ImmunoPrecise Antibodies Ltd (CVE:IPA) (OTCMKTS:IPATF), the antibody discovery specialist, continues to invest in R&D (research and development) to expand and enhance the value of its intellectual property (IP) assets, it told investors, as it posted results for its first quarter to end July.
The biotech's customers are global pharma and biotech companies as well as non-profit research: universities, medical charities and grant-funded collaborations.
Today's statement also revealed the firm had signed extension agreements with holders of its September 2018, C$2.75 million debenture to extend the maturity date until March 26 next year, and add a further 2.5% interest payment on its ongoing 10% rate.
In the first quarter, ImmunoPrecise, based in Victoria, British Columbia, posted a net loss of C$2,012,198 up from a net loss of $1,102,362 for the same period of fiscal 2018.
The company put the increase down to efforts to broaden the breadth and value of its IP assets in techniques inherent in the production of human antibodies through new working partnerships with several companies and lower gross profit and higher expenses, including the depreciation of leased assets as a result of implementing new lease accounting practice.
Revenue was 5% lower at C$2,716,099 due to lower project volume and significant time spent on R&D projects, the firm said but added that the outlook was positive for second-quarter customer project volume.
New joint venture
Last week, the group's subsidiary Talem Therapeutics struck a new joint venture with a clinical-stage biopharma company to develop therapies that use the body's immune system to fight cancer.
Talem, which is developing antibody therapeutics to target T cell-mediated anti-tumor activity, is teaming with AgonOx, which specializes in identifying and developing immuno-oncology therapeutics.
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