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It's a bit ironic that the only NR IPA has issued about signing a large pharmaceutical co is this one, a top 15 for its hibridoma platform and not B cell Select(tm) or DeepDisplay (tm).
It's the B cell Select platform that is the most prominent platform that's caught the attention of multiple majors (direct view into B cells to show much greater depth allowing the selection of many more candidates vs traditional B cell discovery methods.
Anyway, this agreement from last October serves as a hint of how well rounded IPA is as a full service Antibody discovery CRO.
It's totally expected to see IPA sell off into the mid .50s after the disappointing Q4 Numbers. More discerning or perhaps less pained shareholders may have kept in mind that the quarter just reported ended one month PRIOR to this NR. Fingers crossed to see some revenues from the following programs recognized in Q1 ending July 31 and Q2. Let's break this $3m /quarter glass ceiling!
I spoke with CEO Steve Taylor last night. Here are my notes:
SmartAdvisor is a white-label version of DigitalReach sold by Broadridge to their clients. DigitalReach and SmartAdvisor were doing a combined 800k$ in ARR (1M$ total revenue) for BlueRush.
Three employees are leaving with the deal to go work for Broadridge.
Impact is net negative on the company's burnrate in the short term, but Steve thinks they can compensate with an increase in sales of IndiVideo in next 4-6 months.
Broadridge had an option to buy SmartAdvisor for 1.5M$ CAD. Since he joined the company as CEO, Steve was trying to get Broadridge to exercise their option. They had no interest in investing resources to develop DigitalReach. Costs would have been assumed by BlueRush, with the upside mostly captured by Broadridge through SmartAdvisor.
The 2.3M$ non-dilutive capital injection in the company should cover at least 12 months of operating cash flow losses.
IndiVideo has reached 150k$ in signed MRR contracts.
We are very satisfied with the recent developments at BlueRush and expect the stock price to increase on this news and/or after the October 19, 2019 warrants are exercised / expire.
The focus is now 100% on IndiVideo and the market will have the opportunity to appreciate BlueRush's high growth profile in next year financials. We expect the company to deconsolidate DigitalReach from the Income Statement, so that the explosive growth of IndiVideo becomes apparent.
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