IPA Provides Update on Growth Strategy and Recent Share Price Movement
October 23 2023 - 7:01AM
Business Wire
ImmunoPrecise Antibodies Ltd. (NASDAQ: IPA) ("IPA" or the
"Company"), an AI-driven biotherapeutic research and technology
company wishes to provide an update on its overall growth strategy,
particularly in light of recent market developments.
IPA remains committed to expanding its contract research
organization (CRO) capabilities and leveraging technology to drive
innovation and efficiency. The pioneering work at IPA’s subsidiary,
BioStrand, reinforces IPA’s commitment to investing in cutting-edge
biotechnology solutions to support its business partners in their
quest to discover and develop novel biologics against the most
challenging targets.
IPA provides highly specialized full-service antibody discovery,
development and through a BioStrand’s integrated platform, designed
to enhance customers' drug discovery and development, has begun its
limited release through a phased rollout strategy spanning the
coming year. The Company is currently charging as a fee-for-service
with a planned roll-up to a Software as a Service (SaaS) offering.
This approach is designed to ensure a seamless integration into its
existing customer offerings, while allowing the Company to gather
valuable feedback from customers for further development and
optimization to support its goal of profitable growth.
Along with its commitment and investment in the complementary
BioStrand platform, IPA continues to grow its core business of
being the #1 globally ranked antibody discovery Contract Research
Organization (CRO) with 95% of top 20 pharma as clients. The IPA
strategy of providing highly specialized full-service antibody
discovery and development, while gaining a competitive edge for
profitable growth through technology and scale, continues to pay
off.
IPA’s first quarter fiscal year 2024, which ended July 31, 2023,
reported a record 21.3% increase in revenue compared to the same
period last year, but also witnessed IPA’s protein manufacturing
facility leverage its expanded capabilities, marking an impressive
44.0% growth year over year. In addition, as a testament to a focus
on shareholder value, IPA achieved a reduced quarterly burn to $1.6
million Canadian dollars. IPA’s focus on operational optimization
while continuing to invest in sustainable growth continues in
fiscal 2024.
IPA does not believe the recent drop in stock price matches the
value creation it is building with its growth strategy. “Based on
the current trajectory of customer orders, we are optimistic about
the future and anticipate sustained growth. In tandem with this, we
have initiated measures to further optimize our expense base,
ensuring we continue on a path of financial prudence and growth,”
concluded Dr. Jennifer Bath, Chief Executive Officer of IPA.
“We understand the importance of transparent and timely
communication with our shareholders. As such, we are eager to delve
deeper into our performance, future plans including ongoing
advancements with our subsidiaries BioStrand and Talem, and address
queries you might have during our upcoming 2Q earnings call,” added
Dr. Bath. “Your trust and investment in IPA are deeply valued. We
remain committed to driving value for all our shareholders and
stakeholders and thank you for your continued support."
About ImmunoPrecise Antibodies Ltd
ImmunoPrecise Antibodies Ltd. has several subsidiaries in North
America and Europe including entities such as Talem Therapeutics
LLC, BioStrand BV, ImmunoPrecise Antibodies (Canada) Ltd., and
ImmunoPrecise Antibodies (Europe) B.V. (collectively, the “IPA
Family”). The IPA Family is a biotherapeutic research and
technology group that leverages systems biology, multi-omics
modeling, and complex artificial intelligence systems to support
its proprietary technologies in bioplatform-based antibody
discovery. Services include highly specialized, full-continuum
therapeutic biologics discovery, development, and out-licensing to
support its business partners in their quest to discover and
develop novel biologics against the most challenging targets. For
further information, visit www.ipatherapeutics.com.
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Investors: investors@ipatherapeutics.com
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