iBio, Inc. Prices $5,000,000 Public Offering
October 25 2019 - 8:30AM
IBIO, INC. (NYSE AMERICAN: IBIO) (“IBIO” OR THE
“COMPANY”), today announced the pricing of an underwritten
public offering with expected total gross proceeds of approximately
$5,000,000, before deducting underwriting discounts, commissions
and other offering expenses payable by the Company.
The securities offered by the Company consist of
(i) 2,450,000 shares of common stock, par value $0.001 per share
(the “Common Stock”), together with Series A Warrants (the “2
Year Warrants”) and Series B Warrants (the “7 Year Warrants”) to
purchase, in the aggregate, up to 4,900,000 shares of common stock
and (ii) 4,510 shares of Series C Preferred Stock (the “Preferred
Stock”) convertible into 22,550,000 shares of common stock together
with the 2 Year Warrants and the 7 Year Warrants to purchase, in
the aggregate, up to 45,100,000 shares of common stock. The shares
of Common Stock and accompanying 2 Year and 7 Year Warrants are
being sold together at a combined public offering price of $0.20
per share. The Preferred Stock and accompanying 2 Year and 7 Year
Warrants are being sold together at $1,000.00. The 2 Year Warrants
will have an exercise price of $0.22 per share, will be immediately
exercisable and will expire two years from the date of issuance.
The 7 Year Warrants will have an exercise price of $0.22 per share,
will be immediately exercisable and will expire seven years from
the date of issuance. The Company has granted the underwriters a
45-day option to purchase up to an additional 3,750,000 shares of
common stock and/or 7,500,000 common warrants to cover
over-allotments, if any.
A.G.P./Alliance Global Partners is acting as the
sole book-running manager for the offering.
This offering is being made pursuant to an
effective registration statement on Form S-1 (No. 333-233504)
previously filed with the U.S. Securities and Exchange Commission
(the “SEC”) and declared effective on October 24, 2019. A
preliminary prospectus and accompanying prospectus relating to the
proposed offering was filed with the SEC on August 28, 2019 and is
available on the SEC’s website located at http://www.sec.gov. A
final prospectus relating to the proposed offering will be filed
and made available on the SEC’s website. Electronic copies of the
preliminary prospectus supplement and the final prospectus
supplement may be obtained, when available, from A.G.P./Alliance
Global Partners, 590 Madison Avenue, 36th Floor, New York, NY 10022
or via telephone at 212-624-2006 or email:
prospectus@allianceg.com. Before investing in this offering,
interested parties should read in their entirety the prospectus and
the other documents that iBio, Inc. has filed with the SEC that are
incorporated by reference in such prospectus and the accompanying
prospectus, which provide more information about iBio, Inc. and
such offering.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About iBio, Inc.
iBio is a global leader in plant-based
biopharmaceutical contract development and cGMP manufacturing
services. Our wholly-owned subsidiary, iBio CDMO LLC, uses
the FastPharming™ System – which combines plant protein
expression, automated hydroponics, and glycan engineering
technologies – to rapidly deliver gram quantities of high-quality
biologics for research or further manufacturing uses from its
120,000 square foot facility in Bryan, Texas. In addition to
contract manufacturing, iBio also offers process development,
bioanalytical, and fill-finish services, along with Factory
Solutions for the design and build of facilities for plant-made
monoclonal antibodies, vaccines, bioinks and more. iBio also uses
its advanced manufacturing capabilities in the development of its
own therapeutic pipeline, including its lead asset, IBIO-100 for
the treatment of fibrotic diseases. For more information,
visit www.ibioinc.com.
Cautionary Statement Regarding Forward
Looking Statements
STATEMENTS INCLUDED IN THIS NEWS RELEASE RELATED
TO IBIO, INC. MAY CONSTITUTE FORWARD-LOOKING STATEMENTS WITHIN THE
MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.
SUCH STATEMENTS INVOLVE A NUMBER OF RISKS AND UNCERTAINTIES SUCH AS
COMPETITIVE FACTORS, TECHNOLOGICAL DEVELOPMENT, MARKET DEMAND, AND
THE COMPANY'S ABILITY TO OBTAIN NEW CONTRACTS AND ACCURATELY
ESTIMATE NET REVENUES DUE TO VARIABILITY IN SIZE, SCOPE, AND
DURATION OF PROJECTS. FURTHER INFORMATION ON POTENTIAL RISK FACTORS
THAT COULD AFFECT THE COMPANY'S FINANCIAL RESULTS CAN BE FOUND IN
THE COMPANY'S REPORTS FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.
Contact:
Stephen Kilmer Investor Relations (646)
274-3580skilmer@ibioinc.com
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