iBio Announces Closing of its Public Offering of Common Stock
December 10 2020 - 4:30PM
iBio, Inc. (NYSEA:IBIO) (“iBio” or the “Company”), a biotech
innovator and biologics contract manufacturing organization, today
announced the closing of its underwritten public offering of
approximately 29.7 million shares of its common stock for gross
proceeds of $35.0 million, before deducting the underwriting
discounts and commissions and other estimated offering expenses
payable by iBio. In addition, iBio has granted the underwriter a
30-day option to purchase up to approximately 4.4 million
additional shares of its common stock.
Cantor Fitzgerald & Co. was the sole
book-running manager for the offering. Roth Capital Partners acted
as financial advisor to iBio.
iBio anticipates using the net proceeds from the
offering to accelerate development of its biotherapeutic and
vaccine candidates, in-licensing of biopharmaceutical assets,
including, but not limited to, those in oncology, fibrotic, and
infectious diseases, and working capital needs and for other
general corporate purposes, including acquisitions and investments
in other businesses.
A shelf registration relating to the shares of
common stock offered in the public offering described above was
previously filed with the Securities and Exchange Commission
(“SEC”) and declared effective by the SEC on December 7,
2020. A final prospectus supplement and accompanying
prospectus related to the offering have been filed with the SEC and
are available on the SEC’s website at www.sec.gov. Copies of the
final prospectus supplement and the accompanying base prospectus
relating to this offering may also be obtained by contacting Cantor
Fitzgerald & Co., Attn: Capital Markets, 499 Park Avenue, 6th
floor, New York, NY 10022; Email: prospectus@cantor.com.
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 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. iBio is
developing proprietary products on the
FastPharming Platform, which include
biopharmaceuticals for the treatment of fibrotic and infectious
diseases, amongst others. The Company’s subsidiary, iBio CDMO LLC,
provides FastPharming Contract
Development and Manufacturing Services along with the
Glycaneering Development Service™ for
engineering high-performance recombinant glycoproteins.
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 anticipated use of
proceeds. 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
Company’s ability to obtain regulatory approvals for
commercialization of its product candidates, including its
infectious disease vaccines, or to comply with ongoing regulatory
requirements, regulatory limitations relating to its ability to
promote or commercialize its product candidates for specific
indications, acceptance of its product candidates in the
marketplace and the successful development, marketing or sale of
products, its ability to maintain its license agreements, the
continued maintenance and growth of its patent estate, its ability
to establish and maintain collaborations, its ability to obtain or
maintain the capital or grants necessary to fund its research and
development activities, competition, its 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, 2020 and the Company’s subsequent filings
with the SEC, including subsequent periodic reports on Form 10-Q
and Form 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.
Contact:
Stephen KilmeriBio, Inc.Investor Relations(646)
274-3580skilmer@ibioinc.com
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