iBio, Inc. Announces NYSE American Acceptance of Plan of Compliance
August 22 2018 - 4:10PM
IBIO, INC. (NYSE AMERICAN: IBIO) (“IBIO” OR THE
“COMPANY”), today announced that NYSE Regulation has
accepted the Company’s plan to regain compliance with the
Exchange’s continued listing standards set forth in Section
1003(a)(iii) of the NYSE American Company Guide (the “Company
Guide”) and has granted a plan period through December 6, 2019,
subject to periodic review by the Exchange, including quarterly
monitoring, for compliance with the initiatives outlined in the
plan. If the Company is not in compliance with the continued
listing standards by December 6, 2019, or if the Company does not
make progress consistent with the plan during the plan period, the
NYSE Regulation staff will initiate delisting proceedings as
appropriate.
As previously reported in a Current Report on
Form 8-K filed with the Securities and Exchange Commission on June
8, 2018, the Company was previously notified by the Exchange that
the Company was not in compliance with the stockholders’ equity
continued listing standards as set forth in Section 1003(a)(iii) of
the Company Guide, which applies if a listed company has
stockholders’ equity of less than $6,000,000 and has sustained
losses from continuing operations and/or net losses in its five
most recent fiscal years. In order to maintain its listing,
the Company submitted a plan of compliance addressing how it
intends to regain compliance with Section 1003(a)(iii) of the
Company Guide by December 6, 2019.
On June 26, 2018, the Company closed a public
offering of 4,350,000 shares of its common stock, 6,300 shares of
its Series A Convertible Preferred Stock and 5,785 shares of its
Series B Convertible Preferred Stock, and on July 12, 2018, the
Company sold 1,500,000 additional shares of common stock in
connection with the partial exercise of the over-allotment option
granted to the underwriter in the public offering, for total gross
proceeds to the Company of approximately $17,350,000. The
Company believes that the proceeds of the offering, together with
its existing cash on hand as of December 31, 2017 in the amount of
$7.3 million, funds it may develop from future sales pursuant to
its purchase agreement with Lincoln Park Capital Fund, LLC, and
proceeds realized in connection with license and collaboration
arrangements and the operation of its subsidiary, iBio CDMO LLC,
will be sufficient to allow it to sustain stockholders’ equity
sufficient to meet NYSE American’s listing requirements through the
plan period end date of December 6, 2019.
The notice from the Exchange has no immediate
impact on the listing of the Company’s common stock on the
Exchange. The listing of the Company’s common stock on the Exchange
is being continued pursuant to an extension during the plan
period.
About iBio, Inc.
iBio, a leader in developing plant-based
biopharmaceuticals, provides a range of product and process
development, analytical, and manufacturing services at the
large-scale development and manufacturing facility of its
subsidiary iBio CDMO, LLC in Bryan, Texas. The facility
houses laboratory and pilot-scale operations, as well as
large-scale automated hydroponic systems capable of growing over
four million plants as "in process inventory" and delivering over
300 kilograms of therapeutic protein pharmaceutical active
ingredient per year.
iBio applies its technology for the benefit of
its clients and the advancement of its own product interests. The
Company’s pipeline is comprised of proprietary candidates for the
treatment of a range of fibrotic diseases including idiopathic
pulmonary fibrosis, systemic sclerosis, and scleroderma.
IBIO-CFB03, based on the Company's proprietary gene expression
technology, is the Company’s lead therapeutic candidate being
advanced for IND development.Further information is available
at: www.ibioinc.com
Cautionary Statement Regarding Forward
Looking Statements
This release may contain "forward-looking
statements" that are within the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are identified by certain words or phrases such as
"may", "will", "aim", "will likely result", "believe", "expect",
"will continue", "anticipate", "estimate", "intend", "plan",
"contemplate", "seek to", "future", "objective", "goal", "project",
"should", "will pursue" and similar expressions or variations of
such expressions. These forward-looking statements reflect the
Company's current expectations about its future plans and
performance. These forward-looking statements rely on a number of
assumptions and estimates which could be inaccurate and which are
subject to risks and uncertainties. Actual results could vary
materially from those anticipated or expressed in any
forward-looking statement made by the Company. Please refer to the
preliminary prospectus supplement, the accompanying prospectus, and
the Company’s most recent Forms 10-Q and 10-K and subsequent
filings with the SEC for a further discussion of these risks and
uncertainties. The Company disclaims any obligation or intent to
update the forward-looking statements in order to reflect events or
circumstances after the date of this release.
Contact:
ICR, Inc. Stephanie Carrington Tel. +1 646-277-1282
stephanie.carrington@icrinc.com
iBio (AMEX:IBIO)
Historical Stock Chart
From Mar 2024 to Apr 2024
iBio (AMEX:IBIO)
Historical Stock Chart
From Apr 2023 to Apr 2024