ImmunoPrecise Antibodies sees 56% increase in 3Q revenue as it continues to advance business

ImmunoPrecise Antibodies Ltd (CVE:IPA) (OTCMKTS:IPATF), the antibody discovery firm, told investors it had increased revenue and gross margins in its third quarter, as it continues to grow its core business.

The British Columbia headquartered company provides global antibody services ranging from target analysis to pre-clinical studies.

READ: ImmunoPrecise Antibodies clinches contract from Leidos Biomedical Research

The group’s acquisitions of Netherlands-based U-Protein and ModiQuest had helped boost revenue in the quarter to end-January to around $2.69 million, it said, compared to the same period in 2018.

Gross margin rose 58% to around $1.57 million from $989,203 in 2018, it added, mainly due to the group focusing on higher margin projects at its new B-cell lab in Victoria, British Columbia and further operational efficiencies put into its operations.

One time costs incurred in the period, including improving efficiency across all divisions and investments for further growth, meant the firm recorded a net loss of around $1.19 million, which was similar to the net loss of around $1.21 million seen in the three-months to end-January, 2018.

Five-year subcontract

In February this year, the group said that it had received a five-year sub-contract from Leidos Biomedical Research for the production of rabbit monoclonal antibodies.

Leidos Biomedical, which operates the Frederick National Laboratory for Cancer Research for the National Cancer Institute, has asked ImmunoPrecise to discover and produce rabbit monoclonal antibodies using its proprietary B-Cell select program.

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Story by ProactiveInvestors