iBio, Inc. (NYSEA:IBIO) (“iBio” or the “Company”), a developer of
next-generation biopharmaceuticals and pioneer of the sustainable
FastPharming Manufacturing System®, today
announced that it has signed a definitive worldwide exclusive
license agreement with RubrYc Therapeutics, Inc., (“RubrYc”) for
RTX-003, an immunotherapy candidate targeting regulatory T cells
(Tregs). The partnership also includes an option agreement for iBio
to license additional antibodies built using RubrYc’s artificial
intelligence (“AI”)-based antibody discovery platform.
“We are pleased to add another promising
candidate to our growing oncology R&D pipeline, and especially
one with such a compelling mechanism of action,” said Tom Isett,
Chairman & CEO of iBio. “Designing an antibody that effectively
binds CD25 without blocking the IL-2 signaling pathway is a widely
recognized challenge, so the successful preclinical development of
RTX-003 provides validation of RubrYc’s capabilities. Moving
forward, we aim to replicate this discovery and development model
by combining access to the RubrYc Discovery
Platform with iBio’s proprietary Glycaneering and
FastPharming Technologies to bring multiple new
candidates to the clinic in a timely and cost-efficient
manner.”
CD25 has emerged as a promising target in
immuno-oncology because it is expressed by immunosuppressive Tregs
and overexpressed in certain tumor cells. Preclinical data on
RTX-003 has shown that it selectively binds and depletes Tregs in
the tumor microenvironment without compromising immunostimulatory
interleukin 2 (“IL2”) signaling to other T cells, thereby
generating strong anti-tumor responses. These robust anti-tumor
effects were observed using RTX-003 as a monotherapy, as well as in
combination with checkpoint inhibitors.
The positive RTX-003 preclinical data are
consistent with results from another non-IL2 blocking anti-CD25
antibody, one that is now in a Phase I clinical trial. Given the
validation for this mechanism of action, iBio plans to use its
development and manufacturing capabilities to advance RTX-003 to
the clinic as IBIO-101, which is a version of RTX-003 produced in
plants using the FastPharming System. Initiation
of IND-enabling studies is expected by mid-2022.
As part of the agreements, iBio made an upfront
$5.0 million payment to RubrYc, with an additional $2.5 million
commitment for December 2021. In return, the Company will receive
the RTX-003 commercialization rights, options for additional
molecules developed using RubrYc’s predictive algorithms, and an
equity stake. RubrYc is eligible to receive certain pre-specified
payments upon achievement of development milestones for IBIO-101,
as well as royalties on net sales of that molecule and other
licensed antibodies.
Isaac J. Bright, M.D., CEO of RubrYc, commented:
“This partnership creates tremendous synergy with three platform
technologies that together may accelerate the rapid discovery and
development of next-generation immunotherapies. We look forward to
our exciting new collaboration with iBio.”
About RubrYc Therapeutics,
Inc.
RubrYc Therapeutics, Inc., is a biotechnology
company applying proprietary machine-learning and computational
biology solutions to discover epitope-selective mono and bispecific
antibodies. Inspired by recent advances in molecular library
synthesis, massively parallel screening and computing, RubrYc is
forging a new path for information-driven discovery of therapeutic
antibodies. RubrYc Therapeutics, Inc. leverages the MEMs Discovery
Engine technology to rapidly identify large numbers of antibodies
with unique binding properties against validated and challenging
targets. RubrYc spun out of HealthTell, Inc. in 2018 to advance
discovery of biotherapeutics, and to partner with top-tier
pharmaceutical companies that share its mission to expand
therapeutic options and improve outcomes for cancer patients.
RubrYc is based in San Carlos, California. For more information,
visit www.rubryc.com.
About iBio, Inc.
iBio is a developer of next-generation
biopharmaceuticals and a pioneer in sustainable, plant-based
biologics manufacturing. Its FastPharming System®
combines vertical farming, automated hydroponics, and novel
glycosylation technologies to rapidly develop high-quality
monoclonal antibodies, vaccines, bioinks and other proteins. iBio
is developing proprietary biopharmaceuticals for the treatment of
cancers, as well as fibrotic and infectious diseases. 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 the Company’s aim to
replicate the discovery and development model by combining access
to the RubrYc Discovery Platform with the Company’s proprietary
Glycaneering TechnologiesTM and
FastPharming System® to bring multiple new
candidates to the clinic in a timely and cost-efficient manner, the
Company’s plans to use its development and manufacturing
capabilities to advance RTX-003 to the clinic as IBIO-101,
initiation of IND-enabling studies expected by mid-2022, and the
three platform technologies together accelerating the rapid
discovery and development of next-generation immunotherapies. 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
ability to successfully bring new candidates to the clinic in a
timely and cost- efficient manner, the Company’s ability to use its
development and manufacturing capabilities to advance RTX-003 to
the clinic, the Company’s ability to obtain regulatory approvals
for commercialization of its product candidates, including RTX-003,
or to comply with ongoing regulatory requirements, regulatory
limitations relating to its ability to promote or commercialize the
Company’s product candidates for specific indications, acceptance
of the Company’s product candidates in the marketplace and the
successful development, marketing or sale of the Company’s
products, the Company’s ability to maintain its license agreements,
the continued maintenance and growth of its intellectual property
portfolio, the Company’s ability to establish and maintain
collaborations, the Company’s ability to obtain or maintain the
capital or grants necessary to fund its research and development
activities, competition, the Company’s ability to retain its key
employees or maintain its NYSE American listing, and the other risk
factors discussed in the Company’s most recent Annual Report on
Form 10-K 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
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