ImmunoPrecise Antibodies announces C$600,000 private placement

Proceeds will be used to expand operations and sales in the US, Canada and Europe
Lab skills in action at ImmunoPrecise Antibodies Ltd
Each unit offered for sale will consist of a common share and a share purchase warrant

ImmunoPrecise Antibodies Ltd (CVE:IPA, OTC PINK:IPATF) announced Tuesday that it plans to sell up to 750,000 units at a price of C$0.80 per unit to help shore up C$600,000 in capital.

The fundraising comes at a time when the Victoria, British Columbia company has just opened its new US headquarters in Fargo, North Dakota – a move, which it hopes, will allow it to tap into a large investor community.

The proceeds of the financing will be used to expand operations and sales in the US, Canada and Europe.

According the terms of the placement, each unit will consist of a common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional share at a price of C$1 for a period of a year from the date of issue.

READ: Immunoprecise Antibodies surges after opening new B-cell facility

The company said it will have the right to accelerate the expiry date of the warrants provided that ImmunoPrecise's volume-weighted average price trades at C$1.50 for a period of 20 consecutive days.

In such an event, 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.

ImmunoPrecise is a full-service, therapeutic antibody discovery company focused on the next generation of antibody discovery. Their lab specializes in the production of monoclonal antibodies used in a range of research from Alzheimer’s disease to aquaculture.

Shares of ImmunoPrecise were down 1% to C$0.94 on Monday.

The biotech operates from state-of-the-art lab facilities located at the Vancouver Island Technology Park in Victoria, which also house its tissue culture and B-cell screening facilities.

View full IPA profile View Profile

Immunoprecise Antibodies Ltd Timeline

Related Articles

September 26 2017
The firm received an order for its clinical research use only (RUO) kits from a large, multinational pharma company
spreadsheet and calculator
January 25 2018
According to one City number cruncher, Ergomed’s drugs safety unit alone is worth as much as the whole business
man on a ventilator
January 24 2018
The share price, 280p a year ago, has tracked the progress the firm has made in the clinic with its lead product Traumakine
Copyright ©, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated.