iBio, Inc. (NYSE AMERICAN:IBIO) (“iBio” or the “Company”), a
biotechnology innovator and biologics contract manufacturing
organization, today announced that it has entered into an exclusive
worldwide license agreement with Planet Biotechnology Inc.
(“Planet”) for the development of Planet’s COVID-19 therapeutic
candidate, ACE2-Fc.
ACE2-Fc is a recombinant protein comprised of
human angiotensin converting enzyme 2 (ACE2) fused to a human
immunoglobulin G Fc fragment (Fc). As an immunoadhesin, ACE2-Fc
targets the coronavirus virions directly by using the ACE2
extracellular domain as a decoy to bind the spike protein and block
infection of healthy cells, while the fused Fc domain prolongs the
life of the protein in circulation. The design is expected to bring
the benefit of a traditional neutralizing antibody while
prospectively limiting the potential for “viral escape” given that
ACE2 is also the target receptor for coronavirus for cell
entry. Planet’s in vitro studies demonstrated that its
ACE2-Fc blocks SARS-CoV-2 virus from infecting Vero E6 cells.
Under the terms of the agreement, iBio obtained
an exclusive license to Planet’s ACE2-Fc. Planet is eligible to
receive certain pre-specified payments upon achievement of clinical
development milestones.
“We see tremendous opportunity in our
partnership with Planet to develop this novel immunoadhesin
molecule as a potential COVID-19 disease treatment,” said Tom
Isett, Chairman & CEO of iBio. “We believe the molecule may be
effective against SARS-CoV-2 infection, and that it has the
potential to be rapidly re-designed in the
FastPharming® System to address mutations in the
current virus, if any, as well as future coronaviral diseases.”
Elliot Fineman, Planet’s President and CEO,
commented, “iBio is an ideal partner for Planet, offering
experience in manufacturing plant-based biopharmaceuticals and
rapid scale-up capabilities. We are eager to support iBio in the
pre-clinical development of ACE2-Fc.”
About Planet Biotechnology
Inc.
Scientists at Planet Biotechnology identify and
develop promising antibodies and receptor/ligand-Fc fusion proteins
for the treatment and prevention of disease. Planet’s
anti-infective programs focus on tick-borne diseases,
coronaviruses, and multi-drug resistant pathogens. The
Company uses a plant-based expression system to rapidly produce its
antibody and receptor/ligand-Fc products.
About iBio’s COVID-19
Programs
On March 11, 2020, the Company filed four
provisional patent applications with the U.S. Patent and Trademark
Office in support of its COVID-19 vaccine platforms. The Company
subsequently announced its virus-like particle (“VLP”) program
(“IBIO-200”) and LicKM-Subunit vaccine program (“IBIO-201”) on
March 18, and June 3, 2020, respectively, and pre-clinical studies
were subsequently initiated. On August 27, 2020, the Company
secured exclusive worldwide rights to an ACE2-Fc antibody
therapeutic from Planet Biotechnology, Inc. If any of the COVID-19
biopharmaceutical development program(s) move into clinical trials,
iBio has the capability to manufacture product candidates at
clinical and commercial scales in its 130,000 square foot facility
in Bryan, Texas. Originally built in 2010 with funding from the
U.S. Defense Advanced Research Projects Agency (DARPA), iBio’s
FastPharming® Facility was part of the “Blue
Angel” initiative to establish factories capable of rapid delivery
of medical countermeasures in response to a disease pandemic.
About iBio, Inc.
iBio is a global leader in plant-based biologics
manufacturing. Its FastPharming® System combines
vertical farming, automated hydroponics, and glycan engineering
technologies to rapidly deliver high-quality monoclonal antibodies,
vaccines, bioinks and other proteins. The Company’s subsidiary,
iBio CDMO LLC, provides FastPharming Contract
Development and Manufacturing Services. iBio’s
FastGlycaneering Development Service™ includes an
array of new glycosylation technologies for engineering
high-performance recombinant proteins. Additionally, iBio is
developing proprietary products, which include IBIO-100 for the
treatment of fibrotic diseases, as well as vaccines and
therapeutics for COVID-19 disease. For more information, visit
www.ibioinc.com.
FORWARD-LOOKING
STATEMENTSCertain statements in this press release
constitute "forward-looking statements" within the meaning of the
federal securities laws. Words such as "may," "might," "will,"
"should," "believe," "expect," "anticipate," "estimate,"
"continue," "predict," "forecast," "project," "plan," "intend" or
similar expressions, or statements regarding intent, belief, or
current expectations, are forward-looking statements. These
forward-looking statements are based upon current estimates and
assumptions and include statements regarding the development of the
novel immunoadhesin molecule as a potential COVID-19 disease
treatment, the design bringing the benefits of a traditional
neutralizing antibody while prospectively limiting the potential
for “viral escape” given that ACE2 is also the target receptor for
coronavirus for cell entry, the molecule being effective against
SARS-CoV-2 infection, and that it has the potential to be rapidly
re-designed in the FastPharming® System to address
mutations in the current virus, if any, as well as future
coronaviral diseases. While the Company believes these
forward-looking statements are reasonable, undue reliance should
not be placed on any such forward-looking statements, which are
based on information available to us on the date of this release.
These forward-looking statements are subject to various risks and
uncertainties, many of which are difficult to predict that could
cause actual results to differ materially from current expectations
and assumptions from those set forth or implied by any
forward-looking statements. Important factors that could cause
actual results to differ materially from current expectations
include, among others, the partnership with Planet being
successful, the ability to develop the novel immunoadhesin
molecule as a potential COVID-19 disease treatment and mutations in
the current virus, the Company’s ability to obtain regulatory
approvals for commercialization of its product candidates,
including its COVID-19 vaccines, or to comply with ongoing
regulatory requirements, regulatory limitations relating to its
ability to promote or commercialize its product candidates for
specific indications, acceptance of its product candidates in the
marketplace and the successful development, marketing or sale of
products, its ability to maintain its license agreements, the
continued maintenance and growth of its patent estate, its ability
to establish and maintain collaborations, its ability to obtain or
maintain the capital or grants necessary to fund its research and
development activities, competition, its ability to retain its key
employees or maintain its NYSE American listing, and the other
factors discussed in the Company’s Annual Report on Form 10-K for
the year ended June 30, 2019 and the Company’s subsequent filings
with the SEC, including subsequent periodic reports on Forms 10-Q
and 8-K. The information in this release is provided only as of the
date of this release, and we undertake no obligation to update any
forward-looking statements contained in this release on account of
new information, future events, or otherwise, except as required by
law.
Contacts:
Stephen KilmeriBio, Inc.Investor Relations(646)
274-3580 skilmer@ibioinc.com
iBio (AMEX:IBIO)
Historical Stock Chart
From Aug 2024 to Sep 2024
iBio (AMEX:IBIO)
Historical Stock Chart
From Sep 2023 to Sep 2024