iBio Announces Leadership Succession, Appoints Thomas F. Isett Co-Chairman & CEO
March 12 2020 - 4:45PM
iBio, Inc. (NYSE AMERICAN:IBIO) (“iBio” or the “Company”) today
announced the appointment of accomplished life sciences executive,
Thomas F. Isett, as its Co-Chairman and Chief Executive Officer.
Mr. Isett, a current member of iBio’s Board of Directors, succeeds
Robert B. Kay, who has retired from the role as Chief Executive
Officer, but will remain as Co-Chairman and member of the Board.
“I believe Tom is exceptionally well-qualified
to lead iBio as we continue to pursue additional commercial
applications of our FastPharming System™, expand
our CDMO business and advance our proprietary product pipeline,”
said Mr. Kay. “In the time that we have worked together on the
Board, Tom has earned my deep personal admiration and great
professional respect, and while it has been a pleasure leading iBio
to this stage, I am confident that I am passing the torch into the
right hands.”
Commenting on iBio’s proprietary product
development opportunities, Mr. Kay said, “Tom’s experience brings
not only a relevant depth of knowledge of biologics development and
manufacturing, but also the leadership skills necessary to scale an
organization for rapid growth. I am optimistic that Tom and our
iBio team will continue to advance our business and the
FastPharming System to address critical global
biologics manufacturing needs, as we are now seeing with the
COVID-19 pandemic.”
“I am honored to succeed Bob and energized by
the opportunity to lead iBio going forward,” said Mr. Isett. “As
iBio’s founding CEO, Bob led the company with passion and integrity
for over a decade, which has resulted in the great people,
technology and assets now in place for a successful future.”
About Thomas F. Isett
Mr. Isett is an accomplished executive with
decades of successful management and corporate development
experience in the life sciences, with notable focus upon biologics
contract development and manufacturing organizations (CDMOs).
Immediately prior to his appointment as iBio’s new Executive
Co-Chairman and CEO, he served as Managing Director for i.e.
Advising, LLC, a life science strategy and management consulting
firm that he founded in January 2015, as well as CEO of Commence
Biologics, Inc., a private, early stage, developer of cellular
immunotherapies. Prior to his founding of i.e. Advising, Mr. Isett
led businesses for GE, Lonza, and Becton Dickinson & Co.
(“BD”), ranging in size from start-up to $500 million in revenues.
For GE, he served as General Manager, BioProcess (now part of
Danaher Corp.) in North America. Prior to that, he was Head of Cell
Processing Technologies at Lonza AG, a global leader in biologics
contract manufacturing services. Before joining Lonza in 2010, he
spent 19 years in positions of increasing responsibility at BD,
where he led the Core Microbiology business unit. One of his
strategic initiatives at BD led to the creation of BD Advanced
Bioprocessing (“BDAB”), which he led from inception to commercial
success as its Vice President. BDAB was sold to ThermoFisher in
2018 for $477 million. Mr. Isett is a cum laude graduate of
Drexel University, with a B.Sc. in Biological Sciences.
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. Originally built in 2010 with funding from the
Defense Advanced Research Projects Agency (DARPA), part of the U.S.
Department of Defense, iBio’s FastPharming
Facility was part of the “Blue Angel” initiative to establish
facilities capable of rapid delivery of medical countermeasures in
response to a disease pandemic. iBio CDMO enables innovators to use
the FastPharming System for insourced
manufacturing with Factory Solutions “design-and-build” 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. For more information, visit
www.ibioinc.com.
FORWARD-LOOKING
STATEMENTSSTATEMENTS 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 KilmerInvestor Relations(646) 274-3580
skilmer@ibioinc.com
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