Immunoprecise Antibodies Ltd IPA

News Release and YE Financials Released.

[cleareye]

Here's a few highlights:

• Earned revenues of $17.9 million, a 27% increase which includes a sale through Talem of an internally generated therapeutic antibody for $1.2 million, core CRO business up 19%
• Research and development costs increased to $2.0 million from $446,280 in 2020 due to the extensive research work the Company is undertaking, including COVID-19 related research projects
• The Company recorded a net loss of $7.3 million during the year ended April 30, 2021, compared to $5.0 million in 2020
• Adjusted EBITDA** of $2.3 million as compared to $52,000 in 2020
• As of April 30, 2021, the Company held cash of $41.8 million

*Expressed in Canadian dollars unless otherwise noted.
**For additional information regarding Adjusted EBITDA (a non-IFRS measure) see the Forward Looking Information section below.

Dr. Jennifer Bath, CEO of ImmunoPrecise, stated, “We are pleased with our solid fiscal year end results, with consistently strong and growing recurring revenue. Looking ahead, we will continue to transform IPA, both strategically and operationally. We continue to execute on strategy including ongoing technology innovation and accelerated discovery of internal and partnered novel antibodies. We also continue to work towards becoming a leading CRO of choice and industry consolidator in the antibody discovery and development markets. As it stands, we have partnered with over 500 clients resulting in very strong recurring revenues following client onboarding for services.”

“As we begin the new fiscal year, we actively seek expansion of our global footprint and push to broaden our diverse portfolio of technologies, while moving pipeline programs further toward functional and pre-clinical development. While in vitro non-clinical evaluation of four programs is currently ongoing, an additional set of five programs in development by Talem Therapeutics are at the stage of final in vitro (functional) characterization and are anticipated to enter in vivo proof of concept studies later this year. Each of these advanced assets are wholly owned by ImmunoPrecise and we look forward to completing functional and in vivo analyses with the aim of maximizing their value prior to any potential out-licensing events,” concluded Dr. Bath.