iBio Regains Compliance with NYSE American Continued Listing Standards
October 05 2020 - 7:30AM
iBio, Inc. (NYSE AMERICAN:IBIO) (“iBio” or the “Company”), a
biotech innovator and biologics contract manufacturing
organization, announced today that on October 1, 2020, the Company
received written notice from the NYSE American LLC (“NYSEA” or the
“Exchange”) stating that the Company had regained compliance with
all of the Exchange’s continued listing standards set forth in Part
10 of the NYSEA Company Guide (“Company Guide”).
By meeting the requirements of the $50 million
market capitalization exemption in Section 1003(a) of the Company
Guide, iBio has resolved its continued listing deficiency with
respect to NYSEA’s letters dated October 16, 2019 and December 9,
2019.
Tom Isett, iBio’s Chairman and Chief Executive
Officer, stated, “We are pleased with the progress we have made
since December 2019 on the execution of our new strategic plan. Our
emphasis on proprietary biopharmaceutical development activities
has not only allowed us to regain compliance with the Exchange’s
listing standards, but it has also delivered new value drivers and
improved financial strength for iBio. We remain focused upon
building a sustainable, growth-oriented, biotech and pharma
services organization that makes meaningful contributions towards
addressing some of the world’s most pressing unmet medical needs.
Specifically, we plan to continue to leverage the advantages
afforded by our FastPharming®
System and our other proprietary technologies to develop biological
medicines in the area of pulmonology, including respiratory
diseases like COVID-19 and fibrotic diseases of the lung, amongst
others."
About iBio, Inc.
iBio is a global leader in plant-based biologics
manufacturing. Its FastPharming®
System combines vertical farming, automated hydroponics, and glycan
engineering technologies to rapidly deliver high-quality monoclonal
antibodies, vaccines, bioinks and other proteins. The Company’s
subsidiary, iBio CDMO LLC, provides FastPharming
Contract Development and Manufacturing Services. iBio’s
Glycaneering 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, and vaccines for COVID-19 disease.
For more information, visit www.ibioinc.com.
FORWARD-LOOKING
STATEMENTSCertain 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 iBio’ building a
sustainable, growth-oriented, biotech and pharma services
organization that makes meaningful contributions towards addressing
some of the world’s most pressing unmet medical needs and iBio’s
plans to leverage its FastPharming® System and other proprietary
technologies to develop biological medicines in the areao of
pulmonology, including respiratory diseases like COVID-19 and
fibrotic diseases of the lung. 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 of iBio’s plant-based expression
system to provide both quality improvement and cost reduction for
many of the important cytokines and other media used in cell
culture and growth processing, the Company’s ability to obtain
regulatory approvals for commercialization of its product
candidates, including its COVID-19 biopharmaceuticals, or to comply
with ongoing regulatory requirements, regulatory limitations
relating to the Company’s ability to promote or commercialize its
product candidates for specific indications, acceptance of the
Company’s product candidates in the marketplace and the successful
development, marketing or sale of products, the Company’s ability
to maintain its license agreements, the continued maintenance and
growth of the Company’s patent estate, 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 factors discussed in the Company’s Annual
Report on Form 10-K for the year ended June 30, 2019 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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