IMMUNOPRECISETOACQUIREPRECLINICSGMBH

Victoria, British Columbia, Canada, December 28, 2017 - IMMUNOPRECISE ANTIBODIES LTD. (the“Company"or“IPA”)(TSXVENTURE:IPA)(OTCPINK:IPATF)announcesthatithassignedabindingletterof intent withPreclinics GmbH ("Preclinics") whereby the Company has agreed to acquire all of theissuedandoutstandingsharesofPreclinics(the“Transaction”).The Transaction continues to realize on the Board’s commitment to grow globally through strategicacquisitions. It contributes significantly to IPA extending its ambition of becoming a single sourceproviderofservicesacrossthefullantibodydiscoveryvaluechain(antigendesign,hitgeneration, leadselection, lead optimization and lead characterization) and to offer the full spectrum of antibodyproduction methodologies (library based technologies, hybridomamethods, transgenic animal basedplatforms and single B cell based technology). Furthermore, the acquisition enhances the Company’ssourceofandcapacityforinvivoandinvitroresearchandformats.“In acquiring Preclinics GmbH, IPA continues to build its capacity as a single source provider for theantibody discovery process through pharmacological contract research and research services andcapabilities targeted to immunizationandproductionofantiseraaswellasanimalcare facilities” saidDr.JamesKuo,Chairman,InterimPresidentoftheCompany.PreclinicsPreclinics is aprivatelyheld companybased inPotsdam,Germany,whichhas three separate facilities(Potsdamsite;BehringCampusEystrupanditsresearchfarm)whichperformsinvivoresearchinrodentmodels and in vitro research in cell culture and other in vitro formats. Preclinics also offers contractimmunization and contract production of antisera, and contract housing and breeding of laboratoryanimals. Preclinics has developed its own proprietary technology such as ImmunoJunction fusionantibodies for redirectinganexisting immunity toanew target and research instruments suchas theREVOLYZER for trackingof rodentbehaviourand is in theprocessofdeveloping itsown librarybasedtechnology.TheTransactionaddsimportantintellectualpropertyandtechnologytotheCompany’sproduct,serviceandtechnologyestate.

TermsofTransactionwithPreclinicsUnder the binding letter of intent, the Company and Preclinics have agreed to negotiate a definitiveagreement (the “Definitive Agreement”) whereby the Company will acquire all of the issued andoutstandingsharesofPreclinicsfor€2,300,000(CAD$3,450,000)(the“PurchasePrice”)(A)payable35%in cash and the remainder by the issuance of common shares of the Company on closing of theTransaction,and(B)anadditional€750,000(CAD$1,125,000)istobepaidinsuccessionpaymentsovera period of 3 years based on continued profitability with €250,000 (CAD $375,000) within one year,€250,000 (CAD $375,000) in year 2 and €250,000 (CAD $375,000) in year 3with option of Preclinics’shareholderstotakethepaymentsincashorequity.Theletterof intentalsosetsforththeCompany’scommitmenttofundPreclinics,afterbeingacquiredby the Company, and to enter into a separate agreement with Preclinics shareholders on thedevelopmentandcommercializationof Immunojunction.TheCEOandCFOofPreclinicswillalsoenterintoathreeyearmanagementcontract,whichwillincludenon-solicitationandnon-competitionclauses.ThepartieswillbeentitledtocarryoutduediligenceofeachotheruntilFebruary28,2018.Upontheparties completing due diligence to their reasonable satisfaction, the parties will enter into theDefinitiveAgreement setting forth the termsandconditionsof theTransactionby February28,2018.Completion of any transactionwith Preclinics is subject to a number of conditions, including but notlimited to, completion of due diligence, negotiation of definitive agreements in respect of such atransaction, the availability of financing on terms acceptable to the Company, and receipt of anyrequired regulatory and shareholder approvals. A transaction cannot be completed until theseconditionsaresatisfied,andtherecanbenoassurancethatatransactionwillbecompletedatall.AboutImmunoPreciseAntibodiesLtd.TheCompany isan integratedantibodysolutionscompany that isa single sourceproviderof servicesacross the full antibody discovery value chain (antigen design, hit generation, lead selection, leadoptimizationandleadcharacterization).TheCompanyutilizesthefullspectrumofantibodyproductionmethodologies(librarybasedtechnologies,hybridomamethods,transgenicanimalbasedplatformsandsingleBcellbasedtechnology)withagrowingfocusongeneratinghumanantibodies.The services offered to customers include the development ofmouse and ratmonoclonal and rabbitrecombinant monoclonal antibodies against a wide spectrum of antigens, as well as polyclonalantibodies, immunologically based assays, and solutions to challenges faced by clients in antibodyrelatedresearchanddevelopment.Inaddition,cryopreservationservicesareprovidedforthestorageof valuable biological materials including hybridoma clones, plasmid constructs, and cell lines. Theantibodiesproducedby the company targetawidevarietyof environmental,diagnostic and researchapplications.Antibodiesarenaturallyoccurringproteinscapableofbindingtospecifictargetmolecules,orantigens.They have been used very widely in research assays, diagnostics, purification and therapeutics. ThetargetmarketfortheCompany’santibodyandpeptideproductsincludesorganizationsintheacademic,biological, diagnostic and pharmaceutical fields. This is a large growing market that is expected todoubleinthenexttenyears.TheCompanyoperatesfromtwostate-of-the-artlaboratoryfacilitiesinNorthAmericaandEurope.TheCompany’s facilityat theVancouver IslandTechnologyPark inVictoria,BritishColumbiahouses tissueculture and molecular facilities, an animal care unit, and cryo-preservation facilities. Its facility in

Utrecht,TheNetherlandsoffers fastand large-scaleproductionof (mammalian) recombinantproteinsandantibodiesforresearchandpre-clinicalapplications.Forfurtherinformationpleasecontact:ImmunoPreciseAntibodiesLtd.Phone:1-250-483-08033204-4464MarkhamStreet.Victoria,BCV8Z7X8www.immunoprecise.comForinvestorrelationspleasecontact:RobGamleyPhone:1-604-689-7422Email:rob@contactfinancial.comContactFinancialCorp.1450–701WestGeorgiaSt.Vancouver,BCV7Y1G5ForwardLookingInformationThisnewsreleasecontainsstatementsthat,totheextenttheyarenotrecitationsofhistoricalfact,mayconstitute"forward-lookingstatements"withinthemeaningofapplicableCanadiansecuritieslaws.TheCompanyuseswordssuchas"may","would","could","will","likely","expect","believe","intend"andsimilar expressions to identify forward-looking statements. Any such forward-looking statements arebasedonassumptionsandanalysesmadebytheCompanyinlightofitsexperienceanditsperceptionofhistoricaltrends,currentconditionsandexpectedfuturedevelopments.However,whetheractualresultsanddevelopmentswillconformtotheCompany’sexpectationsandpredictionsissubjecttoanynumberofrisks,assumptionsanduncertainties.ManyfactorscouldcausetheCompany’sactualresultstodiffermaterially from those expressed or implied by the forward-looking statements contained in this newsrelease.Suchfactorsinclude,amongotherthings,theCompanyclosingitsacquisitionofPreclinics,andsuch risks and uncertainties described in the Company’s Filing Statement dated December 13, 2016which can be accessed atwww.sedar.com. The "forward-looking statements" contained herein speakonlyasofthedateofthispressreleaseand,unlessrequiredbyapplicablelaw,theCompanyundertakesno obligation to publicly update or revise such information, whether as a result of new information,futureeventsorotherwise.NeithertheTSXVentureExchangenoritsRegulationServicesProvider(asthattermisdefinedinthepolicies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of thisrelease.