- Record Quarterly Revenue of $4,754,545 and Adjusted EBITDA of
$795,159
- Announced Strategic Partnership with Mila to Expand AI
Capabilities and Functionality of Antibody Development
Platform
- Advanced Lead Candidates for COVID-19 PolyTope™ Cocktail
Therapy, Preclinical Trials Scheduled to Launch in January 2021
VICTORIA, BC, Dec. 21, 2020 /CNW/ - IMMUNOPRECISE ANTIBODIES
LTD. (the "Company" or "IPA") (TSXV: IPA) (OTCQB: IPATF) today
announced financial results for the second quarter of its 2021
fiscal year ended October 31,
2020.
Q2 Fiscal 2021 Financial Highlights:
- Revenue was $4.8 million for the
quarter ended October 31, 2020, an
increase of $1.6 million, or 50%,
compared to $3.2 million in the same
quarter last year.
- Adjusted EBITDA was $795,159 for
the quarter ended October 31, 2020,
an increase of $858,577 compared to
($63,418) in the same quarter last
year.
- Current cash balance is $16.8
million as of October 31, 2020
compared to $2.6 million as of the
fiscal year end April 30, 2020.
Financial Results
Revenue: The Company's revenues were $4,754,545 for the three-months ended
October 31, 2020 compared to revenues
of $3,162,365 for the same period
last year, a 50% increase. This was a result of the Company's
increased contract volume, which is due to ongoing emphasis on
generating diversified discovery programs utilizing distinctive
animal repertoires and multiple technologies with unique
advantages.
Research and Development: The Company has invested
$1,358,529 in research and has
recorded $2,154,577 in grant income
and subsidies through October 31,
2020. The Company has been expanding its commitment to
research and development initiatives aimed at introducing new
services through both internal development as well as through
partnerships. The company has also undertaken research and
development projects related to COVID-19 and has been awarded
government grants and subsidies to support those efforts.
Net Loss. The Company recorded a net loss of $463,583 during the three-months ended
October 31, 2020, a decrease of
$899,962 from the net loss of
$1,363,545 for the three months ended
October 31, 2019. The improvement is
a result of the Company's increase in revenue, higher gross profit
and grant and subsidy income offset by higher research and
development expenses and other operating expenses.
Non-IFRS Measures. *Adjusted EBITDA for the three-months
ended October 31, 2020 was
$795,159, an increase of $858,577 from the Adjusted EBITDA of ($63,418) for the three months ended October 31, 2019. The increase is a
result of the increase in revenue, higher gross profit and grant
and subsidy income offset by higher research and development
expenses and other operating expenses compared to the prior
period.
Dr. Jennifer Bath, CEO of
ImmunoPrecise, stated, "We have again achieved accelerated revenue
growth in the second quarter of Fiscal Year 2021 as we continued to
gain market share across different business units. We are
anticipating additional commercial opportunities that will bolster
our CRO revenues going forward, including within our partnered
programs in our subsidiary, Talem Therapeutics."
Dr. Bath concluded, "The Company's financial position is strong,
providing support for our strategic growth plans in geographical
expansion and digital transformations within AI at the intersection
of genomics and immunology. We are grateful for the dedication of
our employees and partners and remain committed to working with
them to enable scientific innovation worldwide. Looking ahead, we
will continue to invest in new capabilities that help our partners
across the globe progress in their research and bring
groundbreaking medicines and treatments to patients in need."
Recent Business Highlights
- Selected Lead Formulation for Preclinical PolyTope™ Antibody
Cocktail Therapy: In November 2020,
ImmunoPrecise announced the nomination the first anti-SARS-CoV-2
cocktail therapy consisting of four, human, synergistic antibodies
for preclinical testing. The preclinical trial will examine the
safety, tolerability and efficacy of the proposed therapeutic
cocktail in the well-defined, SARS-CoV-2, Syrian hamster model.
- Entered into Technology Partnership with Genmab Targeting
Infectious Disease: In November 2020,
ImmunoPrecise entered into a research agreement with Genmab A/S, to
generate novel bispecific antibody combinations using Genmab's
proprietary DuoBody® platform and IPA's proprietary
antibodies in the field of infectious disease.
- Announced Strategic AI Partnership with Mila: In November 2020, ImmunoPrecise announced a
partnership with Mila, a world-renowned artificial intelligence
(AI) research institute, to research and develop novel
therapeutics. Through the partnership, the companies will access
previously unexplored datasets generated by ImmunoPrecise to
explore how to better design new therapeutics against
life-threatening disease.
- Announced Collaboration with Twist Biosciences for the Creation
of Novel, Therapeutic Antibody Products: In October 2020, ImmunoPrecise announced a
collaboration with Twist Biosciences to leverage Twist's silicon
DNA platform to enhance its antibody therapeutics and expand its
early-stage pipeline into a wider range of oncology targets.
Following initial discovery work, the companies will then aim to
jointly advance the programs through proof-of-concept and
preclinical, and eventually clinical, development.
- Initiated Preclinical Trials for SARS-CoV-2 Vaccines in
Collaboration with LiteVax: In September
2020, ImmunoPrecise, in partnership with LiteVax, initiated
preclinical trials for a set of vaccine candidates being developed
against SARS-CoV-2. The formulations were designed using
ImmunoPrecise's extensive data sources and co-formulated with
LiteVax's novel class of synthetic carbohydrate derivates designed
to act as a vaccine adjuvant.
- Released Second-Generation B Cell Select™: In September 2020, IPA Europe, a subsidiary of
ImmunoPrecise, announced the release of a second-generation B-Cell
Select platform. The new technology will accelerate antibody
identification and discovery capabilities by allowing for increased
automation of their selection technology and subsequent single cell
cloning.
- Announced Multi-Specific SARS-CoV-2 Antibody Collaboration with
Zymeworks: In September 2020,
ImmunoPrecise announced a research collaboration with Zymeworks to
utilize their Azymetric™ and EFECT™ platforms for the development
of antibody candidates against COVID-19. Candidates obtained from
this collaboration will undergo thorough testing using spike
proteins provided by the National Research Council Canada and if
effective, will proceed to further animal testing.
- Commenced Application Process to Dual Listing on NASDAQ: In
September 2020, ImmunoPrecise
announced its application to list on the Capital Market "NASDAQ"
exchange. NASDAQ is the world's pre-eminent exchange for biotech
and pharma companies and will expand the Company's exposure and
access to U.S. and international investors.
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 global technology platform company with
end-to-end solutions empowering companies to discover and develop
therapies against any disease. The Company's experience and
cutting-edge technologies enable unparalleled support of its
partners in their quest to bring innovative treatments to the
clinic. ImmunoPrecise's full-service capabilities dramatically
reduce 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", "should"
and similar expressions to identify forward-looking statements and
include the Company's beliefs with respect to the potential for its
antibodies to be further developed or approved to treat COVID-19
(or SARS-CoV-2) or to complete any transactions with respect to
those antibodies. 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 October 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 an
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.
SOURCE ImmunoPrecise Antibodies Ltd.
