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IPA (IMMUNOPRECISE ANTIBODIES LTD.) (the “Company” or “IPA”) (NASDAQ: IPA), an AI-driven biotherapeutic research and technology company, today announced financial results for the second quarter of the fiscal year 2023 ended October 31, 2022.
“Our focus on accelerating revenue growth and sales integration of our in silico capabilities using innovative and unique HYFT-based technology continued in the second quarter.
With relevant drug discovery results and progress, IPA quickly pushed the boundaries of leading-edge innovation, building on our already world-class global CRO,” said Jennifer Bath, Ph.D., CEO of IPA. “In addition to continued company growth, we remain focused on maximizing shareholder value and continue to swim against the downward market trend. However, we are not satisfied.
We have immense goals, and we are committed to working non-stop until we achieve them.”
ipa company about stock
Immunoprecise Antibodies Ltd. (IPA) is a British Columbia-based company that specializes in the discovery, development, and production of custom antibodies for research, diagnostic, and therapeutic applications. The company offers a wide range of services, including hybridoma development, antibody sequencing, phage display, and recombinant antibody production.
IPA’s antibody discovery platforms are based on their proprietary technologies, which include B cell Select, DeepDisplay, and TCR-based discovery. These technologies enable the generation of high-affinity antibodies with a broad range of specificities, and they have been used to develop antibodies against a variety of targets, including infectious diseases, cancer, and autoimmune disorders.
In addition to its antibody discovery services, IPA also offers contract research and development services to biopharmaceutical companies. These services include preclinical development, in vivo studies, and clinical trial support.
Overall, Immunoprecise Antibodies Ltd. is a leading provider of custom antibody discovery and development services, and its technologies and expertise are highly valued by the biopharmaceutical industry.
Financial Summary for the Second Quarter of Fiscal Year 2023
For the three months that ended October 31, 2022, IPA achieved revenue of $5.2 million, up 9.8% from October 31, 2021.
In the three months that ended October 31, 2022, research and development expenses increased from $3.0 million to $4.6 million. Costs associated with the clinical manufacturing of PolyTope® antibody combination therapy are primarily responsible for the increase in research and development costs.
As of October 31, 2022, IPA held cash of $15.1 million.