ImmunoPrecise Reports Financial Results and Recent Business Highlights for Third Quarter of 2021 Fiscal Year

IMMUNOPRECISE ANTIBODIES LTD. (the "Company" or "IPA") (NASDAQ: IPA) (TSX VENTURE: IPA) a leader in full-service, therapeutic antibody discovery and development, today announced financial results for the third quarter of its 2021 fiscal year ended January 31, 2020.

Q3 Fiscal 2021 Financial Highlights:

• Increased revenue for the nine months ended January 31st, 2021 by 32% to $13,035,522.
• Record adjusted EBITDA for the nine months ended January 31^st, 2021 of $2,564,257, a significant increase from the $18,356 for the nine months ended January 31, 2020.
• Closed USD$21.7 million bought deal offering of common shares.
• Closed over-allotment option associated with the previously completed bought deal of USD$3.3 Million.

Dr. Jennifer Bath, CEO of ImmunoPrecise, stated, “We are pleased to enter into a new period of the Company’s corporate development lifecycle. Following our successful uplisting to the Nasdaq stock exchange, we continue to be well capitalized to meet our goals to extend our position as a single source partner of choice, antibody discovery engine to our partners. The recent partnerships that we have established with Genmab and Litevax highlight ImmunoPrecise’s technology stack as a biologics discovery platform. Additionally, through our Talem Therapeutics platform, we are creating deep opportunities to meet our goal to deliver shareholder value by monetizing our platform technology’s discovery engine.”

Financial Results

Revenue: The Company continued to emphasize the value of technologically advanced discovery programs utilizing diverse animal repertoires and multiple technologies with unique advantages, while continuing to take on a larger volume of contracts in general. As a result, revenues of $4,516,000 were achieved for the three months ended January 31, 2021 compared to revenues of $4,034,440 in 2020, a 12% increase, and revenues of $13,035,522 were achieved during the nine months ended January 31, 2021 compared to revenues of $9,912,904 in 2020, a 32% increase in revenue for the period. During the three months ended January 31, 2021 the Company sold an internally developed therapeutic antibody asset for $1,188,762.