On July 29, 2022 IPA (IMMUNOPRECISE ANTIBODIES LTD.) (the "Company" or "IPA") (NASDAQ: IPA) (TSXV: IPA), an advanced biotherapeutic research and technology company, reported financial results for the full fiscal year 2022 ended April 30, 2022 (Press release, ImmunoPrecise Antibodies, JUL 29, 2022, View Source [SID1234617141]).

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Fiscal 2022 Financial Summary*

The Company achieved record total revenues of $19.4 million during the year ended April 30, 2022, an 8.1% increase from the year ended April 30, 2021.
Project revenue of $17.4 million was $1.4 million, or 9.1%, higher than last year. Growth is driven primarily by the Company’s B cell Select platform, with expansion in both the number and size of projects under contract.
The Company, primarily through its subsidiary Talem Therapeutics LLC, invested $6.7 million in strategic research and development costs as compared to $2.0 million in 2021.
The Company recorded a net loss of $16.7 million during the year ended April 30, 2022, compared to a net loss of $7.3 million for the year ended April 30, 2021.
As of April 30, 2022, the Company held cash of $30 million (April 30, 2021 – $41.8 million)

*Expressed in Canadian dollars unless otherwise noted.

"We delivered another year of strong performance in fiscal year 2022, demonstrating both our highest revenue quarter and fiscal year in the history of IPA," said Dr. Jennifer L. Bath, Chief Executive Officer, IPA. "We are entering Fiscal Year 2023 with significant momentum and a strong focus and expectations on our new capabilities, robust pipeline, and excellent execution to deliver continued strong performance this year and over the long-term."

Recent and Fiscal 2022 Operational Highlights

IPA seeks to rapidly and dramatically expand its IP portfolio with the addition of several US and international patent applications submitted by Talem Therapeutics LLC and obtained through the recent BioStrand acquisition
IPA announces the retirement of Lisa Helbling, Chief Financial Officer, and the appointment of her successor and current member of the IPA executive team, Brad McConn, effective August 5th.
Pre-clinical, IND-enabling histopathology data from toxicity study and ex vivo human Tissue Cross-Reactivity (TCR) analysis support the safety of IPA’s Polytope TATX-03 cocktail
IPA’s PolyTope TATX-03 demonstrates protection against in vitro Infection by Omicron sublineage BA.2, in addition to all other Variants of Concern
IPA completes acquisition of Belgian group, BioStrand, revolutionizing biotherapeutics with method to encode omics and power drug development with advanced Artificial Intelligence (AI)
IPA’s newly acquired subsidiary, BioStrand, awarded second round of grant funding from VLAIO Research Grant
IPA and ChemPartner Biologics announce PolyTope TATX-03 antibody cocktail manufacturing collaboration
After program review by the Department of Defense (DOD), IPA was selected to work with Elektrofi on a deployment ready formulation of its PolyTope TATX-03 as well as future pandemic preparation under an SBIR contract from Defense Health Agency (DHA) within the US DOD
IPA bolstered global senior leadership with Barry Duplantis, Ph.D., promoted to Vice President of Client Relations and the addition of Ms. Carla Dahl, Vice President of Marketing
IPA Europe granted three-year approval for the "Crédit d’Impôt Recherche" (CIR) from the French Ministry of Higher Education and Research to provide research tax credits to eligible French companies
The Company established a multi-target research collaboration with Pierre Fabre in immuno-oncology
IPA established a US $50 million At-The-Market distribution agreement (the "ATM")
IPA presented in vitro characterizations results from studies on TATX-21, a novel potential first-in-class antibody for Atherosclerosis Cardiovascular Disease (ACVD), at the 2021 BIO Convention
IPA enters co-offering agreement with Eurofins Discovery, providing Eurofin’s global clients’ integrated access to IPA’s end-to-end discovery service

Financial Results

Revenue

The Company achieved record revenues of $19.4 million during the year ended April 30, 2022, compared to $17.9 million in fiscal year 2021, an 8.1% increase. The continued growth trend is primarily from project revenues in the Company’s B cell Select platform with expansion in both the number and size of projects under contract.

For the three months period ending April 30, 2022, the Company achieved record revenues of $5.2 million compared to $4.9 million for the three months period ended April 30, 2021, a 7.4% increase.

Research & Development

Research and development increased to $6.7 million from $2 million in 2021, due to the strategic investment in R&D the Company is undertaking, including the Company’s SARSCoV-2 PolyTope cocktail and other research projects.

Net Loss

The Company recorded a net loss of $16.7 million during the year ended April 30, 2022, compared to a net loss of $7.3 million for the year ended April 30, 2021. The $9.4 million increased net loss is primarily due to the Company’s investment in R&D, increased professional and consulting fees, increased insurance costs, increased salaries, and benefits to support the Company’s strategic plans and operations, and lower grant and subsidy income.

Liquidity and Capital Resources

As of April 30, 2022, the Company held cash of $30.0 million as compared to $41.8 million as of April 30, 2021, and had working capital of $28.2 million. The Company’s internal forecast indicates the cash on hand will sustain its existing operations, support its Nasdaq and TSXV on-going listing costs and satisfy its obligations for at least 12 months.

On October 13, 2021, at at-the-market ("ATM") equity offering facility, was entered into with H.C. Wainwright & Co., LLC, as sole sales agent ("Agent"). The Company will be entitled, at its discretion and from time-to-time during the term of the ATM agreement, to sell through the Agent common shares of the Company having an aggregate gross sales price of up to US $50 million. As of July 29, 2022, US $50 million of the Company’s stock remained available for sale under the ATM facility.

The conference call will be webcast live and available for replay via the same link found on the main page of the Company’s Investors section at: View Source

If you are dialing into the call, please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization.

Anyone listening to the call is encouraged to read the company’s periodic reports on file with the Toronto Stock Exchange and Securities and Exchange Commission, including the discussion of risk factors and historical results of operations and financial condition in those reports.

On July 29, 2022 Concert Pharmaceuticals, Inc. (NASDAQ: CNCE) reported that it will report its financial results for the second quarter of 2022, on Thursday, August 4, 2022, before the U.S. financial markets open (Press release, Concert Pharmaceuticals, JUL 29, 2022, View Source [SID1234617140]). The Company will host a conference call and webcast at 8:30 a.m. ET to discuss its second quarter 2022 financial results and provide a business update.

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Please note that there is a new system to access the live call in order to ask questions. To join the live call, please register here. A dial in and unique PIN will be provided to join the call.

An audio-only webcast of the call may be accessed in the Investors section of the Company’s website at www.concertpharma.com. A replay of the webcast will be available on Concert’s website for three months.

On July 29, 2022 Spectrum Pharmaceuticals (NasdaqGS: SPPI), a biopharmaceutical company focused on novel and targeted oncology therapies, reported it will host a conference call to discuss the second quarter 2022 financial results and provide a corporate update on Thursday, August 11, 2022 at 8:30 a.m. Eastern/5:30 a.m. Pacific (Press release, Spectrum Pharmaceuticals, JUL 29, 2022, View Source [SID1234617139]).

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Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

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Conference Call and Webcast:

Thursday, August 11, 2022 @ 8:30 a.m. Eastern/5:30 a.m. Pacific

To access the live call by phone, please go to this link (registration link), and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

A live webcast of the call will be available online in the Investor Relations section of the company’s website at View Source and will be archived there shortly after the live event.

On July 29, 2022 Calliditas Therapeutics AB (publ) reported that it has issued 51,399 ordinary shares as part of the company’s long-term incentive program for certain members of the board of directors issued in 2019, Board LTIP 2019, and converted 5,908,018 class C-shares to 5,908,018 ordinary shares as part of the establishment of the company’s at-the-market program (Press release, Calliditas Therapeutics, JUL 29, 2022, View Source [SID1234617137]). Thus, as of July 29, 2022, the number of shares and votes in the company amounts to 59,157,587 shares and 59,157,587 votes.

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The information in the press release is such that Calliditas Therapeutics AB (publ) is required to disclose pursuant to the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out above, at 12:00 CEST on July 29, 2022.

On July 29, 2022, Shattuck Labs, Inc. (the "Company") reported that it entered into a sales agreement (the "Sales Agreement") with SVB Securities LLC (the "Agent"), pursuant to which the Company may offer and sell from time to time shares of the Company’s common stock, $0.0001 par value per share (the "Shares"), through the Agent (Filing, 8-K, Shattuck Labs, JUL 29, 2022, View Source [SID1234617136]). The offering and sale of up to $75,000,000 of the Shares has been registered under the Securities Act of 1933, as amended, (the "Securities Act") pursuant to the Company’s Registration Statement on Form S-3 (File No. 333-263553) (the "Registration Statement"), which was originally filed with the Securities and Exchange Commission ("SEC") on March 15, 2022 and declared effective by the SEC on July 29, 2022, the base prospectus contained within the Registration Statement, and a prospectus supplement that was filed with the SEC on July 29, 2022.

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Sales of the Shares, if any, pursuant to the Sales Agreement may be made in sales deemed to be an "at the market offering" as defined in Rule 415(a)(4) promulgated under the Securities Act, including sales made directly on or through the Nasdaq Global Select Market or on any other existing trading market for our common stock. The Company has no obligation to sell any of the Shares under the Sales Agreement, and may at any time suspend offers under the Sales Agreement or terminate the Sales Agreement. The Agent will act as sales agent and will use commercially reasonable efforts to sell on the Company’s behalf all of the Shares requested to be sold by the Company, consistent with its normal trading and sales practices, on mutually agreed terms between the Agent and the Company. The Company intends to use the proceeds of the offering for pipeline development, working capital, and other general corporate purposes.

The Sales Agreement contains customary representations, warranties and agreements by the Company, as well as indemnification obligations of the Company for certain liabilities under the Securities Act. Under the terms of the Sales Agreement, the Company will pay the Agent a commission of up to 3.0% of the gross sales price of the Shares sold through it under the Sales Agreement. In addition, the Company has agreed to reimburse certain expenses incurred by the Agent in connection with the offering. The Sales Agreement may be terminated by the Agent or the Company at any time upon notice to the other party, as set forth in the Sales Agreement, or by the Agent at any time in certain circumstances, including the occurrence of any material adverse effect, or any development that could reasonably be expected to result in a material adverse effect, that, in the judgment of the Agent, may materially impair the ability of the Agent to sell the Shares.

This Current Report on Form 8-K shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

Gibson, Dunn & Crutcher LLP, counsel to the Company, has issued an opinion to the Company, dated July 29, 2022, regarding the validity of the Shares. A copy of the opinion is filed herewith as Exhibit 5.1.

The description of the material terms of the Sales Agreement is not intended to be complete and is qualified in its entirety by reference to the Sales Agreement, which is filed herewith as Exhibit 1.1 and incorporated herein by reference.