$14,057,927 compared to revenues of
$10,926,268 in the 2019 fiscal year,
a 29% increase in revenue for the year. Revenue in Q4 was up 57%
over Q4 2019. The Company's continued focus on identifying and
onboarding new clients seeking the breadth and depth of the
end-to-end services offered, combined with continued growth to core
existing client business, led to increases in both volume and
financial value of contracts during the year ended April 30, 2020. Revenue outlook is
positive for the first quarter of fiscal 2021.
Gross Margin. Gross profit increased 52% to
8,033,984, compared to 5,294,634 for the for the same period last
year an increase of $2,739,350 over
year-end April 30, 2019.
Net Loss. The Company reported a net loss of $4,947,426 for year ended April 30, 2020 compared to a net loss of
$7,617,467 for the same periods last
year, a $2,670.041 improvement over
prior year. The decrease in net loss is primarily attributable to
the increase in gross profit.
Non-IFRS Measures* Adjusted EBITDA for the year was
$52,311 compared to ($2,849,474) for fiscal year ending April 30, 2019. This significant improvement in
Adjusted EBITDA is primarily a result of the increase in gross
profit compared to the prior year.
"It was a record fiscal year for ImmunoPrecise,
a result of our ongoing partnerships with pharma and biotech
companies from across the globe, coupled with the continued
addition of new clients for research, diagnostic and therapeutic
programs," said Jennifer Bath, chief
executive officer of ImmunoPrecise. "We work diligently
alongside our clients to help them build pipelines and research
programs, serving as an innovative extension of their laboratories
and building lasting relationships. We are rapidly gaining traction
in the market, and I am pleased to report our customer base has
grown to include over 400 of the leading pharma and biotech
companies worldwide, as well as more than half of the top twenty
global pharma companies. We anticipate the continuance of this
trend in larger, multi-year agreements to be further bolstered
by a robust out-licensing strategy."
"In addition to our strong financial performance, I am pleased
to report rapid development of our COVID-19 program. As we
have shared previously, current vaccine strategies under
development for SARS-CoV-2 are designed to protect uninfected
individuals. However, these approaches do not address patients with
active disease and will likely not be effective in a number of
critical populations including the elderly and
immunocompromised. Moreover, given the high potential for
continued virus mutation, alternative treatments targeting limited
epitopes may not provide long-term efficacy. In contrast, our
antibody discovery platforms represent a powerful treatment option
for COVID-19 patients generating unparalleled diversity of novel
human antibodies, which is being designed to provide maximum
clinical benefit for both current and future variants of the
virus."
"I am pleased to report that our lead antibodies have produced
clear synergistic effects, confirming their activities are enhanced
in combination studies and resulting in near complete
neutralization of SARS-CoV-2 pseudovirus infection. We are
now accelerating pre-clinical testing with plans to submit an IND
to the FDA as soon as practical. In the meantime, we are
actively pursuing additional collaboration and partnership
opportunities. We have also been awarded multiple grants,
which further validate our platform, and we will continue to
actively explore other non-dilutive funding opportunities."
"Lastly, we are excited to partner with Dr. Alexandre Brolo's lab at the University of Victoria ("UVic"), to develop a
saliva-based antibody-based test for the detection and screening of
COVID-19. Unlike current immunoassays that are developed for blood
or serum, our goal is to develop a test kit that will provide rapid
results, and can be easily administered anywhere, including at
home. Overall, we are highly encouraged by the progress of our
programs, all leveraging our core antibody expertise, and we look
forward to providing further updates."
IPA periodically provides information for investors on its
corporate website, ImmunoPrecise.com. This includes press
releases and other information on financial performance, reports
filed or furnished with the TSX, information on corporate
governance and details related to its annual meeting of
shareholders. Reports filed or furnished with the TSX can be found
at sedar.com.
About ImmunoPrecise Antibodies Ltd.
ImmunoPrecise is a leading, global, technology platform company
with full service, end-to-end solutions that empower pharmaceutical
companies across the globe to discover, develop, optimize, engineer
and manufacture treatments against any disease. The Company's
experience, cutting-edge technologies and focus on intense
scientific rigor enables unparalleled support of its partners in
their quest to bring innovative treatments to the clinic. With
ImmunoPrecise's industry-leading technologies, fully integrated
project management platform, and one-stop service offerings, the
Company dramatically reduces the time required for, and the
inherent risk associated with, conventional multi-vendor product
development. 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
fiscal period 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.
*Non-IFRS Financial Measure
Readers are cautioned that "Adjusted EBITDA" is a measure not
recognized under IFRS. Adjusted EBITDA is defined as earnings
before interest income, taxes, depreciation and amortization,
share-based compensation, restructuring costs, impairment charges
and other non-recurring gains or losses. Management believes
Adjusted EBITDA is a useful measure that facilitates
period-to-period operating comparisons. Readers are cautioned that
"Adjusted EBITDA" is not an alternative to measures determined in
accordance with IFRS and should not, on its own, be construed as
indicator of performance, cash flow or profitability.
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.
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SOURCE ImmunoPrecise Antibodies Ltd.