iBio, Inc. Prices $16,000,000 Public Offering
June 22 2018 - 7:26AM
iBio, Inc. (NYSE AMERICAN:IBIO)
(“iBio” OR
THE “COMPANY”), today announced the pricing of an
underwritten public offering with expected total gross proceeds of
approximately $16,000,000, before deducting underwriting discounts,
commissions and other offering expenses payable by the Company.
The securities offered by the Company consist of
(i) 4,350,000 shares of Common Stock at $0.90 per share, (ii) 6,300
shares of Series A Convertible Preferred Stock, with a stated value
of $1,000 per preferred share, and convertible into an aggregate of
7,000,000 shares of Common Stock at $0.90 per share, (iii) 5,785
shares of Series B Convertible Preferred Stock, with a stated value
of $1,000 per preferred share, and convertible into an aggregate of
6,427,777 shares of Common Stock at $0.90 per share. iBio granted
the underwriters a 45-day option to purchase up to an additional
2,666,666 shares of common stock to cover over-allotments, if any.
The offering is expected to close on June 26, 2018, subject to
customary closing conditions.
The closing price of the Company’s common stock on
June 21, 2018 was $0.9052 per share on the NYSE: American
Exchange.
A.G.P./Alliance Global Partners is acting as the
sole book-running manager for the offering.
This offering is being made pursuant to an
effective registration statement on Form S-1 (No. 333-224620)
previously filed with the U.S. Securities and Exchange Commission
(the “SEC”) and declared effective on June 21, 2018. A preliminary
prospectus and accompanying prospectus relating to the proposed
offering was filed with the SEC on June 21, 2018 and is available
on the SEC’s website located at http://www.sec.gov. A final
prospectus relating to the proposed offering will be filed and made
available on the SEC’s website. Electronic copies of the
preliminary prospectus supplement and the final prospectus
supplement may be obtained, when available, from A.G.P./Alliance
Global Partners, 590 Madison Avenue, 36th Floor, New York, NY 10022
or via telephone at 212-624-2006 or email:
prospectus@allianceg.com. Before investing in this offering,
interested parties should read in their entirety the prospectus and
the other documents that iBio, Inc. has filed with the SEC that are
incorporated by reference in such prospectus and the accompanying
prospectus, which provide more information about iBio, Inc. and
such offering.
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, 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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