VICTORIA, Dec. 29, 2017 /CNW/ - IMMUNOPRECISE ANTIBODIES LTD. (the "Company" or "IPA") (TSX VENTURE: IPA)(OTC PINK: IPATF) announces that it has signed a binding letter of intent with SERPINx B.V. ("SERPINx") to strategically invest in the development of recombinant protease inhibitors to treat bradykinin mediated diseases (the "Investment").
The Investment continues to realize on the Board's commitment to grow globally through strategic acquisitions and partnerships. It allows IPA to participate in the building of SERPIN-based protein therapeutics for inflammatory-associated diseases, and furthers IPA's ambition of becoming a single source provider of services across the full antibody and protein target discovery value chain (antigen design, hit generation, lead selection, lead optimization and lead characterization) and offering the full spectrum of antibody and protein production methodologies (library based technologies, hybridoma methods, transgenic animal based platforms, protein expression platforms and single B cell based technology). Furthermore, the acquisition enhances the Company's source of and capacity for developing novel protease inhibitor therapeutics.
"In investing in SERPINx B.V., IPA becomes a leading integrated antibody and protein target solutions company with high value potential therapeutic assets," said Dr. James Kuo, Chairman, Interim President of the Company.
SERPINx BV is a Dutch protein therapeutics company involved in developing novel serine protease inhibitor (SERPIN) therapeutics for inflammatory-associated diseases, in particular angioedema. SERPINS are a superfamily of proteins with similar structures that were identified for their protease inhibition activity. SERPINx BV has a proprietary collection of novel modified variants of α1-antitrypsins in preclinical development that can be applied for the treatment of bradykinin-mediated diseases that address the major shortcomings of C1Inhibitor (patent applications filed).
The Investment adds important intellectual property and technology to the Company's product, service and technology estate.
Terms of Investment with SERPINx
Under the binding letter of intent, IPA will invest €250,000 for 35% of the capital stock in SERPINx to assist in the development of novel serine protease inhibitor (serpin) for the treatment of bradykinin-mediated diseases in the accordance with the terms of a shareholder agreement satisfactory to the parties (the "Definitive Agreement") with the right of first option for IPA to acquire the remaining outstanding and issued shares of SERPINx prior to any other third party or prior to any additional funding with any other third party.
The letter of intent also sets forth SERPINx's commitment to undertake and fund animal trials for its proprietary lead compounds at IPA's Victoria facilities.
The parties will be entitled to carry out due diligence of each other until January 15, 2018. Upon the parties completing due diligence to their reasonable satisfaction, the parties will enter into the Shareholder Agreement setting forth the terms and conditions of the Investment by January, 2018. Completion of any Investment with SERPINx is subject to a number of conditions, including but not limited to, completion of due diligence, negotiation of Shareholder Agreement in respect of such a Investment, the availability of financing on terms acceptable to the Company, and receipt of any required regulatory and shareholder approvals. The Investment cannot be completed until these conditions are satisfied, and there can be no assurance that an Investment will be completed at all.
About ImmunoPrecise Antibodies Ltd.
The Company is an integrated antibody solutions company that is a single source provider of services across the full antibody and protein target discovery value chain (antigen design, hit generation, lead selection, lead optimization and lead characterization). The Company utilizes the full spectrum of antibody production methodologies (library based technologies, hybridoma methods, transgenic animal based platforms, protein expression technologies and single B cell based technology) with a growing focus on generating human antibodies.
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.
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 two state-of-the-art laboratory facilities in North America and Europe. The Company's facility at the Vancouver Island Technology Park in Victoria, British Columbia houses tissue culture and molecular facilities, an animal care unit, and cryo-preservation facilities. Its facility in Utrecht, The Netherlands offers fast and large-scale production of (mammalian) recombinant proteins and antibodies for research and pre-clinical applications.
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 the Company 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 the Company's expectations and predictions is subject to any number of risks, assumptions and uncertainties. Many factors could cause the Company'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 SERPINx, 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 Ltd., 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