VICTORIA, Aug. 28, 2018 /CNW/ - IMMUNOPRECISE ANTIBODIES LTD. ("ImmunoPrecise" or "IPA") (TSX VENTURE: IPA)(OTC PINK: IPATF) announces that it has increased its previously announced non-brokered private placement financing (see news release dated August 22, 2018) to 7,000,000 units ("Units") of ImmunoPrecise at a price of $1.00 per Unit for gross proceeds of $7,000,000 (the "Financing").
Each Unit will continue to consist of one common share (a "Share") of ImmunoPrecise and one share purchase warrant (a "Warrant") of ImmunoPrecise, with each Warrant entitling the holder to purchase an additional Share at a price of $1.25 for a period of two years from the date of issue. ImmunoPrecise will have the right to accelerate the expiry date of the warrants provided that ImmunoPrecise's volume weighted average price trades at $1.75 for a period of 20 consecutive days. In the event of acceleration, the expiry date will be accelerated to a date that is 30 days after ImmunoPrecise issues a news release announcing that it has elected to exercise this acceleration right.
The proceeds of the Financing will be used to expand operations and sales in the United States, Canada and Europe.
About ImmunoPrecise Antibodies Ltd.
ImmunoPrecise is a full-service, therapeutic antibody discovery company focused on the next generation of antibody discovery, to deliver the most therapeutically-relevant antibodies, in a shorter period of time, with the highest probability of succeeding to clinical trials.
ImmunoPrecise operates from state-of-the-art laboratory facilities located at the Vancouver Island Technology Park in Victoria, British Columbia, which house its tissue culture and B-cell screening facilities, as well as a Canadian Council for Animal Care (CCAC)-approved animal care unit. ImmunoPrecise operates globally to offer antibody services from target analysis to pre-clinical lead generation, in collaboration with its wholly-owned subsidiary operations at U-Protein Express B.V., in the Life Science Incubator, Utrecht, and ModiQuest Research, Oss, both in the Netherlands.
The services offered to clients include antibody discovery in wild-type and transgenic mouse and rat animals producing human antibodies, as well as rabbit monoclonal antibodies, against a broad spectrum of antigens. The Company also offers a range of B-cell screening and sorting services aimed at decreasing discovery timelines and enhancing the probability of finding a therapeutic product. In addition, the Company provides a broad range of supporting services including immunologically-based assays, recombinant protein manufacturing, humanization, optimization, custom phage display, stable cell line development, and advanced solutions to challenges faced by clients in antibody-related research and development. The antibodies produced by ImmunoPrecise target a wide variety of therapeutic, diagnostic and research applications.
ImmunoPrecise employs a highly experienced group of R&D scientists. Over the last 25 years, investments in innovative and proprietary technologies and methods have vastly improved 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. 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 year ended April 30, 2017 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 Ltd.
For further information: please contact: ImmunoPrecise Antibodies Ltd., Jennifer Bath, CEO, 3204-4464 Markham Street., Victoria, BC V8Z 7X8, www.immunoprecise.com; For investor relations please contact: Frederick Chabot, Phone: 1-438-863-7071, Email: [email protected], Contact Financial Corp., 1450 - 701 West Georgia St., Vancouver, BC V7Y 1G5