- ImmunoPrecise Antibodies (TSXV:IPA) has received a Bioscience Innovation Grant from the US state of North Dakota, valued at approximately C$106,000
- The grant will help the company develop a treatment platform for COVID-19 and related pathogens
- The company is actively seeking further grant funding to progress the project
- In related news, the company has loaned $294,000 through the US government COVID relief act to secure payroll payments during the pandemic
- ImmunoPrecise Antibodies (IPA) is up 2.56 per cent, with shares trading for $0.80 and a market cap of $54.4 million
ImmunoPrecise Antibodies (TSXV:IPA) has received a Bioscience Innovation Grant from the US state of North Dakota.
The grant is valued at approximately C$106,000 and is intended to help the company develop a treatment platform. The platform would allow rapid development of treatments for COVID-19 and other related diseases.
North Dakota’s Agriculture Commissioner stated the grant will help the state remain on the cutting-edge of bioscience innovation.
The company is now seeking further grants from other sources to continue developing the platform.
Jennifer Bath, President and CEO of ImmunoPrecise, believes funding like this will help move development forward.
“ImmunoPrecise is in the process of applying for both state and federal grants to support the development of a treatment for COVID-19.
“We turned first to the State of North Dakota, given their strong history of support for Biotechnology and Innovation. It is with gratitude we accept the Bioscience Innovation Grant and we are confident we can leverage this funding, along with our research advances, to continue to build on our current successes,” she said.
In related news, the company has received a loan for approximately $294,000 from the US government. The loan ensures the company’s payroll is secure during the COVID-19 pandemic and is part of the government’s coronavirus relief act.
The company is also raising $2 million through a non-brokered private placement of debentures. The debentures have an interest rate of 10 per cent per year and can be converted to $0.85 a share.
ImmunoPrecise Antibodies (IPA) is up 2.56 per cent, with shares trading for $0.80 at 2:14pm EST.