ImmunoPrecise Antibodies provides update on recent share movement

ImmunoPrecise Antibodies provided an update on its overall growth strategy, particularly in light of recent market developments. IPA remains committed to expanding its contract research organization, or CRO, capabilities and leveraging technology to drive innovation and efficiency. The pioneering work at IPA’s subsidiary, BioStrand, reinforces IPA’s commitment to investing in cutting-edge biotechnology solutions to support its business partners in their quest to discover and develop novel biologics against the most challenging targets. IPA provides specialized full-service antibody discovery, development and through a BioStrand’s integrated platform, designed to enhance customers’ drug discovery and development, has begun its limited release through a phased rollout strategy spanning the coming year. The company is currently charging as a fee-for-service with a planned roll-up to a Software as a Service, or SaaS, offering. IPA’s first quarter fiscal year 2024, which ended July 31, 2023, reported a record 21.3% increase in revenue compared to the same period last year, but also witnessed IPA’s protein manufacturing facility leverage its expanded capabilities, marking a 44% growth year over year. In addition, as a testament to a focus on shareholder value, IPA achieved a reduced quarterly burn to $1.6M Canadian dollars. IPA’s focus on operational optimization while continuing to invest in sustainable growth continues in fiscal 2024. IPA does not believe the recent drop in stock price matches the value creation it is building with its growth strategy.