iBio, Inc. Provides Corporate Update
January 05 2018 - 5:00PM
IBIO, INC. (NYSE AMERICAN:IBIO)
(“IBIO” OR
THE “COMPANY”) announced today its receipt of notice that
Staff of NYSE American LLC determined that the Company’s securities
“. . . have been selling for a low price per share for a
substantial period of time . . .” and, pursuant to Section
1003(f)(v) of the NYSE American Company Guide, the Company’s
continued listing on the NYSE American is predicated on it
effecting a reverse stock split of its Common Stock or otherwise
demonstrating sustained price improvement within a reasonable
period of time, which the Staff determined to be no later than July
5, 2018 (or such longer period as may be agreed to by the Staff).
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
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