iBio Initiates New Litigation Against Fraunhofer
January 06 2020 - 9:15AM
iBio, Inc. (NYSE AMERICAN:IBIO) (“iBio”), a biologics innovator and
contract manufacturer, announced today that it filed a motion in
the Court of Chancery of the State of Delaware to initiate new
litigation against Fraunhofer-Gesellschaft (“Fraunhofer”) through
an amended complaint. The new motion asserts that depositions
conducted in late 2019 of personnel of Fraunhofer and its U.S.
unit, Fraunhofer USA, Inc. (“FhUSA”), revealed that Fraunhofer
exercised complete dominion and control over FhUSA to wrongfully
access and direct use of iBio’s intellectual property on many
occasions with new and different third parties.
The motion seeks to amend the complaint filed in
March of 2015 against FhUSA on the basis that Fraunhofer executives
engaged in a pressure campaign to gain access to iBio’s
intellectual property by sending Fraunhofer’s scientists to FhUSA
in 2015 and 2016, requiring disclosure by FhUSA to Fraunhofer of
iBio’s confidential intellectual property and otherwise flouting
the court’s 2016 decision that all of the intellectual property in
the plant area developed or acquired by FhUSA from 2003 through
2014 is owned exclusively by iBio.
Robert B. Kay, iBio’s Executive Chairman and
Chief Executive Officer, said, “iBio will continue to vigorously
protect its intellectual property and pursue justice through the
courts to assure that iBio is fully compensated for the substantial
damage caused by Fraunhofer’s wrongful conduct.”
Kirkland & Ellis LLP represents iBio in the
litigation along with lawyers at Ross Aronstam & Moritz
LLP.
About iBio
iBio, Inc., is a global leader in plant-based
biologics manufacturing.
Its FastPharming System™ combines
vertical farming, automated hydroponics, and glycan engineering
technologies to rapidly deliver gram quantities of high-quality
monoclonal antibodies, vaccines, bioinks and other proteins. The
Company’s subsidiary, iBio CDMO LLC,
provides FastPharming Contract
Development and Manufacturing Services via its 130,000 square foot
facility in Bryan, Texas. iBio CDMO also enables innovators to use
the FastPharming System for insourced
manufacturing with Factory Solutions “design-and-build” services.
Additionally, iBio’s
FastGlycaneering Development Service™
includes an array of new glycosylation technologies for engineering
high-performance recombinant proteins. iBio is also developing
proprietary products which include its lead asset, IBIO-100, for
the treatment of fibrotic diseases. For more information,
visit www.ibioinc.com.
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TO IBIO, INC. MAY CONSTITUTE FORWARD-LOOKING STATEMENTS WITHIN THE
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COMMISSION.
Contact:Stephen KilmerInvestor Relations(646)
274-3580skilmer@ibioinc.com
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