iBio, Inc. - IBIO STOCK NEWS

iBio and AstralBio have provided an update on their joint myostatin program for cardiometabolic disease and obesity. The companies have identified a lead molecule with potential for extended half-life and subcutaneous dosing. This molecule is designed to treat muscle wasting and obesity, with plans to advance into non-cGMP in vivo studies in rodents and non-human primates. Potential early readouts from NHP studies are expected in early 2025.

The collaboration aims to develop a best-in-class myostatin inhibitor focusing on high potency and extended half-life. iBio has the option to license three cardiometabolic targets from AstralBio and aims to file an IND application by the end of 2025 if it exercises the option for the myostatin program.

iBio, Inc. (NYSEA:IBIO) reported its fiscal year 2024 financial results and provided a corporate update. The company, an AI-driven innovator of precision antibody immunotherapies, highlighted significant progress in the cardiometabolic and obesity space through a collaboration with AstralBio. iBio strengthened its financial position by eliminating debt and closing a fully subscribed financing.

Key developments include:

• Launch of ShieldTx™, a patent-pending antibody masking technology
• Sale of early-stage PD-1 asset to Otsuka Pharmaceutical for $1MM upfront with potential $52.5MM in downstream payments
• Advancement of Trop2 x CD3 molecule to clinical candidate selection stage
• Collaboration with AstralBio in the cardiometabolic and obesity space
• Completion of a 1-for-20 reverse stock split
• Raised approximately $24MM through public and private offerings
• Sale of manufacturing facility for $8.5MM, eliminating $13.2MM in secured debt

Financial results show revenues of $0.2 million, a 100% increase over fiscal 2023. The company reported a net loss of $24.9 million, a $40.1 million improvement from the previous year.

iBio (NYSEA:IBIO), an AI-driven innovator of precision antibody immunotherapies, has announced its participation in two upcoming investor conferences. CEO and Chief Scientific Officer Martin Brenner will deliver a virtual presentation at the H.C. Wainwright 26th Annual Global Investment Conference in New York City, September 9-11, 2024. The presentation will be available on-demand from September 9 and for 30 days after.

Additionally, iBio will attend the 2024 Cantor Global Healthcare Conference in New York City, September 17-19, 2024. CFO Felipe Duran will also be present at both events. Investors interested in one-on-one meetings with Dr. Brenner or Mr. Duran at either conference can schedule by emailing ir@ibioinc.com.

iBio (NYSEA:IBIO), an AI-driven innovator of precision antibody immunotherapies, has appointed Kristi Sarno as Senior Vice President of Business Development. With over 25 years of experience in the life sciences industry, Sarno will lead strategic alliances for iBio's machine learning platform for antibody discovery and pipeline of cardiometabolic targets. Her role includes establishing corporate strategy and overseeing business development activities.

Sarno's previous experience includes key positions at Pfenex Inc., Latham Biopharm Group, Crucell, and most recently as VP of Business Development and Corporate Strategy at Homology Medicines. At Homology, she led partnering discussions and played a important role in deal-making processes that brought over $130M to the company.

As part of her appointment, iBio has granted Sarno options to purchase 15,000 shares of its common stock as an inducement award, with an exercise price of $1.81 per share and a ten-year term.

iBio has closed the sale of its manufacturing facility in Bryan, Texas, to the Board of Regents of the Texas A&M University System for $8.5 million. The transaction eliminates approximately $13.2 million in secured debt from iBio's balance sheet, a move achieved through the issuance of $4.5 million in pre-funded warrants to Woodforest National Bank and utilizing $915K in restricted cash. This sale marks iBio's completed transition from a CDMO to an AI-driven biologics company, now headquartered in San Diego. Key recent developments include a $15 million private investment, $4.3 million from exercised warrants, and new partnerships that bolster their machine-learning drug discovery capabilities.

iBio (NYSEA:IBIO) announced its fiscal third-quarter 2024 financial results ending March 31, 2024. The company reported no revenue, a net loss from continuing operations of $2.6 million ($0.71 per share), showing improvement from the previous year's $6.3 million loss ($9.53 per share). Operating expenses decreased significantly, with R&D and G&A expenses down by 66% and 23%, respectively.

iBio strengthened its cash position through a $15 million private investment in public equity (PIPE) financing and an additional $4.3 million from warrants exercised. As of April 1, 2024, the company had $17.9 million in cash and equivalents.

In corporate developments, iBio entered a collaboration with AstralBio to develop antibodies targeting cardiometabolic diseases, including obesity. The company also sold its early-stage PD-1 asset to Otsuka Pharmaceutical for $1 million upfront and potential downstream payments of up to $52.5 million. iBio's CEO, Dr. Martin Brenner, joined the Board of Directors.

iBio collaborates with AstralBio to develop novel antibodies for obesity and cardiometabolic conditions. The $15M PIPE financing extends cash runway through fiscal year 2025. The collaboration aims to create a diverse portfolio of best-in-class treatments using iBio's AI technology and AstralBio's expertise.

iBio, Inc. (IBIO) announces a private investment in public equity financing of approximately $15.0 million, resulting in a 148% premium to the last close price. The fully subscribed PIPE financing includes investors like ADAR1 Capital Management and Lynx1 Capital Management. The Company plans to utilize the funds for general corporate purposes, research and development, and working capital, extending its cash runway through fiscal year 2025.

iBio, Inc. (IBIO) announces a strategic asset purchase agreement with Otsuka Pharmaceutical Co., Ltd., involving an upfront payment of $1 million and potential future milestone payments of up to $52.5 million. The deal focuses on iBio's early-stage PD-1 agonist program, enhancing its immuno-oncology pipeline. PD-1 agonists play a crucial role in immune system modulation, offering promising therapeutic potential for autoimmune diseases. The transaction aims to provide iBio with significant non-dilutive capital, validate its technology stack, and enable a focused approach on immuno-oncology and AI-based drug discovery.