iBio and Fraunhofer USA Conclude Litigation and Enter License Agreement
May 04 2021 - 5:00PM
iBio, Inc. (NYSEA:IBIO) (“iBio” or the “Company”), a biotech
innovator and biologics contract manufacturing organization,
announced today that it has successfully resolved its
lawsuit with Fraunhofer USA, Inc. (“Fraunhofer USA”). The
parties’ settlement confirms iBio’s ownership of certain
intellectual property related to plant-based biopharmaceutical
production. As part of the settlement, iBio granted Fraunhofer USA
a fully paid-up license to use the recombinant protein
manufacturing technologies that were the subject of litigation.
Tom Isett, Chairman and CEO of iBio, said, “We
are pleased to see this matter resolved and to receive compensation
for the use our intellectual property. iBio remains committed to
relentlessly innovating in the area of plant-made biologics, while
respecting fair competition and protecting our IP. As a result,
this settlement gives assurance to our licensees and clients that
they can continue to depend upon us to develop and enhance our
FastPharming® Technologies to provide them
with the speed, scalability, and eco-friendly advantages of
plant-based biologics development and manufacturing from iBio.”
The Settlement concludes the lawsuit that began
in March 2015 in the Delaware Court of Chancery. In addition to an
initial payment at signing which will cover iBio’s significant
legal fees and expenses, Fraunhofer USA will make additional cash
payments to iBio in March 2022 and March 2023. Certain details of
the settlement are confidential.
About iBio, Inc.
iBio is a global leader in plant-based biologics
manufacturing. Its FastPharming® System
combines vertical farming, automated hydroponics, and novel
glycosylation technologies to rapidly deliver high-quality
monoclonal antibodies, vaccines, bioinks and other proteins. iBio
is developing proprietary products on the
FastPharming Platform, which include
biopharmaceuticals for the treatment of fibrotic and infectious
diseases, amongst others. The Company’s subsidiary, iBio CDMO LLC,
provides FastPharming Contract
Development and Manufacturing Services along with
Glycaneering™ Development
Services for advanced recombinant protein design. For more
information, visit www.ibioinc.com.
FORWARD-LOOKING STATEMENTS
Certain 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 payments to be made by
Fraunhofer USA and protecting the Company’s patent rights and trade
secrets. 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
Company’s ability to expand its product pipeline, the Company’s
ability to obtain regulatory approvals for commercialization of its
product candidates, including its infectious disease 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,
2020 and the Company’s subsequent filings with the SEC, including
subsequent periodic reports on Form 10-Q and Form 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.
Contact:
Stephen KilmeriBio, Inc.Investor Relations(646)
274-3580skilmer@ibioinc.com
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