VICTORIA, July 24, 2017 /CNW/ - IMMUNOPRECISE ANTIBODIES (the "Company") (TSX VENTURE: IPA)(OTC PINK: IPATF), in conjunction with its acquisition of U-Protein Express B.V., is pleased to announce that it has increased its previously announced non-brokered private placement financing (see press release dated July 4, 2017) to 5,100,000 shares (each, a "Share") at a price of $1.00 per Share for gross proceeds of up to $5,100,000.
All securities issued in connection with the private placement will be subject to a four‐month‐and‐one day statutory hold period. A finder's fee may be payable on the private placement.
Proceeds of the financing will be used for the acquisition of U-Protein and working capital purposes.
Completion of the private placement remains subject to the approval of the TSX Venture Exchange.
About ImmunoPrecise Antibodies
ImmunoPrecise Antibodies provides its customers with custom antibody engineering and production services to support their research and development efforts.
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 state of the art laboratory facilities located at the Vancouver Island Technology Park in Victoria, British Columbia which houses its tissue culture and molecular facilities as well as an animal care unit, and is a member of the Canadian Council for Animal Care.
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.
The Company employs an experienced group of R&D scientists, and over the last 25 years its investments in research have led to the creation of innovative and proprietary technologies and methods that significantly improve the speed and efficiency of monoclonal and polyclonal antibody production.
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. ImmunoPrecise 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, the Company closing its acquisition of U-Protein, completing the Financing, 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.
SOURCE ImmunoPrecise Antibodies Ltd.
For further information: ImmunoPrecise Antibodies Inc., 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: [email protected], Contact Financial Corp., 1450 - 701 West Georgia St., Vancouver, BC V7Y 1G5