iBio Announces Pricing of $3.5 Million Underwritten Public Offering
December 06 2022 - 11:27PM
iBio, Inc. (NYSEA: IBIO) (“iBio” or the “Company”), an AI-driven
innovator of precision antibody immunotherapies, today announced
the pricing of its previously announced underwritten public
offering of an aggregate of 3,365,385 shares of its common stock
(or pre-funded warrants in lieu thereof), Series A warrants to
purchase up to 3,365,385 shares of common stock and Series B
warrants to purchase up to 3,365,385 shares of common stock, at a
combined public offering price of $1.04 per share (or pre-funded
warrants in lieu thereof) and accompanying warrants. The Series A
warrants will have an exercise price of $1.04 per share, will be
exercisable immediately upon issuance and will expire five years
from the date of issuance, and the Series B warrants will have an
exercise price of $1.04 per share, will be exercisable immediately
upon issuance and will expire twenty-four months from the date of
issuance. The closing of the offering is expected to occur on or
about December 9, 2022, subject to the satisfaction of
customary closing conditions.
In connection with the offering, the Company has
granted the underwriter a 30-day option to purchase 504,807
additional shares of its common stock and/or warrants to purchase
up to 1,009,614 additional shares of its common stock at the public
offering price, less underwriting discounts and commissions.
H.C. Wainwright & Co. is acting as sole
book-running manager for the public offering.The gross proceeds
from the offering, before deducting the underwriting discounts and
commissions and other offering expenses, are expected to
be approximately $3.5 million. The Company intends to use
the net proceeds from the offering primarily for operating costs,
including for research and development and other trial preparation
expenses in addition to working capital needs and for other general
corporate purposes, which may include retention and severance
payments to certain of our employees or former employees and
principal payments pursuant to the terms of its amended Credit
Agreement.
The securities described above are being offered
by iBio pursuant to a shelf registration statement on Form S-3
(File No. 333-250973) that was previously filed with the Securities
and Exchange Commission (the “SEC”) on November 25, 2020 and became
effective on December 7, 2020. The securities are being offered
only by means of a prospectus, including a prospectus supplement,
forming a part of the effective registration statement. A
preliminary prospectus supplement and accompanying base prospectus
relating to, and describing the terms of, the offering has been
filed with the SEC and is available on the SEC’s website at
www.sec.gov. When available, electronic copies of the final
prospectus supplement and the accompanying base prospectus may be
obtained on the SEC’s website at www.sec.gov and may also be
obtained by contacting H.C. Wainwright & Co., LLC at 430 Park
Ave., New York, New York 10022, by telephone at (212) 856-5711, or
by email at placements@hcwco.com.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy the securities in this
offering, nor shall there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other
jurisdiction.
About iBio, Inc.
iBio develops next-generation biopharmaceuticals
using computational biology and 3D-modeling of subdominant and
conformational epitopes, prospectively enabling the discovery of
new antibody treatments for hard-to-target cancers and other
diseases. iBio’s mission is to decrease drug failures, shorten drug
development timelines, and open up new frontiers against the most
promising targets. For more information,
visit www.ibioinc.com.
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 include, without limitation, statements
related to the closing of the public offering and the intended use
of proceeds from the public offering. 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, market and other conditions, the ability to
close the offering, the Company’s ability to divest the CDMO,
reduce its monthly burn and operate out of San Diego, continue to
execute its growth strategy; its ability to obtain regulatory
approvals for commercialization of its product candidates, 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 obtain or maintain the capital or grants
necessary to fund its research and development activities,
including its ability to provide for a cash runway into the first
half of calendar year 2024 and whether the Company will incur
unforeseen expenses or liabilities or other market factors;
successful compliance with governmental regulations applicable to
its manufacturing facility; competition; its ability to retain its
key employees through the transformation of iBio into an antibody
discovery and development company, including the sale of its CDMO
facility, or maintain its NYSE American listing; and the other
factors discussed in the Company’s filings with the SEC including
the Company’s Annual Report on Form 10-K for the year ended June
30, 2022 and the Company’s subsequent filings with the SEC on Forms
10-Q and 8-K. The information in this release is provided only as
of the date of this release, and the Company undertakes 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:
Investor RelationsStephen KilmeriBio, Inc.(646)
274-3580skilmer@ibioinc.com
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