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iBio, Inc. (symbol: IBIO) is a specialized contract development and manufacturing organization (CDMO) that facilitates the journey from early product selection to market launch. Situated within the healthcare sector, iBio is renowned for its plant-based protein expression technologies, which are pivotal in developing vaccines, therapeutic proteins, and biopharmaceutical products.
The company operates through two primary segments: Biopharmaceuticals and Bioprocessing. iBio's Biopharmaceuticals segment focuses on the development and commercialization of product candidates aimed at addressing critical health issues such as fibrotic diseases, cancers, and infectious diseases. The Bioprocessing segment, meanwhile, involves comprehensive manufacturing and regulatory support services offered through iBio CDMO.
iBio's technology platform and state-of-the-art facilities are designed to expedite development processes, providing significant time and cost advantages over traditional approaches. The company boasts a team of skilled protein scientists, microbiologists, manufacturing experts, and regulatory professionals committed to delivering seamless scale-up from preclinical to commercial production.
Recent achievements include advancements in biotherapeutics and diagnostic products, showcasing iBio's capability to innovate and respond to global health challenges effectively. The company also maintains strategic partnerships that bolster its research and development efforts, ensuring consistent progress in the healthcare landscape.
With its focus on rapid manufacturing support and regulatory compliance, iBio stands out as a reliable partner for clients seeking efficient pathways to clinical and commercial success.
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.
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