ImmunoPrecise Antibodies Ltd (CVE:IPA, OTC PINK:IPATF) said revenues grew 65% in its latest quarter (second) to around C$1.31mln compared to C$797,807 in the same period of 2016.
The firm wants to expand its share of the US$2.6bn research and development (R&D) antibody market, delivering its products and services to academic, diagnostic, biotech and pharma customers globally.
And as at the end of October, it had more than C$3.37mln in working capital to finance this growth.
Since the beginning of last summer, it has kicked off its M&A acquisition strategy by acquiring all the outstanding shares of U-Protein B.V, entering a letter of intent to acquire all the outstanding shares of Modiquest Research B.V, entered a letter of intent to acquire all the outstanding shares of Crossbeta Biosciences B.V.
It also entered a letter of intent to acquire all the outstanding shares of Preclinics GmbH, and entered into a letter of intent to subscribe for 35% of the issued and outstanding shares of SERPINx B.V.
The growth in revenue is a result of the U-Protein acquisition last August and the expansion of its market share to Europe via acquisitions.
In keeping with a firm at this stage of growth, the net loss was C$903,252 in the quarter, compared to a net income of $101,164 for the three months to end October 2016.