Press Release | March 24, 2023
Thunder Bay, Ontario, Canada – July 25, 2022 – IGY Life Sciences and Immune Technologies Inc.(the “Company” or “IGY Life Sciences”) is pleased to announce the closing of $12.8 million (CDN) in financing this week. This represents the largest single injection of funds into the Company since it was formed in 2009. The funds are a combination of debt and equity, with Farm Credit Canada supporting the financing with $10.1 million. The balance of funds is from two existing investors who continue to show leadership and vision in their support of the growth of the Company.
Funds will be used to acquire and expand the IGY Life Science Manufacturing production plant, located in Airdrie, Alberta. Funds will also be used to upgrade the facility with scaled up equipment and technology that will increase overall production capacity by over 15 times resulting in 8,000 kilograms of Muno-IgY produced annually. Currently, the company is selling out of existing production with a wait list for new product, as it becomes available. The newly expanded facility is anticipated to bring the company to profitability by the end of 2023. While construction begins this month, the Company remains focused on the completion of research and development that will lead to the launch of the first targeted set of therapeutic IgY
antibodies. Three key gut microbiome areas of research include: Celiac Disease, Irritable Bowel Disease (IBD), and Crohn’s and Colitis. Additional capital will be focused on the commercialization of these product areas, with an anticipated initial 2024 launch. “As our portfolio of new applications continues to expand, we are excited about the future of our company and all that we can offer to the world of healthcare. We have a clear path forward to ensuring the company is financially stable during the current rapid growth phase,” explained Terry Dyck, CEO and President.
Farm Credit Canada is the only lender 100% invested in Canadian agriculture. They support agribusinesses that add value to Canadian agriculture and assist in growth, expansion, and new opportunities. IGY Life Sciences is firmly planted in the agricultural landscape of Canada working with Canadian egg suppliers.
About IGY Immune Technologies and Life Sciences Inc.
IGY Life Sciences & Immune Technologies Inc. is a privately held biosciences Company specializing in the extraction, development and commercialization of broad-spectrum antibodies, or immunoglobulin (IgY), for use as OTC nutraceutical and for development of antibodies for targeted pathogens. The company was formed in 2009 to commercialize a superior proprietary process for extraction of avian immunoglobulin from chicken egg yolks. IgY is a natural antibody for which there is an existing global demand.
About Farm Credit Canada
FCC is Canada’s leading agriculture and food lender, with a healthy loan portfolio of more than $4 billion. Employees are dedicated to the future of Canadian agriculture and food. They provide flexible financing, Ag Expert management software, information and knowledge specifically designed for the agriculture and food industry. As a Crown corporation, it provides an appropriate return to its shareholder, and reinvest profits back into the industry and communities served.
For further information:
Terry Dyck
IGY Immune Technologies & Life Sciences Inc.
Tel : 1.888.301.5437
SOURCE : IGY IMMUNE TECHNOLOGIES & LIFE SCIENCES INC